Globus Medical (NYSE:GMED) Releases FY24 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share guidance of $2.75-$2.85 for the period, compared to the consensus earnings per share estimate of $2.69. The company issued revenue guidance of $2.460-$2.485 billion, compared to the consensus revenue estimate of $2.47 billion.

Globus Medical Price Performance

NYSE:GMED traded up $2.67 during trading hours on Thursday, hitting $64.40. The company’s stock had a trading volume of 2,366,968 shares, compared to its average volume of 1,187,162. Globus Medical has a 52-week low of $43.38 and a 52-week 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 business’s 50-day moving average is $52.71 and its two-hundred day moving average is $51.35. The company has a market capitalization of $8.72 billion, a PE ratio of 55.04, a PEG ratio of 1.53 and a beta of 1.11.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.55 by $0.17. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The firm had revenue of $606.67 million for the quarter, compared to the consensus estimate of $586.82 million. During the same quarter in the previous year, the firm earned $0.53 earnings per share. The firm’s revenue was up 119.3% on a year-over-year basis. As a group, research analysts anticipate that Globus Medical will post 2.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

GMED has been the subject of several research reports. BTIG Research lifted their price objective on Globus Medical from $60.00 to $63.00 and gave the stock a buy rating in a report on Wednesday. Royal Bank of Canada reaffirmed an outperform rating and set a $70.00 price target on shares of Globus Medical in a research note on Thursday, January 11th. Stifel Nicolaus boosted their price objective on shares of Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research report on Wednesday. Needham & Company LLC restated a hold rating on shares of Globus Medical in a report on Wednesday. Finally, Piper Sandler upped 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. Six investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of Moderate Buy and a consensus target price of $66.50.

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 10,590 shares of the stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the transaction, the director now directly owns 17,419 shares in the company, valued at $905,613.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 24.30% of the stock is owned by corporate insiders.

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.