Globus Medical (NYSE:GMED) posted first-quarter results today that missed the consensus forecast on Wall Street and reaffirmed its outlook for the rest of the year.
The Audubon, Pennsylvania–based musculoskeletal solutions developer reported profits of $38.1 million, or $0.37 per diluted share, on sales of $230.5 million for the three months ended March 31, 2022, for a bottom-line decrease of 16% and sales growth of 1.4% compared with Q1 2021.
President and CEO Dan Scavilla — promoted from CCO last month to replace Dave Demski as CEO — said COVID-19 deferrals of elective procedures were particularly challenging in January and early February.
“Importantly, U.S. Spine sales recovered and had a record-breaking month in March, which continued at a healthy pace in April,” Scavilla said in a news release. “After a record fourth quarter, Enabling Technologies sales in the quarter were also negatively impacted by COVID-19; however, the clinical superiority of ExcelsiusGPS continues to drive surgeon and hospital interest in the system, building a strong pipeline.”
Adjusted to exclude one-time items, earnings per share were $0.42, a nickel short of the Street, where analysts were looking for EPS of $0.47 on sales of $234.17 million.
Gobus said it still expects to log adjusted EPS of $2.10 this year on $1.025 billion in sales.
Investors reacted by sending GMED shares down nearly 3% to $58.30 in after-hours trading.