Globus Medical Shares Surge 7% on Strong Q3 Results and Upgraded Guidance

AUDUBON, Pa. - Shares of Globus Medical, Inc. (NYSE: GMED), a musculoskeletal solutions company, rose 7.4% following third-quarter earnings that exceeded analyst expectations and an upgraded full-year guidance. The company reported adjusted earnings of $0.83 per share, surpassing the consensus estimate of $0.65. Quarterly revenue reached $625.7 million, a 63.1% increase year-over-year, exceeding analysts' projections of $604.71 million.

President and CEO Dan Scavilla stated, "Our third-quarter results reflect the enduring strength of our business. While we continue to achieve our goals of enhancing sales growth, launching new products, and executing our integration plans, we also delivered strong financial results."

Globus Medical raised its full-year earnings per share guidance for 2024 to $2.90-$3.00, up from its previous forecast of $2.80-$2.90. This figure is above the Wall Street consensus of $2.85.

The company’s global net sales growth resulted from the addition of NuVasive, as well as increased volumes in spine product sales and technology products and services. U.S. net sales increased 60.3% year-over-year, while international net sales rose 74.8%.

COO-CFO Keith Pfeil noted, "We achieved meaningful sales growth across our portfolio and delivered strong earnings growth. All of this allowed us to achieve record levels of operating and free cash flow results in the quarter, while continuing to invest for the long term."