Globus Medical Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Globus Medical Inc. filed its Q1 2024 10-Q report on May 7, 2024, detailing financial positions and equity components.</b>

AI Summary

GLOBUS MEDICAL INC (GMED) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Globus Medical Inc. filed a 10-Q report on May 7, 2024, for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's principal executive offices are located at 2560 General Armistead Avenue, Audubon, PA 19403. The SIC code for Globus Medical Inc. is 3841, for Surgical & Medical Instruments & Apparatus. The filing includes data related to common stock, accumulated other comprehensive income, retained earnings, and additional paid-in capital as of March 31, 2024, and prior periods.

Why It Matters

For investors and stakeholders tracking GLOBUS MEDICAL INC, this filing contains several important signals. This 10-Q filing provides a quarterly update on Globus Medical's financial health and equity structure, crucial for investors to assess performance and stability. The detailed breakdown of equity components like retained earnings and additional paid-in capital offers insights into the company's capital management and historical profitability.

Risk Assessment

Risk Level: low — GLOBUS MEDICAL INC shows low risk based on this filing. The filing is a standard 10-Q, providing routine financial disclosures without immediate indicators of significant new risks.

Analyst Insight

Review the detailed financial statements and equity disclosures within the 10-Q to understand Globus Medical's current financial standing and capital structure.

Key Numbers

• 2024-03-31 — Period End Date (Reported period)
• 2024-05-07 — Filing Date (Date of submission)
• Q1 2024 — Reporting Quarter (Fiscal quarter covered)
• 1237831 — Central Index Key (Company identifier)

Key Players & Entities

• GLOBUS MEDICAL INC (company) — Filer name
• 2024-05-07 (date) — Filing date
• 2024-03-31 (date) — Period of report
• 2560 GENERAL ARMISTEAD AVENUE (address) — Business address
• AUDUBON (location) — Business address city
• PA (location) — Business address state
• 19403 (postal_code) — Business address zip
• 3841 (sic_code) — Standard Industrial Classification

FAQ

Industry Context

Globus Medical Inc. operates within the medical device industry, specifically focusing on surgical and medical instruments and apparatus.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze the balance sheet for changes in equity accounts like retained earnings and additional paid-in capital.
2. Examine disclosures related to common stock (Class A and B) and any equity incentive plans.
3. Note the filing date and period end date for tracking financial reporting timelines.

Key Dates

• 2024-03-31: Quarterly Period End — End date for the financial reporting period.
• 2024-05-07: Filing Date — Date the 10-Q report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the fiscal year 2024, providing the first quarter's financial overview.

Key Financial Figures

• $0.001 — of the issuer's common stock (par value $0.001 per share) as of May 3, 2024 was 135,05

Filing Documents

• gmed-20240331x10q.htm (10-Q) — 3977KB
• gmed-20240331xex31_1.htm (EX-31.1) — 21KB
• gmed-20240331xex31_2.htm (EX-31.2) — 23KB
• gmed-20240331xex32.htm (EX-32) — 24KB
• 0001562762-24-000126.txt (&nbsp;) — 17529KB
• gmed-20240331.xsd (EX-101.SCH) — 65KB
• gmed-20240331_cal.xml (EX-101.CAL) — 115KB
• gmed-20240331_def.xml (EX-101.DEF) — 294KB
• gmed-20240331_lab.xml (EX-101.LAB) — 577KB
• gmed-20240331_pre.xml (EX-101.PRE) — 556KB
• gmed-20240331x10q_htm.xml (XML) — 4559KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (Unaudited) March 31, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three months ended March 31, 2024 and March 31, 2023 4 Condensed Consolidated Statements of Equity (Unaudited) Three months ended March 31, 2024 and March 31, 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Three months ended March 31, 2024 and March 31, 2023 6 Notes to Condensed Consolidated Financial Statements (Unaudited) 7 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION 37 Item 1.

Legal Proceedings

Legal Proceedings 37 Item 1A.

Risk Factors

Risk Factors 37 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 37 Item 3. Defaults Upon Senior Securities 37 Item 4. Mine Safety Disclosures 37 Item 5. Other Information 38 Item 6. Exhibits 38

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GLOBUS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) March 31, December 31, (In thousands, except share and per share values) 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 354,062 $ 467,292 Short-term marketable securities 80,408 50,497 Accounts receivable, net of allowances of $ 11,527 and $ 8,934 , respectively 534,333 503,235 Inventories 816,196 848,135 Prepaid expenses and other current assets 43,209 44,580 Income taxes receivable 366 1,635 Total current assets 1,828,574 1,915,374 Property and equipment, net of accumulated depreciation of $ 447,122 and $ 425,695 , respectively 578,887 586,932 Operating lease right of use assets 56,347 59,931 Long-term marketable securities 51,256 75,428 Intangible assets, net 888,208 924,603 Goodwill 1,451,106 1,434,540 Other assets 78,216 78,590 Deferred income taxes 11,018 10,685 Total assets $ 4,943,612 $ 5,086,083 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 50,487 $ 56,671 Accrued expenses 210,011 240,460 Operating lease liabilities 11,749 11,967 Income taxes payable 43,058 3,845 Senior convertible notes 424,044 — Business acquisition liabilities 29,649 61,035 Deferred revenue 17,077 18,369 Payable to broker 249 — Total current liabilities 786,324 392,347 Business acquisition liabilities, net of current portion 81,661 78,323 Operating lease liabilities 89,809 91,037 Senior convertible notes — 417,400 Deferred income taxes and other tax liabilities 39,952 84,421 Other liabilities 23,505 24,596 Total liabilities 1,021,251 1,088,124 Commitments and contingencies (Note 17) Equity: Class A common stock; $ 0.001 par value. Authorized 500,000,000 shares; issued and outstanding 112,626,136 and 113,905,565 shares at Mar

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View this 10-Q filing on SEC EDGAR