Home / Business and Economy / Globus Medical Surges on Record Earnings
Globus Medical Surges on Record Earnings
8 Jun
Summary
- Globus Medical reported record earnings and 27% revenue growth.
- Spine channel revenue increased 10% for the third consecutive quarter.
- Full-year EPS guidance was raised to $4.70-$4.80.
Globus Medical, Inc. reported significant financial achievements for its first quarter, with revenues reaching $759.9 million, a notable 27% increase overall. This growth was propelled by strong performance in its Musculoskeletal Solutions and Enabling Tech segments. The Spine channel specifically saw a 10% revenue increase, marking its third consecutive quarter of such growth.
Net income for the quarter was $124.3 million, with diluted earnings per share climbing 64.7% to $1.12. This performance surpassed earnings estimates by 22%. Looking ahead, Globus Medical has revised its full-year outlook, now expecting revenues between $3.18 billion and $3.33 billion. Furthermore, the company updated its non-GAAP diluted EPS guidance to a range of $4.70 to $4.80, an increase from previous projections.
