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Globus Medical (GMED) FY2021 results: revenue $958 million, up 21.4% on the year

Globus Medical Inc. (GMED) reported revenue of $958 million for fiscal 2021, the year ended 31 December 2021, up 21.4% on the year before. Net income was $149 million, up 45.9%, and diluted earnings per share $1.44. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2022.

Revenue
$958 million
+21.4% on the year
FY2014FY2021
Operating margin
17.9%
14.1% a year earlier
FY2014FY2021
Net income
$149 million
+45.9% on the year
FY2014FY2021
Diluted EPS
$1.44
+42.6% on the year
FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ millionFY2021FY2020FY2019On the yearLast 8 years
Revenue958789785+21.4%
Cost of revenue239217180+10.0%
Gross profit719572605+25.8%
Gross margin75.0%72.4%77.1%
Research and development97.384.560.1+15.2%
Selling, general and administrative408355355+15.1%
Operating income172111172+54.3%
Operating margin17.9%14.1%21.9%
Pre-tax income180126190+43.3%
Income tax31.223.634.7+32.2%
Effective tax rate17.3%18.8%18.3%
Net income149102155+45.9%
Net margin15.6%13.0%19.8%
Diluted EPS$1.44$1.01$1.52+42.6%
$ 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

$ millionFY2021FY2020FY2019On the yearLast 8 years
Operating cash flow276199172+39.0%
Capital expenditure56.963.770.8-10.6%
Free cash flow219135101+62.3%
Free cash flow margin22.9%17.1%12.9%
Cash from investing-376-117-140
Cash from financing54.1-38.724.4
Depreciation and amortisation69.962.952.7+11.1%
Share-based compensation30.627.126.1+13.0%
Buybacksn/a105n/a
Diluted shares, weighted104m101m102m+2.6%
Shares outstanding at period endn/an/a100m

Balance sheet

$ millionFY2021FY2020FY2019On the yearLast 8 years
Shareholders' equity1,7411,5061,402+15.6%
Debt0.00.00.0
Operating lease liabilities2.92.91.1+0.0%
Other liabilities213170128+25.1%
Total liabilities and equity1,9571,6791,532+16.5%
Fixed assets221217200+1.9%
Goodwill180157129+14.7%
Intangible assets68.786.978.8-21.0%
Investments813546525+48.9%
Cash and equivalents193239195-19.4%
Receivables164142154+16.1%
Inventory237229196+3.4%
Other assets80.562.853.3+28.0%
Total assets1,9571,6791,532+16.5%

10-K for the year ended 31 December 2021, filed 17 February 2022: the filing.