Globus Medical (NYSE:GMED) Updates FY 2024 Earnings Guidance

Globus Medical (NYSE:GMED) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 2.900-3.000 for the period, compared to the consensus estimate of 2.850. The company issued revenue guidance of $2.5 billion-$2.5 billion, compared to the consensus revenue estimate of $2.5 billion. Globus Medical also updated its FY24 guidance to $2.90-3.00 EPS.

Globus Medical Price Performance

Shares of GMED traded up $0.86 during midday trading on Tuesday, hitting $75.58. The stock had a trading volume of 1,273,301 shares, compared to its average volume of 984,722. The firm has a market cap of $10.23 billion, a price-to-earnings ratio of 251.00, a price-to-earnings-growth ratio of 2.07 and a beta of 1.17. The company has a 50 day simple moving average of $71.61 and a two-hundred day simple moving average of $67.88. Globus Medical has a twelve month low of $43.38 and a twelve month high of $76.13.

Globus Medical (NYSE:GMED) last announced its earnings results on Tuesday, August 6th. The medical device company reported $0.75 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.68 by $0.07. The business had revenue of $629.69 million for the quarter, compared to analyst estimates of $615.33 million. Globus Medical had a return on equity of 8.70% and a net margin of 1.82%. Globus Medical’s revenue for the quarter was up 115.9% compared to the same quarter last year. During the same quarter last year, the firm earned $0.63 EPS. Analysts forecast that Globus Medical will post 2.84 EPS for the current fiscal year.

Wall Street Analyst Weigh In

A number of analysts have recently commented on the stock. Needham & Company LLC reissued a “hold” rating on shares of Globus Medical in a research report on Wednesday, August 7th. Truist Financial boosted their price target on shares of Globus Medical from $78.00 to $79.00 and gave the stock a “hold” rating in a research report on Wednesday, August 7th. Morgan Stanley raised their price objective on Globus Medical from $67.00 to $71.00 and gave the company an “equal weight” rating in a report on Monday, July 15th. Barclays lifted their target price on Globus Medical from $85.00 to $93.00 and gave the company an “overweight” rating in a research report on Thursday, August 8th. Finally, Royal Bank of Canada increased their price target on Globus Medical from $78.00 to $80.00 and gave the company an “outperform” rating in a research report on Tuesday, October 8th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat, Globus Medical has a consensus rating of “Moderate Buy” and an average target price of $77.78.

Insider Buying and Selling at Globus Medical

In related 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 owns 536,275 shares in the company, valued at approximately $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total value of $2,251,200.00. Following the transaction, the director now directly owns 536,275 shares of the company’s stock, valued at $40,242,076. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Ann D. Rhoads sold 15,000 shares of the firm’s 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 owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 18.54% of the company’s stock.

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.