Document and Entity Information - shares	9 Months Ended
Document and Entity Information - shares	Sep. 30, 2019	Nov. 01, 2019
Document and Entity Information [Abstract]
Document Type	10-Q
Document Period End Date	Sep. 30, 2019
Entity Registrant Name	GLOBUS MEDICAL, INC.
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		99,409,253
Entity Shell Company	false
Entity Small Business	false
Entity Emerging Growth Company	false
Title of 12(b) Security	Class A Common Stock, par value $.001 per share
Trading Symbol	GMED
Security Exchange Name	NYSE
Entity File Number	001-35621
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	04-3744954
Entity Address, Address Line One	2560 General Armistead Avenue
Entity Address, City or Town	Audubon
Entity Address, State or Province	PA
Entity Address, Postal Zip Code	19403
City Area Code	610
Local Phone Number	930-1800
Document Quarterly Report	true
Document Transition Report	false
Amendment Flag	false
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001237831
Current Fiscal Year End Date	--12-31

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Cash, cash equivalents, and restricted cash	$ 166,190	$ 139,747
Short-term marketable securities	111,402	199,937
Accounts receivable, net of allowances of $5,410 and $4,226, respectively	141,545	137,067
Inventories	187,060	131,254
Prepaid expenses and other current assets	14,835	15,387
Income taxes receivable	16,031	7,289
Total current assets	637,063	630,681
Available-for-sale Securities, Noncurrent	383,099	263,117
Property and equipment, net of accumulated depreciation of $231,003 and $216,809, respectively	197,098	171,873
Intangible assets, net	81,969	87,323
Goodwill	129,004	123,734
Other assets	15,212	10,364
Deferred income taxes	8,737	13,578
Total assets	1,452,182	1,300,670
Current liabilities
Account payable	24,137	25,895
Accrued expenses	60,695	59,878
Income taxes payable	357	917
Business acquisition liabilities	5,603	6,830
Deferred revenue	4,129	2,598
Total current liabilities	94,921	96,118
Business acquisition liabilities, net of current portion	3,288	3,288
Deferred income taxes	7,023	8,114
Other liabilities	8,155	7,634
Total liabilities	113,387	115,154
Commitments and contingencies
Equity
Additional paid-in capital	339,120	299,869
Accumulated other comprehensive loss	(2,826)	(7,172)
Retained earnings	1,002,402	892,721
Total equity	1,338,795	1,185,516
Total liabilities and equity	1,452,182	1,300,670
Common Class A [Member]
Equity
Common stock	77	76
Common Class B [Member]
Equity
Common stock	$ 22	$ 22

Condensed Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Current assets
Accounts receivable, allowances	$ 6,559	$ 4,226
Property and equipment
Accumulated depreciation	$ 237,516	$ 216,809
Equity
Common stock, shares authorized	785,000,000
Common stock, shares issued	99,403,023	98,573,354
Common stock, shares outstanding	99,403,023	98,573,354
Common Class A [Member]
Equity
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	76,972,926	76,143,257
Common stock, shares outstanding	76,972,926	76,143,257
Common Class B [Member]
Equity
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	275,000,000	275,000,000
Common stock, shares issued	22,430,097	22,430,097
Common stock, shares outstanding	22,430,097	22,430,097

Condensed Consolidated Statements of Income - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Income [Abstract]
Sales	$ 196,215	$ 169,236	$ 573,701	$ 517,031
Cost of goods sold	45,387	37,849	131,214	113,456
Gross profit	150,828	131,387	442,487	403,575
Operating expenses
Research and development	14,508	15,527	44,577	41,738
Selling, general and administrative	88,455	75,131	262,618	227,949
Amortization of intangibles	3,620	2,160	10,412	6,525
Acquisition related costs	559	268	1,245	1,289
Total operating expenses	108,767	93,086	320,477	277,501
Operating income	42,061	38,301	122,010	126,074
Interest income/(expense), net	4,377	3,852	12,954	9,114
Foreign currency transaction gain/(loss)	145	(26)	123	312
Other income/(expense)	169	470	410	5,478
Total other income/(expense), net	4,691	4,296	13,487	14,904
Income before income taxes	46,752	42,597	135,497	140,978
Income tax provision	8,445	7,389	25,816	21,254
Net income	$ 38,307	$ 35,208	$ 109,681	$ 119,724
Earnings per share
Basic	$ 0.39	$ 0.36	$ 1.11	$ 1.23
Diluted	$ 0.38	$ 0.35	$ 1.08	$ 1.18
Weighted average shares outstanding
Basic	99,238	98,328	98,998	97,671
Dilutive stock options	2,862	3,476	2,687	3,604
Diluted	102,100	101,804	101,685	101,275
Anti-dilutive stock options excluded from weighted average calculation	5,108	1,950	4,939	1,892

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Condensed Consolidated Statements of Comprehensive Income [Abstract]
Net income	$ 38,307	$ 35,208	$ 109,681	$ 119,724
Other comprehensive income/(loss)
Unrealized gain/(loss) on marketable securities, net of tax	244	96	4,027	29
Foreign currency translation gain/(loss)	(1,342)	(116)	319	50
Total other comprehensive income/(loss)	(1,098)	(20)	4,346	79
Comprehensive income	$ 37,209	$ 35,188	$ 114,027	$ 119,803

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018
Cash flows from operating activities
Net income	$ 109,681	$ 119,724
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation and amortization	38,688	29,694
Amortization of premium (discount) on marketable securities	(1,008)	1,808
Write-down for excess and obsolete inventories	1,939	8,326
Stock-based compensation expense	19,647	17,078
Allowance for doubtful accounts	2,732	388
Change in fair value of business acquisition liabilities	579	592
Change in deferred income taxes	2,434	1,606
(Gain)/loss on disposal of assets, net	518	(3,694)
(Increase)/decrease in
Accounts receivable	(5,367)	(2,900)
Inventories	(40,869)	(23,042)
Prepaid expenses and other assets	(3,044)	(81)
Increase/(decrease) in
Accounts payable	(158)	(4,858)
Accrued expenses and other liabilities	1,225	(1,965)
Income taxes payable/receivable	(9,331)	(5,324)
Net cash provided by operating activities	117,666	137,352
Cash flows from investing activities
Purchases of marketable securities	(277,446)	(382,347)
Maturities of marketable securities	205,818	210,066
Sales of marketable securities	46,474	85,234
Purchases of property and equipment	(54,957)	(42,538)
Acquisition of businesses, net of cash acquired	(24,135)	(14,825)
Net cash used in investing activities	(104,246)	(140,410)
Proceeds from Sales of Assets, Investing Activities		4,000
Cash flows from financing activities
Payment of business acquisition liabilities	(6,096)	(6,513)
Proceeds from exercise of stock options	19,350	36,245
Net cash provided by financing activities	13,254	29,732
Effect of foreign exchange rate on cash	(231)	(196)
Net increase in cash, cash equivalents, and restricted cash	26,443	26,478
Cash, cash equivalents, and restricted cash at beginning of period	139,647	118,817
Cash, cash equivalents, and restricted cash at end of period	166,190	145,295
Supplemental disclosures of cash flow information
Interest paid	57
Income taxes paid	$ 34,056	$ 24,894

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2019

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Background and Summary of Significant Accounting Policies

NOTE 1. BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

(a) The Company

Globus Medical, Inc., together with its subsidiaries, is a medical device company that develops and commercializes healthcare solutions whose mission is to improve the quality of life of patients with musculoskeletal disorders. We are primarily focused on implants that promote healing in patients with musculoskeletal disorders, including the use of a robotic guidance and navigation system and products to treat patients who have experienced orthopedic traumas.

We are an engineering-driven company with a history of rapidly developing and commercializing advanced products and procedures to assist surgeons in effectively treating their patients and address new treatment options. With over 200 products on the market, we offer a comprehensive portfolio of innovative and differentiated technologies that address a variety of musculoskeletal pathologies, anatomies, and surgical approaches.

We are headquartered in Audubon, Pennsylvania, and market and sell our products through our exclusive sales force in the United States, as well as within North, Central & South America, Europe, Asia, Africa and Australia. The sales force consists of direct sales representatives and distributor sales representatives employed by exclusive independent distributors.

The terms the “Company,” “Globus,” “we,” “us” and “our” refer to Globus Medical, Inc. and, where applicable, our consolidated subsidiaries.

(b) Basis of Presentation

The accompanying interim unaudited condensed consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial statements and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, certain information and footnote disclosures normally included in complete financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the consolidated financial statements and accompanying footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2018.

In the opinion of management, the statements include all adjustments necessary, which are of a normal and recurring nature, for the fair presentation of our financial position and of the results for the three and nine month periods presented. The results of operations for any interim period are not indicative of results for the full year.

The accompanying unaudited condensed consolidated financial statements include the accounts of Globus and its wholly-owned subsidiaries. All intercompany balances and transactions are eliminated in consolidation.

(d) Use of Estimates

The preparation of the condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base our estimates, in part, on historical experience that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Estimates and assumptions are periodically reviewed and the effects of revisions are reflected in the condensed consolidated financial statements in the period they are determined to be necessary.

Significant areas that require management’s estimates include intangible assets, business acquisition liabilities, allowance for doubtful accounts, stock-based compensation, write-down for excess and obsolete inventory, useful lives of assets, the outcome of litigation, recoverability of intangible assets and income taxes. We are subject to risks and uncertainties due to changes in the healthcare environment, regulatory oversight, competition, and legislation that may cause actual results to differ from estimated results.

(e) Cash, Cash Equivalents, and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows:



	September 30,		December 31,		September 30,		December 31,
(In thousands)	2019		2018		2018		2017
Cash and cash equivalents	$	166,090	$	139,647	$	145,295	$	118,817
Restricted cash		100		100		—		—
Total cash, cash equivalents, and restricted cash as presented in the condensed consolidated statement of cash flows	$	166,190	$	139,747	$	145,295	$	118,817

(f) Marketable Securities

Our marketable securities include municipal bonds, corporate debt securities, commercial paper, securities of government, federal agency, and other sovereign obligations, and asset-backed securities, and are classified as available-for-sale as of September 30, 2019. Available-for-sale securities are recorded at fair value in both short-term and long-term marketable securities on our condensed consolidated balance sheets. The change in fair value for available-for-sale securities is recorded, net of taxes, as a component of accumulated other comprehensive income or loss on our condensed consolidated balance sheets. Premiums and discounts are recognized over the life of the related security as an adjustment to yield using the straight-line method. Realized gains or losses from the sale of our marketable securities are determined on a specific identification basis. Realized gains and losses, along with interest income and the amortization/accretion of premiums/discounts are included as a component of other income/(expense), on our condensed consolidated statements of income. Interest receivable is recorded as a component of prepaid expenses and other current assets on our condensed consolidated balance sheets.

We maintain a portfolio of various holdings, types and maturities, though most of the securities in our portfolio could be liquidated at minimal cost at any time. We invest in securities that meet or exceed standards as defined in our investment policy. Our policy also limits the amount of credit exposure to any one issue, issuer or type of security. We review our securities for other-than-temporary impairment at each reporting period. If an unrealized loss for any security is considered to be other-than-temporary, the loss will be recognized in our condensed consolidated statement of income in the period the determination is made.

(g) Inventories

Inventories are stated at the lower of cost or net realizable value. Cost is determined on a first-in, first-out basis. The majority of our inventories are finished goods and we utilize both in-house manufacturing and third-party suppliers to source our products. We periodically evaluate the carrying value of our inventories in relation to our estimated forecast of product demand, which takes into consideration the estimated life cycle of product releases. When quantities on hand exceed estimated sales forecasts, we record a write-down for such excess inventories.

(h) Property and Equipment

Purchases of property and equipment included in accounts payable and accrued expenses were $6.0 million and $7.9 million during the nine months ended September 30, 2019 and 2018, respectively.

(i) Revenue Recognition

Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration we expect to receive in exchange for those products or services. Sales and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. Incidental items that are immaterial in the context of the contract are recognized as expense. For purposes of disclosing disaggregated revenue, we disaggregate our revenue into two categories, Musculoskeletal Solutions and Enabling Technologies, based on the timing of revenue recognition. Our Musculoskeletal Solutions products consist primarily of the implantable devices, disposables, and unique instruments used in an expansive range of spine, orthopedic trauma, hip, knee and extremity procedures. The majority of our Musculoskeletal Solutions contracts have a single performance obligation and revenue is recognized at a point in time. Our Enabling Technologies products are the advanced hardware and software systems and related technologies that are designed to enhance a surgeon’s capabilities and streamline surgical procedures by making them less invasive, more accurate, and more reproducible to improve patient care. The majority of our Enabling Technologies product contracts typically contain multiple performance obligations, including maintenance and support, and revenue is recognized as we fulfill each performance

obligation. For contracts with multiple performance obligations, we allocate the contract’s transaction price to each performance obligation using our best estimate of the standalone selling price of each distinct good or service in the contract. Our policy is to classify shipping and handling costs billed to customers as sales and the related expenses as cost of goods sold.

Nature of Products and Services

A significant portion of our Musculoskeletal Solutions product revenue is generated from consigned inventory maintained at hospitals or with sales representatives. Revenue from the sale of consigned Musculoskeletal products is recognized when we transfer control, which occurs at the time the product is used or implanted. For all other Musculoskeletal Solutions product transactions, we recognize revenue when we transfer title to the goods, provided there are no remaining performance obligations that will affect the customer’s final acceptance of the sale. We use an observable price to determine the stand-alone selling price for the identified performance obligation.

Revenue from the sale of Enabling Technologies products is generally recognized when control transfers to the customer which occurs at the time the product is shipped or delivered. Depending on the terms of the arrangement, we may also defer the recognition of a portion of the consideration received as we have to satisfy a future performance obligation to provide maintenance and support. We use an observable price to determine the stand-alone selling price for each separate performance obligation.

Contract Balances

Timing of revenue recognition may differ from the timing of invoicing to customers. We record a receivable when revenue is recognized prior to invoicing, or deferred revenue when revenue is recognized subsequent to invoicing.

Deferred revenue is comprised mainly of unearned revenue related to the sales of certain Enabling Technologies products, which includes maintenance and support services. Deferred revenue is generally invoiced annually at the beginning of each contract period and recognized ratably over the coverage period. For the three and nine months ended September 30, 2019, there was an immaterial amount of revenue recognized from previously deferred revenue.

Disaggregation of Revenue

The following table represents total sales by revenue stream:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Musculoskeletal Solutions products	$	182,324	$	163,068	$	540,620	$	484,400
Enabling Technologies products		13,891		6,168		33,081		32,631
Total sales	$	196,215	$	169,236	$	573,701	$	517,031

(j) Recently Issued Accounting Pronouncements

In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 replaces the incurred loss impairment methodology for measuring and recognizing credit losses with a methodology that reflects expected credit losses and requires consideration of a broader range of reasonable and supportable information to inform credit loss estimates. This amendment is effective for fiscal years beginning after December 15, 2019. The Company does not plan to early adopt this ASU and the Company does not believe there will be a material impact to the financial statements as a result of adopting this ASU.

In January 2017, the FASB released ASU 2017-04, Intangibles - Goodwill and Other (Topic 805): Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which eliminates the Step 2 calculation for the implied fair value of goodwill to measure a goodwill impairment charge. Under the updated standard, an entity will record an impairment charge based on the excess of a reporting unit’s carrying amount over its fair value. ASU 2017-04 does not change the guidance on completing Step 1 of the goodwill impairment test and still allows an entity to perform the optional qualitative goodwill impairment assessment before determining whether to proceed to Step 1. This update is effective for annual and interim goodwill impairment tests in fiscal years beginning after December 15, 2019 with early adoption permitted for any impairment test performed on testing dates after January 1, 2017. The Company does not plan to early adopt this ASU and the Company does not believe there will be a material impact to the financial statements as a result of adopting this ASU.

In August 2018, the FASB released ASU 2018-13, Fair Value Measurement (Topic 820), (“ASU 2018-13”), which modifies the disclosure requirements on fair value measurements in Topic 820, including the consideration of costs and benefits. This update is effective for public entities for fiscal years beginning after December 15, 2019, and interim periods within those fiscal years. Early adoption is permitted. The Company does not plan to early adopt this ASU and the Company does not believe there will be a material impact to the financial statements as a result of adopting this ASU.

(k) Recently Adopted Accounting Pronouncements

In May 2014, the FASB issued Accounting Standards Update 2014-09, Revenue from Contracts with Customers (Topic 606) (“ASU 2014-09”). ASU 2014-09 amends the guidance in former Topic 605, Revenue Recognition, and most other existing revenue guidance in US GAAP. Under the new standard, an entity will recognize revenue to depict the transfer of goods or services to customers in amounts that reflect the payment to which the entity expects to be entitled in exchange for those goods or services and provide additional disclosures. As amended, the effective date for public entities is annual reporting periods beginning after December 15, 2017 and interim periods therein. We adopted the standard on January 1, 2018, using the modified retrospective method. We implemented internal controls to enable the preparation of financial information upon adoption. The adoption of this standard did not have a material impact on our financial position and results of operations. See “Note 1. Background and Summary of Significant Accounting Policies; (i) Revenue Recognition” above for more detail regarding our disclosures.

In October 2016, the FASB released ASU 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 removes the current exception in US GAAP prohibiting entities from recognizing current and deferred income tax expenses or benefits related to transfer of assets, other than inventory, within the consolidated entity. The current exception to defer the recognition of any tax impact on the transfer of inventory within the consolidated entity until it is sold to a third party remains unaffected. This update is effective for public entities for annual reporting periods beginning after December 15, 2017. We adopted ASU 2016-16 on January 1, 2018. This standard did not have a material impact on our financial position, results of operations, and disclosures.

In November 2016, the FASB released ASU 2016-18, Statement of Cash Flows (Topic 230): Restricted Cash (“ASU 2016-18”), which requires that amounts generally described as restricted cash and restricted cash equivalents be included with cash and cash equivalents when reconciling the total beginning and ending amounts for the periods shown on the statement of cash flows. Transfers between cash and cash equivalents and restricted cash and restricted cash equivalents will no longer be presented in the statement of cash flows. The amendments in this update should be applied using a retrospective transition method to each period presented. This update is effective for annual periods beginning after December 15, 2017, and interim periods within those fiscal years; early adoption is permitted, including adoption in an interim period. We adopted ASU 2016-18 on January 1, 2018. This standard did not have a material impact on our financial position, results of operations, and disclosures.

In January 2017, the FASB released ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business with the objective of adding guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. The amendments in this ASU should be applied prospectively and are effective for fiscal years beginning after December 15, 2017, including interim periods within those fiscal years, with early application permitted. No disclosures are required at transition. We adopted ASU 2017-01 on January 1, 2018. This standard did not have a material impact on our financial position, results of operations, and disclosures.

In May 2017, the FASB released ASU 2017-09, Compensation - Stock Compensation (Topic 718): Scope of Modification Accounting (“ASU 2017-09”), which clarifies the changes to terms or conditions of a share-based payment award that requires application of modification accounting under Topic 718. A change to an award should be accounted for as a modification unless the fair value of the modified award is the same as the original award, the vesting conditions do not change, and the classification as an equity or liability instrument does not change. This update is effective for annual reporting periods, and interim periods within those annual periods, beginning after December 15, 2017. Early application is permitted and prospective application is required for awards modified on or after the adoption date. We adopted ASU 2017-09 on January 1, 2018. This standard did not have a material impact on our financial position, results of operations, and disclosures.

In February 2016, the FASB released ASU 2016-02, Leases (Topic 842) (“ASU 2016-02”). Under ASU 2016-02, a right-of-use asset and lease obligation will be recorded for all leases with terms greater than 12 months, whether operating or financing, while the income statement will reflect lease expense for operating leases and amortization/interest expense for financing leases. ASU 2016-02 is effective for fiscal years beginning after December 15, 2018, with early adoption permitted, and permits modified retrospective method or cumulative-effect adjustment method. We adopted the standard on January 1, 2019, using the cumulative-effect adjustment transition method. As part of the adoption, we elected the package of practical expedients permitted under the transition guidance within

the new standard, which among other things, allowed carry forward of historical lease classifications. The adoption of this standard did not have a material impact on our financial position and results of operations. See “Note 14. Leases” for more detail regarding our disclosures.

In February 2018, the FASB released ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220), Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (“ASU 2018-02”). Prior to ASU 2018-02, GAAP required the remeasurement of deferred tax assets and liabilities as a result of a change in tax laws or rates to be presented in net income from continuing operations, even in situations in which the related income tax effects of items in accumulated other comprehensive income were originally recognized in other comprehensive income. As a result, such items, referred to as stranded tax effects, did not reflect the appropriate tax rate. Under ASU 2018-02, entities are permitted, but not required, to reclassify from accumulated other comprehensive income to retained earnings those stranded tax effects resulting from the Tax Act. ASU 2018-02 is effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-02 on January 1, 2019. Adoption of the standard did not have a material impact on our financial position, results of operations and disclosures.

In June 2018, the FASB released ASU 2018-07, Compensation—Stock Compensation (Topic 718), (“ASU 2018-07”), which expanded the scope of Topic 718 to include share-based payment transactions for acquiring goods and services from nonemployees. ASU 2018-07 specifies that Topic 718 applies to all share-based payment transactions in which a grantor acquires goods or services to be used or consumed in a grantor’s own operations by issuing share-based payment awards. This update is effective for public entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years. Early adoption is permitted. We adopted ASU 2018-07 on January 1, 2019. Adoption of the standard did not have a material impact on our financial position, results of operations, and disclosures.

GOODWILL AND INTANGIBLE ASSETS

9 Months Ended

Sep. 30, 2019

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Goodwill and Intangible Assets

NOTE 4. GOODWILL AND INTANGIBLE ASSETS

A summary of intangible assets is presented below:



		September 30, 2019
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(1,967)	$	2,033
Customer relationships & other intangibles	7.0		47,285		(23,007)		24,278
Developed technology	8.6		57,314		(8,457)		48,857
Patents	16.3		8,372		(1,571)		6,801
Total intangible assets		$	116,971	$	(35,002)	$	81,969

Due to the FDA 510(k) clearance for AQRate, a robotic guidance and navigation system, in the first quarter of 2019, $19.8 million of IPR&D was transferred to Developed technology and began to be amortized over a period of 8.5 years.



		December 31, 2018
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
In-process research & development	—	$	19,813	$	—	$	19,813
Supplier network	10.0		4,000		(1,667)		2,333
Customer relationships & other intangibles	6.7		42,413		(17,746)		24,667
Developed technology	8.6		37,547		(3,498)		34,049
Patents	16.5		7,764		(1,303)		6,461
Total intangible assets		$	111,537	$	(24,214)	$	87,323

On September 5, 2018, we acquired Nemaris, Inc. (“Nemaris”), a privately held company that markets and develops Surgimap®, a surgical planning software platform (“Nemaris Acquisition”). The assets acquired in the Nemaris Acquisition consist primarily of developed technology. We determined that substantially all the fair value of the gross assets on the date of acquisition is captured in the developed technology and as a result, the Nemaris Acquisition was accounted for as an asset purchase. We allocated the consideration paid of $15.2 million on a pro rata basis to the assets acquired on their respective fair values. The useful lives of the developed technology is seven years and will be amortized on a straight-line basis. In addition to the cash paid at closing, there is a potential $10.0 million contingent consideration payment based on product development milestones.

A summary of the net carrying value of goodwill is presented below:



(In thousands)
December 31, 2017	$	123,890
Additions and adjustments		—
Foreign exchange		(156)
December 31, 2018		123,734
Additions and adjustments		5,173
Foreign exchange		97
September 30, 2019	$	129,004

MARKETABLE SECURITIES

9 Months Ended

Sep. 30, 2019

MARKETABLE SECURITIES [Abstract]

Marketable Securities

NOTE 5. MARKETABLE SECURITIES

The composition of our short-term and long-term marketable securities is as follows:



		September 30, 2019
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	4,665	$	24	$	—	$	4,689
Corporate debt securities	Less than 1		50,539		188		—		50,727
Commercial paper	Less than 1		41,229		3		(5)		41,227
U.S. government and agency securities	Less than 1		9,994		1		—		9,995
Asset-backed securities	Less than 1		4,760		4		(0)		4,764
Total short-term marketable securities		$	111,187	$	220	$	(5)	$	111,402

Long-term:
Municipal bonds	1 - 3	$	29,935	$	246	$	(1)	$	30,180
Corporate debt securities	1 - 3		189,283		2,673		—		191,956
Asset-backed securities	1 - 3		151,206		1,868		(23)		153,051
U.S. government and agency securities	1 - 2		7,842		70		—		7,912
Total long-term marketable securities		$	378,266	$	4,857	$	(24)	$	383,099



		December 31, 2018
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	14,923	$	—	$	(25)	$	14,898
Corporate debt securities	Less than 1		118,823		—		(185)		118,638
Commercial paper	Less than 1		50,202		3		(11)		50,194
U.S. government and agency securities	Less than 1		4,497		—		(1)		4,496
Asset-backed securities	Less than 1		11,765		—		(54)		11,711
Total short-term marketable securities		$	200,210	$	3	$	(276)	$	199,937

Long-term:
Municipal bonds	1 - 2	$	2,676	$	—	$	(4)	$	2,672
Corporate debt securities	1 - 3		127,676		196		(295)		127,577
Asset-backed securities	1 - 3		128,297		262		(89)		128,470
U.S. government and agency securities	1 - 3		4,411		—		(13)		4,398
Total long-term marketable securities		$	263,060	$	458	$	(401)	$	263,117

FAIR VALUE MEASUREMENTS

9 Months Ended

Sep. 30, 2019

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value Measurements

NOTE 6. FAIR VALUE MEASUREMENTS

Under the accounting for fair value measurements and disclosures, fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or the liability in an orderly transaction between market participants on the measurement date. Additionally, a fair value hierarchy was established that prioritizes the inputs to valuation techniques used to measure fair value. The hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets and liabilities and the lowest priority to unobservable inputs. The level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement.

Our assets and liabilities measured at fair value on a recurring basis are classified and disclosed in one of the following three categories:

Level 1—quoted prices (unadjusted) in active markets for identical assets and liabilities;

Level 2—observable inputs other than quoted prices in active markets for identical assets and liabilities; and

Level 3—unobservable inputs in which there is little or no market data available, which require the reporting entity to use significant unobservable inputs or valuation techniques.

The fair value of our assets and liabilities measured at fair value on a recurring basis was as follows:



(In thousands)	Balance at ‎September 30, ‎2019		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	35,712	$	750	$	34,962	$	—
Municipal bonds		34,869		—		34,869		—
Corporate debt securities		242,684		—		242,684		—
Commercial paper		41,227		—		41,227		—
Asset-backed securities		157,815		—		157,815		—
Government, federal agency, and other sovereign obligations		17,907		—		17,907		—
Liabilities
Business acquisition liabilities		8,891		—		—		8,891



(In thousands)	Balance at ‎December 31, ‎2018		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	48,040	$	259	$	47,781	$	—
Municipal bonds		17,570		—		17,570		—
Corporate debt securities		246,215		—		246,215		—
Commercial paper		50,194		—		50,194		—
Asset-backed securities		140,181		—		140,181		—
Government, federal agency, and other sovereign obligations		8,894		—		8,894		—
Liabilities
Business acquisition liabilities		10,118		—		—		10,118

Our marketable securities are classified as Level 2 within the fair value hierarchy, as we measure their fair value using market prices for similar instruments and inputs such as actual trade data, benchmark yields, broker/dealer quotes and other similar data obtained from quoted market prices or independent pricing vendors.

Assets and Liabilities That Are Measured at Fair Value on a Nonrecurring Basis

The purchase price of business acquisitions is primarily allocated to the tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition dates, with the excess recorded as goodwill. We utilize Level 3 inputs in the determination of the initial fair value. Non-financial assets such as goodwill, intangible assets, and property, plant, and equipment are subsequently measured at fair value when there is an indicator of impairment and recorded at fair value only when an impairment is recognized. We assess the impairment of intangible assets annually or whenever events or changes in circumstances indicate that the carrying amount of an intangible asset may not be recoverable. The fair value of our goodwill and intangible assets is not estimated if there is no change in events or circumstances that indicate the carrying amount of an intangible asset may not be recoverable.

Contingent consideration represents our contingent milestone, performance and revenue-sharing payment obligations related to our acquisitions and is measured at fair value, based on significant inputs not observable in the market, which represents a Level 3

measurement within the fair value hierarchy. The valuation of contingent consideration uses assumptions we believe would be made by a market participant. We assess these estimates on an ongoing basis as additional data impacting the assumptions is obtained. The balances of the fair value of contingent consideration are recognized within business acquisition liabilities on our condensed consolidated balance sheets, and the changes in the fair value of contingent consideration are recognized within acquisition related costs in the condensed consolidated statements of income. As part of the StelKast Acquisition during the second quarter of 2019, we incurred a milestone-based contingent consideration liability.

The recurring Level 3 fair value measurements of our business acquisition liabilities include the following significant unobservable inputs, which have not materially changed since December 31, 2018:



(In thousands)	Fair Value at September 30, 2019		Valuation ‎technique	Unobservable ‎input	Range
				Discount rate	4.7%	-	8.5%
Revenue-based payments	$	8,891	Discounted cash flow	Probability of payment	75%	-	100%
				Projected year of payment	2019	-	2029

The following table provides a reconciliation of the beginning and ending balances of business acquisition liabilities:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Beginning balance	$	9,304	$	10,322	$	10,118	$	15,919
Purchase price contingent consideration		—		—		4,299		—
Changes resulting from foreign currency fluctuations		—		135		(9)		72
Contingent payments		(463)		(563)		(6,096)		(6,513)
Changes in fair value of business acquisition liabilities		50		177		579		593
Ending balance	$	8,891	$	10,071	$	8,891	$	10,071

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

INVENTORIES

9 Months Ended

Sep. 30, 2019

INVENTORIES [Abstract]

Inventories

NOTE 7. INVENTORIES



	September 30,		December 31,
(In thousands)	2019		2018
Raw materials	$	32,107	$	20,740
Work in process		14,756		13,179
Finished goods		140,197		97,335
Total inventories	$	187,060	$	131,254

ACCRUED EXPENSES

9 Months Ended

Sep. 30, 2019

ACCRUED EXPENSES [Abstract]

Accrued Expenses

NOTE 8. ACCRUED EXPENSES



	September 30,		December 31,
(In thousands)	2019		2018
Compensation and other employee-related costs	$	32,238	$	32,465
Legal and other settlements and expenses		4,468		6,684
Accrued non-income taxes		4,166		3,593
Royalties		2,159		2,500
Other		17,664		14,636
Total accrued expenses	$	60,695	$	59,878

EQUITY

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Equity

NOTE 10. EQUITY

Our amended and restated Certificate of Incorporation provides for a total of 785,000,000 authorized shares of common stock. Of the authorized number of shares of common stock, 500,000,000 shares are designated as Class A common stock (“Class A Common”), 275,000,000 shares are designated as Class B common stock (“Class B Common”) and 10,000,000 shares are designated as Class C common stock (“Class C Common”).

Our issued and outstanding common shares by Class were as follows:



(Shares)	Class A ‎Common	Class B ‎Common	Class C ‎Common	Total
September 30, 2019	76,972,926	22,430,097	—	99,403,023
December 31, 2018	76,143,257	22,430,097	—	98,573,354

The following table summarizes changes in total equity:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Total equity, beginning of period	$	1,287,526	$	1,097,186	$	1,185,516	$	967,778
Net income		38,307		35,208		109,681		119,724
Stock-based compensation cost		6,978		5,631		19,902		17,291
Exercise of stock options		7,082		3,112		19,350		36,245
Other comprehensive income		(1,098)		(20)		4,346		79
Total equity, end of period	$	1,338,795	$	1,141,117	$	1,338,795	$	1,141,117

The tables below present the changes in each component of accumulated other comprehensive income/(loss), including current period other comprehensive income/(loss) and reclassifications out of accumulated other comprehensive income/(loss):



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2018	$	(168)	$	(7,004)	$	(7,172)
Other comprehensive (loss)/income before reclassifications		5,266		319		5,585
Amounts reclassified from accumulated other comprehensive income, net of tax		(1,239)		—		(1,239)
Other comprehensive (loss)/income, net of tax		4,027		319		4,346
Accumulated other comprehensive loss, net of tax, at September 30, 2019	$	3,859	$	(6,685)	$	(2,826)



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2017	$	(313)	$	(6,594)	$	(6,907)
Other comprehensive (loss)/income before reclassifications		42		50		92
Amounts reclassified from accumulated other comprehensive income, net of tax		(13)		—		(13)
Other comprehensive (loss)/income, net of tax		29		50		79
Accumulated other comprehensive loss, net of tax, at September 30, 2018	$	(284)	$	(6,544)	$	(6,828)

STOCK-BASED COMPENSATION

9 Months Ended

Sep. 30, 2019

STOCK-BASED COMPENSATION [Abstract]

Stock-Based Compensation

NOTE 11. STOCK-BASED COMPENSATION

We have three stock plans: our Amended and Restated 2003 Stock Plan, our 2008 Stock Plan, and our 2012 Equity Incentive Plan (the “2012 Plan”). The 2012 Plan is the only remaining active stock plan. The purpose of these stock plans was, and the 2012 Plan is, to provide incentive to employees, directors, and consultants of Globus. The Plans are administered by the Board of Directors of Globus (the “Board”) or its delegates. The number, type of option, exercise price, and vesting terms are determined by the Board or its delegates in accordance with the terms of the Plans. The options granted expire on a date specified by the Board, but generally not more than ten years from the grant date. Option grants to employees generally vest in varying installments over a four-year period.

The 2012 Plan was approved by our Board in March 2012, and by our stockholders in June 2012. Under the 2012 Plan, the aggregate number of shares of Class A Common stock that may be issued subject to options and other awards is equal to the sum of (i) 3,076,923 shares, (ii) any shares available for issuance under the 2008 Plan as of March 13, 2012, (iii) any shares underlying awards outstanding under the 2008 Plan as of March 13, 2012 that, on or after that date, are forfeited, terminated, expired or lapse for any reason, or are settled for cash without delivery of shares and (iv) starting January 1, 2013, an annual increase in the number of shares available under the 2012 Plan equal to up to 3% of the number of shares of our common and preferred stock outstanding at the end of the previous year, as determined by our Board. The number of shares that may be issued or transferred pursuant to incentive stock options under the 2012 Plan is limited to 10,769,230 shares. The shares of Class A Common stock issuable under the 2012 Plan include authorized but unissued shares, treasury shares or shares of common stock purchased on the open market.

As of September 30, 2019, pursuant to the 2012 Plan, there were 14,905,194 shares of Class A Common stock reserved and 909,737 shares of Class A Common stock available for future grants.

The weighted average grant date fair value per share of the options awarded to employees were as follows:



	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2018		2019		2018
Weighted average grant date fair value per share	$	13.43	$	15.87	$	13.61	$	14.81

Stock option activity during the nine months ended September 30, 2019 is summarized as follows:



	Option ‎Shares (thousands)	Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎remaining ‎contractual ‎life (years)	Aggregate ‎intrinsic ‎value ‎(thousands)
Outstanding at December 31, 2018	9,668	$	31.45
Granted	2,643		45.77
Exercised	(829)		23.45
Forfeited	(525)		39.77
Outstanding at September 30, 2019	10,957	$	35.10	7.5	$	177,212
Exercisable at September 30, 2019	5,031	$	26.70	6.1	$	123,055
Expected to vest at September 30, 2019	5,926	$	42.24	8.6	$	54,157

The intrinsic value of stock options exercised and the compensation cost related to stock options granted to employees and non-employees under our stock plans was as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Intrinsic value of stock options exercised	$	8,849	$	7,565	$	19,533	$	55,719

Stock-based compensation expense	$	6,898	$	5,545	$	19,647	$	17,078
Net stock-based compensation capitalized into inventory		80		86		255		213
Total stock-based compensation cost	$	6,978	$	5,631	$	19,902	$	17,291

As of June 30, 2019, there was $64.2 million of unrecognized compensation expense related to unvested employee stock options that are expected to vest over a weighted average period of three years.

INCOME TAXES

9 Months Ended

Sep. 30, 2019

INCOME TAXES [Abstract]

Income Taxes

NOTE 12. INCOME TAXES

In computing our income tax provision, we make certain estimates and management judgments, such as estimated annual taxable income or loss, annual effective tax rate, the nature and timing of permanent and temporary differences between taxable income for financial reporting and tax reporting, and the recoverability of deferred tax assets. Our estimates and assumptions may change as new events occur, additional information is obtained, or as the tax environment changes. Should facts and circumstances change during a quarter causing a material change to the estimated effective income tax rate, a cumulative adjustment is recorded.

The following table provides a summary of our effective tax rate:



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2019	2018	2019	2018
Effective income tax rate	18.1%	17.3%	19.1%	15.1%

The change in effective income tax rates for the three and nine months ended September 30, 2019 and 2018 are primarily driven by changes in state tax laws. The change in the effective income tax rates for the nine months ended September 30, 2019 and 2018 is primarily driven by the reduction of benefits related to the exercise of stock based compensation (ASU 2016-09).

COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2019

COMMITMENTS AND CONTINGENCIES [Abstract]

Commitments and Contingencies

NOTE 13. COMMITMENTS AND CONTINGENCIES

We are involved in a number of proceedings, legal actions, and claims. Such matters are subject to many uncertainties, and the outcomes of these matters are not within our control and may not be known for prolonged periods of time. In some actions, the claimants seek damages, as well as other relief, including injunctions prohibiting us from engaging in certain activities, which, if granted, could require significant expenditures and/or result in lost revenues. We record a liability in the condensed consolidated financial statements

for these actions when a loss is known or considered probable and the amount can be reasonably estimated. If the reasonable estimate of a known or probable loss is a range, and no amount within the range is a better estimate than any other, the minimum amount of the range is accrued. If a loss is reasonably possible but not known or probable, and can be reasonably estimated, the estimated loss or range of loss is disclosed. In most cases, significant judgment is required to estimate the amount and timing of a loss to be recorded. While it is not possible to predict the outcome for most of the matters discussed, we believe it is possible that costs associated with them could have a material adverse impact on our consolidated earnings, financial position or cash flows.

L5 Litigation

In December 2009, we filed suit in the Court of Common Pleas of Montgomery County, Pennsylvania against our former exclusive independent distributor L5 Surgical, LLC and its principals, seeking an injunction and declaratory judgment concerning certain restrictive covenants made to L5 by its sales representatives. L5 brought counterclaims against us alleging tortious interference, unfair competition and conspiracy. The injunction phase was resolved in September 2010 and the remaining claims were fully resolved through settlement by the parties on February 6, 2019.

Bianco Litigation

On March 21, 2012, Sabatino Bianco filed suit against us in the Federal District Court for the Eastern District of Texas claiming that we misappropriated his trade secret and confidential information and improperly utilized it in developing our CALIBER^® product. On October 1, 2013, Bianco amended his complaint to claim that his trade secrets and confidential information were also used improperly in developing our RISE^® and CALIBER^®-L products.

On September 13, 2017, we settled this matter with Bianco for $11.5 million in cash, which resulted in the reversal of a previously recorded accrual of $2.5 million and the recording of $9.0 million in other assets that will be amortized through June 30, 2022, as a component of cost of goods sold.

Flexuspine, Inc. Litigation

On March 11, 2015, Flexuspine, Inc. filed suit against us in the U.S. District Court for the Eastern District of Texas for patent infringement. Flexuspine, Inc. alleged that Globus willfully infringed one or more claims of five patents by making, using, offering for sale or selling the CALIBER^®, CALIBER^®-L, and ALTERA^® products. On August 19, 2016, a jury returned a verdict in our favor finding no infringement of the asserted patents. On January 19, 2018 the United States Court of Appeals for the Federal Circuit affirmed the decisions of the lower court. On February 19, 2018, Flexuspine, Inc. filed a petition for panel rehearing in the United States Court of Appeals for the Federal Circuit. On March 7, 2018, the United States Court of Appeals for the Federal Circuit denied Flexuspine Inc.’s petition for panel rehearing.

In addition, we are subject to legal proceedings arising in the ordinary course of business.

LEASES

9 Months Ended

Sep. 30, 2019

LEASES [Abstract]

Leases

NOTE 14. LEASES

The Company leases certain equipment, vehicles, and facilities under operating leases. Our leases have initial lease terms ranging from one year to fourteen years. Certain leases contain options to extend terms beyond the lease termination date. In these leases, we use judgment to determine whether it is reasonably possible that we will extend the lease beyond the initial term and for how long. Leases that have terms of less than 12 months are treated as short-term and are not recognized as right of use assets or lease liabilities. As most leases do not provide an implicit rate, we use an incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. As of September 30, 2019, the Company’s short-term lease commitments and sublease income are immaterial.

The Company classifies right-of-use assets as Other assets, short-term lease liabilities as Accrued expenses, and long-term lease liabilities as Other liabilities on the Consolidated Balance Sheet. Lease expense is recognized, on a straight-line basis over the term of the lease, as a component of operating income on the Consolidated Statement of Income.

Amounts reported in the Consolidated Balance Sheet as of the nine months ended September 30, 2019 were as follows:



(In thousands, except weighted average lease term and discount rate)
Operating leases:
Right of use assets	$	2,129

Lease liability - short term		1,258
Lease liability - long term		871
Total operating lease liability	$	2,129

Lease expense as of September 30, 2019	$	2,318

Weighted-average remaining lease term - operating leases (in years)		2.6

Weighted-average discount rate		4.0%

Future minimum lease payments under non-cancellable leases as of the quarter ended September 30, 2019 are as follows:



(In thousands)	Operating ‎Leases
2019 (excluding the nine months ended September 30, 2019)	$	375
2020		1,095
2021		348
2022		225
2023		165
Thereafter		89
Total undiscounted leases payments	$	2,297
Less : imputed interest		168
Total lease liabilities	$	2,129

SEGMENT AND GEOGRAPHIC INFORMATION

9 Months Ended

Sep. 30, 2019

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Segment and Geographic Information

NOTE 15. SEGMENT AND GEOGRAPHIC INFORMATION

Operating segments are defined as components of an enterprise for which separate discrete financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. We globally manage the business within one operating segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance.

The following table represents total sales by geographic area, based on the location of the customer:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
United States	$	162,697	$	139,097	$	470,224	$	429,823
International		33,518		30,139		103,477		87,208
Total sales	$	196,215	$	169,236	$	573,701	$	517,031

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policy)

9 Months Ended

Sep. 30, 2019

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Basis of Presentation

Principles of Consolidation

Use of Estimates

Cash, Cash Equivalents, and Restricted Cash



	September 30,		December 31,		September 30,		December 31,
(In thousands)	2019		2018		2018		2017
Cash and cash equivalents	$	166,090	$	139,647	$	145,295	$	118,817
Restricted cash		100		100		—		—
Total cash, cash equivalents, and restricted cash as presented in the condensed consolidated statement of cash flows	$	166,190	$	139,747	$	145,295	$	118,817

Marketable Securities

Inventories

Property and Equipment

Purchases of property and equipment included in accounts payable and accrued expenses were $6.0 million and $7.9 million during the nine months ended September 30, 2019 and 2018, respectively.

Revenue Recognition

Nature of Products and Services

Contract Balances

Disaggregation of Revenue

The following table represents total sales by revenue stream:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Musculoskeletal Solutions products	$	182,324	$	163,068	$	540,620	$	484,400
Enabling Technologies products		13,891		6,168		33,081		32,631
Total sales	$	196,215	$	169,236	$	573,701	$	517,031

Recently Issued Accounting Pronouncements

(j) Recently Issued Accounting Pronouncements

(k) Recently Adopted Accounting Pronouncements

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

9 Months Ended

Sep. 30, 2019

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES [Abstract]

Schedule Of Reconciliation Of Cash And Cash Equivalents Restricted Cash And Cash Equivalents [Table Text Block]



	September 30,		December 31,		September 30,		December 31,
(In thousands)	2019		2018		2018		2017
Cash and cash equivalents	$	166,090	$	139,647	$	145,295	$	118,817
Restricted cash		100		100		—		—
Total cash, cash equivalents, and restricted cash as presented in the condensed consolidated statement of cash flows	$	166,190	$	139,747	$	145,295	$	118,817

Disaggregation of Revenue [Table Text Block]

Disaggregation of Revenue

The following table represents total sales by revenue stream:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Musculoskeletal Solutions products	$	182,324	$	163,068	$	540,620	$	484,400
Enabling Technologies products		13,891		6,168		33,081		32,631
Total sales	$	196,215	$	169,236	$	573,701	$	517,031

GOODWILL AND INTANGIBLE ASSETS (Tables)

9 Months Ended

Sep. 30, 2019

GOODWILL AND INTANGIBLE ASSETS [Abstract]

Intangible Assets Acquired as Part of Business Combination

A summary of intangible assets is presented below:



		September 30, 2019
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
Supplier network	10.0	$	4,000	$	(1,967)	$	2,033
Customer relationships & other intangibles	7.0		47,285		(23,007)		24,278
Developed technology	8.6		57,314		(8,457)		48,857
Patents	16.3		8,372		(1,571)		6,801
Total intangible assets		$	116,971	$	(35,002)	$	81,969



		December 31, 2018
(In thousands)	Weighted Average Amortization Period (in years)	Gross ‎Carrying ‎Amount		Accumulated ‎Amortization		Intangible ‎Assets, ‎net
In-process research & development	—	$	19,813	$	—	$	19,813
Supplier network	10.0		4,000		(1,667)		2,333
Customer relationships & other intangibles	6.7		42,413		(17,746)		24,667
Developed technology	8.6		37,547		(3,498)		34,049
Patents	16.5		7,764		(1,303)		6,461
Total intangible assets		$	111,537	$	(24,214)	$	87,323

Schedule of Goodwill [Table Text Block]

A summary of the net carrying value of goodwill is presented below:



(In thousands)
December 31, 2017	$	123,890
Additions and adjustments		—
Foreign exchange		(156)
December 31, 2018		123,734
Additions and adjustments		5,173
Foreign exchange		97
September 30, 2019	$	129,004

MARKETABLE SECURITIES (Tables)

9 Months Ended

Sep. 30, 2019

MARKETABLE SECURITIES [Abstract]

Marketable Securities

The composition of our short-term and long-term marketable securities is as follows:



		September 30, 2019
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross Unrealized Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	4,665	$	24	$	—	$	4,689
Corporate debt securities	Less than 1		50,539		188		—		50,727
Commercial paper	Less than 1		41,229		3		(5)		41,227
U.S. government and agency securities	Less than 1		9,994		1		—		9,995
Asset-backed securities	Less than 1		4,760		4		(0)		4,764
Total short-term marketable securities		$	111,187	$	220	$	(5)	$	111,402

Long-term:
Municipal bonds	1 - 3	$	29,935	$	246	$	(1)	$	30,180
Corporate debt securities	1 - 3		189,283		2,673		—		191,956
Asset-backed securities	1 - 3		151,206		1,868		(23)		153,051
U.S. government and agency securities	1 - 2		7,842		70		—		7,912
Total long-term marketable securities		$	378,266	$	4,857	$	(24)	$	383,099



		December 31, 2018
(In thousands)	Contractual ‎Maturity ‎(in years)	Amortized ‎Cost		Gross ‎Unrealized ‎Gains		Gross ‎Unrealized ‎Losses		Fair ‎Value
Short-term:
Municipal bonds	Less than 1	$	14,923	$	—	$	(25)	$	14,898
Corporate debt securities	Less than 1		118,823		—		(185)		118,638
Commercial paper	Less than 1		50,202		3		(11)		50,194
U.S. government and agency securities	Less than 1		4,497		—		(1)		4,496
Asset-backed securities	Less than 1		11,765		—		(54)		11,711
Total short-term marketable securities		$	200,210	$	3	$	(276)	$	199,937

Long-term:
Municipal bonds	1 - 2	$	2,676	$	—	$	(4)	$	2,672
Corporate debt securities	1 - 3		127,676		196		(295)		127,577
Asset-backed securities	1 - 3		128,297		262		(89)		128,470
U.S. government and agency securities	1 - 3		4,411		—		(13)		4,398
Total long-term marketable securities		$	263,060	$	458	$	(401)	$	263,117

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2019

FAIR VALUE MEASUREMENTS [Abstract]

Fair Value, Assets Measured on Recurring Basis



(In thousands)	Balance at ‎September 30, ‎2019		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	35,712	$	750	$	34,962	$	—
Municipal bonds		34,869		—		34,869		—
Corporate debt securities		242,684		—		242,684		—
Commercial paper		41,227		—		41,227		—
Asset-backed securities		157,815		—		157,815		—
Government, federal agency, and other sovereign obligations		17,907		—		17,907		—
Liabilities
Business acquisition liabilities		8,891		—		—		8,891



(In thousands)	Balance at ‎December 31, ‎2018		Level 1		Level 2		Level 3
Assets
Cash equivalents	$	48,040	$	259	$	47,781	$	—
Municipal bonds		17,570		—		17,570		—
Corporate debt securities		246,215		—		246,215		—
Commercial paper		50,194		—		50,194		—
Asset-backed securities		140,181		—		140,181		—
Government, federal agency, and other sovereign obligations		8,894		—		8,894		—
Liabilities
Business acquisition liabilities		10,118		—		—		10,118

Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]



(In thousands)	Fair Value at September 30, 2019		Valuation ‎technique	Unobservable ‎input	Range
				Discount rate	4.7%	-	8.5%
Revenue-based payments	$	8,891	Discounted cash flow	Probability of payment	75%	-	100%
				Projected year of payment	2019	-	2029

Rollforward of contingent consideration

The following table provides a reconciliation of the beginning and ending balances of business acquisition liabilities:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Beginning balance	$	9,304	$	10,322	$	10,118	$	15,919
Purchase price contingent consideration		—		—		4,299		—
Changes resulting from foreign currency fluctuations		—		135		(9)		72
Contingent payments		(463)		(563)		(6,096)		(6,513)
Changes in fair value of business acquisition liabilities		50		177		579		593
Ending balance	$	8,891	$	10,071	$	8,891	$	10,071

ACCRUED EXPENSES (Tables)

9 Months Ended

Sep. 30, 2019

ACCRUED EXPENSES [Abstract]

Accrued Expenses



	September 30,		December 31,
(In thousands)	2019		2018
Compensation and other employee-related costs	$	32,238	$	32,465
Legal and other settlements and expenses		4,468		6,684
Accrued non-income taxes		4,166		3,593
Royalties		2,159		2,500
Other		17,664		14,636
Total accrued expenses	$	60,695	$	59,878

INVENTORIES (Tables)

9 Months Ended

Sep. 30, 2019

INVENTORIES [Abstract]

Schedule of Inventory



	September 30,		December 31,
(In thousands)	2019		2018
Raw materials	$	32,107	$	20,740
Work in process		14,756		13,179
Finished goods		140,197		97,335
Total inventories	$	187,060	$	131,254

EQUITY (Tables)

9 Months Ended

Sep. 30, 2019

Equity [Abstract]

Schedule of Issued and Outstanding Shares by Class

Our issued and outstanding common shares by Class were as follows:



(Shares)	Class A ‎Common	Class B ‎Common	Class C ‎Common	Total
September 30, 2019	76,972,926	22,430,097	—	99,403,023
December 31, 2018	76,143,257	22,430,097	—	98,573,354

Schedule of Stockholders Equity

The following table summarizes changes in total equity:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Total equity, beginning of period	$	1,287,526	$	1,097,186	$	1,185,516	$	967,778
Net income		38,307		35,208		109,681		119,724
Stock-based compensation cost		6,978		5,631		19,902		17,291
Exercise of stock options		7,082		3,112		19,350		36,245
Other comprehensive income		(1,098)		(20)		4,346		79
Total equity, end of period	$	1,338,795	$	1,141,117	$	1,338,795	$	1,141,117

Accumulated Other Comprehensive Income/(Loss), Net of Tax



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2018	$	(168)	$	(7,004)	$	(7,172)
Other comprehensive (loss)/income before reclassifications		5,266		319		5,585
Amounts reclassified from accumulated other comprehensive income, net of tax		(1,239)		—		(1,239)
Other comprehensive (loss)/income, net of tax		4,027		319		4,346
Accumulated other comprehensive loss, net of tax, at September 30, 2019	$	3,859	$	(6,685)	$	(2,826)



(In thousands)	Unrealized ‎gain/(loss) on ‎marketable ‎securities, ‎net of tax		Foreign ‎currency ‎translation ‎adjustments		Accumulated ‎other ‎comprehensive ‎loss
Accumulated other comprehensive loss, net of tax, at December 31, 2017	$	(313)	$	(6,594)	$	(6,907)
Other comprehensive (loss)/income before reclassifications		42		50		92
Amounts reclassified from accumulated other comprehensive income, net of tax		(13)		—		(13)
Other comprehensive (loss)/income, net of tax		29		50		79
Accumulated other comprehensive loss, net of tax, at September 30, 2018	$	(284)	$	(6,544)	$	(6,828)

- Definition

Tabular disclosure of an entity's stock, including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock and other information necessary to a fair presentation, and EPS information. Stock by class includes common, convertible, and preferred stocks which are not redeemable or redeemable solely at the option of the issuer. Includes preferred stock with redemption features that are solely within the control of the issuer and mandatorily redeemable stock if redemption is required to occur only upon liquidation or termination of the reporting entity. If more than one issue is outstanding, state the title of each issue and the corresponding dollar amount; dollar amount of any shares subscribed but unissued and the deduction of subscriptions receivable there from; number of shares authorized, issued, and outstanding.

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+ Details

STOCK-BASED COMPENSATION (Tables)

9 Months Ended

Sep. 30, 2019

STOCK-BASED COMPENSATION [Abstract]

Grants in Period, Weighted Average Grant Date Fair Value

The weighted average grant date fair value per share of the options awarded to employees were as follows:



	Three Months Ended				Nine Months Ended
	September 30,		September 30,		September 30,		September 30,
	2019		2018		2019		2018
Weighted average grant date fair value per share	$	13.43	$	15.87	$	13.61	$	14.81

Summary of Stock Option Activity

Stock option activity during the nine months ended September 30, 2019 is summarized as follows:



	Option ‎Shares (thousands)	Weighted ‎average ‎exercise ‎price		Weighted ‎average ‎remaining ‎contractual ‎life (years)	Aggregate ‎intrinsic ‎value ‎(thousands)
Outstanding at December 31, 2018	9,668	$	31.45
Granted	2,643		45.77
Exercised	(829)		23.45
Forfeited	(525)		39.77
Outstanding at September 30, 2019	10,957	$	35.10	7.5	$	177,212
Exercisable at September 30, 2019	5,031	$	26.70	6.1	$	123,055
Expected to vest at September 30, 2019	5,926	$	42.24	8.6	$	54,157

Intrinsic Value and Stock-based Compensation Schedule

The intrinsic value of stock options exercised and the compensation cost related to stock options granted to employees and non-employees under our stock plans was as follows:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
Intrinsic value of stock options exercised	$	8,849	$	7,565	$	19,533	$	55,719

Stock-based compensation expense	$	6,898	$	5,545	$	19,647	$	17,078
Net stock-based compensation capitalized into inventory		80		86		255		213
Total stock-based compensation cost	$	6,978	$	5,631	$	19,902	$	17,291

INCOME TAXES (Tables)

9 Months Ended

Sep. 30, 2019

INCOME TAXES [Abstract]

Effective income tax rate

The following table provides a summary of our effective tax rate:



	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2019	2018	2019	2018
Effective income tax rate	18.1%	17.3%	19.1%	15.1%

LEASES (Tables)

9 Months Ended

Sep. 30, 2019

LEASES [Abstract]

Schedule Of Supplemental Balance Sheet Information Related To Leases

Amounts reported in the Consolidated Balance Sheet as of the nine months ended September 30, 2019 were as follows:



(In thousands, except weighted average lease term and discount rate)
Operating leases:
Right of use assets	$	2,129

Lease liability - short term		1,258
Lease liability - long term		871
Total operating lease liability	$	2,129

Lease expense as of September 30, 2019	$	2,318

Weighted-average remaining lease term - operating leases (in years)		2.6

Weighted-average discount rate		4.0%

Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block]

Future minimum lease payments under non-cancellable leases as of the quarter ended September 30, 2019 are as follows:



(In thousands)	Operating ‎Leases
2019 (excluding the nine months ended September 30, 2019)	$	375
2020		1,095
2021		348
2022		225
2023		165
Thereafter		89
Total undiscounted leases payments	$	2,297
Less : imputed interest		168
Total lease liabilities	$	2,129

SEGMENT AND GEOGRAPHIC INFORMATION (Tables)

9 Months Ended

Sep. 30, 2019

SEGMENT AND GEOGRAPHIC INFORMATION [Abstract]

Schedule Of Revenue From External Customers By Geographical Area International And Domestic [Table Text Block]

The following table represents total sales by geographic area, based on the location of the customer:



	Three Months Ended				Nine Months Ended
	September 30,				September 30,
(In thousands)	2019		2018		2019		2018
United States	$	162,697	$	139,097	$	470,224	$	429,823
International		33,518		30,139		103,477		87,208
Total sales	$	196,215	$	169,236	$	573,701	$	517,031

BACKGROUND AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Dec. 31, 2018	Dec. 31, 2017
Summary Of Significant Accounting Policies [Line Items]
Revenues	$ 196,215	$ 169,236	$ 573,701	$ 517,031
Cash and cash equivalents	166,090	145,295	166,090	145,295	$ 139,647	$ 118,817
Restricted Cash	100		100		100
Capital Expenditures Incurred but Not yet Paid			6,000	7,900
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$ 166,190	$ 145,295	166,190	145,295	$ 139,747	$ 118,817
Payments to Acquire Investments			277,446	382,347
Proceeds from Sale of Available-for-sale Securities			$ 46,474	$ 85,234
Diluted	$ 0.38	$ 0.35	$ 1.08	$ 1.18
Musculoskeletal Solutions [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenues	$ 182,324	$ 163,068	$ 540,620	$ 484,400
Enabling Technologies [Member]
Summary Of Significant Accounting Policies [Line Items]
Revenues	$ 13,891	$ 6,168	$ 33,081	$ 32,631

BUSINESS COMBINATIONS (Details) - USD ($) $ in Millions			9 Months Ended
BUSINESS COMBINATIONS (Details) - USD ($) $ in Millions	May 14, 2019	Sep. 05, 2018	Sep. 30, 2019
Business Combinations [Abstract]
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Inventory			$ 15.3
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Property, Plant, and Equipment			4.2
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Finite-Lived Intangibles			3.9
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Contingent Liability			5.0
Payments to Acquire Businesses, Gross		$ 15.2	24.1
Goodwill, Acquired During Period			5.2
Business Combination, Consideration Transferred	$ 4.3		$ 28.4

NOTE RECEIVABLE (Details) - USD ($) $ in Millions	9 Months Ended
NOTE RECEIVABLE (Details) - USD ($) $ in Millions	Sep. 30, 2019	Dec. 20, 2016	Sep. 01, 2016
Note Receivable [Line Items]
Proceeds from Collection of Notes Receivable	$ 29.3
Maximum [Member]
Note Receivable [Line Items]
Note Receivable, gross, noncurrent	$ 30.0
Minimum [Member]
Note Receivable [Line Items]
Note receivable, basis spread on variable rate	9.50%
Initial [Member]
Note Receivable [Line Items]
Note Receivable, gross, noncurrent			$ 25.0
Final [Member]
Note Receivable [Line Items]
Note Receivable, gross, noncurrent		$ 5.0
First Two Years [Member]
Note Receivable [Line Items]
Note receivable, basis spread on variable rate	8.00%
Last Three Years [Member]
Note Receivable [Line Items]
Note receivable, basis spread on variable rate	13.00%

GOODWILL AND INTANGIBLE ASSETS (Details) - USD ($) $ in Thousands		9 Months Ended	12 Months Ended
	Sep. 05, 2018	Sep. 30, 2019	Dec. 31, 2018	Jun. 30, 2019	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017
Acquired Intangible Assets [Line Items]
Payments to Acquire Businesses, Gross	$ 15,200	$ 24,100
Intangible Assets Gross		116,971	$ 111,537
Accumulated amortization		(35,002)	(24,214)
Intangible assets, net		81,969	87,323
Business Combination, Contingent Consideration, Liability	$ 10,000	$ 8,891	$ 10,118	$ 9,304	$ 10,071	$ 10,322	$ 15,919
Supplier Network [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period		10 years	10 years
Gross carrying amount		$ 4,000	$ 4,000
Accumulated amortization		(1,967)	(1,667)
Intangible assets, net		$ 2,033	$ 2,333
Customer Relationships [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period		7 years	6 years 8 months 12 days
Gross carrying amount		$ 47,285	$ 42,413
Accumulated amortization		(23,007)	(17,746)
Intangible assets, net		$ 24,278	$ 24,667
Developed Technology Rights [Member]
Acquired Intangible Assets [Line Items]
Intangible Assets, Explanation of Significant Additions		$19.8
Weighted average amortization period	7 years	8 years 7 months 6 days	8 years 7 months 6 days
Gross carrying amount		$ 57,314	$ 37,547
Accumulated amortization		(8,457)	(3,498)
Intangible assets, net		$ 48,857	$ 34,049
Patents [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period		16 years 3 months 18 days	16 years 6 months
Gross carrying amount		$ 8,372	$ 7,764
Accumulated amortization		(1,571)	(1,303)
Intangible assets, net		$ 6,801	6,461
In Process Research and Development [Member]
Acquired Intangible Assets [Line Items]
Weighted average amortization period		8 years 6 months
Gross carrying amount			19,813
Intangible assets, net			$ 19,813

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Dec. 31, 2018	Sep. 05, 2018
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents					$ 35,712	$ 48,040
Contingent consideration	$ 8,891	$ 10,322	$ 8,891	$ 15,919	8,891	10,118	$ 10,000
Contingent consideration, beginning balance	9,304	10,322	10,118	15,919
Contingent consideration currency translation loss/(gain)		135	(9)	72
Contingent Payments	(463)	(563)	(6,096)	(6,513)
Changes in fair value of contingent consideration	50	177	579	593
Contingent consideration, ending balance	$ 8,891	$ 10,071	$ 8,891	$ 10,071
Purchase price contingent consideration	—	—	4,299	—
Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Probability of Payment			75.00%
Projected Year Of Payment			2019
Maximum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate			8.50%
Probability of Payment			100.00%
Projected Year Of Payment			2029
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents					750	259
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash equivalents					34,962	47,781
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Contingent consideration	$ 8,891		$ 8,891		8,891	10,118
Contingent consideration, beginning balance			10,118
Contingent consideration, ending balance	$ 8,891		$ 8,891
Municipal Bonds [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					34,869	17,570
Municipal Bonds [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					34,869	17,570
Corporate Debt Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					242,684	246,215
Corporate Debt Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					242,684	246,215
Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					41,227	50,194
Commercial Paper [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					41,227	50,194
Asset-backed Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					157,815	140,181
Asset-backed Securities [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					157,815	140,181
Government, federal agency, and other sovereign obligations [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					17,907	8,894
Government, federal agency, and other sovereign obligations [Member] \| Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Debt Securities, Available-for-sale					$ 17,907	$ 8,894
Measurement Input, Discount Rate [Member] \| Minimum [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Discount Rate			4.70%

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
INVENTORIES [Abstract]
Raw Materials	$ 32,107	$ 20,740
Work in process	14,756	13,179
Finished goods	140,197	97,335
Total inventories	$ 187,060	$ 131,254

ACCRUED EXPENSES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
ACCRUED EXPENSES [Abstract]
Compensation and other employee-related costs	$ 32,238	$ 32,465
Legal and other settlements and expenses	4,468	6,684
Accrued non-income taxes	4,166	3,593
Royalties	2,159	2,500
Other	17,664	14,636
Total accrued expenses	$ 60,695	$ 59,878

DEBT (Details) - USD ($)	9 Months Ended
DEBT (Details) - USD ($)	Sep. 30, 2019	Jun. 30, 2018	May 31, 2011
Debt Instrument [Line Items]
Credit facility, current borrowing capacity	$ 125,000,000.0	$ 50,000,000.0	$ 50,000,000.0
Credit facility, maximum borrowing capacity	150,000,000.0
Credit facility, outstanding borrowings	$ 0
Credit facility, termination period without penalty	10 days
Line Of Credit Variable Rate Per Annum [Member]
Debt Instrument [Line Items]
Credit facility, period of variable rate	1 month
Credit facility, basis spread on variable rate	0.75%
Line Of Credit Fixed Rate [Member]
Debt Instrument [Line Items]
Credit facility, basis spread on variable rate	0.75%
Line Of Credit Fixed Rate [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Credit facility, period of variable rate	1 month
Line Of Credit Fixed Rate [Member] \| Maximum [Member]
Debt Instrument [Line Items]
Credit facility, period of variable rate	3 months
Letter of Credit [Member]
Debt Instrument [Line Items]
Credit facility, maximum borrowing capacity	$ 25,000,000.0

EQUITY (Schedule of Issued and Outstanding Shares) (Details) - shares	Sep. 30, 2019	Dec. 31, 2018
Class of Stock [Line Items]
Common stock, shares issued	99,403,023	98,573,354
Common stock, shares outstanding	99,403,023	98,573,354
Common Class A [Member]
Class of Stock [Line Items]
Common stock, shares issued	76,972,926	76,143,257
Common stock, shares outstanding	76,972,926	76,143,257
Common Class B [Member]
Class of Stock [Line Items]
Common stock, shares issued	22,430,097	22,430,097
Common stock, shares outstanding	22,430,097	22,430,097
Common Class C [Member]
Class of Stock [Line Items]
Common stock, shares issued

EQUITY (Stockholders' Equity Rollforward) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Total equity, beginning of period	$ 1,287,526	$ 1,097,186	$ 1,185,516	$ 967,778
Net income	38,307	35,208	109,681	119,724
Stock-based compensation cost	6,978	5,631	19,902	17,291
Exercise of stock options	7,082	3,112	19,350	36,245
Other comprehensive income	(1,098)	(20)	4,346	79
Total equity, end of period	$ 1,338,795	$ 1,141,117	$ 1,338,795	$ 1,141,117

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References + Details

EQUITY (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
Accumulated other comprehensive loss, net of tax			$ (7,172)	$ (6,907)
Other comprehensive income before reclassifications			5,585	92
Amounts reclassified from accumulated other comprehensive income, net of tax			(1,239)	(13)
Other comprehensive income/(loss), net of tax	$ (1,098)	$ (20)	4,346	79
Accumulated other comprehensive loss, net of tax	(2,826)	(6,828)	(2,826)	(6,828)
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member]
Accumulated other comprehensive loss, net of tax			(168)	(313)
Other comprehensive income before reclassifications			5,266	42
Amounts reclassified from accumulated other comprehensive income, net of tax			(1,239)	(13)
Other comprehensive income/(loss), net of tax			4,027	29
Accumulated other comprehensive loss, net of tax	3,859	(284)	3,859	(284)
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated other comprehensive loss, net of tax			(7,004)	(6,594)
Other comprehensive income before reclassifications			319	50
Other comprehensive income/(loss), net of tax			319	50
Accumulated other comprehensive loss, net of tax	$ (6,685)	$ (6,544)	$ (6,685)	$ (6,544)

STOCK-BASED COMPENSATION (Narrative) (Details) $ in Millions	9 Months Ended
	Sep. 30, 2019 USD ($) ShareBasedCompensationPlan shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of stock plans \| ShareBasedCompensationPlan	3
Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum contractual term	10 years
Award vesting period	4 years
Unrecognized compensation expense, unvested stock options \| $	$ 64.2
Weighted average period of recognition, unvested stock options	3 years
2012 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Base number of shares that may be issuable under stock plan	3,076,923
2012 Equity Incentive Plan [Member] \| Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	10,769,230
Annual percentage limit for incremental shares that may be issued	3.00%
2012 Equity Incentive Plan [Member] \| Common Class A [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant	909,737
Shares reserved under the 2012 Equity Incentive Plan	14,905,194

STOCK-BASED COMPENSATION (Stock Option Activity) (Details) $ / shares in Units, shares in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($) $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Number of shares outstanding beginning balance \| shares	9,668
Number of shares granted \| shares	2,643
Number of shares exercised \| shares	(829)
Number of shares forfeited \| shares	(525)
Number of shares outstanding ending balance \| shares	10,957
Number of shares exercisable \| shares	5,031
Number of shares expected to vest \| shares	5,926
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price
Weighted average exercise price per share outstanding beginning balance \| $ / shares	$ 31.45
Weighted average exercise price per share granted \| $ / shares	45.77
Weighted average exercise price per share exercised \| $ / shares	23.45
Weighted average exercise price per share forfeited \| $ / shares	39.77
Weighted average exercise price per share outstanding ending balance \| $ / shares	35.10
Weighted average exercise price per share exercisable \| $ / shares	26.70
Weighted average exercise price per share expected to vest \| $ / shares	$ 42.24
Weighted average remaining contractual life outstanding	7 years 6 months
Weighted average remaining contractual life exercisable	6 years 1 month 6 days
Weighted average remaining contractual life expected to vest	8 years 7 months 6 days
Aggregate intrinsic value outstanding \| $	$ 177,212
Aggregate intrinsic value exercisable \| $	123,055
Aggregate intrinsic value expected to vest \| $	$ 54,157

STOCK-BASED COMPENSATION (Compensation Expense Related to Stock Options and Their Intrinsic Values) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
STOCK-BASED COMPENSATION [Abstract]
Intrinsic value of stock options exercised	$ 8,849	$ 7,565	$ 19,533	$ 55,719
Stock-based compensation expense	6,898	5,545	19,647	17,078
Net stock-based compensation capitalized into inventory	80	86	255	213
Total stock-based compensation cost	$ 6,978	$ 5,631	$ 19,902	$ 17,291

LEASES (Schedule of Supplemental Balance Sheet Information Related to Leases) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2019 USD ($)
LEASES [Abstract]
Right of use assets	$ 2,129
Lease liability - short term	1,258
Lease liability - long term	871
Total operating lease liability	2,129
Lease expense as of June 30, 2019	$ 2,318
Weighted-average remaining lease term - operating leases (in years)	2 years 7 months 6 days
Weighted-average discount rate	4.00%

LEASES (Future Minimum Lease Payments) (Details) $ in Thousands	Sep. 30, 2019 USD ($)
LEASES [Abstract]
2019 (excluding the six months ended June 30, 2019)	$ 375
2020	1,095
2021	348
2022	225
2023	165
Thereafter	89
Total undiscounted leases payments	2,297
Less : imputed interest	168
Total operating lease liability	$ 2,129

SEGMENT AND GEOGRAPHIC INFORMATION (Geographic Location) (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2019 USD ($)	Sep. 30, 2018 USD ($)	Sep. 30, 2019 USD ($) segment	Sep. 30, 2018 USD ($)
Schedule Of Sales By Geographic Area [Line Items]
Revenues	$ 196,215	$ 169,236	$ 573,701	$ 517,031
Number of Operating Segments \| segment			1
United States [Member]
Schedule Of Sales By Geographic Area [Line Items]
Revenues	162,697	139,097	$ 470,224	429,823
International [Member]
Schedule Of Sales By Geographic Area [Line Items]
Revenues	$ 33,518	$ 30,139	$ 103,477	$ 87,208

MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
MARKETABLE SECURITIES (Details) - USD ($) $ in Thousands	Sep. 30, 2019	Dec. 31, 2018
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Current	$ 111,402	$ 199,937
Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Probabilityof Payment	75.00%
Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Probabilityof Payment	100.00%
Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	$ 34,869	17,570
Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	242,684	246,215
Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	41,227	50,194
Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	157,815	140,181
Government, federal agency, and other sovereign obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale	$ 17,907	$ 8,894
Short-term Investments [Member] \| Municipal Bonds [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Corporate Debt Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Commercial Paper [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Asset-backed Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Short-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Municipal Bonds [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Municipal Bonds [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	2 years
Other Long-term Investments [Member] \| Corporate Debt Securities [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Corporate Debt Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	3 years
Other Long-term Investments [Member] \| Asset-backed Securities [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Asset-backed Securities [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	3 years	3 years
Other Long-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member] \| Minimum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	1 year	1 year
Other Long-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member] \| Maximum [Member]
Debt Securities, Available-for-sale [Line Items]
Contractual Maturity	2 years	3 years
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	$ 111,187	$ 200,210
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	220	3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(5)	(276)
Debt Securities, Available-for-sale		199,937
Debt Securities, Available-for-sale, Current	111,402
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4,665	14,923
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	24
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(25)
Debt Securities, Available-for-sale	4,689	14,898
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	50,539	118,823
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	188
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(185)
Debt Securities, Available-for-sale	50,727	118,638
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Commercial Paper [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	41,229	50,202
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	3	3
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(5)	(11)
Debt Securities, Available-for-sale	41,227	50,194
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	4,760	11,765
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	4
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	0	(54)
Debt Securities, Available-for-sale	4,764	11,711
Fair Value, Measurements, Recurring [Member] \| Short-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	9,994	4,497
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(1)
Debt Securities, Available-for-sale	9,995	4,496
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	378,266	263,060
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	4,857	458
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(24)	(401)
Debt Securities, Available-for-sale	383,099	263,117
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Municipal Bonds [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	29,935	2,676
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	246
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(1)	(4)
Debt Securities, Available-for-sale	30,180	2,672
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Corporate Debt Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	189,283	127,676
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	2,673	196
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(295)
Debt Securities, Available-for-sale	191,956	127,577
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Asset-backed Securities [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	151,206	128,297
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	1,868	262
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	(23)	(89)
Debt Securities, Available-for-sale	153,051	128,470
Fair Value, Measurements, Recurring [Member] \| Other Long-term Investments [Member] \| Government, federal agency, and other sovereign obligations [Member]
Debt Securities, Available-for-sale [Line Items]
Debt Securities, Available-for-sale, Amortized Cost	7,842	4,411
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	70
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax		(13)
Debt Securities, Available-for-sale	$ 7,912	$ 4,398

COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	9 Months Ended
COMMITMENTS AND CONTINGENCIES (Details) $ in Millions	Sep. 30, 2019 USD ($)	Mar. 11, 2015 claim
Prepaid royalty	$ 9.0
Accrual Reversal	2.5
Bianco Litigation [Member]
Payments for Legal Settlements	$ 11.5
Minimum [Member] \| Flexuspine, Inc. Litigation [Member]
Loss Contingency, Pending Claims, Number \| claim		1
Maximum [Member] \| Flexuspine, Inc. Litigation [Member]
Loss Contingency, Pending Claims, Number \| claim		5

INCOME TAXES (Details)	3 Months Ended		9 Months Ended
INCOME TAXES (Details)	Sep. 30, 2019	Sep. 30, 2018	Sep. 30, 2019	Sep. 30, 2018
INCOME TAXES [Abstract]
Effective income tax rate	18.10%	17.30%	19.10%	15.10%

LEASES (Narrative) (Details)	Sep. 30, 2019
LEASES [Abstract]
Lessee, Operating Lease, Term of Contract	12 months