Globus Medical, Inc. (NYSE:GMED) Q1 2024 Earnings Conference Call May 7, 2024 4:30 PM ET

Company Participants

Brian Kearns - Senior Vice President, Business Development and Investor Relations
Daniel Scavilla - President and Chief Executive Officer
Keith Pfeil - Chief Operating Officer and Chief Financial Officer

Conference Call Participants

Matt Blackman - Stifel
Matt Taylor - Jefferies
Ryan Zimmerman - BTIG
Steve Lichtman - Oppenheimer & Company
Craig Bijou - Bank of America Securities
Caitlin Cronin - Canaccord Genuity
Ravi Mishra - Truist Securities

Operator

Thank you for standing by. Welcome to the Globus Medical First Quarter 2024 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.

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, Crystal, 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, Chief Operating Officer 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 2023 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 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.

Daniel Scavilla

Thanks, Brian, and good afternoon, everyone. Globus delivered a tremendous Q1 as we push into 2024, with sales of $607 million, growing 119% or $330 million. Non-GAAP EPS was $0.72, increasing 36% versus prior year, even with the 32% increase in outstanding shares driven by the merger. Adjusted EBITDA was 28% and free cash flow was $24 million for the quarter.