Globus Medical (NYSE:GMED) shares ticked up this morning on fourth-quarter results that topped the consensus forecast.
The Audubon, Pennsylvania-based musculoskeletal solutions developer posted profits of $15.1 million, or 14¢ per share, on sales of $250 million for the three months ended Dec. 31, 2021, for a 71.5% bottom-line slide despite sales growth of 7.1%.
Adjusted to exclude one-time items, earnings per share were 49¢, 2¢ ahead of Wall Street, where analysts were looking for sales of $243 million.
The company’s U.S. spine business grew by 18%, while its international spine grew 12% and its trauma business grew 39%.
“Our fourth-quarter results topped off another record-breaking year for Globus Medical, as we continued to perform well above our peers in growth as well as profitability,” Globus Medical President and CEO Dave Demski said in a news release. “I want to thank all of our customers and team members for their belief and support and look forward to a very bright future together.”
Globus Medical said it now expects to log adjusted EPS of $2.10 on revenues of $1.025 billion for the full year 2022.
GMED shares were up 2.7% at $68.11 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was virtually unmoved.