Globus Medical reported increased worldwide sales for 2015 and positive results in the fourth quarter.
"This performance was the result of continued execution of our strategy of robust product innovation, sales force expansion and disciplined expense control," said Globus Chairman and CEO David Paul. "I am very proud of the performance of our team in 2015 and remain confident in our ability to increase profitability at or above our sales growth rate over time."
Here are six things to know:
1. The company reported net income in 2015 at $112.8 million, up from $92.5 million in 2014. In the fourth quarter, net income reached $37.6 million, up from $27.6 million in the same period the year prior.
2. Globus settled outstanding intellectual property litigation with DePuy Synthes last year, with a nonrecurring gain of $0.07 per share in the fourth quarter.
3. Globus reported cash, cash equivalents and marketable securities at $329.8 million at the year's end. The company remains debt free.
4. Adjusted EBITDA for the full year was 36.2 percent of sales. In the fourth quarter, adjusted EBITDA reached a high point at 37.7 percent of sales.
5. In 2015, Globus Medical launched 14 new products and made progress on a robotics project. The company is also focused on continuing to develop a trauma product line and integrate the Branch medical acquisition into the in-house manufacturing capabilities.
6. The company expects 2016 full year sales to reach $538 million and earnings per diluted share to hit around $1.20 per share.
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