Globus Medical (NYSE:GMED) this week posted fourth-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The Audubon, Pennsylvania-based company reported profits of $50 million, or 49¢ per share, on sales of $274.5 million for the three months ended Dec. 31, 2022, for a bottom-line gain of 231.4% on sales growth of 9.79%.
Adjusted to exclude one-time items, earnings per share were 59¢, 3¢ ahead of The Street, where analysts were looking for sales of $276.67 million.
“Globus Medical was founded twenty years ago with a small group of talented engineers who had a vision of improving care for patients with musculoskeletal disease,” President and CEO Dan Scavilla said in a news release. “The fourth quarter of 2022 was a record-setting quarter, with record-breaking total sales, U.S. Spine sales, and Enabling Technologies sales. Our future continues to look bright as we improve the lives of patients, surgeons, employees and shareholders by working to further achieve our vision. We plan to build on our legacy of product innovation, superior customer services, and operational execution this year and in the future as we continue to help patients with musculoskeletal disease.”
Last week, Globus Medical announced plans to merge with Nuvasive to form a global musculoskeletal company. The deal values NuVasive at $3.1 billion, with Globus shareholders owning roughly three-fourths of the newly merged company.
Globus Medical announced it expects full-year net sales of $1.1 billion and non-GAAP diluted earnings per share of $2.30.
Shares in GMED were up 1.08% to $59.77 apiece in afternoon trading. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 8.7%.