Globus Medical (NYSE:GMED) Issues 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 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 revenue was up 119.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 EPS. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Trading Up 20.5 %

Shares of GMED traded up $10.52 during trading hours on Wednesday, reaching $61.88. 5,087,509 shares of the company traded hands, compared to its average volume of 1,154,676. The company’s fifty day moving average price is $52.36 and its two-hundred day moving average price is $51.19. The company has a market capitalization of $8.38 billion, a price-to-earnings ratio of 53.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. Globus Medical has a 12 month low of $43.38 and a 12 month high of $65.74.

Analysts Set New Price Targets

A number of brokerages recently commented on GMED. Piper Sandler lifted their target price on shares of Globus Medical from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a report on Wednesday. Stifel Nicolaus raised their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a report on Wednesday. Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Finally, Truist Financial raised their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a report on Wednesday, February 21st. Six analysts have rated the stock with a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $66.60.

Insider Activity

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