Globus Medical (GMED) FY2024 results: revenue $2.5 billion, up 60.6% on the year

Globus Medical Inc. (GMED) reported revenue of $2.5 billion for fiscal 2024, the year ended 31 December 2024, up 60.6% on the year before. Net income was $103 million, down 16.2%, and diluted earnings per share $0.75. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2025.

Revenue

$2.5 billion

+60.6% on the year

FY2017FY2024

Operating margin

6.6%

8.5% a year earlier

FY2017FY2024

Net income

$103 million

-16.2% on the year

FY2017FY2024

Diluted EPS

$0.75

-29.9% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	2,519	1,568	1,023	+60.6%
Cost of revenue	1,035	548	264	+88.9%
Gross profit	1,484	1,020	759	+45.4%
Gross margin	58.9%	65.1%	74.2%
Research and development	164	124	73.0	+32.0%
Selling, general and administrative	981	643	432	+52.5%
Operating income	166	133	228	+24.7%
Operating margin	6.6%	8.5%	22.3%
Pre-tax income	121	165	243	-27.0%
Income tax	17.7	42.5	52.9	-58.3%
Effective tax rate	14.7%	25.7%	21.7%
Net income	103	123	190	-16.2%
Net margin	4.1%	7.8%	18.6%
Diluted EPS	$0.75	$1.07	$1.85	-29.9%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	521	243	178	+113.8%
Capital expenditure	115	78.3	74.0	+47.5%
Free cash flow	405	165	104	+145.2%
Free cash flow margin	16.1%	10.5%	10.2%
Cash from investing	-176	303	-110
Cash from financing	-27.7	-232	-110
Depreciation and amortisation	253	146	68.3	+74.1%
Share-based compensation	54.2	52.7	32.8	+2.7%
Buybacks	85.8	226	144	-62.0%
Diluted shares, weighted	138m	115m	103m	+20.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	4,177	3,998	1,846	+4.5%
Debt	443	417	0.0	+6.2%
Operating lease liabilities	83.6	91.0	3.5	-8.2%
Finance lease liabilities	0.3	0.3	n/a	-11.6%
Other liabilities	547	579	226	-5.6%
Total liabilities and equity	5,252	5,086	2,076	+3.3%
Fixed assets	562	587	244	-4.3%
Goodwill	1,432	1,435	197	-0.2%
Intangible assets	795	925	63.6	-14.0%
Investments	172	126	791	+36.4%
Cash and equivalents	784	467	150	+67.9%
Receivables	558	503	213	+10.8%
Inventory	659	848	299	-22.3%
Other assets	289	195	117	+48.0%
Total assets	5,252	5,086	2,076	+3.3%

10-K for the year ended 31 December 2024, filed 20 February 2025: the filing.