Navigation Links
Globus Medical Announces Record 2nd Quarter 2007 Results
Date:8/27/2007

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.

Contact:

Sara Brown Meehan

415-595-9872

sbmeehan@levick.com


'/>"/>
SOURCE Globus Medical, Inc.
Copyright©2007 PR Newswire.
All rights reserved

Related biology technology :

1. Medical College receives $377K to study brain disease
2. Barriers will not stop convergence of medical technologies
3. Medical College team creates website for tracking flu
4. Biomedical engineering conference invites manufacturers
5. Visions: Wade offers straight talk on e-medical records
6. Merge unveils updated medical imaging software
7. Medical College receives $1.4M cancer grant
8. Medical technology firm lands $100K federal grant
9. Doyle outlines spending for Medical College, UWM
10. And the winners in medical design are
11. Manufacturing partnership will move into biotech and biomedical spaces
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:6/23/2016)... 2016 Houston Methodist Willowbrook Hospital has ... Association to serve as their official health care ... Willowbrook will provide sponsorship support, athletic training services, ... coaches, volunteers, athletes and families. "We ... Association and to bring Houston Methodist quality services ...
(Date:6/23/2016)... Prostate Cancer Foundation (PCF) is pleased to announce 24 new Young ... cancer. Members of the Class of 2016 were selected from a pool of ... More About the Class of 2016 PCF Young Investigators ... ... ...
(Date:6/23/2016)... , June 23, 2016   EpiBiome , a ... $1 million in debt financing from Silicon Valley Bank ... automation and to advance its drug development efforts, as ... facility. "SVB has been an incredible strategic ... services a traditional bank would provide," said Dr. ...
(Date:6/23/2016)... ON (PRWEB) , ... June 23, 2016 , ... STACS ... DNA Technical Leader at the Arkansas State Crime Laboratory, has joined STACS DNA as ... the STACS DNA team,” said Jocelyn Tremblay, President and COO of STACS DNA. “In ...
Breaking Biology Technology:
(Date:4/28/2016)... First quarter 2016:   , Revenues amounted ... quarter of 2015 The gross margin was 49% (27) ... the operating margin was 40% (-13) Earnings per share ... operations was SEK 249.9 M (21.2) , Outlook   ... M. The operating margin for 2016 is estimated to ...
(Date:4/15/2016)... , April 15, 2016  A new partnership ... more accurate underwriting decisions in a fraction of ... competitively priced and high-value life insurance policies to ... With Force Diagnostics, rapid testing (A1C, ... data readings (blood pressure, weight, pulse, BMI, and ...
(Date:3/31/2016)... Florida , March 31, 2016 ... ) ("LegacyXChange" or the "Company") LegacyXChange ... potential users of its soon to be launched online ... ( https://www.youtube.com/channel/UCyTLBzmZogV1y2D6bDkBX5g ) will also provide potential ... use of DNA technology to an industry that is ...
Breaking Biology News(10 mins):