Globus Medical (NYSE:GMED) Issues FY24 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $2.80-2.90 for the period, compared to the consensus EPS estimate of $2.82. The company issued revenue guidance of $2.47-2.49 billion, compared to the consensus revenue estimate of $2.48 billion.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on GMED. Piper Sandler raised Globus Medical from a neutral rating to an overweight rating and raised their target price for the company from $60.00 to $80.00 in a report on Monday, May 20th. Morgan Stanley raised their price objective on Globus Medical from $67.00 to $71.00 and gave the company an equal weight rating in a report on Monday, July 15th. Stifel Nicolaus raised their price objective on Globus Medical from $64.00 to $70.00 and gave the company a buy rating in a report on Wednesday, May 8th. Truist Financial raised their price objective on Globus Medical from $63.00 to $78.00 and gave the company a hold rating in a report on Tuesday, July 16th. Finally, Needham & Company LLC reissued a hold rating on shares of Globus Medical in a report on Wednesday, May 8th. Five analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and a consensus price target of $73.30.

Globus Medical Stock Up 1.8 %

Globus Medical stock traded up $1.25 during trading on Tuesday, hitting $69.05. The stock had a trading volume of 1,060,163 shares, compared to its average volume of 1,074,691. Globus Medical has a 1 year low of $43.38 and a 1 year high of $74.16. The stock’s 50 day moving average is $68.71 and its two-hundred day moving average is $59.64. The stock has a market cap of $9.35 billion, a price-to-earnings ratio of 108.00, a price-to-earnings-growth ratio of 1.95 and a beta of 1.15.

Globus Medical (NYSE:GMED) last posted its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.55 by $0.17. Globus Medical had a return on equity of 8.82% and a net margin of 3.51%. The business had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same quarter in the prior year, the business earned $0.53 earnings per share. Globus Medical’s revenue for the quarter was up 119.3% on a year-over-year basis. As a group, equities research analysts anticipate that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Transactions at Globus Medical

In other news, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, Director Leslie V. Norwalk sold 1,000 shares of the firm’s stock in a transaction on Thursday, July 11th. The stock was sold at an average price of $70.00, for a total value of $70,000.00. Following the completion of the transaction, the director now directly owns 16,419 shares of the company’s stock, valued at $1,149,330. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Dan Lemaitre sold 63,300 shares of the stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total value of $4,089,813.00. The disclosure for this sale can be found here. Insiders sold 84,300 shares of company stock valued at $5,459,813 over the last three months. Company insiders own 18.54% of the company’s stock.

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.