Globus Medical (GMED) to Release Earnings on Tuesday

Globus Medical (NYSE:GMED) is scheduled to be issuing its quarterly earnings data after the market closes on Tuesday, May 7th. Analysts expect the company to announce 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.Parties that wish to listen to the company’s conference call can do so using this link.

Globus Medical (NYSE:GMED) last announced its quarterly earnings data on Tuesday, February 20th. The medical device company reported $0.60 earnings per share (EPS) for the quarter, beating 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 company had revenue of $616.53 million during the quarter, compared to the consensus estimate of $608.21 million. During the same period in the previous year, the company posted $0.59 EPS. The firm’s revenue 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 Price Performance

NYSE GMED opened at $50.61 on Tuesday. The company has a current ratio of 4.88, a quick ratio of 2.72 and a debt-to-equity ratio of 0.10. Globus Medical has a 12 month low of $43.38 and a 12 month high of $62.88. The stock has a market cap of $6.85 billion, a price-to-earnings ratio of 43.26, a PEG ratio of 1.49 and a beta of 1.08. The company’s 50 day moving average is $52.93 and its two-hundred day moving average is $51.29.

Wall Street Analyst Weigh In

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

Insider Buying and Selling at Globus Medical

In other Globus Medical news, Director Leslie V. Norwalk sold 10,590 shares of Globus Medical stock in a transaction on Friday, March 15th. The shares were sold at an average price of $51.99, for a total value of $550,574.10. Following the sale, the director now directly owns 17,419 shares in the company, valued at approximately $905,613.81. The sale was disclosed in a legal filing with the SEC, which is accessible 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.