Globus Medical (GMED) Q3 FY2023 earnings: revenue $384 million, up 51.0% on the year

Globus Medical Inc. (GMED) reported revenue of $384 million for Q3 FY2023, the quarter ended 30 September 2023, up 51.0% on the same quarter a year earlier. Net income was $998,000, down 97.9% on the year, and diluted earnings per share $0.01. The figures are the company's own, from the 10-Q it filed with the SEC on 7 November 2023.

Revenue$384 millionup 51.0%

Net income$998,000down 97.9%

Diluted EPS$0.01

QuarterQ3 FY2023ended 30 September 2023

The quarter, against the one before and a year earlier

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Revenue	384	n/a	n/a	n/a
Cost of revenue	135	n/a	n/a	n/a
Gross profit	248	n/a	n/a	n/a
Gross margin	64.7%	n/a	n/a
Research and development	29.3	n/a	n/a	n/a
Selling, general and administrative	156	n/a	n/a	n/a
Operating income	0.4	n/a	n/a	n/a
Operating margin	0.1%	n/a	n/a
Pre-tax income	2.5	n/a	n/a	n/a
Income tax	1.5	n/a	n/a	n/a
Effective tax rate	60.6%	n/a	n/a
Net income	1.0	n/a	n/a	n/a
Net margin	0.3%	n/a	n/a
Diluted EPS	$0.01	n/a	n/a	n/a

$ 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 and capital returned

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Operating cash flow	50.5	n/a	n/a	n/a
Capital expenditure	21.5	n/a	n/a	n/a
Free cash flow	28.9	n/a	n/a	n/a
Free cash flow margin	7.5%	n/a	n/a
Cash from investing	-80.9	n/a	n/a	n/a
Cash from financing	1.4	n/a	n/a	n/a
Depreciation and amortisation	37.4	n/a	n/a	n/a
Share-based compensation	9.9	n/a	n/a	n/a
Diluted shares, weighted	115m	n/a	n/a	n/a
Shares outstanding at period end	138m	n/a	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q3 FY2023	Quarter before	A year earlier	Change on the year
Shareholders' equity	4,187	n/a	n/a	n/a
Debt	410	n/a	n/a	n/a
Operating lease liabilities	99.9	n/a	n/a	n/a
Finance lease liabilities	0.7	n/a	n/a	n/a
Other liabilities	658	n/a	n/a	n/a
Total liabilities and equity	5,356	n/a	n/a	n/a
Fixed assets	607	n/a	n/a	n/a
Goodwill	1,122	n/a	n/a	n/a
Intangible assets	1,262	n/a	n/a	n/a
Investments	465	n/a	n/a	n/a
Cash and equivalents	280	n/a	n/a	n/a
Receivables	494	n/a	n/a	n/a
Inventory	905	n/a	n/a	n/a
Other assets	221	n/a	n/a	n/a
Total assets	5,356	n/a	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024 †	Q3 FY2024 †	Q4 FY2024 *	Q1 FY2025 †	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	384	617	607	630	626	657	598	745	769	826	760	790
Cost of revenue	135	265	241	260	271	263	195	249	253	261	234	241
Gross profit	248	351	365	370	355	394	403	497	517	565	526	548
Gross margin	65%	57%	60%	59%	57%	60%	67%	67%	67%	68%	69%	69%
R&D	29.3	52.3	57.3	37.7	35.4	33.4	33.1	40.0	38.1	36.2	36.5	36.3
SG&A	156	245	249	239	240	253	243	304	314	318	298	287
Operating income	0.4	10.1	8.0	49.6	48.1	60.3	97.0	76.1	137	169	150	182
Operating margin	0%	2%	1%	8%	8%	9%	16%	10%	18%	20%	20%	23%
Pre-tax income	2.5	25.0	-8.6	47.6	57.0	24.7	104	188	144	169	157	190
Tax rate	61%	40%	n/a	33%	9%	-7%	27%	-8%	17%	17%	21%	20%
Net income	1.0	15.0	-7.1	31.8	51.8	26.5	75.5	203	119	141	124	152
Net margin	0%	2%	-1%	5%	8%	4%	13%	27%	15%	17%	16%	19%
Diluted EPS	$0.01	$0.11	-$0.05	$0.23	$0.38	$0.19	$0.54	$1.49	$0.88	$1.03	$0.90	$1.10
Operating cash flow	50.5	105	52.4	54.3	204	210	177	77.9	250	249	202	210
Capital expenditure	21.5	22.9	28.6	27.8	42.0	17.1	36.1	46.6	35.8	46.2	39.6	33.2
Free cash flow	28.9	81.8	23.8	26.5	162	193	141	31.3	214	202	163	177
Buybacks	n/a	n/a	83.3	1.5	0.0	1.0	190	25.0	40.0	45.0	0.0	136
Shares outstanding	138m	135m	135m	135m	136m	138m	135m	135m	134m	135m	136m	134m
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 30 September 2023, filed 7 November 2023, accession 0001562762-23-000407: the filing on EDGAR. All of Globus Medical Inc.'s filings: EDGAR company page.

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