Globus Medical (NYSE:GMED) Updates FY24 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY24 earnings guidance on Tuesday. 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.

Analyst Upgrades and Downgrades

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

Globus Medical Stock Up 2.2 %

Globus Medical stock traded up $1.09 during mid-day trading on Tuesday, reaching $51.36. The company’s stock had a trading volume of 1,826,765 shares, compared to its average volume of 1,111,485. The company has a market capitalization of $6.95 billion, a price-to-earnings ratio of 42.97, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The business’s 50 day simple moving average is $52.46 and its 200 day simple moving average is $51.19. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. Globus Medical has a 12 month low of $43.38 and a 12 month high of $62.88.

Globus Medical (NYSE:GMED) last issued its earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.59 by $0.01. Globus Medical had a net margin of 7.83% and a return on equity of 8.82%. The business had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. During the same period last year, the business posted $0.59 EPS. Globus Medical’s revenue was up 124.6% on a year-over-year basis. As a group, research analysts anticipate that Globus Medical will post 2.69 earnings per share for the current year.

Insider Transactions at Globus Medical

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