Globus Medical: 3Q Earnings Snapshot
AUDUBON, Pa. (AP) _ Globus Medical Inc. (GMED) on Thursday reported third-quarter profit of $35.2 million.
On a per-share basis, the Audubon, Pennsylvania-based company said it had profit of 35 cents. Earnings, adjusted for one-time gains and costs, came to 39 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.
The medical device company posted revenue of $169.2 million in the period, also beating Street forecasts. Four analysts surveyed by Zacks expected $167.4 million.
Globus Medical expects full-year earnings to be $1.62 per share, with revenue expected to be $705 million.
Globus Medical shares have climbed 40 percent since the beginning of the year. In the final minutes of trading on Thursday, shares hit $57.44, an increase of 80 percent in the last 12 months.