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 $2.80-2.90 for the period, compared to the consensus EPS estimate of $2.82. The company issued revenue guidance of $2.47-2.49 billion, compared to the consensus revenue estimate of $2.48 billion. Globus Medical also updated its FY 2024 guidance to 2.800-2.900 EPS.

Wall Street Analyst Weigh In

A number of research firms have weighed in on GMED. BTIG Research boosted their target price on shares of Globus Medical from $72.00 to $75.00 and gave the stock a buy rating in a research report on Monday, July 15th. Morgan Stanley raised their price objective on shares of Globus Medical from $67.00 to $71.00 and gave the stock an equal weight rating in a research note on Monday, July 15th. Barclays boosted their target price on shares of Globus Medical from $83.00 to $85.00 and gave the stock an overweight rating in a research report on Thursday, May 9th. Needham & Company LLC restated a hold rating on shares of Globus Medical in a report on Wednesday. Finally, Piper Sandler upgraded shares of Globus Medical from a neutral rating to an overweight rating and increased their target price for the company from $60.00 to $80.00 in a research note on Monday, May 20th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to data from MarketBeat.com, Globus Medical currently has a consensus rating of Moderate Buy and an average price target of $76.20.

Globus Medical Stock Performance

NYSE:GMED traded up $1.54 during trading hours on Wednesday, hitting $70.59. The stock had a trading volume of 2,108,496 shares, compared to its average volume of 1,081,578. The business’s 50 day moving average is $68.78 and its 200-day moving average is $59.73. The company has a market cap of $9.56 billion, a price-to-earnings ratio of 110.20, a P/E/G ratio of 1.95 and a beta of 1.15. Globus Medical has a one year low of $43.38 and a one year high of $74.21.

Globus Medical (NYSE:GMED) last released its quarterly earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share for the quarter, beating the consensus estimate of $0.68 by $0.07. The company had revenue of $629.69 million during the quarter, compared to analysts’ expectations of $615.33 million. Globus Medical had a net margin of 3.51% and a return on equity of 8.82%. The business’s quarterly revenue was up 115.9% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.63 earnings per share. On average, sell-side analysts anticipate that Globus Medical will post 2.82 EPS for the current fiscal year.

Insider Activity at Globus Medical

In related news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction dated Friday, May 10th. The shares were sold at an average price of $64.61, for a total value of $4,089,813.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Globus Medical news, Director Dan Lemaitre sold 63,300 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was sold at an average price of $64.61, for a total transaction of $4,089,813.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Leslie V. Norwalk sold 1,000 shares of the company’s stock in a transaction on Thursday, July 11th. The shares were sold at an average price of $70.00, for a total transaction of $70,000.00. Following the completion of the transaction, the director now owns 16,419 shares in the company, valued at $1,149,330. The disclosure for this sale can be found here. Insiders own 18.54% of the company’s stock.

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.