For 2020, Globus Medical, developer of the ExcelsiusGPS spine robot, reported net sales increased 0.5 percent to $789 million year over year.
Six details:
1. Fourth-quarter net sales increased 10.3 percent to $233.4 million, compared to the same period in 2019.
2. Growth in the fourth quarter was driven by enabling technologies, "up 30 percent in the quarter, and U.S. spine, which grew by 12 percent," President and CEO Dave Demski said in a Feb. 17 news release.
3. Globus Medical's performance in the second half of 2020 resulted in revenues of almost $450 million, 10 percent overall growth and 14 percent growth in the U.S. spine, according to Mr. Demski.
4. U.S. net sales for the fourth quarter, including robotics, rose 12 percent year over year. International net sales for the same period increased 1.4 percent.
5. Fourth-quarter GAAP net income increased 16.3 percent year over year to $53 million.
6. The company ended 2020 with cash, cash equivalents and marketable securities of $785.3 million, and remains debt free.