Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal solutions company, today announced preliminary unaudited sales results for the fourth quarter and full year ending December 31, 2018. The company anticipates fourth quarter 2018 sales of approximately $195.5 million, an increase of 11.0% over the fourth quarter 2017. Full year 2018 sales are expected to be approximately $712.5 million, an increase of 12.0% over the prior year.
(**Consensus calls for Q4 revenue of $188.18 million)
“Our fourth quarter and full year results are indicative of strong momentum in several key strategic areas,” said Dave Demski, CEO. “The fourth quarter marked the fifth consecutive quarter of double digit organic revenue growth, which is particularly outstanding considering the strong comparable quarter last year. Emerging Technologies delivered $14.8 million, or 35% growth, a significant accomplishment given the pent up demand implicit in the fourth quarter of 2017 when we launched our robotic system. The U.S. spinal implant business grew by over 9% year-over-year, continuing the acceleration we saw in the third quarter, driven by robotic implant pull through and strong recruiting.”
“We are pleased with our fourth quarter and full year performance,” said Dan Scavilla, CFO and Chief Commercial Officer. “We delivered 12% revenue growth and maintained our industry-leading profitability while investing significantly in growing our Emerging Technologies business. While we are not announcing fourth quarter or full year EPS or EBITDA at this time, our performance in the quarter was consistent with our long history of growing efficiently and profitably.”
The company established full year 2019 guidance of $770 million in sales and fully diluted non-GAAP earnings per share of $1.72. This EPS guidance assumes continued investment in Emerging Technologies.
These preliminary results are unaudited and are based on management’s initial analysis of operations for the periods ended December 31, 2018, and are therefore subject to change. The company expects to announce its fourth quarter and full year 2018 financial and operating results on February 21st.