Globus Medical (NYSE:GMED) Releases Earnings Results, Beats Estimates By $0.17 EPS

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

Globus Medical Stock Performance

GMED traded up $11.76 on Wednesday, reaching $63.12. The stock had a trading volume of 4,639,854 shares, compared to its average volume of 1,150,419. Globus Medical has a 12-month low of $43.38 and a 12-month high of $65.74. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The business’s 50-day moving average price is $52.36 and its two-hundred day moving average price is $51.19. The company has a market cap of $8.54 billion, a P/E ratio of 53.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11.

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction 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 of the company’s stock, valued at $905,613.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 24.30% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GMED. Needham & Company LLC reaffirmed a “hold” rating on shares of Globus Medical in a research report on Wednesday. BTIG Research lifted their price objective on shares of Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a report on Wednesday. Truist Financial lifted their price objective on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada restated an “outperform” rating and issued a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Finally, Stifel Nicolaus raised their target price on shares of Globus Medical from $64.00 to $70.00 and gave the company a “buy” rating in a research note on Wednesday. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to MarketBeat.com, Globus Medical presently has a consensus rating of “Moderate Buy” and an average price target of $66.60.

About Globus Medical

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.