Globus Medical (NYSE:GMED) Releases Earnings Results, Beats Expectations By $0.18 EPS

Globus Medical (NYSE:GMED) released its quarterly earnings results on Tuesday. The medical device company reported $0.83 EPS for the quarter, topping the consensus estimate of $0.65 by $0.18, Briefing.com reports. The firm had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue for the quarter was up 63.1% on a year-over-year basis. During the same period in the previous year, the company posted $0.57 EPS. Globus Medical updated its FY24 guidance to $2.90-3.00 EPS and its FY 2024 guidance to 2.900-3.000 EPS.

Globus Medical Price Performance

NYSE GMED traded up $6.85 on Wednesday, hitting $82.43. 2,995,127 shares of the company were exchanged, compared to its average volume of 994,082. The company’s 50 day moving average price is $71.69 and its 200-day moving average price is $68.06. Globus Medical has a twelve month low of $43.38 and a twelve month high of $84.74. The firm has a market capitalization of $11.16 billion, a P/E ratio of 270.17, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17.

Analysts Set New Price Targets

GMED has been the topic of several analyst reports. Bank of America lifted their price objective on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday. Barclays upped their price target on shares of Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a report on Thursday, August 8th. Roth Mkm restated a “buy” rating and issued a $100.00 target price on shares of Globus Medical in a research report on Wednesday. Canaccord Genuity Group increased their price target on Globus Medical from $79.00 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday. Finally, Morgan Stanley lifted their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a research note on Monday, July 15th. One research analyst has rated the stock with a sell rating, three have given a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $87.09.

Insiders Place Their Bets

In other news, Director David D. Davidar sold 30,000 shares of the firm’s stock in a transaction on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total value of $2,251,200.00. Following the completion of the sale, the director now owns 536,275 shares of the company’s stock, valued at $40,242,076. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction on Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 18.54% 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.