Globus Medical (NYSE:GMED) Releases Earnings Results, Beats Estimates By $0.17 EPS

Globus Medical (NYSE:GMED) posted its quarterly earnings results 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. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $606.67 million during the quarter, compared to analyst estimates of $586.82 million. During the same period in the previous year, the business posted $0.53 EPS. The company’s quarterly revenue was up 119.3% on a year-over-year basis. Globus Medical updated its FY24 guidance to $2.75-$2.85 EPS.

Globus Medical Trading Up 21.1 %

Shares of NYSE GMED traded up $10.82 during mid-day trading on Wednesday, hitting $62.18. 4,957,556 shares of the company traded hands, compared to its average volume of 1,153,390. The business has a 50 day moving average of $52.36 and a two-hundred day moving average of $51.19. 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 stock has a market capitalization of $8.42 billion, a price-to-earnings ratio of 53.62, a PEG 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.

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 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 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 legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 24.30% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on GMED shares. Piper Sandler increased their price target on Globus Medical from $55.00 to $60.00 and gave the stock a “neutral” rating in a research report on Wednesday. Truist Financial boosted their price target on shares of Globus Medical from $58.00 to $60.00 and gave the company a “hold” rating in a report on Wednesday, February 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Stifel Nicolaus upped their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a “buy” rating in a research report on Wednesday. Finally, Needham & Company LLC reaffirmed 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 assigned a buy rating to the stock. According to MarketBeat.com, Globus Medical has an average rating of “Moderate Buy” and an average 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.