Globus Medical Sees Share Surge After Strong Q3 Earnings

AUDUBON, Pa. – Globus Medical, Inc. (NYSE:GMED) experienced a 7.4% increase in shares following the company's third-quarter earnings that exceeded analyst expectations and an upward revision of its full-year guidance.

The company reported adjusted earnings per share of $0.83, surpassing the consensus estimate of $0.65. The revenue for the quarter was $625.7 million, reflecting a 63.1% year-over-year increase, and surpassing analysts' projections of $604.71 million.

Dan Scavilla, President and CEO, stated, "Our third-quarter results reflect the enduring strength of our business. We've continued to deliver on our business objectives to drive sales growth, launch new products, and execute our integration plans, all while delivering strong financial results."

Globus Medical (TASE:PMCN) has raised its full-year 2024 earnings per share guidance to $2.90-$3.00, an increase from the previous outlook of $2.80-$2.90, surpassing the Wall Street consensus of $2.85.

The increase in worldwide net sales was attributed to the integration of NuVasive (NASDAQ:NUVA), as well as higher volumes in spine product sales and enabling technology products and services. U.S. net sales increased 60.3% year-over-year, while international net sales rose 74.8%.

Keith Pfeil, COO-CFO, remarked, "We delivered meaningful sales growth across our portfolio and generated strong earnings growth, all of which delivered record operating and free cash results in the quarter, while continuing to invest for the long term."

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