Globus Medical, a spinal device manufacturer, posted its third quarter results through September 30th, 2012. For the three month period, Globus Medical had $16.5 million in total income, or the equivalent of 18 cents per share. This is a decrease in profits of 2.2 percent over the previous year. In the same period during the previous year, the total had a total net income of $16.9 million, or the equivalent of 19 cents per share.
While profits for the company were down, total sales were up by 12.8 percent. The Pennsylvania-based company attributed the mixed report to investments made in its interventional pain management division. In a press release, Globus Medical stated that this division, Algea Therapied, "negatively impacted the quarterly adjusted [earnings before interest, debt, taxes & amorization] by 2.4%."
According to officials at Globus Medical, revenue growth this quarter was driven by higher sales of two separate product lines. The company’s lateral platform and minimally invasive surgery products both showed increased sales.
In September of this year, Globus received 501(k) approval from the FDA for its Secure-C cervical artificial disc. This device is designed to restore natural neck movement in patients with cervical disc problems that cause pain. The device consists of two chrome-cobalt plates with a central polyethylene core. The device is able to mimic the natural motion and function found in healthy spinal discs.
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