Globus
Medical, Inc. (NYSE:GMED), a leading spinal implant manufacturer,
today announced preliminary unaudited sales results for the year ending
December 31, 2012, in advance of its national sales meeting being held
later this week. The company anticipates fourth quarter sales of $100.5
million, a 14.3% increase over fourth quarter 2011, and full year 2012
sales of $386.0 million, a 16.4% increase over 2011.
David Paul, Chairman and CEO, commented, “We are pleased with our strong
growth this quarter. Our business remains robust, and our fourth quarter
performance is a testament to the consistent execution of our strategy.
We believe we will continue to grow our business at rates significantly
above the industry by innovating in rapid response to the needs of our
customers and patients, growing our US sales force, and expanding our
footprint internationally.”
These preliminary results are unaudited and are based on management's
initial analysis of operations for the periods ended December 31, 2012,
and are therefore subject to change. The company expects to announce its
fourth quarter and full year 2012 financial and operating results in or
before early March.
Impact on Lock-up Agreements
The company also announced today that Merrill Lynch, Pierce, Fenner &
Smith Incorporated and Goldman, Sachs & Co., on behalf of themselves and
the other underwriters for the company's previously completed initial
public offering of shares of Class A common stock, are waiving a
provision in the lock-up agreements signed by certain of the company's
stockholders (including various officers and directors) that under
certain conditions could extend the initial lock-up period pursuant to
those agreements. As a result of the waiver, all lock-up restrictions
applicable to shares of the company's stock will expire on January 29,
2013, as originally scheduled.
About Globus Medical, Inc.
Globus
Medical, Inc. is a leading spinal implant manufacturer based in
Audubon, Pennsylvania. The company was founded in 2003 by an experienced
team of spine professionals with a shared vision to create products that
enable spine surgeons to promote healing in patients with spinal
disorders. Additional information can be accessed at http://www.globusmedical.com/.
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
comply with changing laws and regulations that are 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 prospectus filed with the Securities and
Exchange Commission on August 3, 2012, as amended, including the
sections labeled “Risk Factors,” “Cautionary Note Concerning
Forward-Looking Statements,” and “Management's Discussion and Analysis
of Financial Condition and Results of Operations,” and in our periodic
reports on file 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 its 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.
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