Globus Medical reported an 8 percent sales increase in the fourth quarter of 2019, and an even larger increase for the full year.
Six things to know:
1. In 2019, Globus Medical reported worldwide sales were up 10.2 percent to $785.4 million, and net income was $155.2 million, totaling 19.8 percent of sales. For the fourth quarter, Globus sales hit $211.7 million, an 8 percent increase.
2. The company's organic growth rate in spine sales exceeded the market rate and was the highest among Globus's six spinal implant competitors. For the year end, the company's musculoskeletal products reported $738 million and enabling technologies was nearly $47 million in sales.
3. Globus launched 17 new products in 2019 in the spine and trauma space and plans to continue making enhancements to its portfolio in 2020.
4. Fourth quarter sales in the U.S. were up 8.3 percent and international sales were up 6.4 percent when compared with the same period in 2018.
5. Globus reported fourth quarter net income at $45.5 million, a 23.9 percent increase over the fourth quarter of 2018. The company ended the year with $721 million in cash, cash equivalents and market securities, and it is debt free.
6. In 2020, Globus expects $850 million in sales.