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

Globus Medical (NYSE:GMED) issued its earnings results 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. The company had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The firm’s quarterly revenue was up 119.3% on a year-over-year basis. During the same quarter last year, the company posted $0.53 earnings per share. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Trading Up 0.5 %

Shares of GMED traded up $0.28 during trading on Thursday, reaching $62.01. 344,320 shares of the company traded hands, compared to its average volume of 1,163,810. Globus Medical has a twelve month low of $43.38 and a twelve month high of $65.74. The stock has a market cap of $8.39 billion, a PE ratio of 52.66, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The stock has a 50-day simple moving average of $52.50 and a 200-day simple moving average of $51.26. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10.

Insider Activity at Globus Medical

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

Analyst Ratings Changes

Several research analysts have recently weighed in on GMED shares. Truist Financial lifted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Piper Sandler lifted their price target on shares of Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a report on Wednesday. Stifel Nicolaus lifted their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a report on Wednesday. Finally, Royal Bank of Canada reiterated an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target 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.