Document



 
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 27, 2017
 
 
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:
 
o
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))






Item 2.02. Results of Operations and Financial Condition.
On February 27, 2017, we issued a press release reporting, among other things, our sales and operating results for the three and twelve month periods ended December 31, 2016. 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 27, 2017
 
 

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 27, 2017
/s/ DANIEL T. SCAVILLA
 
 
 
 
 
Daniel T. Scavilla
 
 
Senior Vice President,
 
 
Chief Financial Officer

EXHIBIT LIST
Exhibit No.
Description
 
 
99.1
Press Release dated February 27, 2017




Exhibit


Exhibit 99.1


Globus Medical Reports Full Year and Fourth Quarter 2016 Results

AUDUBON, PA, February 27, 2017: Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal implant manufacturer, today announced its financial results for the fourth quarter and year ended December 31, 2016.

Fourth Quarter:
Worldwide sales increased 6.3% as reported to $151.6 million, or an increase of 6.5% on a constant currency basis
Fourth quarter net income was $24.3 million, or 16.0% of sales
Diluted earnings per share (EPS) were $0.25
Non-GAAP diluted EPS were $0.31
Non-GAAP adjusted EBITDA was 37.7% of sales

Full Year 2016:
Worldwide sales increased 3.5% as reported to $564.0 million, or an increase of 3.8% on a constant currency basis
Net income for the year was $104.3 million, or 18.5% of sales
Diluted EPS were $1.08
Non-GAAP diluted EPS were $1.19
Non-GAAP adjusted EBITDA was 37.4% of sales

David Paul, Chairman and CEO said, “Fourth quarter sales were $151.6 million, a year-over-year increase of 6.3%. Despite our increased spending in support of our pending robotics and trauma launches, our adjusted EBITDA margins was an outstanding 37.7%. We also delivered EPS of $0.25 and non GAAP EPS of $0.31.

"During the fourth quarter, we continued to make progress with product development, sales force development and integration of Alphatec's international business.  We also further expanded our in-house manufacturing capacity.  We are proud of our innovation and product development efforts, which resulted in a total of 17 new product launches in 2016.  We have addressed our sales force expansion challenges and are optimistic that we will return to more robust growth rates in the second half of 2017. We also remain confident in our long-term growth prospects and our ability to sustain industry-leading profitability by continuing to execute on our strategy of rapid product introduction, expansion of our U.S. and international sales footprints, and diligent expense control.”

Fourth quarter sales in the U.S. decreased by 2.7% compared to the fourth quarter of 2015, primarily due to one less selling day in the fourth quarter of 2016. International sales increased by 109.0% over the fourth quarter of 2015 on an as reported basis and 111.8% on a constant currency basis.

Fourth quarter GAAP net income was $24.3 million, a decrease of 35.4% over the same period last year resulting from the one-time positive net income impact of $7.6 million in 2015 due to the settlement of outstanding litigation. Diluted EPS for the fourth quarter was $0.25, as compared to $0.39 for the fourth quarter 2015. Non-GAAP diluted EPS, which removes the impact of this litigation and acquisition related expenses, for the fourth quarter was $0.31, compared to $0.32 in the fourth quarter of 2015.

The company generated net cash provided by operating activities of $51.9 million and non-GAAP free cash flow of $37.7 million in the fourth quarter. Cash, cash equivalents and marketable securities ended the quarter at $350.8 million. The company remains debt free.






The company plans to request an extension to file its Annual Report on Form 10-K for the fiscal year ended December 31, 2016 by filing Form 12b-25, Notification of Late Filing with the Securities and Exchange Commission.  The company concluded it is not able to compile all information necessary to complete its Form 10-K by March 1, 2017 without unreasonable effort or expense.  The company anticipates filing its Form 10-K for the fiscal year ended December 31, 2016 within the extension period.

2017 Annual Guidance
The company projects 2017 full year sales of $625 million and and non-GAAP fully diluted earnings per share of $1.27.

Conference Call Information
Globus Medical will hold a teleconference to discuss its 2016 fourth quarter and full year results with the investment community at 5:30 p.m. Eastern Time today. Globus invites all interested parties to join the call by dialing:
 
1-855-533-7141     United States Participants
1-720-545-0060     International Participants
There is no pass code for the teleconference.

For interested parties who do not wish to ask questions, the teleconference will be webcast live and may be accessed through a link on the Globus Medical website at investors.globusmedical.com.

The call will be archived until Monday, March 6, 2017. The audio archive can be accessed by calling 1-855-859-2056 in the U.S. or 1-404-537-3406 from outside the U.S. The passcode for the audio replay is 6940-2658.

About Globus Medical, Inc.
Globus Medical, Inc. is a leading musculoskeletal implant company based in Audubon, PA. The company 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.

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, provisions for litigation, technology in-licensing fee, and acquisition related costs, 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.

In addition, for the period ended December 31, 2016 and for other comparative periods, we are presenting non-GAAP net income and non-GAAP diluted earnings per share, which represents net income and diluted earnings per share excluding the provision for litigation, amortization of intangibles, acquisition related costs/





licensing, prior period adjustment and the tax effects of such adjustments. Prior period adjustments represent the cumulative impact of prior year adjustments related to depreciation, scrap and provision for excess and obsolete inventory, none of which were individually material to the related year's financial position or results of operations. 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, prior period adjustments and the tax effects of such adjustments, which we believe are not reflective of underlying business trends. Additionally, for the periods ended December 31, 2016 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 sales growth is calculated by translating current year sales at the same average exchange rates in effect during the applicable prior year period. We believe constant currency sales growth provides insight to the comparative increase or decrease in period 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 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 sales growth may differ from that of other companies and therefore may not be comparable. Additionally, we have recast prior periods for non-GAAP net income and non-GAAP diluted earnings per share.

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, 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 successfully integrate the international operations acquired from Alphatec, both in general and on our anticipated timeline, our ability to transition Alphatec’s international customers to Globus products, our ability to realize the expected benefits to our results from the Alphatec acquisition, 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
(In thousands, except per share amounts)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Sales
$
151,590

 
$
142,587

 
$
563,994

 
$
544,753

Cost of goods sold
39,002

 
34,940

 
134,705

 
132,333

Gross profit
112,588

 
107,647

 
429,289

 
412,420

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Research and development
13,643

 
9,672

 
44,532

 
36,312

Selling, general and administrative
60,839

 
52,802

 
222,156

 
210,241

Provision for litigation
100

 
(11,701
)
 
3,156

 
(11,268
)
Amortization of intangibles
1,805

 
389

 
3,478

 
1,561

Acquisition related costs
479

 
488

 
1,826

 
3,352

Total operating expenses
76,866

 
51,650

 
275,148

 
240,198

 
 
 
 
 
 
 
 
Operating income
35,722

 
55,997

 
154,141

 
172,222

Other income, net
755

 
236

 
3,138

 
583

Income before income taxes
36,477

 
56,233

 
157,279

 
172,805

Income tax provision
12,179

 
18,632

 
52,938

 
60,021

 
 
 
 
 
 
 
 
Net income
$
24,298

 
$
37,601

 
$
104,341

 
$
112,784

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.25

 
$
0.39

 
$
1.09

 
$
1.19

Diluted
$
0.25

 
$
0.39

 
$
1.08

 
$
1.17

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
95,862

 
95,273

 
95,647

 
95,046

Diluted
96,513

 
96,214

 
96,432

 
96,073






GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)
December 31,
2016
 
December 31, 2015
 
 
 
 
ASSETS
(unaudited)
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
132,639

 
$
60,152

Restricted cash
477

 
26,119

Short-term marketable securities
157,673

 
220,877

Accounts receivable, net of allowances of $2,771 and $2,513, respectively
91,983

 
77,681

Inventories
112,692

 
105,260

Prepaid expenses and other current assets
14,502

 
7,351

Income taxes receivable
3,800

 
8,672

Deferred income taxes

 
38,687

Total current assets
513,766

 
544,799

Property and equipment, net of accumulated depreciation of $166,711 and $139,144, respectively
124,229

 
114,743

Long-term marketable securities
60,444

 
48,762

Note receivable
30,000

 

Intangible assets, net
61,706

 
33,242

Goodwill
105,926

 
91,964

Other assets
928

 
590

Deferred income taxes
30,638

 

Total assets
$
927,637

 
$
834,100

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
17,472

 
$
15,971

Accrued expenses
46,401

 
53,769

Income taxes payable
1,911

 
763

Business acquisition liabilities, current
14,108

 
12,188

Total current liabilities
79,892

 
82,691

Business acquisition liabilities, net of current portion
5,972

 
21,126

Deferred income taxes
7,876

 
13,260

Other liabilities
1,819

 
1,699

Total liabilities
95,559

 
118,776

Commitments and contingencies
 
 
 
Equity:
 
 
 
Common stock; $0.001 par value. Authorized 785,000 shares; issued and outstanding 95,930 and 95,320 shares at December 31, 2016 and December 31, 2015, respectively
96

 
95

Additional paid-in capital
211,725

 
192,629

Accumulated other comprehensive loss
(8,642
)
 
(1,958
)
Retained earnings
628,899

 
524,558

Total equity
832,078

 
715,324

Total liabilities and equity
$
927,637

 
$
834,100







GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
Year Ended
(In thousands)
December 31,
2016
 
December 31,
2015
Cash flows from operating activities:
 
 
 
Net income
$
104,341

 
$
112,784

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
38,771

 
24,084

Amortization of premium on marketable securities
4,068

 
3,354

Write-down for excess and obsolete inventories
12,836

 
9,924

Stock-based compensation expense
11,382

 
9,639

Excess tax benefit related to nonqualified stock options
(1,571
)
 
(2,050
)
Allowance for doubtful accounts
685

 
1,465

Change in fair value of contingent consideration
2,866

 
3,118

Non-cash settlement of accrued expenses
(4,632
)
 
(8,405
)
Impairment of intangible assets
3,472

 

Change in deferred income taxes
(3,810
)
 
6,235

(Increase)/decrease in:
 
 
 
Restricted cash
25,641

 
(2,749
)
Accounts receivable
(4,668
)
 
(4,193
)
Inventories
(10,503
)
 
(19,327
)
Prepaid expenses and other assets
4,568

 
(1,203
)
Increase/(decrease) in:
 
 
 
Accounts payable
(23
)
 
(3,825
)
Accounts payable to related-party

 
(5,359
)
Accrued expenses and other liabilities
(18,164
)
 
(878
)
Income taxes payable/receivable
6,634

 
(657
)
Net cash provided by operating activities
171,893

 
121,957

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchases of marketable securities
(287,263
)
 
(297,707
)
Maturities of marketable securities
281,885

 
188,702

Sales of marketable securities
52,802

 
57,728

Purchases of property and equipment
(40,909
)
 
(50,760
)
Issuance of note receivable
(30,000
)
 

Acquisition of businesses, net of cash acquired
(76,068
)
 
(48,513
)
Net cash used in investing activities
(99,553
)
 
(150,550
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Payment of business acquisition liabilities
(5,404
)
 
(1,200
)
Proceeds from exercise of stock options
5,874

 
5,477

Excess tax benefit related to nonqualified stock options
1,571

 
2,050

Net cash provided by financing activities
2,041

 
6,327

 
 
 
 
Effect of foreign exchange rate on cash
(1,894
)
 
153

 
 
 
 
Net increase/(decrease) in cash and cash equivalents
72,487

 
(22,113
)
Cash and cash equivalents, beginning of period
60,152

 
82,265

Cash and cash equivalents, end of period
$
132,639

 
$
60,152

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Interest paid
35

 
9

Income taxes paid
$
50,087

 
$
57,100







Supplemental Financial Information

Sales by Geographic Area:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
United States
$
127,477

 
$
131,051

 
$
500,226

 
$
498,191

International
24,113

 
11,536

 
63,768

 
46,562

Total sales
$
151,590

 
$
142,587

 
$
563,994

 
$
544,753

 
Sales by Product Category:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Innovative Fusion
$
79,609

 
$
73,631

 
$
287,594

 
$
288,062

Disruptive Technology
71,981

 
68,956

 
276,400

 
256,691

Total sales
$
151,590

 
$
142,587

 
$
563,994

 
$
544,753

Liquidity and Capital Resources:
(Unaudited)
December 31,
2016
 
December 31,
2015
(In thousands)
 
 
 
Cash and cash equivalents
$
132,639

 
$
60,152

Short-term marketable securities
157,673

 
220,877

Long-term marketable securities
60,444

 
48,762

Total cash, cash equivalents and marketable securities
$
350,756

 
$
329,791

 
 
 
 
Available borrowing capacity under revolving credit facility
50,000

 
50,000

Working capital
$
433,874

 
$
462,108






The following tables reconcile GAAP to Non-GAAP financial measures.
Non-GAAP Adjusted EBITDA Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands, except percentages)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Net income
$
24,298

 
$
37,601

 
$
104,341

 
$
112,784

Interest income, net
(1,164
)
 
(406
)
 
(3,057
)
 
(1,304
)
Provision for income taxes
12,179

 
18,632

 
52,938

 
60,021

Depreciation and amortization
17,235

 
6,415

 
38,771

 
24,084

EBITDA
52,548

 
62,242

 
192,993

 
195,585

Stock-based compensation expense
2,945

 
2,704

 
11,382

 
9,639

Provision for litigation
100

 
(11,701
)
 
3,156

 
(11,268
)
Acquisition related costs/licensing
5,280

 
488

 
6,931

 
3,577

Prior period adjustment, excluding depreciation
(3,697
)
 

 
(3,697
)
 

Adjusted EBITDA
$
57,176

 
$
53,733

 
$
210,765

 
$
197,533

 
 
 
 
 
 
 
 
Net income as a percentage of sales
16.0
%
 
26.4
%
 
18.5
%
 
20.7
%
Adjusted EBITDA as a percentage of sales
37.7
%
 
37.7
%
 
37.4
%
 
36.3
%

Non-GAAP Net Income Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Net income
$
24,298

 
$
37,601

 
$
104,341

 
$
112,784

Provision for litigation
100

 
(11,701
)
 
3,156

 
(11,268
)
Amortization of intangibles
1,805

 
389

 
3,478

 
1,561

Acquisition related costs/licensing
5,280

 
488

 
6,931

 
3,577

Prior period adjustment
1,765

 

 
1,765

 

Tax effect of adjusting items
(3,054
)
 
3,803

 
(5,166
)
 
2,127

Non-GAAP net income
$
30,194

 
$
30,580

 
$
114,505

 
$
108,781

Non-GAAP Diluted Earnings Per Share Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(Per share amounts)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Diluted earnings per share, as reported
$
0.25

 
$
0.39

 
$
1.08

 
$
1.17

Provision for litigation

 
(0.12
)
 
0.03

 
(0.12
)
Amortization of intangibles
0.02

 

 
0.04

 
0.02

Acquisition related costs/licensing
0.05

 
0.01

 
0.07

 
0.04

Prior period adjustment
0.02

 

 
0.02

 

Tax effect of adjusting items
(0.03
)
 
0.04

 
(0.05
)
 
0.02

Non-GAAP diluted earnings per share
$
0.31

 
$
0.32

 
$
1.19

 
$
1.13






Non-GAAP Free Cash Flow Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
Net cash provided by operating activities
$
51,896

 
$
44,080

 
$
171,893

 
$
121,957

Adjustment for impact of restricted cash
1

 
734

 
(25,641
)
 
2,749

Purchases of property and equipment
(14,208
)
 
(14,154
)
 
(40,909
)
 
(50,760
)
Non-GAAP free cash flow
$
37,689

 
$
30,660

 
$
105,343

 
$
73,946

Non-GAAP Sales on a Constant Currency Basis Comparative Table:
(Unaudited)
Three Months Ended
 
Reported Growth
 
Currency Impact on Current Period
 
Constant Currency Growth
(In thousands, except percentages)
December 31,
2016
 
December 31,
2015
 
 
 
United States
$
127,477

 
$
131,051

 
(2.7
)%
 

 
(2.7
)%
International
24,113

 
11,536

 
109.0
%
 
$
(326
)
 
111.8
%
Total sales
$
151,590

 
$
142,587

 
6.3
 %
 
$
(326
)
 
6.5
 %
(Unaudited)
Year Ended
 
Reported Growth
 
Currency Impact on Current Period
 
Constant Currency Growth
(In thousands, except percentages)
December 31,
2016
 
December 31,
2015
 
 
 
United States
$
500,226

 
$
498,191

 
0.4
%
 

 
0.4
%
International
63,768

 
46,562

 
37.0
%
 
$
(1,594
)
 
40.4
%
Total sales
$
563,994

 
$
544,753

 
3.5
%
 
$
(1,594
)
 
3.8
%

Contact:
Daniel Scavilla
Senior Vice President, Chief Financial Officer
Phone: (610) 930-1800
Email:     investors@globusmedical.com
www.globusmedical.com