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

Globus Medical (NYSE:GMED) released its quarterly earnings data on Tuesday. The medical device company reported $0.72 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17, Briefing.com reports. The firm had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s quarterly revenue was up 119.3% compared to the same quarter last year. During the same quarter in the prior 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 down $0.33 on Friday, reaching $64.03. 234,529 shares of the stock were exchanged, compared to its average volume of 1,175,952. The company’s 50-day moving average price is $52.71 and its 200 day moving average price is $51.35. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $65.74. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The firm has a market capitalization of $8.67 billion, a PE ratio of 55.02, a PEG ratio of 1.53 and a beta of 1.11.

Insiders Place Their Bets

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the sale, 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 can be accessed through this link. 24.30% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Stifel Nicolaus upped their price objective on Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research note on Wednesday. Barclays increased their price target on Globus Medical from $83.00 to $85.00 and gave the company an “overweight” rating in a research note on Thursday. BTIG Research increased their price target on Globus Medical from $60.00 to $63.00 and gave the company a “buy” rating in a research note on Wednesday. Finally, Piper Sandler raised their price objective on Globus Medical from $55.00 to $60.00 and gave the company a “neutral” rating in a research note on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.50.

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.