Business Context and Reporting Period
This Form 8-K is a current report filed by Globus Medical, Inc. on April 16, 2015. The filing addresses a change in the company's certifying accountant rather than reporting on a specific fiscal period's operational results.
Financial Metrics
This filing does not contain financial performance data such as revenue, profit, cash flow, margins, debt, or liquidity. The document focuses exclusively on the departure of the independent registered public accounting firm.
Material Changes
- Accountant Departure: KPMG LLP notified Globus Medical on April 16, 2015, that it declines to stand for reelection as the independent registered public accounting firm following the completion of its review of the financial statements for the quarter ended March 31, 2015.
- Audit Committee Action: The Audit Committee of the Board of Directors accepted KPMG's decision.
- Historical Audit Status: KPMG's audit reports for the fiscal years ended December 31, 2014, and 2013 contained no adverse opinions, disclaimers, or qualifications regarding uncertainty, scope, or accounting principles.
- Disagreements: There were no disagreements between the Company and KPMG regarding accounting principles, practices, disclosures, or auditing scope/procedures during the fiscal years 2013-2014 or the interim period through April 16, 2015.
- Reportable Events: No "reportable events" as defined in Regulation S-K Item 304(a)(1)(v) occurred during the relevant periods.
Guidance, Outlook, and Risks
The filing contains no management guidance, outlook, or discussion of future risks. The primary contingency noted is the need to appoint a new independent registered public accounting firm to replace KPMG. A letter from KPMG confirming the statements in this report is filed as Exhibit 16.1.
Key Facts for Investor Verification
- Verify the appointment of a new independent registered public accounting firm in subsequent filings.
- Confirm that the departure of KPMG was not preceded by any undisclosed disagreements on accounting or auditing matters.
- Review the upcoming Form 10-Q for the quarter ended March 31, 2015, to assess the financial impact of the transition.