Globus Medical (NYSE:GMED) Announces Quarterly Earnings Results

Globus Medical (NYSE:GMED) released its quarterly earnings results on Tuesday. The medical device company reported $0.72 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 for 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%. The business’s revenue was up 119.3% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.53 EPS. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Trading Up 22.9 %

Shares of Globus Medical stock traded up $11.76 on Wednesday, hitting $63.12. 4,639,854 shares of the company traded hands, compared to its average volume of 1,150,419. The company has a market cap of $8.54 billion, a PE ratio of 53.62, a PEG ratio of 1.53 and a beta of 1.11. Globus Medical has a 52 week low of $43.38 and a 52 week high of $65.74. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The stock’s 50 day moving average price is $52.36 and its 200-day moving average price is $51.19.

Insider Buying and Selling

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

Wall Street Analysts Forecast Growth

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