Globus Medical tops estimates with Q1 sales, earnings

Globus Medical (NYSE:GMED) yesterday topped estimates with its first-quarter results and raised its outlook for the rest of the year.

The Audubon, Pa.-based orthopedics company posted profits of $39.5 million, or 39¢ per share, on sales of $174.4 million for the three months ended March 31, for a bottom-line gain of 37.7% on sales growth of 11.9% compared with Q1 2017.

Adjusted to exclude one-time items, earnings per share were 41¢, a full nickel ahead of the consensus on Wall Street, where analysts were looking for sales of $167.9 million.

“We had a strong first quarter with worldwide sales up 11.9% over the first quarter of 2017 at $174 million,” CEO Dave Demski said in prepared remarks. “We also realized $0.41 in non-GAAP diluted EPS in the first quarter, an increase of 31%. We had $12.8 million in revenue from Emerging Technologies, primarily due to robust demand for our ExcelsiusGPS robotics and navigation system. On a day-adjusted basis, our U.S. Spine business grew at 4.0% over last year.

Globus raised its guidance for the rest of 2018, saying it now expects to report adjusted EPS of $1.52, up from $1.50 previously, on sales of $695 million, compared with prior guidance of $690 million.

GMEd shares were off some -4.3% to $47.51 apiece today in mid-morning trading.

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