Globus Medical (NYSE:GMED) Updates 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

Shares of GMED stock traded up $1.09 during trading hours on Tuesday, hitting $51.36. The company had a trading volume of 1,826,765 shares, compared to its average volume of 1,111,485. Globus Medical has a 12 month low of $43.38 and a 12 month high of $62.88. 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 firm’s fifty day moving average is $52.46 and its 200 day moving average is $51.19. The firm has a market capitalization of $6.95 billion, a price-to-earnings ratio of 42.97, a PEG ratio of 1.53 and a beta of 1.11.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping the consensus estimate of $0.59 by $0.01. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $616.53 million for the quarter, compared to analyst estimates of $608.21 million. During the same quarter in the prior year, the firm earned $0.59 EPS. The firm’s quarterly revenue was up 124.6% compared to the same quarter last year. On average, sell-side analysts predict that Globus Medical will post 2.69 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Truist Financial raised their target price 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. Stifel Nicolaus increased their price target on Globus Medical from $61.00 to $64.00 and gave the company a buy rating in a research note on Wednesday, February 21st. BTIG Research raised Globus Medical from a neutral rating to a buy rating and set a $60.00 price objective for the company in a research note on Monday, March 18th. Finally, Royal Bank of Canada reissued an outperform rating and issued a $70.00 target price on shares of Globus Medical in a research note on Thursday, January 11th. Four investment analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Globus Medical presently has a consensus rating of Moderate Buy and an average price target of $66.33.

Insider Buying and Selling at Globus Medical

In related news, Director Leslie V. Norwalk sold 10,590 shares of the 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 owns 17,419 shares of the company’s stock, valued at $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Insiders own 24.30% of the company’s stock.

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.