Globus Medical (GMED) FY2019 results: revenue $785 million, up 10.2% on the year
Globus Medical Inc. (GMED) reported revenue of $785 million for fiscal 2019, the year ended 31 December 2019, up 10.2% on the year before. Net income was $155 million, down 0.8%, and diluted earnings per share $1.52. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$785 million
+10.2% on the year
FY2012FY2019
Operating margin
21.9%
23.7% a year earlier
FY2012FY2019
Net income
$155 million
-0.8% on the year
FY2012FY2019
Diluted EPS
$1.52
-1.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
785
713
636
+10.2%
Cost of revenue
180
159
150
+12.9%
Gross profit
605
554
486
+9.4%
Gross margin
77.1%
77.6%
76.3%
Research and development
60.1
55.5
43.7
+8.2%
Selling, general and administrative
355
312
268
+13.9%
Operating income
172
169
162
+1.6%
Operating margin
21.9%
23.7%
25.4%
Pre-tax income
190
189
170
+0.7%
Income tax
34.7
32.1
62.6
+8.1%
Effective tax rate
18.3%
17.0%
36.8%
Net income
155
156
107
-0.8%
Net margin
19.8%
21.9%
16.9%
Diluted EPS
$1.52
$1.54
$1.10
-1.3%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
172
182
159
-5.3%
Capital expenditure
70.8
59.7
51.3
+18.5%
Free cash flow
101
122
108
-17.0%
Free cash flow margin
12.9%
17.1%
16.9%
Cash from investing
-140
-193
-111
Cash from financing
24.4
32.6
1.6
-25.0%
Depreciation and amortisation
52.7
41.6
42.1
+26.7%
Share-based compensation
26.1
21.9
14.7
+19.1%
Diluted shares, weighted
102m
101m
98m
+0.7%
Shares outstanding at period end
100m
99m
97m
+1.3%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
1,402
1,186
968
+18.3%
Debt
0.0
0.0
0.0
Operating lease liabilities
1.1
n/a
n/a
Other liabilities
128
115
111
+11.6%
Total liabilities and equity
1,532
1,301
1,079
+17.8%
Fixed assets
200
172
143
+16.3%
Goodwill
129
124
124
+4.1%
Intangible assets
78.8
87.3
78.7
-9.7%
Investments
525
463
311
+13.4%
Cash and equivalents
195
140
119
+40.0%
Receivables
154
137
117
+12.6%
Inventory
196
131
108
+49.6%
Other assets
53.3
46.7
77.9
+14.0%
Total assets
1,532
1,301
1,079
+17.8%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.