Globus Medical (NYSE:GMED) Releases 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 Stock Performance

Shares of NYSE GMED traded up $2.67 during trading on Thursday, reaching $64.40. 2,366,968 shares of the stock traded hands, compared to its average volume of 1,187,162. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The stock has a market capitalization of $8.72 billion, a P/E ratio of 55.04, a price-to-earnings-growth 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 50-day moving average of $52.71 and a 200-day moving average of $51.35.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, May 7th. The medical device company reported $0.72 EPS for the quarter, topping the consensus estimate of $0.55 by $0.17. The business had revenue of $606.67 million during the quarter, compared to the consensus estimate of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The firm’s revenue was up 119.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.53 EPS. Analysts forecast that Globus Medical will post 2.69 EPS for the current fiscal year.

Wall Street Analyst Weigh In

Several brokerages recently commented on GMED. Stifel Nicolaus lifted their target price on shares of Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research note on Wednesday. BTIG Research raised their target price on Globus Medical from $60.00 to $63.00 and gave the stock a buy rating in a research note on Wednesday. Royal Bank of Canada restated an outperform rating and set a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Truist Financial lifted their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a hold rating in a research report on Wednesday, February 21st. Finally, Barclays upped their target price on Globus Medical from $83.00 to $85.00 and gave the company an overweight rating in a report on Thursday. Six equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of Moderate Buy and an average price target of $66.50.

Insider Activity at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the 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 transaction, the director now owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 24.30% of the stock is owned by company insiders.

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.