Globus Medical, Inc. (NYSE:GMED) Q1 2022 Earnings Conference Call May 10, 2022 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

Shagun Singh - RBC Capital Markets

Matthew O'Brien - Piper Sandler

David Saxon - Needham and Company

Kyle Rose - Canaccord

Jason Wittes - Loop Capital

Richard Newitter - Truist

Vik Chopra - Wells Fargo

Operator

Welcome to the Globus Medical's First Quarter 2022 Earnings Call. At this time, all lines will be on mute and a Q&A session will be held after the prepared remarks. [Operator Instructions]

I will now turn the call over to Brian Kearns, Senior Vice President of Business Development and Investor Relations. Mr. Kearns you may begin.

Brian Kearns

Thank you, Richard 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 the 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 for the 2021 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 also 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 on 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. Q1 sales were $231 million or 1.4% growth with non-GAAP EPS of $0.42 a share and an adjusted EBITDA of 32%. These results reflect modest revenue growth against a difficult prior year comp coupled with COVID-related revenue impacts in key countries and a slower capital purchasing quarter.