Globus Medical (NYSE:GMED) Issues FY 2024 Earnings Guidance

Globus Medical (NYSE:GMED) issued an update on its FY 2024 earnings guidance on Tuesday morning. The company provided earnings per share guidance of 2.900-3.000 for the period, compared to the consensus earnings per share estimate of 2.850. The company issued revenue guidance of $2.5 billion-$2.5 billion, compared to the consensus revenue estimate of $2.5 billion. Globus Medical also updated its FY24 guidance to $2.90-3.00 EPS.

Globus Medical Stock Up 9.4 %

Shares of NYSE:GMED traded up $7.12 during midday trading on Wednesday, reaching $82.70. The company had a trading volume of 3,865,942 shares, compared to its average volume of 998,129. Globus Medical has a 1-year low of $43.38 and a 1-year high of $84.87. The stock has a market cap of $11.20 billion, a PE ratio of 275.67, a P/E/G ratio of 2.07 and a beta of 1.17. The business’s 50 day moving average price is $71.92 and its 200 day moving average price is $68.16.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, November 5th. The medical device company reported $0.83 EPS for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million during the quarter, compared to analysts’ expectations of $604.69 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s quarterly revenue was up 63.1% on a year-over-year basis. During the same quarter last year, the company posted $0.57 earnings per share. On average, research analysts expect that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Analyst Ratings Changes

GMED has been the subject of several analyst reports. Wells Fargo & Company lifted their price objective on shares of Globus Medical from $78.00 to $88.00 and gave the stock an “overweight” rating in a research note on Wednesday. Stifel Nicolaus boosted their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research note on Wednesday. Needham & Company LLC restated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Truist Financial increased their target price on Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a report on Wednesday, August 7th. Finally, Barclays boosted their price target on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research note on Thursday, August 8th. One investment 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. According to MarketBeat, Globus Medical currently has an average rating of “Moderate Buy” and an average price target of $87.09.

Insider Transactions at Globus Medical

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

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.