Globus Medical (GMED) FY2020 results: revenue $789 million, up 0.5% on the year
Globus Medical Inc. (GMED) reported revenue of $789 million for fiscal 2020, the year ended 31 December 2020, up 0.5% on the year before. Net income was $102 million, down 34.1%, and diluted earnings per share $1.01. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2021.
Revenue
$789 million
+0.5% on the year
FY2013FY2020
Operating margin
14.1%
21.9% a year earlier
FY2013FY2020
Net income
$102 million
-34.1% on the year
FY2013FY2020
Diluted EPS
$1.01
-33.6% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
789
785
713
+0.5%
Cost of revenue
217
180
159
+20.8%
Gross profit
572
605
554
-5.6%
Gross margin
72.4%
77.1%
77.6%
Research and development
84.5
60.1
55.5
+40.7%
Selling, general and administrative
355
355
312
0.0%
Operating income
111
172
169
-35.2%
Operating margin
14.1%
21.9%
23.7%
Pre-tax income
126
190
189
-33.7%
Income tax
23.6
34.7
32.1
-32.0%
Effective tax rate
18.8%
18.3%
17.0%
Net income
102
155
156
-34.1%
Net margin
13.0%
19.8%
21.9%
Diluted EPS
$1.01
$1.52
$1.54
-33.6%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
199
172
182
+15.6%
Capital expenditure
63.7
70.8
59.7
-10.0%
Free cash flow
135
101
122
+33.5%
Free cash flow margin
17.1%
12.9%
17.1%
Cash from investing
-117
-140
-193
Cash from financing
-38.7
24.4
32.6
Depreciation and amortisation
62.9
52.7
41.6
+19.2%
Share-based compensation
27.1
26.1
21.9
+3.8%
Buybacks
105
n/a
n/a
Diluted shares, weighted
101m
102m
101m
-1.0%
Shares outstanding at period end
n/a
100m
99m
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
1,506
1,402
1,186
+7.4%
Debt
0.0
0.0
0.0
Operating lease liabilities
2.9
1.1
n/a
+157.1%
Other liabilities
170
128
115
+32.5%
Total liabilities and equity
1,679
1,532
1,301
+9.6%
Fixed assets
217
200
172
+8.5%
Goodwill
157
129
124
+21.7%
Intangible assets
86.9
78.8
87.3
+10.3%
Investments
546
525
463
+3.9%
Cash and equivalents
239
195
140
+22.5%
Receivables
142
154
137
-8.2%
Inventory
229
196
131
+16.7%
Other assets
62.8
53.3
46.7
+18.0%
Total assets
1,679
1,532
1,301
+9.6%
10-K for the year ended 31 December 2020, filed 17 February 2021: the filing.