Globus Medical (NYSE:GMED) yesterday posted 2nd-quarter sales that topped expectations and met Wall Street’s profit forecast, sending share prices up today.
Audubon, Pa.-based Globus reported profits of $25.1 million, or 25¢ per share, on sales of $133.6 million for the 3 months ended June 30, for a bottom-line gain of 21.3% on sales growth of 17.6% compared with Q2 2014.
Adjusted to exclude 1-time items, earnings per share were still a quarter, in line with expectations on The Street, where analysts were looking for sales of $128.4 million.
The news sent GMED shares up 2.0% to $28.42 each in early trading today.
“During the second quarter, we also launched 5 new products and made further progress on integrating our two most recent acquisitions. We remain confident in our long term growth prospects and our ability to sustain our industry leading profitability by the continued execution of our strategy of introducing innovative products, expanding our U.S. and international sales footprint, and controlling our expenses,” chairman & CEO David Paul said in prepared remarks.
Globus raised its outlook for the rest of the year, saying it now expects to post EPS of $1.04 on sales of $524 million, up from prior guidance for $1.01 on $214 million.
The post Globus Medical’s Q2 sales top estimate appeared first on MassDevice.
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