Globus Medical (NYSE:GMED) Releases FY24 Earnings Guidance

Globus Medical (NYSE:GMED) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $2.75-$2.85 for the period, compared to the consensus EPS 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 Trading Up 2.2 %

Shares of NYSE:GMED traded up $1.09 during midday trading on Tuesday, hitting $51.36. 1,822,037 shares of the stock traded hands, compared to its average volume of 1,111,485. The company has a quick ratio of 2.72, a current ratio of 4.88 and a debt-to-equity ratio of 0.10. The business’s 50 day moving average is $52.36 and its two-hundred day moving average is $51.19. The stock has a market capitalization of $6.95 billion, a PE ratio of 43.90, a P/E/G 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 $62.88.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating analysts’ consensus estimates of $0.59 by $0.01. The company had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm’s revenue for the quarter was up 124.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.59 earnings per share. As a group, research analysts forecast that Globus Medical will post 2.69 earnings per share for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on the stock. Royal Bank of Canada reissued an outperform rating and set a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Stifel Nicolaus raised their price objective on Globus Medical from $61.00 to $64.00 and gave the company a buy rating in a research report on Wednesday, February 21st. BTIG Research raised Globus Medical from a neutral rating to a buy rating and set a $60.00 target price on the stock in a report on Monday, March 18th. Finally, Truist Financial raised their price target on Globus Medical from $58.00 to $60.00 and gave the company a hold rating in a report on Wednesday, February 21st. Four research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of Moderate Buy and an average target price of $66.33.

Insider Activity

In related news, Director Leslie V. Norwalk sold 10,590 shares of the firm’s stock in a transaction that occurred 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 sale, the director now owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 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.