Globus Medical (GMED) Set to Release Earnings on Tuesday

Globus Medical (NYSE:GMED) will release its earnings data after the market closes on Tuesday, May 7th. Analysts expect Globus Medical to post earnings of $0.55 per share for the quarter. Globus Medical has set its FY24 guidance at $2.68 to $2.70 EPS and its FY 2024 guidance at 2.680-2.700 EPS.Persons interested in listening to the company’s earnings conference call can do so using this link.

Globus Medical (NYSE:GMED) last posted its quarterly earnings results on Tuesday, February 20th. The medical device company reported $0.60 earnings per share for the quarter, topping analysts’ consensus estimates of $0.59 by $0.01. Globus Medical had a return on equity of 8.82% and a net margin of 7.83%. The business had revenue of $616.53 million for the quarter, compared to the consensus estimate of $608.21 million. During the same period in the prior year, the business earned $0.59 EPS. The firm’s revenue for the quarter was up 124.6% on a year-over-year basis. On average, analysts expect Globus Medical to post $3 EPS for the current fiscal year and $3 EPS for the next fiscal year.

Globus Medical Stock Up 0.1 %

GMED stock opened at $50.61 on Tuesday. The stock’s 50 day simple moving average is $52.93 and its 200 day simple moving average is $51.29. Globus Medical has a fifty-two week low of $43.38 and a fifty-two week high of $62.88. The company has a debt-to-equity ratio of 0.10, a quick ratio of 2.72 and a current ratio of 4.88. The company has a market cap of $6.85 billion, a P/E ratio of 43.26, a price-to-earnings-growth ratio of 1.49 and a beta of 1.08.

Insider Activity

In other news, Director Leslie V. Norwalk sold 10,590 shares of the company’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 completion of the transaction, the director now directly owns 17,419 shares of the company’s stock, valued at $905,613.81. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. 24.30% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

Several analysts have recently commented on GMED shares. Stifel Nicolaus increased their price objective on Globus Medical from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, February 21st. BTIG Research raised Globus Medical from a “neutral” rating to a “buy” rating and set a $60.00 price objective for the company in a research note on Monday, March 18th. Truist Financial increased their price objective on Globus Medical from $58.00 to $60.00 and gave the stock a “hold” rating in a research note on Wednesday, February 21st. Finally, Royal Bank of Canada reissued an “outperform” rating and issued a $70.00 price objective on shares of Globus Medical in a research note on Thursday, January 11th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $66.33.

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.