Medical device company Globus Medical (NYSE: GMED) will be reporting results this Thursday after market hours. Here’s what investors should know.
Globus Medical beat analysts’ revenue expectations by 0.7% last quarter, reporting revenues of $745.3 million, up 18.4% year on year. It was a satisfactory quarter for the company, with a solid beat of analysts’ constant currency revenue estimates but full-year EPS guidance in line with analysts’ estimates.
Is Globus Medical a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, analysts are expecting Globus Medical’s revenue to grow 17.4% year on year to $734.8 million, slowing from the 63.1% increase it recorded in the same quarter last year. Adjusted earnings are expected to come in at $0.77 per share.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business to stay the course heading into earnings. Globus Medical has missed Wall Street’s revenue estimates twice over the last two years.
Looking at Globus Medical’s peers in the medical devices & supplies - specialty segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Inspire Medical Systems delivered year-on-year revenue growth of 10.5%, beating analysts’ expectations by 1.9%, and Bausch + Lomb reported revenues up 7.1%, in line with consensus estimates. Inspire Medical Systems traded up 15.6% following the results while Bausch + Lomb’s stock price was unchanged.
Read our full analysis of Inspire Medical Systems’s results here and Bausch + Lomb’s results here.
Investors in the medical devices & supplies - specialty segment have had steady hands going into earnings, with share prices flat over the last month. Globus Medical is up 2.2% during the same time and is heading into earnings with an average analyst price target of $78.18 (compared to the current share price of $61.50).
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