Globus Medical, Inc. (NYSE:GMED) Q2 2023 Earnings Conference Call August 3, 2023 4:30 PM ET
Company Participants
Brian Kearns - Senior Vice President-Business Development & Investor Relations
Dan Scavilla - President & Chief Executive Officer
Keith Pfeil - Senior Vice President & Chief Financial Officer
Conference Call Participants
Matt Miksic - Barclays
Caitlin Cronin - Canaccord Genuity
Lin Zhang - Truist Securities
Operator
Welcome to Globus Medical's Second Quarter 2023 Earnings Call. At this time, all lines will be on mute and a Q&A session will be held after the prepared remarks.
I will now turn the call over to Brian Kearns, Senior Vice President of Business Development and Investor Relations. Mr. Kearns, please go ahead.
Brian Kearns
Thank you, Didi and thank you everyone for being with us today. Joining today's call from Globus Medical will be Dan Scavilla, President and Chief Executive Officer; and Keith Pfeil, Senior Vice President and Chief Financial Officer. This review is being made available via webcast accessible through Investor Relations section of the Globus Medical website at www.globusmedical.com.
Before we begin, let me remind you that some of the statements made during this review are or may be considered forward-looking statements. Our Form 10-K from the 2022 fiscal year and our subsequent filings with the Securities and Exchange Commission identify certain factors that could cause our actual results to differ materially from those projected in any forward-looking statements made today. Our SEC filings including the 10-K are available on our website. We do not undertake to update any forward-looking statements as a result of new information or future events or developments.
Our discussion today will include certain financial measures that are not calculated in accordance with generally accepted accounting principles or GAAP. We believe these non-GAAP financial measures provide additional information pertinent to our business performance. These non-GAAP financial measures should not be considered replacements for and should be read together with the most directly comparable GAAP financial measures. Reconciliations to the most directly comparable GAAP measures are available in the schedules accompanying the press release and on the Investor Relations section of the Globus Medical website.
With that, I'll now turn the call over to Dan Scavilla, our President and CEO.
Dan Scavilla
Thanks, Brian and good afternoon everyone. Globus had a fantastic second quarter, setting a new sales record of $292 million, increasing 11% or $28 million versus Q2 '22. Non-GAAP EPS increased to $0.63, up 12% and we had a strong free cash flow of $17 million, up 31% versus Q2 '22. Adjusted EBITDA for the quarter was 33%. Through the first half of '23, Globus has delivered $568 million, an increase of 15% or $74 million over Q2 -- first half of '22.