Globus Medical Q2 2024 Financial Update

TL;DR

Globus Medical's Q2 2024 10-Q shows updated balance sheet figures, key for investor analysis.

AI Summary

Globus Medical Inc. reported its financial results for the quarter ending June 30, 2024. The company's filing details its financial position, including common stock, retained earnings, and accumulated other comprehensive income as of June 30, 2024, and March 31, 2024. Specific revenue and profit figures for Q2 2024 are not detailed in this excerpt.

Why It Matters

This filing provides a snapshot of Globus Medical's financial health and equity structure, which is crucial for investors assessing the company's stability and growth potential.

Risk Assessment

Risk Level: low — This filing is a routine quarterly report and does not appear to contain significant negative news or unexpected events.

Key Numbers

• 2024-06-30 — Reporting Period End Date (Indicates the end of the fiscal quarter for which financial data is reported.)
• 2024-03-31 — Previous Quarter End Date (Provides a comparative point for financial performance and position.)
• 2023-06-30 — Prior Year Quarter End Date (Used for year-over-year comparison of financial metrics.)

Key Players & Entities

• Globus Medical Inc. (company) — Filer of the 10-Q report
• 20240630 (date) — End of the reporting period for the 10-Q
• 20240806 (date) — Filing date of the 10-Q
• 2560 GENERAL ARMISTEAD AVENUE (address) — Globus Medical's business and mailing address
• AUDUBON (location) — City of Globus Medical's business and mailing address
• PA (location) — State of Globus Medical's business and mailing address
• 19403 (postal_code) — ZIP code of Globus Medical's business and mailing address
• 610-930-1800 (phone_number) — Globus Medical's business phone number

FAQ

Key Financial Figures

• $0.001 — of the issuer's common stock (par value $0.001 per share) as of August 2, 2024 was 135

Filing Documents

• gmed-20240630x10q.htm (10-Q) — 5121KB
• gmed-20240630xex31_1.htm (EX-31.1) — 21KB
• gmed-20240630xex31_2.htm (EX-31.2) — 24KB
• gmed-20240630xex32.htm (EX-32) — 25KB
• 0001562762-24-000199.txt ( ) — 20315KB
• gmed-20240630.xsd (EX-101.SCH) — 68KB
• gmed-20240630_cal.xml (EX-101.CAL) — 116KB
• gmed-20240630_def.xml (EX-101.DEF) — 295KB
• gmed-20240630_lab.xml (EX-101.LAB) — 599KB
• gmed-20240630_pre.xml (EX-101.PRE) — 567KB
• gmed-20240630x10q_htm.xml (XML) — 5351KB

Financial Statements

Financial Statements Condensed Consolidated Balance Sheets (Unaudited) June 30, 2024 and December 31, 2023 3 Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) Three and six months ended June 30, 2024 and June 30, 2023 4 Condensed Consolidated Statements of Equity (Unaudited) Three and six months ended June 30, 2024 and June 30, 2023 5 Condensed Consolidated Statements of Cash Flows (Unaudited) Six months ended June 30, 2024 and June 30, 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 38 Item 4.

Controls and Procedures

Controls and Procedures 38 PART II. OTHER INFORMATION 39 Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A.

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 39 Item 3. Defaults Upon Senior Securities 39 Item 4. Mine Safety Disclosures 39 Item 5. Other Information 40 Item 6. Exhibits 40

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements GLOBUS MEDICAL, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) June 30, December 31, (In thousands, except share and per share values) 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 410,424 $ 467,292 Short-term marketable securities 82,509 50,497 Accounts receivable, net of allowances of $ 19,256 and $ 8,934 , respectively 611,784 503,235 Inventories 770,463 848,135 Prepaid expenses and other current assets 46,213 44,580 Income taxes receivable 2,498 1,635 Total current assets 1,923,891 1,915,374 Property and equipment, net of accumulated depreciation of $ 480,290 and $ 425,695 , respectively 571,776 586,932 Operating lease right of use assets 53,881 59,931 Long-term marketable securities 27,795 75,428 Intangible assets, net 866,565 924,603 Goodwill 1,454,117 1,434,540 Other assets 77,569 78,590 Deferred income taxes 18,199 10,685 Total assets $ 4,993,793 $ 5,086,083 LIABILITIES AND EQUITY Current liabilities: Accounts payable $ 67,163 $ 56,671 Accrued expenses 215,885 240,460 Operating lease liabilities 11,118 11,967 Income taxes payable 11,429 3,845 Senior convertible notes 430,485 — Business acquisition liabilities 38,221 61,035 Deferred revenue 19,845 18,369 Total current liabilities 794,146 392,347 Business acquisition liabilities, net of current portion 83,111 78,323 Operating lease liabilities 87,702 91,037 Senior convertible notes — 417,400 Deferred income taxes and other tax liabilities 27,264 84,421 Other liabilities 25,205 24,596 Total liabilities 1,017,428 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 112,928,331 and 113,905,565 shares at June 30, 2024 and December 31, 2

View Full Filing

View this 10-Q filing on SEC EDGAR