Globus Medical (NYSE:GMED) Releases 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.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on GMED. Morgan Stanley raised their target price on shares of Globus Medical from $67.00 to $71.00 and gave the stock an “equal weight” rating in a report on Monday, July 15th. Roth Mkm reiterated a “buy” rating and set a $100.00 price target on shares of Globus Medical in a report on Wednesday. Bank of America boosted their price target on Globus Medical from $55.00 to $80.00 and gave the stock an “underperform” rating in a report on Wednesday. BTIG Research increased their price target on Globus Medical from $77.00 to $78.00 and gave the company a “buy” rating in a research note on Monday, October 14th. Finally, Stifel Nicolaus increased their target price on shares of Globus Medical from $80.00 to $92.00 and gave the company a “buy” rating in a research report on Wednesday. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and eight have issued a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $87.09.

Globus Medical Price Performance

Shares of GMED traded down $0.89 during midday trading on Friday, hitting $81.08. The stock had a trading volume of 476,610 shares, compared to its average volume of 997,161. The firm has a market cap of $10.98 billion, a PE ratio of 273.23, a price-to-earnings-growth ratio of 2.06 and a beta of 1.17. Globus Medical has a 1 year low of $43.38 and a 1 year high of $84.87. The stock’s 50 day moving average is $71.92 and its 200 day moving average is $68.16.

Globus Medical (NYSE:GMED) last released its earnings results on Tuesday, November 5th. The medical device company reported $0.83 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.18. The company had revenue of $625.71 million for the quarter, compared to the consensus estimate 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% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.57 EPS. As a group, equities research analysts expect that Globus Medical will post 2.84 earnings per share for the current fiscal year.

Insider Activity

In related news, Director David D. Davidar sold 30,000 shares of Globus Medical stock in a transaction that occurred on 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 completion of 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 sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Globus Medical news, Director Ann D. Rhoads sold 15,000 shares of the stock in a transaction 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 transaction, the director now owns 42,884 shares of the company’s stock, valued at $3,017,318.24. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director David D. Davidar sold 30,000 shares of the business’s stock in a transaction on 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 sale, 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 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.