Globus Medical reported an 11.9 percent increase in worldwide sales for the first quarter of 2018.
Here are five things to know.
1. Worldwide sales increased 11.9 percent to $174.4 million for the quarter. The company also reported $12.8 million in revenue from emerging technologies, partially due to demand for the Company's ExcelsiusGPS robotics navigation system.
2. First quarter U.S. sales were up 12.3 percent while international sales soared 10.1 percent.
3. Globus Medical generated net cash provided by operating activities of $52.3 million for the quarter; cash, cash equivalents and market securities hit $473.6 million, while the company is debt free.
4. U.S. spine business grew 4 percent in the first quarter over the same period last year on a day-adjusted basis.
5. The company plans to invest heavily in imaging, navigations, robotics and trauma in the future. Globus increased full year sales guidance from $690 million to $695 million.
"We are pleased with our first quarter performance, not only the continued excitement among surgeons and hospitals about ExcelsiusGPS but also the above market growth we achieved in the U.S. with our core spine business and the solid operational improvements we saw in several important international markets," said CEO Dave Demski.