Globus Medical (NYSE:GMED) announced second-quarter results that beat the general consensus on Wall Street.
The Audubon, Pa.-based musculoskeletal device company reported earnings of $54.6 million, or 53¢ per share, on sales of $263.6 million for the three months ended May 30. June, for a net gain of 31.4% on sales growth of 5.03% compared to with Q2 2021.
Adjusted to exclude one-time items, earnings per share were 56¢, 3¢ ahead of The Street, where analysts had forecast sales of $259.39 million.
“Our record second quarter sales increased 6.5% in constant currency and accelerated from last quarter as we continue to gain market share, despite the headwinds of a tough year-to-date comparison. previous experience and unfavorable foreign currency fluctuations,” Chairman and CEO Dan Scavilla said in a statement. Press release.
“Our Enabling Technologies business had a record quarter, growing 41.7% to $29.4 million, driven by strong demand for robotic systems, as well as the initial deployment of our highly anticipated Excelsius3D imaging system. Globus Medical continues to be the innovative leader in helping patients with musculoskeletal disorders.
Globus Medical reaffirmed its full-year 2022 guidance of $1.025 billion in net sales and non-GAAP EPS of $2.10.
The results delivered a needed rebound for Globus Medical after a first-quarter revenue shortfall and a surprise CEO transition, BTIG analyst Ryan Zimmerman said as he maintained his buy rating on GMED shares. “To some extent, investors are flying blind when it comes to GMED’s longer-term strategic direction (and how it accelerates the core of the spine), but at the same time, we expect for GMED to drive growth through the hiring of competitive representatives, to deliver on Enabling Technology and new product introductions; all of which should resume as we enter FY23.”
GMED shares rose more than 5% to $62.19 apiece in morning trading. mass deviceit is MedTech 100 Indexwhich includes shares of the world’s largest medical device companies, fell slightly.