Globus Medical (GMED) to Release Quarterly Earnings on Tuesday

Globus Medical (NYSE:GMED) will be releasing its earnings data after the market closes on Tuesday, May 7th. Analysts expect Globus Medical to post earnings of $0.55 per share for the quarter. Globus Medical has set its FY24 guidance at $2.68 to $2.70 EPS and its FY 2024 guidance at 2.680-2.700 EPS.Persons interested in listening to the company’s earnings conference call can do so using this link.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, February 20th. The medical device company reported $0.60 EPS for the quarter, beating the consensus estimate of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The company had revenue of $616.53 million during the quarter, compared to analyst estimates of $608.21 million. During the same period in the prior year, the company earned $0.59 earnings per share. The business’s revenue was up 124.6% compared to the same quarter last year. On average, analysts expect Globus Medical to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Globus Medical Trading Up 2.9 %

NYSE:GMED opened at $51.95 on Monday. The firm has a market capitalization of $7.03 billion, a P/E ratio of 44.40, a P/E/G ratio of 1.53 and a beta of 1.11. The business has a 50 day simple moving average of $52.57 and a 200 day simple moving average of $51.20. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. Globus Medical has a 12-month low of $43.38 and a 12-month high of $62.88.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on the stock. Truist Financial upped their price target on shares of Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research report on Wednesday, February 21st. Royal Bank of Canada reaffirmed an “outperform” rating and set a $70.00 price target on shares of Globus Medical in a report on Thursday, January 11th. Stifel Nicolaus increased their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, February 21st. Finally, BTIG Research upgraded Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 target price on the stock in a research report on Monday, March 18th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.33.

Insider Buying and Selling at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $51.99, for a total value of $550,574.10. Following the completion of the sale, the director now owns 17,419 shares in the company, valued at $905,613.81. The sale was disclosed in a legal filing with the SEC, which is available at this link. 24.30% of the stock is currently owned by corporate 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.