Globus Medical Reports Fourth Quarter and Full Year 2024 Results

AUDUBON, Pa., Feb. 20, 2025 (GLOBE NEWSWIRE) -- Globus Medical, Inc. (NYSE: GMED), a leading musculoskeletal technology company, today announced its financial results for the fourth quarter and year ended December 31, 2024. Fourth Quarter 2024: Worldwide net sales were $657.3 million, an increase of 6.6% on an as-reported basis and an increase of 6.9% on a constant currency basisGAAP net income for the quarter was $26.5 millionGAAP diluted earnings per share (“EPS”) was $0.19 and non-GAAP diluted EPS was $0.84Non-GAAP adjusted EBITDA was $196.9 million, or 30.0% of net sales Full Year 2024: Worldwide net sales were $2,519.4 million, an increase of 60.6% on an as-reported basis and an increase of 61.1% on a constant currency basisGAAP net income for the year was $103.0 millionGAAP diluted EPS was $0.75 and non-GAAP diluted EPS was $3.04Non-GAAP adjusted EBITDA was $735.0 million, or 29.2% of net sales “I’m proud of our team at Globus Medical, delivering incredible results for 2024. We made significant progress integrating the business and creating a strong foundation for future growth while remaining focused on improving patient outcomes. Our spine sales force is the most dedicated and talented team in the market. Our innovation engine delivered a record amount of new product launches in 2024 and remains unmatched in our industry.” said Dan Scavilla, President and CEO. “The potential for Globus has never been greater, as we continue to redefine spine surgery and address unmet clinical needs with procedural solutions built around enabling technology.” “Our financial results demonstrate the potential of our combined organization and the growing value creation from the merger”, commented Keith Pfeil, COO-CFO. “Despite the complexities of integration, we delivered record fourth quarter and full year sales, while maintaining our disciplined approach to operational excellence and cost management. Our team executed against the strategic objectives to drive integration success, which has unlocked tremendous value, as demonstrated in our financial results, which include record operating cash flow for the fourth quarter and full year. Looking ahead, we remain well positioned to unlock operational efficiencies, while delivering innovation and market leadership.” Worldwide net sales for the fourth quarter were $657.3 million, an as-reported increase of 6.6% over the fourth quarter of 2023, and an increase of 6.9% on a constant currency basis. U.S. net sales for the fourth quarter of 2024 increased by 6.3% compared to the fourth quarter of 2023. International net sales increased by 7.7% over the fourth quarter of 2023 on an as-reported basis, and an increase of 8.9% on a constant currency basis. Net Sales increases were driven by the addition of NuVasive, as well as increased spine products and enabling technology volume. Worldwide net sales for the full year of 2024 were $2,519.4 million, an increase of 60.6% as compared to the full year of 2023 on an as-reported basis, and an increase of 61.1% on a constant currency basis. U.S. net sales for the full year of 2024 increased by 56.3% compared to the full year of 2023. International net sales increased by 79.9% over the full year of 2024 on an as-reported basis, and an increase of 82.7% on a constant currency basis. GAAP net income for the fourth quarter was $26.5 million, an increase of 76.3% over the same period in the prior year, driven primarily by higher net sales as a result of the Merger. Diluted EPS for the fourth quarter was $0.19, compared to $0.11 for the fourth quarter of 2023. Non-GAAP net income for the fourth quarter was $117.4 million, an increase of 40.6% over the same period in the prior year, driven primarily by higher net sales as a result of the Merger. Non-GAAP diluted EPS for the fourth quarter of 2024 was $0.84, compared to $0.60 in the fourth quarter of 2023, an increase of 35.7% driven by higher net sales. Net cash provided by operating activities was $520.6 million, and non-GAAP free cash flow was $405.2 million for the full year of 2024. 2025 Annual Guidance On a stand-alone basis, Globus Medical reaffirms its full year 2025 revenue guidance range of $2.66 billion to $2.69 billion and fully diluted non-GAAP earnings per share range between $3.40 to $3.50. Following the consummation of the Nevro, Inc. acquisition, which we expect to close in the late second quarter of 2025, Globus Medical anticipates 2025 net sales of $2.80 billion to $2.90 billion and fully diluted non-GAAP earnings per share range between $3.10 to $3.40. Conference Call Information Globus Medical will hold a teleconference to discuss its 2024 fourth quarter and full year results with the investment community at 4:30 p.m. Eastern Time today. Participants may access the conference call live via webcast on the Investors page of Globus Medical’s website at https://www.investors.globusmedical.com/news-events/events-webcasts. To participate via telephone, please register in advance at this link. Upon registration, all telephone participants will receive a confirmation email detailing how to join the conference call, including the dial-in number along with a unique passcode and registrant ID that can be used to access the call. The audio archive will be available after the call on the Investor page of the Globus Medical website. About Globus Medical, Inc. Based in Audubon, Pennsylvania, Globus Medical, Inc. was founded in 2003 by an experienced team of professionals with a shared vision to create products that enable surgeons to promote healing in patients with musculoskeletal disorders. Additional information can be accessed at www.globusmedical.com. Non-GAAP Financial Measures To supplement our financial statements prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”), management uses certain non-GAAP financial measures. For example, non-GAAP Adjusted EBITDA, which represents net income before interest income, net and other non-operating expenses, provision for income taxes, depreciation and amortization, stock-based compensation expense, provision for litigation, merger and acquisition related costs, restructuring related costs, certain foreign currency acquisition-related impacts, and gains and losses from strategic investments, is useful as an additional measure of operating performance, and particularly as a measure of comparative operating performance from period to period, as it is reflective of changes in pricing decisions, cost controls and other factors that affect operating performance, and it removes the effect of our capital structure, asset base, income taxes and interest income and expense. As of December 31, 2024, we no longer include acquisition of in-process research and development as an adjustment to non-GAAP Adjusted EBITDA. Our management also uses non-GAAP Adjusted EBITDA for planning purposes, including the preparation of our annual operating budget and financial projections. Provision for litigation represents costs incurred for litigation settlements or unfavorable verdicts when the loss is known or considered probable and the amount can be reasonably estimated, or in the case of a favorable settlement, when income is realized. Merger and acquisition related costs represents the change in fair value of business-acquisition-related contingent consideration; costs related to integrating recently acquired businesses, including but not limited to costs to exit or convert contractual obligations, severance, retention bonus, duplicative costs and information system conversion; and specific costs related to the consummation of the acquisition process such as banker fees, legal fees, and other acquisition related professional fees. Restructuring related costs include severance, retention bonus, accelerated stock-based compensation expense, and costs associated with consolidating facilities. We also adjusted for certain foreign currency impacts related to the acquisition costs and gains/losses on strategic investments within other assets as we believe these impacts are not a measure of our operating performance. In addition, for the period ended December 31, 2024 and for other comparative periods, we are presenting non-GAAP net income and non-GAAP Diluted Earnings Per Share, which represent net income and diluted earnings per share excluding the provision for litigation, amortization of intangibles, merger and acquisition related costs, restructuring related costs, certain foreign currency impacts, gains and losses from strategic investments, the impact of dilution attributable to the Convertible Notes, and the tax effects of all of the foregoing adjustments. As of December 31, 2024, we no longer include acquisition of in-process research and development as an adjustment to non-GAAP net income. We also present Non-GAAP gross profit, which excludes the impacts of any inventory acquisition-related costs within cost of goods sold. The tax effect adjustment represents the tax effect of the pre-tax non-GAAP adjustments excluded from non-GAAP net income. The tax impact of the non-GAAP adjustments is calculated based on the consolidated effective tax rate on a GAAP basis, applied to the non-GAAP adjustments, unless the underlying item has a materially different tax treatment, in which case the estimated tax rate applicable to the adjustment is used. We believe these non-GAAP measures are also useful indicators of our operating performance, and particularly as additional measures of comparative operating performance from period to period as they remove the effects of the foregoing items, which we believe are not reflective of underlying business trends. Additionally, for the period ended December 31, 2024, and for other comparative periods, we also define the non-GAAP measure of free cash flow as the net cash provided by operating activities, adjusted for the impact of restricted cash, less the cash impact of purchases of property and equipment. We believe that this financial measure provides meaningful information for evaluating our overall financial performance for comparative periods as it facilitates an assessment of funds available to satisfy current and future obligations and fund acquisitions. Furthermore, the non-GAAP measure of constant currency net sales growth is calculated by translating current year net sales at the same average exchange rates in effect during the applicable prior year period. We believe constant currency net sales growth provides insight to the comparative increase or decrease in period net sales, in dollar and percentage terms, excluding the effects of fluctuations in foreign currency exchange rates.. Non-GAAP adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross profit, free cash flow and constant currency net sales growth are not calculated in conformity with U.S. GAAP. Non-GAAP financial measures have limitations as analytical tools and should not be considered in isolation or as a substitute for financial measures prepared in accordance with U.S. GAAP. These measures do not include certain expenses that may be necessary to evaluate our liquidity or operating results. Our definitions of non-GAAP adjusted EBITDA, non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP gross profit, free cash flow and constant currency net sales growth may differ from that of other companies and therefore may not be comparable. Safe Harbor Statements All statements included in this press release other than statements of historical fact are forward-looking statements and may be identified by their use of words such as “believe,” “may,” “might,” “could,” “will,” “aim,” “estimate,” “continue,” “anticipate,” “intend,” “expect,” “plan” and other similar terms. These forward-looking statements are based on our current assumptions, expectations and estimates of future events and trends. Forward-looking statements are only predictions and are subject to many risks, uncertainties and other factors that may affect our businesses and operations and could cause actual results to differ materially from those predicted. These risks and uncertainties include, but are not limited to, the risks and costs associated with the integration of the NuVasive business and Globus Medical, Inc.’s ability to successfully integrate and achieve anticipated synergies with the NuVasive business, our ability to complete the acquisition of and successfully integrate the Nevro, Inc. business, health epidemics, pandemics and similar outbreaks, factors affecting our quarterly results, our ability to manage our growth, our ability to sustain our profitability, demand for our products, our ability to compete successfully (including without limitation our ability to convince surgeons to use our products and our ability to attract and retain sales and other personnel), our ability to rapidly develop and introduce new products, our ability to develop and execute on successful business strategies, our ability to comply with laws and regulations that are or may become applicable to our businesses, our ability to safeguard our intellectual property, our success in defending legal proceedings brought against us, trends in the medical device industry, general economic conditions, and other risks. For a discussion of these and other risks, uncertainties and other factors that could affect our results, you should refer to the disclosure contained in our most recent annual report on Form 10-K filed with the U.S. Securities and Exchange Commission, including the sections labeled “Risk Factors” and “Cautionary Note Concerning Forward-Looking Statements,” and in our Forms 10-Q, Forms 8-K and other filings with the U.S. Securities and Exchange Commission. These documents are available at www.sec.gov. Moreover, we operate in an evolving environment. New risk factors and uncertainties emerge from time to time and it is not possible for us to predict all risk factors and uncertainties, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. Given these risks and uncertainties, readers are cautioned not to place undue reliance on any forward-looking statements. Forward-looking statements contained in this press release speak only as of the date of this press release. We undertake no obligation to update any forward-looking statements as a result of new information, events or circumstances or other factors arising or coming to our attention after the date hereof. GLOBUS MEDICAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF INCOME(unaudited) Three Months Ended Year Ended December 31, December 31,(In thousands, except per share amounts)2024 2023 2022 2024 2023 2022Net sales$657,293 $616,534 $274,498 $2,519,355 $1,568,476 $1,022,843 Cost of Sales and Operating expenses: Cost of Sales (exclusive of amortization of intangibles) 263,437 265,486 70,591 1,035,479 548,174 263,725 Research and development 33,408 52,253 19,507 163,754 124,010 73,015 Selling, general and administrative 253,481 244,718 118,075 981,048 643,410 432,117 Provision for litigation, net (314) 250 — 314 434 2,341 Amortization of intangibles 29,912 28,122 4,506 119,373 51,032 17,735 Acquisition-related costs 17,088 15,581 7,791 29,623 68,274 5,959 Restructuring cost 6 — — 23,773 — — Operating income/(loss) 60,275 10,124 54,028 165,991 133,142 227,951 Other income/(expense), net Interest income/(expense), net 815 (2,581) 5,315 (4,189) 20,130 14,233 Foreign currency transaction gain/(loss) (37,491) 19,908 2,688 (43,285) 14,259 (1,020)Other income/(expense) 1,069 (2,456) 85 2,205 (2,138) 1,855 Total other income/(expense), net (35,607) 14,872 8,088 (45,269) 32,251 15,068 Income/(loss) before income taxes 24,668 24,995 62,116 120,722 165,393 243,019 Income tax provision (1,837) 9,960 12,051 17,738 42,520 52,850 Net income/(loss)$26,505 $15,035 $50,065 $102,984 $122,873 $190,169 Other comprehensive income/(loss), net of tax: Unrealized gain/(loss) on marketable securities (238) 8,893 4,199 1,545 13,231 (14,040)Foreign currency translation gain/(loss) 340 (18) 3,397 1,786 1,207 (3,818)Total other comprehensive income/(loss), net of tax 102 8,875 7,596 3,331 14,438 (17,858)Comprehensive income/(loss)$26,607 $23,910 $57,661 $106,315 $137,311 $172,311 Earnings per share: Basic$0.19 $0.11 $0.50 $0.76 $1.09 $1.89 Diluted$0.19 $0.11 $0.49 $0.75 $1.07 $1.85 Weighted average shares outstanding: Basic 136,729 137,883 99,967 135,726 113,087 100,469 Diluted 139,711 139,021 102,209 137,863 114,630 102,643 GLOBUS MEDICAL, INC. AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(unaudited) December 31, December 31,(In thousands, except share and per share values)2024 2023ASSETS Current assets: Cash and cash equivalents$784,438 $467,292 Short-term marketable securities 105,619 50,497 Accounts receivable, net of allowances of $15,505 and $8,934, respectively 557,697 503,235 Inventories 659,233 848,135 Prepaid expenses and other current assets 49,640 44,580 Income taxes receivable 20,633 1,635 Total current assets 2,177,260 1,915,374 Property and equipment, net of accumulated depreciation of $545,786 and $425,695, respectively 561,909 586,932 Operating lease right of use assets 49,647 59,931 Long-term marketable securities 66,134 75,428 Intangible assets, net 795,117 924,603 Goodwill 1,432,387 1,434,540 Other assets 75,096 78,590 Deferred income taxes 94,200 10,685 Total assets$5,251,750 $5,086,083 LIABILITIES AND EQUITY Current liabilities: Accounts payable$75,118 $56,671 Accrued expenses 260,591 240,460 Operating lease liabilities 10,249 11,967 Income taxes payable 10,725 3,845 Senior convertible notes 443,351 — Business acquisition liabilities 33,739 61,035 Deferred revenue 22,140 18,369 Total current liabilities 855,913 392,347 Business acquisition liabilities, net of current portion 89,496 78,323 Operating lease liabilities 83,588 91,037 Senior convertible notes — 417,400 Deferred income taxes and other tax liabilities 23,889 84,421 Other liabilities 21,531 24,596 Total liabilities 1,074,417 1,088,124 Equity: Class A common stock; $0.001 par value. Authorized 500,000,000 shares; issued and outstanding 114,990,219 and 113,905,565 shares at December 31, 2024 and December 31, 2023, respectively 115 114 Class B common stock; $0.001 par value. Authorized 275,000,000 shares; issued and outstanding 22,430,097 and 22,430,097 shares at December 31, 2024 and December 31, 2023, respectively 22 22 Additional paid-in capital 3,031,244 2,870,749 Accumulated other comprehensive income/(loss) (6,861) (10,192)Retained earnings 1,152,813 1,137,266 Total equity 4,177,333 3,997,959 Total liabilities and equity$5,251,750 $5,086,083 GLOBUS MEDICAL, INC. AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited) Year Ended December 31,(In thousands)2024 2023 2022Cash flows from operating activities: Net income$102,984 $122,873 $190,169 Adjustments to reconcile net income to net cash provided by operating activities: Acquired in-process research and development 12,613 — 150 Depreciation and amortization 254,024 144,733 68,252 Amortization of premiums on marketable securities (635) 793 5,389 Provision for excess and obsolete inventory 23,359 10,959 6,400 Amortization of inventory fair value step-up 215,420 71,656 — Amortization of 2025 Notes fair value step-up 26,630 8,176 — Stock-based compensation expense 54,191 52,742 32,810 Allowance for expected credit losses 16,986 3,658 (1)Change in fair value of business acquisition liabilities 26,521 17,434 5,132 Change in deferred income taxes (125,902) (57,789) (22,223)(Gain)/loss on disposal of assets, net 5,552 1,541 299 Payment of business acquisition-related liabilities (18,763) (3,005) (2,647)Net (gain)/loss from foreign currency adjustment 25,212 (13,674) — (Increase) decrease in: Accounts receivable (78,062) (49,914) (50,843)Inventories (29,860) (70,328) (61,745)Prepaid expenses and other assets 1,059 1,148 (10,292)Increase (decrease) in: Accounts payable 17,663 (14,223) 14,418 Accrued expenses and other liabilities 5,023 17,127 6,087 Income taxes payable/receivable (13,377) (408) (2,887)Net cash provided by/(used in) operating activities 520,638 243,499 178,468 Cash flows from investing activities: Purchases of marketable securities (113,504) (100,643) (419,534)Maturities of marketable securities 58,666 240,190 312,221 Sales of marketable securities 11,851 537,723 102,433 Purchases of property and equipment (115,429) (78,274) (74,047)Acquisition of businesses, net of cash acquired and purchases of intangible and other assets (17,635) (296,028) (31,435)Net cash provided by/(used in) investing activities (176,051) 302,968 (110,362)Cash flows from financing activities: Payment of business acquisition-related liabilities (45,619) (8,039) (7,185)Net proceeds from exercise of stock options 110,439 12,397 41,716 Payments related to tax withholdings for share-based compensation (6,729) (10,617) — Repurchase of common stock (85,787) (225,562) (144,493)Net cash provided by/(used in) financing activities (27,696) (231,821) (109,962)Effect of foreign exchange rates on cash 255 2,180 (747)Net increase/(decrease) in cash and cash equivalents 317,146 316,826 (42,603)Cash and cash equivalents at beginning of period 467,292 150,466 193,069 Cash and cash equivalents at end of period$784,438 $467,292 $150,466 Supplemental disclosures of cash flow information: Income taxes paid, net$158,508 $100,593 $77,823 Non-cash investing and financing activities: Equity issued in conjunction with the NuVasive Merger$— $2,153,860 $— Accrued purchases of property and equipment$9,281 $7,100 $7,423 Supplemental Financial InformationNet Sales by Product Category: Three Months Ended Year Ended December 31, December 31,(In thousands)2024 2023 2022 2024 2023 2022Musculoskeletal Solutions$610,341 $583,820 $244,999 $2,365,352 $1,448,260 $926,703 Enabling Technologies 46,952 32,714 29,499 154,003 120,216 96,140 Total net sales$657,293 $616,534 $274,498 $2,519,355 $1,568,476 $1,022,843 Liquidity and Capital Resources: December 31, December 31,(In thousands)2024 2023Cash and cash equivalents$784,438 $467,292 Short-term marketable securities 105,619 50,497 Long-term marketable securities 66,134 75,428 Total cash, cash equivalents and marketable securities$956,191 $593,217 The following tables reconcile GAAP to Non-GAAP financial measures. As of September 30, 2024, we no longer include Acquisition of in-process research and development as an adjustment to the non-GAAP financial measures. As previously disclosed, the Company incurred $12.6 million in the twelve months ended December 31, 2024 for the Acquisition of in-process research and development, which, when it was previously included, resulted in an impact for the year ended December 31, 2024 of 0.5% on Adjusted EBITDA as a percentage of net sales and $0.09 on Non-GAAP diluted earnings per share. Non-GAAP Adjusted EBITDA Reconciliation Table: Three Months Ended Year Ended December 31, December 31,(In thousands, except percentages)2024 2023 2022 2024 2023 2022Net income/(loss)$26,505 $15,035 $50,065 $102,984 $122,873 $190,169 Interest (income)/expense, net (815) 2,581 (5,315) 4,189 (20,130) (14,233)Provision for income taxes (1,838) 9,960 12,051 17,738 42,520 52,850 Depreciation and amortization 68,228 71,162 16,911 254,024 144,733 68,252 EBITDA 92,080 98,737 73,712 378,935 289,996 297,038 Stock-based compensation expense 11,756 11,577 8,507 48,286 38,995 32,810 Provision for litigation, net (314) 250 — 314 434 2,341 Merger and acquisition-related costs(1) 64,561 76,431 7,791 249,721 148,498 6,854 Acquisition of in-process research and development — — 150 — — 150 Net (gain) loss from strategic investments 1,098 (460) — 831 (192) — Non-cash acquisition-related foreign currency impacts 27,566 (16,572) — 25,212 (13,674) — Restructuring costs 132 — — 31,674 — — Adjusted EBITDA$196,879 $169,963 $90,160 $734,973 $464,057 $339,193 Net income/(loss) as a percentage of net sales 4.0% 2.4% 18.2% 4.1% 7.8% 18.6%Adjusted EBITDA as a percentage of net sales 30.0% 27.6% 32.8% 29.2% 29.6% 33.2%(1) Merger and acquisition-related costs represent certain costs associated with acquisitions. These costs, presented on a before-tax effect basis, include the following: Three Months Ended Year Ended December 31, December 31, 2024 2023 2024 2023(In thousands) Amortization of inventory fair value step up$47,323 $52,591 $215,420 $71,656 Change in fair value of business acquisition liabilities 16,966 12,684 25,575 17,259 Employee-related costs — 8,545 5,031 42,857 Other acquisition-related costs(a) 272 2,612 3,695 16,725 Merger and acquisition-related costs$64,561 $76,432 $249,721 $148,498 (a) Primarily comprised of legal fees, investment banking and consulting fees. Non-GAAP Net Income Reconciliation Table: Three Months Ended Year Ended December 31, December 31,(In thousands)2024 2023 2022 2024 2023 2022Net income/(loss)$26,505 $15,034 $50,065 $102,984 $122,873 $190,169 Provision for litigation, net (314) 250 — 314 434 2,341 Amortization of intangibles 29,912 28,123 4,506 119,373 51,032 17,735 Merger and acquisition -related costs(1) 64,561 76,431 7,791 249,721 148,498 6,854 Acquisition of in-process research and development — — 150 — — 150 Non-cash acquisition-related foreign currency impacts 27,566 (16,572) — 25,212 (13,674) — Restructuring Costs 132 — 31,674 — Net gain/(loss) on strategic investments 1,098 (460) — 831 (192) — Tax effect of adjusting items (32,042) (19,310) (2,415) (110,496) (42,570) (5,695)Non-GAAP net income/(loss)$117,418 $83,496 $60,097 $419,613 $266,401 $211,554 (1) see footnote 1 to the Non-GAAP Adjusted EBITDA Reconciliation Table above for the detail of these costs. Non-GAAP Gross Profit Reconciliation Table: Three Months Ended Year Ended December 31, December 31,(In thousands)2024 2023 2022 2024 2023 2022Net Sales$657,293 $616,534 $274,498 $2,519,355 $1,568,476 $1,022,843 Cost of Sales (exclusive of amortization of intangibles) 263,437 265,486 —70,591 1,035,479 548,174 263,725 Amortization of Intangibles 17,585 9,526 4,506 84,079 15,408 17,735 Gross Profit 376,271 341,522 188,225 1,399,797 1,004,893 718,879 Amortization of inventory fair value step up 47,323 52,591 — 215,420 71,656 — Amortization of Intangibles 17,585 9,526 4,506 84,079 15,408 17,735 Adjusted Gross Profit$441,179 $403,639 $192,731 $1,699,296 $1,091,957 $736,614 Gross Profit % of Net Sales 57.2% 55.4% 68.6% 55.6% 64.1% 70.3%Adjusted Gross Profit % of Net Sales 67.1% 65.5% 70.2% 67.4% 69.6% 72.0% Non-GAAP Diluted Earnings Per Share Reconciliation Table: Three Months Ended Year Ended December 31, December 31,(In thousands)2024 2023 2022 2024 2023 2022Diluted earnings per share, as reported$0.19 $0.11 $0.49 $0.75 $1.07 $1.85 Dilution attributable to Convertible Notes — — — — — — Provision for litigation, net (0.00) — — — — 0.02 Amortization of intangibles 0.21 0.20 0.04 0.87 0.45 0.17 Merger and acquisition -related costs(1) 0.46 0.55 0.08 1.81 1.30 0.07 Acquisition of in-process research and development — — — — — — Net (gain) loss from strategic investments 0.01 — — 0.01 (0.00) — Non-cash acquisition-related foreign currency impacts 0.20 (0.12) — 0.18 (0.12) — Tax reform impact — — — — — — Restructuring costs 0.00 — — 0.23 — — Tax effect of adjusting items (0.23) (0.14) (0.02) (0.80) (0.37) (0.06)Non-GAAP diluted earnings per share$0.84 $0.60 $0.59 $3.04 $2.32 $2.06 (1) see footnote 1 to the Non-GAAP Adjusted EBITDA Reconciliation Table above for the detail of these costs. * amounts may not add due to rounding. Non-GAAP Free Cash Flow Reconciliation Table: Three Months Ended Year Ended December 31, December 31,(In thousands)2024 2023 2022 2024 2023 2022Net cash provided by operating activities$210,338 $104,674 $63,975 $520,638 $243,499 $178,468 Purchases of property and equipment (17,111) (22,881) (18,340) (115,429) (78,274) (74,047)Free cash flow$193,227 $81,793 $45,635 $405,209 $165,225 $104,421 Non-GAAP Net Sales on a Constant Currency Basis Comparative Table: Three Months Ended Reported CurrencyImpact on ConstantCurrency December 31, Net Sales Current Net Sales(In thousands, except percentages)2024 2023 Growth Period Net Sales GrowthUnited States$521,892 $490,841 6.3% $— 6.3%International 135,401 125,693 7.7% (1,490) 8.9%Total net sales$657,293 $616,534 6.6% $(1,490) 6.9% Year Ended Reported CurrencyImpact on ConstantCurrency December 31, Net Sales Current Net Sales(In thousands, except percentages)2024 2023 Growth Period Net Sales GrowthUnited States$2,000,067 $1,279,765 56.3% $— 56.3%International 519,288 288,711 79.9% (8,090) 82.7%Total net sales$2,519,355 $1,568,476 60.6% $(8,090) 61.1% Contact:Brian KearnsSenior Vice President, Business Development and Investor RelationsPhone: (610) 930-1800Email: investors@globusmedical.comwww.globusmedical.com

Globus Medical Reports Fourth Quarter and Full Year 2024 Results

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