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 $2.90-3.00 for the period, compared to the consensus EPS 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.

Globus Medical Stock Up 9.4 %

Shares of NYSE:GMED traded up $7.12 during midday trading on Wednesday, reaching $82.70. 3,865,942 shares of the company traded hands, compared to its average volume of 998,129. The firm’s fifty day moving average price is $71.92 and its two-hundred day moving average price is $68.16. The firm has a market capitalization of $11.20 billion, a price-to-earnings ratio of 275.67, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. Globus Medical has a 12 month low of $43.38 and a 12 month high of $84.87.

Globus Medical (NYSE:GMED) last posted its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.18. The business had revenue of $625.71 million for the quarter, compared to analyst estimates of $604.69 million. Globus Medical had a net margin of 1.82% and a return on equity of 8.70%. Globus Medical’s revenue was up 63.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.57 EPS. Analysts forecast that Globus Medical will post 2.84 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of research analysts recently commented on the company. Bank of America increased their target price on Globus Medical from $55.00 to $80.00 and gave the company an “underperform” rating in a research note on Wednesday. Wells Fargo & Company increased their price objective on Globus Medical from $78.00 to $88.00 and gave the company an “overweight” rating in a research report on Wednesday. Barclays upped their target price on Globus Medical from $85.00 to $93.00 and gave the stock an “overweight” rating in a research note on Thursday, August 8th. Piper Sandler increased their price target on shares of Globus Medical from $80.00 to $100.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Stifel Nicolaus boosted their price objective on shares of Globus Medical from $80.00 to $92.00 and gave the stock a “buy” rating in a report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $87.09.

Insiders Place Their Bets

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 transaction of $1,055,400.00. Following the sale, the director now directly owns 42,884 shares in the company, valued at $3,017,318.24. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other news, Director David D. Davidar sold 30,000 shares of the stock in a transaction 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 sale, the director now directly owns 536,275 shares of the company’s stock, valued at approximately $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Ann D. Rhoads sold 15,000 shares of Globus Medical stock in a transaction dated 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 completion of the transaction, the director now directly owns 42,884 shares of the company’s stock, valued at approximately $3,017,318.24. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 18.54% of the stock is currently owned by company 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.