Globus Medical Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Globus Medical Inc. has filed its 2023 10-K report detailing financial performance and position.</b>

AI Summary

GLOBUS MEDICAL INC (GMED) filed a Annual Report (10-K) with the SEC on February 21, 2024. Globus Medical Inc. filed its 2023 Form 10-K on February 21, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in Surgical & Medical Instruments & Apparatus (SIC 3841). The filing includes data related to valuation allowances, accrued liabilities, and other assets/liabilities. Key financial statement components like retained earnings, additional paid-in capital, and accumulated other comprehensive income are detailed for 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking GLOBUS MEDICAL INC, this filing contains several important signals. This 10-K provides a comprehensive overview of Globus Medical's financial health and operational status for the fiscal year 2023, crucial for investors assessing the company's performance and future prospects. The detailed financial data, including balance sheet items and changes over multiple years, allows for trend analysis and comparison against industry benchmarks.

Risk Assessment

Risk Level: low — GLOBUS MEDICAL INC shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to understand Globus Medical's performance and potential challenges in the medical device sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (The report covers the period ending on this date.)
• 2024-02-21 — Filing Date (The date the 10-K was officially submitted.)
• 119 — Public Document Count (Total number of documents in the filing.)

Key Players & Entities

• Globus Medical Inc. (company) — Filer of the 10-K report.
• 2023-12-31 (date) — Fiscal year end date for the report.
• 2024-02-21 (date) — Filing date of the 10-K.
• SIC 3841 (industry) — Standard Industrial Classification for Surgical & Medical Instruments & Apparatus.
• DE (jurisdiction) — State of incorporation.

FAQ

Industry Context

Globus Medical operates within the Surgical & Medical Instruments & Apparatus industry, a sector focused on the development and manufacturing of devices used in medical procedures.

Regulatory Implications

The filing is made under the Securities Exchange Act of 1934, requiring public companies to disclose material information about their business and financial condition.

What Investors Should Do

1. Analyze the financial statements for revenue trends, profitability, and balance sheet strength.
2. Review any disclosed risk factors to understand potential challenges and their impact.
3. Compare key financial metrics against previous years and industry peers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-02-21: 10-K Filing Date — Official submission date of the annual report.

Year-Over-Year Comparison

This is the initial filing of the 2023 10-K, providing the first official look at the company's full-year performance compared to prior periods.

Key Financial Figures

• $0.001 — of the issuer's common stock (par value $0.001 per share) as of February 16, 2024 was

Filing Documents

• gmed-20231231x10k.htm (10-K) — 6500KB
• gmed-20231231x10kg001.jpg (GRAPHIC) — 45KB
• gmed-20231231xex4_2.htm (EX-4.2) — 54KB
• gmed-20231231xex21_1.htm (EX-21.1) — 22KB
• gmed-20231231xex23_1.htm (EX-23.1) — 3KB
• gmed-20231231xex31_1.htm (EX-31.1) — 22KB
• gmed-20231231xex31_2.htm (EX-31.2) — 24KB
• gmed-20231231xex32.htm (EX-32) — 25KB
• gmed-20231231xex97_1.htm (EX-97.1) — 93KB
• 0001562762-24-000032.txt (&nbsp;) — 23688KB
• gmed-20231231.xsd (EX-101.SCH) — 76KB
• gmed-20231231_cal.xml (EX-101.CAL) — 136KB
• gmed-20231231_def.xml (EX-101.DEF) — 290KB
• gmed-20231231_lab.xml (EX-101.LAB) — 674KB
• gmed-20231231_pre.xml (EX-101.PRE) — 639KB
• gmed-20231231x10k_htm.xml (XML) — 5874KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 20 Item 1B. Unresolved Staff Comments 46 Item 2.

Properties

Properties 46 Item 3.

Legal Proceedings

Legal Proceedings 46 Item 4. Mine Safety Disclosures 46 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 47 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 49 Item 7A. Quantitative and Qualitative Disclosure About Market Risk 59 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 61 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 97 Item 9A.

Controls and Procedures

Controls and Procedures 97 Item 9B. Other Information 97 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent inspections 99 PART III Item 10. Directors, Executive Officers and Corporate Governance 99 Item 11.

Executive Compensation

Executive Compensation 99 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 99 Item 13. Certain Relationships and Related Transactions, and Director Independence 99 Item 14. Principal Accountant Fees and Services 99 PART IV Item 15 Exhibits and Financial Statement Schedules 100 Item 16 Form 10-K Summary 105

SIGNATURES

SIGNATURES 106 3 Table of Contents PART I CAUTIONARY NOTE CONCERNING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical fact are forward-looking statements. We have tried to identify forward-looking statements by using words such as "believe," "may," "might," "could," "will," "aim," "estimate," "continue," "anticipate," "intend," "expect," "plan" and similar words. These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends. Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted. These risks and uncertainties include, but are not limited to, t he risks and costs associated with the integration of, and our ability to successfully integrate the NuVasive business and Globus Medical, Inc. and to achieve anticipated synergies from the integration, health epidemics, pandemics and similar outbreaks , factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to comply with changes and applicable laws and regulations that are applicable to our businesses, our ability to safeguard our intellect

Business

Item 1. Business Overview Globus Medical, Inc. (together, as applicable, with its consolidated subsidiaries, "Globus," the "Company," "we," "us" or "our"), headquartered in Audubon, Pennsylvania, is a medical device company that develops and commercializes healthcare solutions whose mission is to improve the quality of life of patients with musculoskeletal disorders. Founded in 2003, Globus is committed to medical device innovation and delivering exceptional service to hospitals, ambulatory surgery centers and physicians to advance patient care and improve efficiency. Since inception, Globus has listened to the voice of the surgeon to develop practical solutions and products to help surgeons effectively treat patients and improve lives. Globus is an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to address treatment challenges. With over 10 product launches in 2023 and operations across 64 countries worldwide, we offer a comprehensive portfolio of innovative and differentiated technologies that are used to treat a variety of musculoskeletal conditions. Although we manage our business globally within one reportable segment, we separate our products and services into two major categories: Musculoskeletal Solutions and Enabling Technologies. NuVasive Merger On September 1, 2023, pursuant to that certain merger agreement (the "Merger Agreement") with NuVasive, Inc. ("NuVasive") and Zebra Merger Sub Inc. ("Merger Sub"), Merger Sub, a wholly owned subsidiary of the Company, merged with and into NuVasive, with NuVasive surviving as a wholly owned subsidiary of the Company (the "Merger"). Under the Merger Agreement, each share of common stock, par value $0.001 per share, of NuVasive issued and outstanding immediately prior to the effective time of the Merger (other than certain excluded shares as described in the Merger Agreement) was cancelled and converted into the right to receive 0.75 fully

View Full Filing

View this 10-K filing on SEC EDGAR