FX.co ★ Globus Medical Up 23% As Q1 Results Beat Street; Raises FY Outlook

Globus Medical Inc.’s (GMED) shares rose by 23% on Wednesday following the corporation's report of first-quarter earnings and revenue exceeding Wall Street expectations, along with an upgraded outlook for the full year.

GMED's stock climbed up 23.17% or $11.90 per share, closing at $63.26 on the New York Stock Exchange. The shares had previously been trading at a 52-week range between $43.39 and $64.73.

The company reported a net loss of $7.1 million or $0.05 per share for the quarter. This contrasts with a profit of $49.1 million or $0.48 per share in the same quarter of the previous year.

However, on an adjusted basis, the company reported an income of $98.1 million or $0.72 per share. The previous year, during the same period, the income was comparatively lower at $53.8 million or $0.53 per share.

Analysts had expected the company on average to earn $0.57 per share, according to data compiled by Thomson Reuters.

Globus Medical posted increased revenues of $606.7 million, an impressive jump from the previous year's figure of $276.7 million. The revenue also slightly exceeded the consensus estimate of $606.67 million.

The company has now increased its full-year 2024 revenue forecast to sit between $2.460 billion and $2.485 billion. This is compared to the consensus estimate of $2.46 billion. Meanwhile, adjusted earnings per share are expected to range between $2.75 and $2.85, higher than the consensus estimate of $2.69 per share. The previous forecast had predicted revenues to be in the range of $2.450 billion to $2.475 billion and non-GAAP fully diluted earnings per share between $2.68 and $2.70.