Globus Medical (NYSE:GMED) Issues Earnings Results

Globus Medical (NYSE:GMED - Get Free Report) issued its quarterly earnings data on Tuesday. The medical device company reported $0.72 EPS for the quarter, beating the consensus estimate of $0.55 by $0.17, Briefing.com reports. The business had revenue of $606.67 million during the quarter, compared to the consensus estimate 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 in the prior year, the firm earned $0.53 EPS. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Stock Up 20.0 %

GMED traded up $10.25 during midday trading on Wednesday, reaching $61.61. 6,661,932 shares of the company were exchanged, compared to its average volume of 1,173,897. 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 company's fifty day moving average price is $52.50 and its 200 day moving average price is $51.26. The company has a market cap of $8.34 billion, a price-to-earnings ratio of 52.66, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. Globus Medical has a one year low of $43.38 and a one year high of $65.74.

Insiders Place Their Bets

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of the business'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 completion of the sale, the director now directly owns 17,419 shares of the company's stock, valued at approximately $905,613.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 24.30% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the stock. BTIG Research raised their price target on shares of Globus Medical from $60.00 to $63.00 and gave the company a "buy" rating in a research note on Wednesday. Royal Bank of Canada reissued an "outperform" rating and set a $70.00 price objective on shares of Globus Medical in a research report on Thursday, January 11th. Piper Sandler boosted their target price on Globus Medical from $55.00 to $60.00 and gave the company a "neutral" rating in a research report on Wednesday. Stifel Nicolaus increased their price target on Globus Medical from $64.00 to $70.00 and gave the stock a "buy" rating in a report on Wednesday. Finally, Needham & Company LLC restated a "hold" rating on shares of Globus Medical in a report on Wednesday. Six equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company's stock. Based on data from MarketBeat.com, Globus Medical currently has a consensus rating of "Moderate Buy" and a consensus price target of $66.60.

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.