Globus Medical (NYSE: GMED) reported Q2 EPS of $0.07, $0.18 better than the analyst estimate of ($0.11). Revenue for the quarter came in at $148.9 million versus the consensus estimate of $99.73 million.

“The Globus Team performed extremely well in the second quarter,” said Dave Demski, President and CEO. “Our worldwide revenue was down 23% in the quarter, an exceptional result when compared to our peers within the industry. Furthermore, we used the opportunity provided by the slowdown in procedures to strengthen ourselves for the future. We critically evaluated all aspects of the business and trimmed back non-essential and less efficient areas; we continued to manufacture products at record levels, in anticipation of the bounce back we are already starting to see; we launched several new and innovative products; we continued to recruit competitive sales reps at record levels; and we are aggressively expanding our manufacturing capacity.”

“We are highly encouraged by the rebound in spine procedures in the US,” said Demski. “The spine business in the US bottomed in mid-April, but rebounded to produce double digit growth in June, which has accelerated into the mid-teens growth in July. Interest in robotic technology has remained high and we were able to close several deals in June and July. We are excited about the second half of 2020: Globus is poised for robust growth if the recent trends continue; and, if we do experience further disruption, our lean organization structure and strong liquidity will position us to weather the storm effectively.”

For earnings history and earnings-related data on Globus Medical (GMED) click here.