Globus Medical Shares Race Higher After Better-Than-Expected Q1 Results
Portfolio Pulse from Erica Kollmann
Globus Medical, Inc. (NYSE:GMED) shares surged after reporting Q1 results that exceeded expectations and raising its FY 2024 guidance. Earnings per share were 72 cents, surpassing the consensus estimate of 57 cents, and representing a 35.85% increase year-over-year. Sales reached $606.67 million, a 119.26% increase from the previous year, beating estimates by 3.33%. The company's updated FY 2024 guidance forecasts revenue between $2.46 billion and $2.485 billion, with earnings per share between $2.75 and $2.85. Analysts have responded positively, with multiple price target adjustments.
May 08, 2024 | 6:31 pm
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POSITIVE IMPACT
Globus Medical's Q1 earnings and sales exceeded expectations, with significant year-over-year growth. The company raised its FY 2024 guidance, leading to positive analyst revisions and a surge in stock price.
The substantial beat on both earnings and sales expectations, coupled with an upward revision in FY 2024 guidance, directly impacts investor sentiment and stock valuation. The positive reaction from analysts, including raised price targets, further supports a bullish short-term outlook for GMED shares.
CONFIDENCE 90
IMPORTANCE 95
RELEVANCE 100