Globus Medical (GMED) FY2022 results: revenue $1.0 billion, up 6.8% on the year

Globus Medical Inc. (GMED) reported revenue of $1.0 billion for fiscal 2022, the year ended 31 December 2022, up 6.8% on the year before. Net income was $190 million, up 27.5%, and diluted earnings per share $1.85. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2023.

Revenue

$1.0 billion

+6.8% on the year

FY2015FY2022

Operating margin

22.3%

17.9% a year earlier

FY2015FY2022

Net income

$190 million

+27.5% on the year

FY2015FY2022

Diluted EPS

$1.85

+28.5% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	1,023	958	789	+6.8%
Cost of revenue	264	239	217	+10.2%
Gross profit	759	719	572	+5.6%
Gross margin	74.2%	75.0%	72.4%
Research and development	73.0	97.3	84.5	-25.0%
Selling, general and administrative	432	408	355	+5.9%
Operating income	228	172	111	+32.6%
Operating margin	22.3%	17.9%	14.1%
Pre-tax income	243	180	126	+34.7%
Income tax	52.9	31.2	23.6	+69.3%
Effective tax rate	21.7%	17.3%	18.8%
Net income	190	149	102	+27.5%
Net margin	18.6%	15.6%	13.0%
Diluted EPS	$1.85	$1.44	$1.01	+28.5%

$ million except per share.

Free 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	178	276	199	-35.4%
Capital expenditure	74.0	56.9	63.7	+30.1%
Free cash flow	104	219	135	-52.4%
Free cash flow margin	10.2%	22.9%	17.1%
Cash from investing	-110	-376	-117
Cash from financing	-110	54.1	-38.7
Depreciation and amortisation	68.3	69.9	62.9	-2.3%
Share-based compensation	32.8	30.6	27.1	+7.3%
Buybacks	144	n/a	105
Diluted shares, weighted	103m	104m	101m	-0.9%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,846	1,741	1,506	+6.0%
Debt	0.0	0.0	0.0
Operating lease liabilities	3.5	2.9	2.9	+18.3%
Other liabilities	226	213	170	+6.3%
Total liabilities and equity	2,076	1,957	1,679	+6.1%
Fixed assets	244	221	217	+10.2%
Goodwill	197	180	157	+9.9%
Intangible assets	63.6	68.7	86.9	-7.4%
Investments	791	813	546	-2.6%
Cash and equivalents	150	193	239	-22.1%
Receivables	213	164	142	+29.7%
Inventory	299	237	229	+26.2%
Other assets	117	80.5	62.8	+45.7%
Total assets	2,076	1,957	1,679	+6.1%

10-K for the year ended 31 December 2022, filed 21 February 2023: the filing.