8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 21, 2023  

GLOBUS MEDICAL, INC.

(Exact name of registrant as specified in charter)

DELAWARE	001-35621	04-3744954
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

2560 GENERAL ARMISTEAD AVENUE, AUDUBON, PA 19403

(Address of principal executive offices) (Zip Code)

(610) 930-1800

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class	Trading Symbols	Name of exchange on which registered
Class A Common Stock, par value $.001 per share	GMED	New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company     

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

‎

Item 2.02. Results of Operations and Financial Condition.

On February 21, 2023, we issued a press release reporting, among other things, our sales and operating results for the three- and twelve-month periods ended December 31, 2022. A copy of the press release is furnished as Exhibit 99.1 to this report.

In accordance with general instruction B.2 to Form 8-K, the information included in this Item 2.02, and the exhibits attached hereto, shall be deemed to be “furnished” and shall not be deemed to be “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.

Exhibit No.	Description
99.1	Press Release dated February 21, 2023
104	The cover page from this Current Report on Form 8-K, formatted as Inline XBRL.

‎

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

		GLOBUS MEDICAL, INC.
		(Registrant)
Dated:	February 21, 2023	/s/ KEITH PFEIL
		Keith Pfeil
		Chief Financial Officer
		Chief Accounting Officer
		Senior Vice President
		(Principal Financial Officer)

EX-99.1

Exhibit 99.1

Globus Medical Reports Fourth Quarter and Full Year 2022 Results

AUDUBON, PA, February 21, 2023: Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced its financial results for the fourthquarter and year ended December 31, 2022.

Fourth Quarter 2022:

· Worldwide net sales were $274.5 million, an increase of 9.8%, or 11.7% on a constant currency basis

· GAAP net income for the quarter was $50.1 million

· GAAP diluted earnings per share (“EPS”) was $0.49 and non-GAAP diluted EPS was$0.59

· Non-GAAP adjusted EBITDA was  $90.2 million, or32.8% of net sales

Full Year 2022:

· Worldwide net sales were$1,022.8 million, an increase of 6.8%, or 8.2% on a constant currency basis

· GAAP net income for the year was $190.2 million

· GAAP diluted EPS was$1.85 and non-GAAP diluted EPS was$2.06

· Non-GAAP adjusted EBITDA was  $339.2million, or33.2% of net sales

“Globus Medical was founded twenty years ago with a small group of talented engineers who had a vision of improving care for patients with musculoskeletal disease,” said Dan Scavilla, President and CEO. “I’m proud to announce that in 2022, Globus Medical exceeded $1 billion in net sales. The journey from startup to $1 billion in sales is certainly worthy of note and particularly so at this milestone anniversary of the company’s founding. The fourth quarter of 2022 was a record-setting quarter, with record-breaking total sales, U.S. Spine sales, and Enabling Technologies sales. Our future continues to look bright as we improve the lives of patients, surgeons, employees and shareholders by working to further achieve our vision. We plan to build on our legacy of product innovation, superior customer services, and operational execution this year and in the future as we continue to help patients with musculoskeletal disease.”

Worldwide net sales for the fourth quarter were $274.5 million, an as-reported increase of 9.8% over the fourth quarter of 2021, and an increase of 11.7% on a constant currency basis.  U.S. net sales for the fourth quarter of 2022 increased by 9.5% compared to the fourth quarter of 2021. International net sales increased by 11.4% over the fourth quarter of 2021 on an as-reported basis, andan increase of 24.2% on a constant currency basis.

Worldwide net sales for the full year of 2022 were $1,022.8 million, an increase of 6.8% as compared to the full year of 2021,  and an increase of 8.2% on a constant currency basis.  U.S. net sales for the full year of 2022 increased by 6.4% compared to the full year of 2021. International net sales increased by 8.9% over the full year of 2021 on an as-reported basis, and an increase of 19.1% on a constant currency basis. 

GAAP net income for the fourth quarter was $50.1 million, an increase of 231.4% over the same period in the prior year,driven primarily by higher net sales and the acquisition of in-process research and development during the fourthquarter in 2021. Diluted EPS for the fourth quarter was $0.49, compared to $0.14 for the fourth quarter of 2021. Non-GAAP diluted EPS for the fourth quarter of 2022 was $0.59, compared to $0.49 in the fourth quarter of 2021,  an increase of 20.0%  driven primarily by higher net sales.

Net cash provided by operating activities was $178.5 million, and non-GAAP free cash flow was $104.4 million for the full year of 2022. The Company remains debt free.

2023 Annual Guidance

The Company today announced full year stand-alone 2023 guidance with expected net sales of $1.1billion and non-GAAP diluted earnings per share of $2.30.

Conference Call Information

Globus Medical will hold a teleconference to discuss its 2022fourth 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, acquisition related costs/licensing, and acquisition of in-process research and development, 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.  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.  Acquisition related costs/licensing 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, 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, as well as one-time licensing fees.  Acquisition of in-process research and development represents the expensing of acquired assets with no alternative future use and related fees.

In addition, for the period ended December 31, 2022 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, acquisition related costs/licensing, acquisition of in-process research and development, and the tax effects of all of the foregoing adjustments.  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 litigation, amortization of intangibles, acquisition related costs/licensing, acquisition of in-process research and development, and the tax effects of all of the foregoing adjustments, which we believe are not reflective of underlying business trends.  Additionally, for the period ended December 31, 2022 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, 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, 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, health epidemics, pandemics and similar outbreaks, including the COVID-19 pandemic, 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 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 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 SUBSIDIARIES

CONSOLIDATED STATEMENTS OF INCOME

(unaudited)

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands, except per share amounts)	2022		2021		2020		2022		2021		2020
Net sales	$	274,498	$	250,021	$	233,445	$	1,022,843	$	958,102	$	789,042
Cost of goods sold		70,591		61,796		60,859		263,725		239,223		217,463
Gross profit		203,907		188,225		172,586		759,118		718,879		571,579
Operating expenses:
Research and development		19,507		51,022		15,241		73,015		97,346		84,519
Selling, general and administrative		118,075		106,560		92,047		432,117		408,149		354,757
Provision for litigation		—		5,410		(188)		2,341		5,921		9
Amortization of intangibles		4,506		4,556		4,788		17,735		18,526		16,831
Acquisition related costs		7,791		2,477		2,163		5,959		16,984		4,030
Total operating expenses		149,879		170,025		114,051		531,167		546,926		460,146
Operating income/(loss)		54,028		18,200		58,535		227,951		171,953		111,433
Other income/(expense), net
Interest income/(expense), net		5,315		1,939		2,953		14,233		9,297		13,952
Foreign currency transaction gain/(loss)		2,688		(454)		527		(1,020)		(1,423)		(279)
Other income/(expense)		85		143		198		1,855		580		793
Total other income/(expense), net		8,088		1,628		3,678		15,068		8,454		14,466
Income/(loss) before income taxes		62,116		19,828		62,213		243,019		180,407		125,899
Income tax provision		12,051		4,722		9,256		52,850		31,216		23,614
Net income/(loss)	$	50,065	$	15,106	$	52,957	$	190,169	$	149,191	$	102,285
Other comprehensive income/(loss), net of tax:
Unrealized gain/(loss) on marketable securities		4,199		(2,623)		(833)		(14,040)		(6,054)		1,402
Foreign currency translation gain/(loss)		3,397		(1,095)		2,631		(3,818)		(4,673)		5,451
Total other comprehensive income/(loss), net of tax		7,596		(3,718)		1,748		(17,858)		(10,727)		6,853
Comprehensive income/(loss)	$	57,661	$	11,388	$	54,705	$	172,311	$	138,464	$	109,138
Earnings per share:
Basic	$	0.50	$	0.15	$	0.54	$	1.89	$	1.48	$	1.04
Diluted	$	0.49	$	0.14	$	0.52	$	1.85	$	1.44	$	1.01
Weighted average shares outstanding:
Basic		99,967		101,495		98,958		100,469		100,734		98,580
Diluted		102,209		104,192		101,414		102,643		103,623		100,971

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(unaudited)

	December 31,
(In thousands, except share and per  share values)	2022		2021
ASSETS
Current assets:
Cash and cash equivalents	$	150,466	$	193,069
Short-term marketable securities		295,592		250,378
Accounts receivable, net of allowances of $4,724 and $4,962, respectively		213,247		164,436
Inventories		298,981		237,001
Prepaid expenses and other current assets		20,997		18,417
Income taxes receivable		4,061		1,215
Total current assets		983,344		864,516
Property and equipment, net of accumulated depreciation of $343,036 and $305,575, respectively		243,729		221,076
Long-term marketable securities		495,852		562,475
Intangible assets, net		63,574		68,660
Goodwill		197,471		179,708
Other assets		43,311		36,334
Deferred income taxes		48,845		24,494
Total assets	$	2,076,126	$	1,957,263
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable	$	36,101	$	21,955
Accrued expenses		94,705		91,168
Income taxes payable		990		1,046
Business acquisition liabilities		13,308		11,770
Deferred revenue		14,100		12,025
Payable to broker		—		2,200
Total current liabilities		159,204		140,164
Business acquisition liabilities, net of current portion		54,950		58,755
Deferred income taxes		1,779		4,314
Other liabilities		13,820		12,642
Total liabilities		229,753		215,875
Equity:
Class A common stock; $0.001 par value.  Authorized 500,000,000 shares; issued and outstanding 77,762,282 and 79,113,916 shares at December 31, 2022 and December 31, 2021, respectively		78		79
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, 2022 and December 31, 2021, respectively		22		22
Additional paid-in capital		630,952		553,787
Accumulated other comprehensive income/(loss)		(24,630)		(6,772)
Retained earnings		1,239,951		1,194,272
Total equity		1,846,373		1,741,388
Total liabilities and equity	$	2,076,126	$	1,957,263

GLOBUS MEDICAL, INC. AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

	Year Ended
	December 31,
(In thousands)	2022		2021		2020
Cash flows from operating activities:
Net income	$	190,169	$	149,191	$	102,285
Adjustments to reconcile net income to net cash provided by operating activities:
Acquired in-process research and development		150		34,312		24,418
Depreciation and amortization		68,252		69,867		62,874
Amortization of premium (discount) on marketable securities		5,389		2,781		587
Write-down for excess and obsolete inventories, net		6,400		6,143		17,741
Stock-based compensation expense		32,810		30,586		27,073
Allowance for doubtful accounts		(1)		1,200		2,960
Change in fair value of business acquisition liabilities		5,132		16,807		2,674
Change in deferred income taxes		(22,223)		(17,615)		(4,338)
(Gain)/loss on disposal of assets, net		299		464		809
Payment of business acquisition related liabilities		(2,647)		(210)		(700)
(Increase)/decrease in:
Accounts receivable		(50,843)		(25,895)		10,696
Inventories		(61,745)		(11,971)		(50,111)
Prepaid expenses and other assets		(10,292)		(6,178)		(11,088)
Increase/(decrease) in:
Accounts payable		14,418		3,684		(6,352)
Accrued expenses and other liabilities		6,087		17,896		17,608
Income taxes payable/receivable		(2,887)		5,212		1,657
Net cash provided by/(used in) operating activities		178,468		276,274		198,793
Cash flows from investing activities:
Purchases of marketable securities		(419,534)		(622,359)		(223,540)
Maturities of marketable securities		312,221		227,908		134,462
Sales of marketable securities		102,433		109,898		68,897
Purchases of property and equipment		(74,047)		(56,898)		(63,658)
Acquisition of businesses, net of cash acquired and purchases of intangible and other assets		(31,435)		(34,488)		(33,483)
Net cash provided by/(used in) investing activities		(110,362)		(375,939)		(117,322)
Cash flows from financing activities:
Payment of business acquisition liabilities		(7,185)		(9,349)		(6,316)
Proceeds from exercise of stock options		41,716		63,496		72,322
Repurchase of common stock		(144,493)		—		(104,669)
Net cash provided by/(used in) financing activities		(109,962)		54,147		(38,663)
Effect of foreign exchange rates on cash		(747)		(810)		865
Net increase/(decrease) in cash and cash equivalents		(42,603)		(46,328)		43,673
Cash and cash equivalents at beginning of period		193,069		239,397		195,724
Cash and cash equivalents at end of period	$	150,466	$	193,069	$	239,397
Supplemental disclosures of cash flow information:
Income taxes paid	$	77,823	$	45,027	$	25,437
Purchases of property and equipment included in accounts payable and accrued expenses	$	7,423	$	4,551	$	4,210

Supplemental Financial Information

Net Sales by Product Category:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2022		2021		2020		2022		2021		2020
Musculoskeletal Solutions	$	244,999	$	224,624	$	215,361	$	926,703	$	876,780	$	748,446
Enabling Technologies		29,499		25,397		18,084		96,140		81,322		40,596
Total net sales	$	274,498	$	250,021	$	233,445	$	1,022,843	$	958,102	$	789,042

Liquidity and Capital Resources:

	December 31,		December 31,
(In thousands)	2022		2021
Cash and cash equivalents	$	150,466	$	193,069
Short-term marketable securities		295,592		250,378
Long-term marketable securities		495,852		562,475
Total cash, cash equivalents and marketable securities	$	941,910	$	1,005,922

The following tables reconcile GAAP to Non-GAAP financial measures.

Non-GAAP Adjusted EBITDA Reconciliation Table:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands, except percentages)	2022		2021		2020		2022		2021		2020
Net income/(loss)	$	50,065	$	15,106	$	52,957	$	190,169	$	149,191	$	102,285
Interest (income)/expense, net		(5,315)		(1,939)		(2,953)		(14,233)		(9,297)		(13,952)
Provision for income taxes		12,051		4,722		9,256		52,850		31,216		23,614
Depreciation and amortization		16,911		16,829		16,904		68,252		69,867		62,874
EBITDA		73,712		34,718		76,164		297,038		240,977		174,821
Stock-based compensation expense		8,507		7,805		5,935		32,810		30,586		27,073
Provision for litigation		—		5,410		(188)		2,341		5,921		9
Acquisition related costs/licensing		7,791		2,934		2,698		6,854		19,622		5,877
Acquisition of in-process research and development		150		34,312		—		150		34,312		24,418
Adjusted EBITDA	$	90,160	$	85,179	$	84,609	$	339,193	$	331,418	$	232,198
Net income/(loss) as a percentage of net sales		18.2%		6.0%		22.7%		18.6%		15.6%		13.0%
Adjusted EBITDA as a percentage of net sales		32.8%		34.1%		36.2%		33.2%		34.6%		29.4%

Non-GAAP Net Income Reconciliation Table:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2022		2021		2020		2022		2021		2020
Net income/(loss)	$	50,065	$	15,106	$	52,957	$	190,169	$	149,191	$	102,285
Provision for litigation		—		5,410		(188)		2,341		5,921		9
Amortization of intangibles		4,506		4,556		4,788		17,735		18,526		16,831
Acquisition related costs/licensing		7,791		2,934		2,698		6,854		19,622		5,877
Acquisition of in-process research and development		150		34,312		—		150		34,312		24,418
Tax effect of adjusting items		(2,415)		(11,245)		(1,086)		(5,695)		(16,151)		(4,504)
Non-GAAP net income/(loss)	$	60,097	$	51,073	$	59,169	$	211,554	$	211,421	$	144,916

Non-GAAP Diluted Earnings Per Share Reconciliation Table:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2022		2021		2020		2022		2021		2020
Diluted earnings per share, as reported	$	0.49	$	0.14	$	0.52	$	1.85	$	1.44	$	1.01
Provision for litigation		—		0.06		—		0.02		0.06		—
Amortization of intangibles		0.04		0.04		0.05		0.17		0.18		0.17
Acquisition related costs/licensing		0.08		0.03		0.03		0.07		0.19		0.06
Acquisition of in-process research and development		0.00		0.33		—		0.00		0.33		0.24
Tax effect of adjusting items		(0.02)		(0.11)		(0.01)		(0.06)		(0.16)		(0.04)
Non-GAAP diluted earnings per share	$	0.59	$	0.49	$	0.58	$	2.06	$	2.04	$	1.44

*amounts might not add due to rounding

Non-GAAP Free Cash Flow Reconciliation Table:

	Three Months Ended						Year Ended
	December 31,						December 31,
(In thousands)	2022		2021		2020		2022		2021		2020
Net cash provided by operating activities	$	63,975	$	76,253	$	80,184	$	178,468	$	276,274	$	198,793
Purchases of property and equipment		(18,340)		(17,045)		(14,063)		(74,047)		(56,898)		(63,658)
Free cash flow	$	45,635	$	59,208	$	66,121	$	104,421	$	219,376	$	135,135

Non-GAAP Net Sales on a Constant Currency Basis Comparative Table:

	Three Months Ended				Reported	Currency Impact on		Constant Currency
	December 31,				Net Sales	Current		Net Sales
(In thousands, except percentages)	2022		2021		Growth	Period Net Sales		Growth
United States	$	233,232	$	212,963	9.5%	$	—	9.5%
International		41,266		37,058	11.4%		(4,765)	24.2%
Total net sales	$	274,498	$	250,021	9.8%	$	(4,765)	11.7%

	Year Ended				Reported	Currency Impact on		Constant Currency
	December 31,				Net Sales	Current		Net Sales
(In thousands, except percentages)	2022		2021		Growth	Period Net Sales		Growth
United States	$	871,939	$	819,571	6.4%	$	—	6.4%
International		150,904		138,531	8.9%		(14,048)	19.1%
Total net sales	$	1,022,843	$	958,102	6.8%	$	(14,048)	8.2%

Contact:

Brian Kearns

Senior Vice President, Business Development and Investor Relations

Phone: (610) 930-1800

Email: investors@globusmedical.com

www.globusmedical.com

XML

Document and Entity Information	Feb. 21, 2023
Document and Entity Information [Abstract]
Document Type	8-K
Document Period End Date	Feb. 21, 2023
Entity Registrant Name	GLOBUS MEDICAL, INC.
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $.001 per share
Trading Symbol	GMED
Security Exchange Name	NYSE
Entity File Number	001-35621
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3744954
Entity Address, Address Line One	2560 GENERAL ARMISTEAD AVENUE
Entity Address, City or Town	AUDUBON
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19403
City Area Code	610
Local Phone Number	930-1800
Amendment Flag	false
Entity Central Index Key	0001237831
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false