Key Developments: Globus Medical Inc (GMED.N)
16.75USD
1 Aug 2013
$-0.01 (-0.06%)
$16.76
$16.82
$16.88
$16.55
78,570
137,319
$19.90
$10.26
Latest Key Developments (Source: Significant Developments)
Globus Medical Inc Reaffirms FY 2013 Guidance
Globus Medical Inc reiterated its revenue outlook and non-GAAP diluted earnings per share guidance for fiscal 2013. For 2013, the Company continues to expect full-year revenue to be approximately $432 million and non-GAAP annual diluted earnings per share, which excludes provisions for litigation losses, to be approximately $0.81. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $434 million and EPS of $0.83 for fiscal 2013. Full Article
Globus Medical Inc Announces Jury Verdict In Patent Infringement Lawsuit
Globus Medical Inc announced that the jury in a patent infringement case in the U.S. District Court in Delaware brought by DePuy Synthes Products, LLC (Synthes) has returned a verdict. Although a formal judgment has not yet been entered in the case and there are a number of motions and hearings to be resolved, the jury found that prior versions of three products previously sold by Globus Medical did infringe on Synthes’ patents and awarded monetary damages in the amount of $16 million. Globus Medical had challenged the validity of the three Synthes patents at issue, and the jury upheld the patents’ validity. There was no finding of willful infringement in this lawsuit. Globus Medical does not expect the verdict to impact its ability to conduct its business or to have any impact on its future revenues. As this lawsuit involved only three products that are no longer part of Globus Medical’s product portfolio, this verdict will not impair the Company’s ability to sell any of its current products and will not require any royalty payments to Synthes based on current or future sales. The Company believes the facts and the law do not support the jury’s findings of infringement and patent validity and will seek to overturn the verdict in post-trial motions with the District Court and, if necessary, through the appeals process. Full Article
Globus Medical Inc Issues FY, Q4 2012 Revenue Guidance
Globus Medical Inc announced that it anticipates fourth quarter 2012 sales of $100.5 million and fiscal 2012 sales of $386.0 million. Full Article
Globus Medical Inc Announces Pricing Of Initial Public Offering
Globus Medical Inc announced the pricing of its Initial Public Offering of 8,333,333 shares of Class A common stock at a price of $12 per share, consisting of 2,083,333 shares offered by Globus Medical and 6,250,000 shares offered by selling stockholders. In addition, Globus Medical has granted the underwriters a 30-day option to purchase up to an additional 1,250,000 shares of common stock to cover any over-allotments. Closing of the offering is expected to occur on August 8, 2012, subject to customary closing conditions. The shares are expected to begin trading on the New York Stock Exchange under the symbol GMED. BofA Merrill Lynch, Goldman, Sachs & Co., and Piper Jaffray are acting as lead joint book-running managers for the offering, Leerink Swann is acting as a junior book-running manager for the offering, and Canaccord Genuity, William Blair, and Oppenheimer & Co. Inc. are acting as co-managers for the offering. Full Article
Globus Medical Inc Cuts IPO Size, Expected Price Range-Reuters
Reuters reported that Globus Medical Inc cut the size and expected price range of its Initial Public Offering (IPO) as the IPO market continues to see poor pricing, pulled deals and delayed offerings. The Company, which is expected to price its IPO on August 02, 2012 evening, now plans to sell 8.3 million shares between $12 and $13 per share. The Company had earlier expected to sell 11.8 million shares in a price range of $16 to $18 per share. The Company plans to list its Class A common stock on the New York Stock Exchange under the symbol GMED. It intends to use the proceeds from the offering to expand its sales and for investments in research and development. BofA Merrill Lynch, Goldman Sachs and Piper Jaffray are among the underwriters of the offering. Full Article

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