AUDUBON, Pa. – Globus Medical , Inc. (NYSE:GMED) saw its shares jump 7.4% after the musculoskeletal solutions company reported third quarter earnings that beat analyst expectations and raised its full-year guidance.
The company posted adjusted earnings per share of $0.83, surpassing the consensus estimate of $0.65. Revenue for the quarter came in at $625.7 million, up 63.1% YoY and ahead of analysts’ projections of $604.71 million.
“Our third quarter results reflect the enduring strength of our business,” said Dan Scavilla, President and CEO. “We’ve continued to deliver on our business objectives to drive sales growth, launch new products, and execute our integration plans, all while delivering strong financial results.”
Globus Medical (TASE:PMCN) raised its full-year 2024 earnings per share guidance to $2.90-$3.00, up from its previous outlook of $2.80-$2.90 and above the Wall Street consensus of $2.85.
The company’s worldwide net sales increase was driven by the addition of NuVasive (NASDAQ:NUVA), as well as higher volumes of spine product sales and enabling technology products and services. U.S. net sales rose 60.3% YoY, while international net sales jumped 74.8%.
“We delivered meaningful sales growth across our portfolio and generated strong earnings growth, all of which delivered record operating and free cash results in the quarter, while continuing to invest for the long-term,” commented Keith Pfeil, COO-CFO.
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