Globus Medical (GMED) FY2023 results: revenue $1.6 billion, up 53.3% on the year

Globus Medical Inc. (GMED) reported revenue of $1.6 billion for fiscal 2023, the year ended 31 December 2023, up 53.3% on the year before. Net income was $123 million, down 35.4%, and diluted earnings per share $1.07. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2024.

Revenue

$1.6 billion

+53.3% on the year

FY2016FY2023

Operating margin

8.5%

22.3% a year earlier

FY2016FY2023

Net income

$123 million

-35.4% on the year

FY2016FY2023

Diluted EPS

$1.07

-42.2% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,568	1,023	958	+53.3%
Cost of revenue	548	264	239	+107.9%
Gross profit	1,020	759	719	+34.4%
Gross margin	65.1%	74.2%	75.0%
Research and development	124	73.0	97.3	+69.8%
Selling, general and administrative	643	432	408	+48.9%
Operating income	133	228	172	-41.6%
Operating margin	8.5%	22.3%	17.9%
Pre-tax income	165	243	180	-31.9%
Income tax	42.5	52.9	31.2	-19.5%
Effective tax rate	25.7%	21.7%	17.3%
Net income	123	190	149	-35.4%
Net margin	7.8%	18.6%	15.6%
Diluted EPS	$1.07	$1.85	$1.44	-42.2%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	243	178	276	+36.4%
Capital expenditure	78.3	74.0	56.9	+5.7%
Free cash flow	165	104	219	+58.2%
Free cash flow margin	10.5%	10.2%	22.9%
Cash from investing	303	-110	-376
Cash from financing	-232	-110	54.1
Depreciation and amortisation	146	68.3	69.9	+113.2%
Share-based compensation	52.7	32.8	30.6	+60.7%
Buybacks	226	144	n/a	+56.1%
Diluted shares, weighted	115m	103m	104m	+11.7%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	3,998	1,846	1,741	+116.5%
Debt	417	0.0	0.0
Operating lease liabilities	91.0	3.5	2.9	+2,519.8%
Finance lease liabilities	0.3	n/a	n/a
Other liabilities	579	226	213	+156.0%
Total liabilities and equity	5,086	2,076	1,957	+145.0%
Fixed assets	587	244	221	+140.8%
Goodwill	1,435	197	180	+626.5%
Intangible assets	925	63.6	68.7	+1,354.4%
Investments	126	791	813	-84.1%
Cash and equivalents	467	150	193	+210.6%
Receivables	503	213	164	+136.0%
Inventory	848	299	237	+183.7%
Other assets	195	117	80.5	+66.7%
Total assets	5,086	2,076	1,957	+145.0%

10-K for the year ended 31 December 2023, filed 21 February 2024: the filing.