Globus Medical (NYSE:GMED – Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Trading Up 9.4 %
NYSE GMED traded up $7.12 on Wednesday, reaching $82.70. 3,865,942 shares of the stock were exchanged, compared to its average volume of 998,129. The firm has a market capitalization of $11.20 billion, a PE ratio of 275.67, a PEG ratio of 2.07 and a beta of 1.17. Globus Medical has a one year low of $43.38 and a one year high of $84.87. The company’s 50-day simple moving average is $71.92 and its two-hundred day simple moving average is $68.16.
Globus Medical (NYSE:GMED – Get Free Report) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, beating analysts’ consensus estimates of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to analysts’ expectations 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 for the quarter was up 63.1% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.57 EPS. Sell-side analysts forecast that Globus Medical will post 2.84 earnings per share for the current fiscal year.
Wall Street Analysts Forecast Growth
Check Out Our Latest Report on GMED
Insiders Place Their Bets
In other Globus Medical news, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction that occurred on Wednesday, October 16th. The stock was sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the sale, the director now directly owns 536,275 shares in the company, valued at $40,242,076. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. In other news, Director Ann D. Rhoads sold 15,000 shares of the firm’s stock in a transaction dated Friday, September 13th. The shares were sold at an average price of $70.36, for a total value of $1,055,400.00. Following the completion of the sale, the director now owns 42,884 shares in the company, valued at approximately $3,017,318.24. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director David D. Davidar sold 30,000 shares of the company’s stock in a transaction dated Wednesday, October 16th. The shares were sold at an average price of $75.04, for a total transaction of $2,251,200.00. Following the transaction, the director now owns 536,275 shares in the company, valued at $40,242,076. The trade was 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.
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.
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