Globus Medical (NYSE:GMED) Posts Quarterly Earnings Results, Beats Expectations By $0.17 EPS

Globus Medical (NYSE:GMED) posted its quarterly earnings data on Tuesday. The medical device company reported $0.72 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.55 by $0.17, Briefing.com reports. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. During the same quarter last year, the firm earned $0.53 earnings per share. The business’s revenue was up 119.3% on a year-over-year basis. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Stock Performance

Shares of GMED traded up $10.52 during trading hours on Wednesday, reaching $61.88. 5,087,509 shares of the company traded hands, compared to its average volume of 1,154,676. Globus Medical has a 1-year low of $43.38 and a 1-year high of $65.74. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The stock has a market cap of $8.38 billion, a P/E ratio of 53.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The stock’s fifty day moving average is $52.36 and its 200 day moving average is $51.19.

Insider Buying and Selling

In other news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $51.99, for a total transaction of $550,574.10. Following the completion of the sale, the director now owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 24.30% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the company. BTIG Research raised their price objective on Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research report on Wednesday. Piper Sandler lifted their target price on Globus Medical from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday. Truist Financial lifted their target price on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $66.60.

Globus Medical Company Profile

Globus Medical, Inc, a medical device company, develops and commercializes healthcare solutions for patients with musculoskeletal disorders in the United States and internationally. The company offers spine products, such as traditional fusion implants comprising pedicle screw and rod systems, plating systems, intervertebral spacers, and corpectomy devices for treating degenerative and congenital conditions, deformity, tumors, and trauma injuries; treatment options for motion preservation technologies that consist of dynamic stabilization, total disc replacement, and interspinous distraction devices; interventional solutions to treat vertebral compression fractures; and regenerative biologic products comprising of allografts and synthetic alternatives.