Spine devicemaker Globus Medical posted a 68.6 percent year-over-year increase in global sales to $251 million in the second quarter, continuing its growth from the first quarter.
Five notes:
1. Second-quarter net income was $41.5 million, a 299.4 percent increase compared to the same period in 2020.
2. The company's U.S. spine business in the second quarter increased by almost 64 percent compared to the second quarter of 2020 and 30 percent compared to the same period in 2019.
3. Robotic sales, new product launches, competitive recruiting and a resurgence in the company's biologics business were the key factors driving growth, CEO Dave Demski said in an Aug. 4 news release.
4. As of June 30, cash, cash equivalents and marketable securities were $914.2 million.
5. The company said that it remains debt-free.