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 21, 2018
 
 
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))
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
o
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.
o






Item 2.02. Results of Operations and Financial Condition.
On February 21, 2018, we issued a press release reporting, among other things, our sales and operating results for the three and twelve month periods ended December 31, 2017. 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, 2018
 
 

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 22, 2018
/s/ DANIEL T. SCAVILLA
 
 
 
 
 
Daniel T. Scavilla
 
 
Senior Vice President,
 
 
Chief Financial Officer



Exhibit


Exhibit 99.1


Globus Medical Reports Full Year and Fourth Quarter 2017 Results

AUDUBON, PA, February 21, 2018: Globus Medical, Inc. (NYSE:GMED), a leading musculoskeletal solutions company, today announced its financial results for the fourth quarter and year ended December 31, 2017.

Fourth Quarter:
Worldwide sales increased 16.1% as reported to $176.0 million
Fourth quarter net income was $24.4 million, or 13.8% of sales, including a one-time tax reform expense of $11.0 million
Diluted earnings per share (EPS) were $0.25
Non-GAAP diluted EPS were $0.38
Non-GAAP adjusted EBITDA was 34.9% of sales

Full Year 2017:
Worldwide sales increased 12.8% as reported to $636.0 million
Net income for the year was $107.3 million, or 16.9% of sales, including a one-time tax reform expense of $11.0 million
Diluted EPS were $1.10
Non-GAAP diluted EPS were $1.31
Non-GAAP adjusted EBITDA was 35.6% of sales

“Fourth quarter sales were a record $176.0 million, a year-over-year increase of 16.1%", said Dave Demski, CEO. "We also delivered non-GAAP EPS of $0.38, despite increased investments to support our robotics and trauma launches. Sales growth was strong across all parts of the business in the fourth quarter, with U.S. spine up 6.5%, international spine up 16.2% and Imaging, Navigation and Robotics posting revenue for the first time.”

"Full year 2017 sales were $636.0 million, a 12.8% increase over 2016 and non-GAAP EPS was $1.31. In 2017, we not only recorded our first sales of the ExcelsiusGPS™ robotic and navigation system, we also launched 9 new products in spine, received FDA clearance for 10 systems in trauma, further expanded our in-house manufacturing capacity, recruited a record number of competitive sales reps into our U.S. spine sales force, made tremendous progress on the Alphatec International integration, and smoothly completed the CEO transition."

Fourth quarter sales in the U.S. increased 16.1% compared to the fourth quarter of 2016 as a result of mid-single digit core spine growth plus a successful robotic launch. International sales increased by 16.2% over the fourth quarter of 2016 on an as reported basis.

Fourth quarter GAAP net income was $24.4 million, flat compared to the same period last year including a one-time tax reform expense of $11.0 million. Diluted EPS for the fourth quarter was $0.25, also flat compared to the same period last year. Non-GAAP diluted EPS was $0.38 for the fourth quarter, an increase of 20.6%, compared to $0.31 in the fourth quarter of 2016.

The company generated operating cash flow of $44.8 million and non-GAAP free cash flow of $31.4 million in the fourth quarter of 2017. Full year 2017 operating cash flow was $159.5 million and non-GAAP free cash flow was $107.8 million. Cash, cash equivalents and marketable securities ended the quarter at $429.8 million. The company remains debt free.






2018 Annual Guidance
The company confirms 2018 full year sales of $690 million and non-GAAP fully diluted earnings per share of $1.50.

Conference Call Information
Globus Medical will hold a teleconference to discuss its 2017 fourth quarter and full year results with the investment community at 4:30 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 Wednesday, February 28, 2018.  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 716-5819.
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, 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, 2017 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, 2017 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,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Sales
$
176,034

 
$
151,590

 
$
635,977

 
$
563,994

Cost of goods sold
40,856

 
39,002

 
150,453

 
134,705

Gross profit
135,178

 
112,588

 
485,524

 
429,289

 
 
 
 
 
 
 
 
Operating expenses:
 
 
 
 
 
 
 
Research and development
11,413

 
13,643

 
43,679

 
44,532

Selling, general and administrative
72,958

 
60,839

 
267,817

 
222,156

Provision for litigation
(112
)
 
100

 
2,668

 
3,156

Amortization of intangibles
2,238

 
1,805

 
7,909

 
3,478

Acquisition related costs
321

 
479

 
1,611

 
1,826

Total operating expenses
86,818

 
76,866

 
323,684

 
275,148

 
 
 
 
 
 
 
 
Operating income
48,360

 
35,722

 
161,840

 
154,141

Other income, net
2,240

 
755

 
8,088

 
3,138

Income before income taxes
50,600

 
36,477

 
169,928

 
157,279

Income tax provision
26,224

 
12,179

 
62,580

 
52,938

 
 
 
 
 
 
 
 
Net income
$
24,376

 
$
24,298

 
$
107,348

 
$
104,341

 
 
 
 
 
 
 
 
Earnings per share:
 
 
 
 
 
 
 
Basic
$
0.25

 
$
0.25

 
$
1.12

 
$
1.09

Diluted
$
0.25

 
$
0.25

 
$
1.10

 
$
1.08

Weighted average shares outstanding:
 
 
 
 
 
 
 
Basic
96,489

 
95,862

 
96,243

 
95,647

Diluted
98,726

 
96,513

 
97,887

 
96,432






GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS

(In thousands, except par value)
December 31,
2017
 
December 31, 2016*
 
 
 
 
ASSETS
(unaudited)
 
 
Current assets:
 
 
 
Cash and cash equivalents
$
118,817

 
$
66,954

Restricted cash

 
477

Short-term marketable securities
254,890

 
223,358

Accounts receivable, net of allowances of $3,963 and $2,771, respectively
116,676

 
91,983

Inventories
108,409

 
112,692

Prepaid expenses and other current assets
11,166

 
14,502

Current portion of note receivable
1,667

 

Income taxes receivable
8,717

 
3,800

Total current assets
620,342

 
513,766

Property and equipment, net of accumulated depreciation of $191,760 and $166,711, respectively
143,167

 
124,229

Long-term marketable securities
56,133

 
60,444

Note receivable
28,333

 
30,000

Intangible assets, net
78,659

 
61,706

Goodwill
123,890

 
105,926

Other assets
7,947

 
928

Deferred income taxes
20,031

 
30,638

Total assets
$
1,078,502

 
$
927,637

 
 
 
 
LIABILITIES AND EQUITY
 
 
 
Current liabilities:
 
 
 
Accounts payable
$
25,039

 
$
17,472

Accrued expenses
52,594

 
46,401

Income taxes payable
3,274

 
1,911

Business acquisition liabilities
11,411

 
14,108

Other current liabilities
755

 

Total current liabilities
93,073

 
79,892

Business acquisition liabilities, net of current portion
4,508

 
5,972

Deferred income taxes
10,669

 
7,876

Other liabilities
2,474

 
1,819

Total liabilities
110,724

 
95,559

Commitments and contingencies
 
 
 
Equity:
 
 
 
Common stock; $0.001 par value. Authorized 785,000 shares; issued and outstanding 96,658 and 95,930 shares at December 31, 2017 and December 31, 2016, respectively
97

 
96

Additional paid-in capital
238,341

 
211,725

Accumulated other comprehensive loss
(6,907
)
 
(8,642
)
Retained earnings
736,247

 
628,899

Total equity
967,778

 
832,078

Total liabilities and equity
$
1,078,502

 
$
927,637


* The December 31, 2016 consolidated balance sheet and consolidated statement of cash flows have been adjusted from those previously filed to correct the presentation of Cash and cash equivalents and Short-term marketable securities.





GLOBUS MEDICAL, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(unaudited)
 
Year Ended
(In thousands)
December 31,
2017
 
December 31, 2016*
Cash flows from operating activities:
 
 
 
Net income
$
107,348

 
$
104,341

Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
42,067

 
38,771

Amortization of premium on marketable securities
2,671

 
4,068

Write-down for excess and obsolete inventories
11,519

 
12,836

Stock-based compensation expense
14,686

 
11,382

Allowance for doubtful accounts
1,718

 
685

Change in fair value of contingent consideration
1,240

 
2,866

Non-cash settlement of accrued expenses

 
(4,632
)
Impairment of intangible assets
516

 
3,472

Change in deferred income taxes
8,292

 
(3,810
)
(Increase)/decrease in:
 
 
 
Restricted cash
477

 
25,641

Accounts receivable
(24,955
)
 
(4,668
)
Inventories
(5,277
)
 
(10,503
)
Prepaid expenses and other assets
(4,774
)
 
4,568

Increase/(decrease) in:
 
 
 
Accounts payable
9,843

 
(23
)
Accrued expenses and other liabilities
(2,064
)
 
(18,164
)
Income taxes payable/receivable
(3,772
)
 
6,634

Net cash provided by operating activities
159,535

 
173,464

 
 
 
 
Cash flows from investing activities:
 
 
 
Purchases of marketable securities
(392,895
)
 
(350,448
)
Maturities of marketable securities
240,353

 
281,885

Sales of marketable securities
122,512

 
52,802

Purchases of property and equipment
(51,303
)
 
(40,909
)
Issuance of note receivable

 
(30,000
)
Acquisition of businesses, net of cash acquired
(29,944
)
 
(76,068
)
Net cash used in investing activities
(111,277
)
 
(162,738
)
 
 
 
 
Cash flows from financing activities:
 
 
 
Payment of business acquisition liabilities
(10,109
)
 
(5,404
)
Proceeds from exercise of stock options
11,735

 
5,874

Net cash provided by financing activities
1,626

 
470

 
 
 
 
Effect of foreign exchange rate on cash
1,979

 
(1,894
)
 
 
 
 
Net increase/(decrease) in cash and cash equivalents
51,863

 
9,302

Cash and cash equivalents, beginning of period
66,954

 
57,652

Cash and cash equivalents, end of period
$
118,817

 
$
66,954

 
 
 
 
Supplemental disclosures of cash flow information:
 
 
 
Interest paid
3

 
35

Income taxes paid
$
59,111

 
$
50,087


* The December 31, 2016 consolidated balance sheet and consolidated statement of cash flows have been adjusted from those previously filed to correct the presentation of Cash and cash equivalents and Short-term marketable securities.






Supplemental Financial Information

Sales by Geographic Area:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
United States
$
148,012

 
$
127,477

 
$
529,882

 
$
500,226

International
28,022

 
24,113

 
106,095

 
63,768

Total sales
$
176,034

 
$
151,590

 
$
635,977

 
$
563,994

 
Sales by Product Category:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Innovative Fusion
$
85,451

 
$
79,609

 
$
327,391

 
$
287,594

Disruptive Technology
90,583

 
71,981

 
308,586

 
276,400

Total sales
$
176,034

 
$
151,590

 
$
635,977

 
$
563,994

Liquidity and Capital Resources:
(Unaudited)
December 31,
2017
 
December 31, 2016*
(In thousands)
 
 
 
Cash and cash equivalents
$
118,817

 
$
66,954

Short-term marketable securities
254,890

 
223,358

Long-term marketable securities
56,133

 
60,444

Total cash, cash equivalents and marketable securities
$
429,840

 
$
350,756

* The December 31, 2016 consolidated balance sheet and consolidated statement of cash flows have been adjusted from those previously filed to correct the presentation of Cash and cash equivalents and Short-term marketable securities.






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,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Net income
$
24,376

 
$
24,298

 
$
107,348

 
$
104,341

Interest income, net
(1,862
)
 
(1,164
)
 
(6,608
)
 
(3,057
)
Provision for income taxes
26,224

 
12,179

 
62,580

 
52,938

Depreciation and amortization
8,294

 
17,235

 
42,067

 
38,771

EBITDA
57,032

 
52,548

 
205,387

 
192,993

Stock-based compensation expense
4,027

 
2,945

 
14,686

 
11,382

Provision for litigation
(112
)
 
100

 
2,668

 
3,156

Acquisition related costs/licensing
553

 
5,280

 
3,391

 
6,931

Prior period adjustment, excluding depreciation

 
(3,697
)
 

 
(3,697
)
Adjusted EBITDA
$
61,500

 
$
57,176

 
$
226,132

 
$
210,765

 
 
 
 
 
 
 
 
Net income as a percentage of sales
13.8
%
 
16.0
%
 
16.9
%
 
18.5
%
Adjusted EBITDA as a percentage of sales
34.9
%
 
37.7
%
 
35.6
%
 
37.4
%
Non-GAAP Net Income Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Net income
$
24,376

 
$
24,298

 
$
107,348

 
$
104,341

Provision for litigation
(112
)
 
100

 
2,668

 
3,156

Amortization of intangibles
2,238

 
1,805

 
7,909

 
3,478

Acquisition related costs/licensing
553

 
5,280

 
3,391

 
6,931

Prior period adjustment

 
1,765

 

 
1,765

Tax reform impact
11,014

 

 
11,014

 

Tax effect of adjusting items
(796
)
 
(3,054
)
 
(4,239
)
 
(5,166
)
Non-GAAP net income
$
37,273

 
$
30,194

 
$
128,091

 
$
114,505

Non-GAAP Diluted Earnings Per Share Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(Per share amounts)
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Diluted earnings per share, as reported
$
0.25

 
$
0.25

 
$
1.10

 
$
1.08

Provision for litigation

 

 
0.03

 
0.03

Amortization of intangibles
0.02

 
0.02

 
0.08

 
0.04

Acquisition related costs/licensing
0.01

 
0.05

 
0.03

 
0.07

Prior period adjustment

 
0.02

 

 
0.02

Tax reform impact
0.11

 

 
0.11

 

Tax effect of adjusting items
(0.01
)
 
(0.03
)
 
(0.04
)
 
(0.05
)
Non-GAAP diluted earnings per share
$
0.38

 
$
0.31

 
$
1.31

 
$
1.19






Non-GAAP Free Cash Flow Reconciliation Table:
(Unaudited)
Three Months Ended
 
Year Ended
(In thousands)
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
Net cash provided by operating activities
$
44,837

 
$
51,983

 
$
159,535

 
$
173,464

Adjustment for impact of restricted cash

 
1

 
(477
)
 
(25,641
)
Purchases of property and equipment
(13,425
)
 
(14,208
)
 
(51,303
)
 
(40,909
)
Non-GAAP free cash flow
$
31,412

 
$
37,776

 
$
107,755

 
$
106,914

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,
2017
 
December 31,
2016
 
 
 
United States
$
148,012

 
$
127,477

 
16.1
%
 

 
16.1
%
International
28,022

 
24,113

 
16.2
%
 
$
(251
)
 
15.2
%
Total sales
$
176,034

 
$
151,590

 
16.1
%
 
$
(251
)
 
16.0
%
(Unaudited)
Year Ended
 
Reported Growth
 
Currency Impact on Current Period
 
Constant Currency Growth
(In thousands, except percentages)
December 31,
2017
 
December 31,
2016
 
 
 
United States
$
529,882

 
$
500,226

 
5.9
%
 

 
5.9
%
International
106,095

 
63,768

 
66.4
%
 
$
346

 
66.9
%
Total sales
$
635,977

 
$
563,994

 
12.8
%
 
$
346

 
12.8
%

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