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 $2.90-3.00 for the period, compared to the consensus earnings per share estimate of $2.86. The company issued revenue guidance of $2.49-2.50 billion, compared to the consensus revenue estimate of $2.48 billion. Globus Medical also updated its FY 2024 guidance to 2.900-3.000 EPS.

Wall Street Analyst Weigh In

GMED has been the topic of a number of recent research reports. Needham & Company LLC reiterated a “hold” rating on shares of Globus Medical in a research note on Wednesday. Truist Financial raised their price target on Globus Medical from $78.00 to $79.00 and gave the company a “hold” rating in a report on Wednesday, August 7th. Bank of America raised their price target on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a report on Wednesday. BTIG Research raised their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a report on Monday, October 14th. Finally, Stifel Nicolaus raised their price target on Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a report on Wednesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $87.09.

Globus Medical Trading Down 0.9 %

Shares of NYSE GMED traded down $0.74 during mid-day trading on Thursday, reaching $81.97. 1,399,022 shares of the company’s stock were exchanged, compared to its average volume of 1,000,060. The firm has a market capitalization of $11.10 billion, a price-to-earnings ratio of 272.93, a PEG ratio of 2.06 and a beta of 1.17. The business has a fifty day simple moving average of $71.92 and a 200 day simple moving average of $68.16. Globus Medical has a twelve month low of $43.38 and a twelve month high of $84.87.

Globus Medical (NYSE:GMED) last released 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 company 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 was up 63.1% compared to the same quarter last year. During the same quarter last year, the firm posted $0.57 earnings per share. Equities research analysts predict that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insider Activity at Globus Medical

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

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.