Globus Medical released its first quarter financial report, showing large sales increases overseas.
Five things to know:
1. While sales were up nearly 5 percent year over year to $182.9 million, net income dropped 16 percent to $33.2 million.
2. U.S. sales were up 1.3 percent year over year for the first quarter, due to lower robotics sales compared to the first quarter of last year. However, international sales skyrocketed 23 percent.
3. Globus expects full year sales to hit $770 million, up 8 percent compared to 2018.
4. In tandem with releasing first quarter financial results, Globus Medical reported Rob Liptak stepped down from his position on the board of directors on May 1. He joined the board in 2007; he recently accepted a new role that does not allow him to serve on public company boards.
5. Globus Medical appointed Steve Zarrilli, president and CEO of Philadelphia-based University Science Center, to its board. Mr. Zarrilli also has experience as president and CEO of Safeguard Scientifics, which provides growth equity capital to healthcare and technology enterprises.