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

Globus Medical (NYSE:GMED) released its earnings results on Tuesday. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating 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%. Globus Medical’s revenue was up 119.3% compared to the same quarter last year. During the same period last year, the business posted $0.53 earnings per share. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Stock Up 21.1 %

NYSE:GMED traded up $10.82 during mid-day trading on Wednesday, reaching $62.18. The stock had a trading volume of 4,957,556 shares, compared to its average volume of 1,153,390. 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 company has a market capitalization of $8.42 billion, a price-to-earnings ratio of 53.62, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Globus Medical has a 1-year low of $43.38 and a 1-year high of $65.74. The stock’s 50 day simple moving average is $52.36 and its two-hundred day simple moving average is $51.19.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $51.99, for a total transaction of $550,574.10. Following the sale, the director now directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 24.30% of the stock is currently owned by insiders.

Analysts Set New Price Targets

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