Globus Medical (NYSE:GMED) Issues FY24 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $2.75-$2.85 for the period, compared to the consensus 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.

Wall Street Analysts Forecast Growth

GMED has been the topic of a number of research reports. Stifel Nicolaus upped their price target on shares of Globus Medical from $64.00 to $70.00 and gave the stock a buy rating in a research note on Wednesday. BTIG Research lifted their price target on shares of Globus Medical from $60.00 to $63.00 and gave the company a buy rating in a research report on Wednesday. Needham & Company LLC reissued a hold rating on shares of Globus Medical in a research report on Wednesday. Piper Sandler increased their price target on shares of Globus Medical from $55.00 to $60.00 and gave the company a neutral rating in a report on Wednesday. Finally, Royal Bank of Canada restated an outperform rating and set a $70.00 price objective on shares of Globus Medical in a report on Thursday, January 11th. Six research analysts have rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, Globus Medical presently has an average rating of Moderate Buy and an average target price of $66.60.

Globus Medical Price Performance

Shares of GMED traded up $10.25 during mid-day trading on Wednesday, reaching $61.61. The company had a trading volume of 6,661,932 shares, compared to its average volume of 1,173,897. The company has a debt-to-equity ratio of 0.10, a current ratio of 4.88 and a quick ratio of 2.72. The company has a market capitalization of $8.34 billion, a P/E ratio of 52.66, a P/E/G ratio of 1.53 and a beta of 1.11. Globus Medical has a twelve month low of $43.38 and a twelve month high of $65.74. The company’s 50-day moving average is $52.50 and its 200-day moving average is $51.26.

Globus Medical (NYSE:GMED) last announced its quarterly earnings results on Tuesday, May 7th. The medical device company reported $0.72 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.17. The firm had revenue of $606.67 million for the quarter, compared to analysts’ expectations of $586.82 million. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business’s revenue was up 119.3% compared to the same quarter last year. During the same period in the prior year, the business posted $0.53 earnings per share. On average, equities analysts anticipate that Globus Medical will post 2.69 EPS for the current year.

Insider Activity at Globus Medical

In other news, Director Leslie V. Norwalk sold 10,590 shares of the business’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 directly owns 17,419 shares of the company’s stock, valued at approximately $905,613.81. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. 24.30% of the stock is currently 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.