AUDUBON, Pa., Aug. 27 /PRNewswire/ -- Globus Medical, Inc., the largest privately held spinal implant manufacturer in the world, today announced record revenue for the quarter ending June 30, 2007. The company recorded revenues of $30.2 million for the second quarter -- an increase of 52% over the $19.9 million it achieved in the same quarter a year ago. The announcement follows on the heels of $110 million in series E financing to fund Globus' continued rapid growth.
"The record results were driven by a major expansion of the company's sales and distribution footprint, and the introduction of several new products across its fusion, MIS and biomaterials portfolio," said Rick Kienzle, Executive Vice President of Sales and Marketing, Globus Medical. "In addition, strong market acceptance of our Revere(TM) pedicle screw system continues to fuel significant conversions in our established and new markets."
During the second quarter, Globus Medical added several highly-experienced sales professionals in key U.S. markets, bringing the total number of people added to its sales and distribution infrastructure in 2007 to 25.
So far in 2007, Globus has introduced six new systems that represent significant technological advancements in fusion, MIS and biomaterials. Additionally, in the area of motion preservation, the company announced two "world's first" surgeries using its transforaminal and posterior disc replacement systems.
Globus Medical also entered the biomaterial segment during the second quarter with the introduction of the NuBone(TM) Osteoinductive Bone Graft Product Line, the first of several new biomaterial initiatives planned for the next 12 months. The launch of Globus Medical's MARS(TM) Minimally Invasive Retractor System filled out its MIS product portfolio, further securing the company's leadership position in MIS technology and products. Both MIS and biomaterials are key initiatives in Globus Medical's strategy to innovate across the complete suite of products.
"The pace and research behind our product development engine continues to set Globus Medical apart by enabling technological advancements across the complete spectrum of spinal products," Dave Demski, Chief Financial Officer, Globus Medical said. "This innovation is at the heart of Globus Medical and, coupled with the expansion in the sales force, is accelerating our penetration of new markets and driving growth."
About Globus Medical, Inc.
Globus Medical, Inc. is one of the ten largest spinal implant manufacturers in the world, with more than $120 million in annualized revenues. Based in Audubon, Pa., the privately held company was founded in 2003 by an experienced team of spine professionals with a shared vision to create products that enable spine surgeons to employ both fusion and non-fusion solutions to promote healing in patients with spinal disorders. Globus Medical has a full portfolio of spinal fusion products, burgeoning initiatives in biomaterials development and minimally invasive approaches, and is among the world leaders in the development of motion sparing technology. Additional information can be accessed at http://www.globusmedical.com.
Sara Brown Meehan
|SOURCE Globus Medical, Inc.|
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