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Globus Medical (GMED) Q2 FY2024 earnings: revenue $630 million, up 115.9% on the year

Globus Medical Inc. (GMED) reported revenue of $630 million for Q2 FY2024, the quarter ended 30 June 2024, up 115.9% on the same quarter a year earlier. Net income was $32 million, down 45.0% on the year, and diluted earnings per share $0.23. The figures are the company's own, from the 10-Q it filed with the SEC on 6 August 2024.

Revenue$630 millionup 115.9%
Net income$32 milliondown 45.0%
Diluted EPS$0.23
QuarterQ2 FY2024ended 30 June 2024

The quarter, against the one before and a year earlier

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Revenue630607n/an/a
Cost of revenue260241n/an/a
Gross profit370365n/an/a
Gross margin58.7%60.2%n/a
Research and development37.757.3n/an/a
Selling, general and administrative239249n/an/a
Operating income49.68.0n/an/a
Operating margin7.9%1.3%n/a
Pre-tax income47.6-8.6n/an/a
Income tax15.8-1.4n/an/a
Effective tax rate33.3%n/an/a
Net income31.8-7.1n/an/a
Net margin5.0%-1.2%n/a
Diluted EPS$0.23-$0.05n/an/a
$ 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. 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.

Cash flow and capital returned

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Operating cash flow54.352.4n/an/a
Capital expenditure27.828.6n/an/a
Free cash flow26.523.8n/an/a
Free cash flow margin4.2%3.9%n/a
Cash from investing-10.4-46.6n/an/a
Cash from financing8.7-116n/an/a
Depreciation and amortisation63.655.3n/an/a
Share-based compensation12.817.3n/an/a
Buybacks1.583.3n/an/a
Diluted shares, weighted137m135mn/an/a
Shares outstanding at period end135m135mn/an/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

LineQ2 FY2024Q1 FY2024A year earlierChange on the year
Shareholders' equity3,9763,922n/an/a
Operating lease liabilities87.789.8n/an/a
Finance lease liabilities0.70.3n/an/a
Other liabilities929931n/an/a
Total liabilities and equity4,9944,944n/an/a
Fixed assets572579n/an/a
Goodwill1,4541,451n/an/a
Intangible assets867888n/an/a
Investments110132n/an/a
Cash and equivalents410354n/an/a
Receivables612534n/an/a
Inventory770816n/an/a
Other assets198189n/an/a
Total assets4,9944,944n/an/a

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024 †Q3 FY2024 †Q4 FY2024 *Q1 FY2025 †Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue384617607630626657598745769826760790
Cost of revenue135265241260271263195249253261234241
Gross profit248351365370355394403497517565526548
Gross margin65%57%60%59%57%60%67%67%67%68%69%69%
R&D29.352.357.337.735.433.433.140.038.136.236.536.3
SG&A156245249239240253243304314318298287
Operating income0.410.18.049.648.160.397.076.1137169150182
Operating margin0%2%1%8%8%9%16%10%18%20%20%23%
Pre-tax income2.525.0-8.647.657.024.7104188144169157190
Tax rate61%40%n/a33%9%-7%27%-8%17%17%21%20%
Net income1.015.0-7.131.851.826.575.5203119141124152
Net margin0%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 flow50.510552.454.320421017777.9250249202210
Capital expenditure21.522.928.627.842.017.136.146.635.846.239.633.2
Free cash flow28.981.823.826.516219314131.3214202163177
Buybacksn/an/a83.31.50.01.019025.040.045.00.0136
Shares outstanding138m135m135m135m136m138m135m135m134m135m136m134m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* 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 June 2024, filed 6 August 2024, accession 0001562762-24-000199: the filing on EDGAR. All of Globus Medical Inc.'s filings: EDGAR company page.

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