Globus Medical (NYSE:GMED) Issues 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.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GMED. BTIG Research raised their price target on Globus Medical from $60.00 to $63.00 and gave the company a buy rating in a report on Wednesday. Truist Financial raised 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. Piper Sandler raised their price objective on Globus Medical from $55.00 to $60.00 and gave the stock a neutral rating in a research report on Wednesday. Needham & Company LLC restated a hold rating on shares of Globus Medical in a research report on Wednesday. Finally, Royal Bank of Canada reiterated an outperform rating and set a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Six equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to MarketBeat, Globus Medical currently has an average rating of Moderate Buy and an average price target of $66.50.

Globus Medical Stock Performance

NYSE:GMED traded down $0.04 on Friday, hitting $64.32. The company’s stock had a trading volume of 795,539 shares, compared to its average volume of 1,182,628. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. The stock has a fifty day moving average of $52.71 and a two-hundred day moving average of $51.35. The firm has a market capitalization of $8.71 billion, a P/E ratio of 55.02, a price-to-earnings-growth 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 $65.74.

Globus Medical (NYSE:GMED) last released its quarterly earnings data on Tuesday, May 7th. The medical device company reported $0.72 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to analyst estimates of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s revenue for the quarter was up 119.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.53 earnings per share. Research analysts predict that Globus Medical will post 2.69 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Leslie V. Norwalk sold 10,590 shares of the firm’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 sale, the director now owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 24.30% 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.