Globus Medical Q3 beats The Street

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Globus Medical

Globus Medical (NYSE:GMED) today posted third quarter earnings that handily topped expectations from analysts on Wall Street.

The Audubon, Pa.-based company posted profits of $35.2 million, or 35¢ per share, on sales of $169.2 million for the three months ended September 30, for bottom-line growth of 37.6% on sales growth of 11.5% compared with the same period last year.

Adjusted to exclude one-time items, earnings per share were 39¢, ahead of the 32¢ consensus on The Street, where analysts were looking for sales of $167.5 million, which the company topped.

“The third quarter marks the fourth consecutive quarter of double-digit organic growth for Globus Medical, as our U.S. spine business continues to take market share, growing by 7.5%; our international revenue increased by 16.8%; and emerging technologies contributed $6.3 million. During the third quarter, we completed the acquisition of Surgimap, the leading surgical planning software for spine.  The addition of Surgimap will further strengthen Globus Medical’s ExcelsiusGPS platform by streamlining workflow and enabling superior data analytics.  The level of adoption we are seeing by surgeons in accounts with our ExcelsiusGPS robotic system continues to show positive momentum and the pipeline for potential robotic sales is robust,” CEO Dave Demski said in a press release.

Globus Medical lifted its guidance for the full year 2018, expecting to see sales of $705 million and non-GAAP diluted EPS of $1.62, up from earlier guidance of $700 million in sales and non-GAAP EPS of $1.55.

Globus Medical shares rose 1.1% today, closing at $57.47.

In September, Globus Medical said that it t acquired Nemaris and its Surgimap planning software for an undisclosed amount.

The post Globus Medical Q3 beats The Street appeared first on MassDevice.

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