Globus Medical whales on Wall Street’s Q2 expectations

Globus Medical (NYSE:GMED) today whaled on the consensus expecation with its second-quarter results and raised its outlook for the rest of the year.

Audubon, Pa.-based Globus posted profits of $45.0 million, or 44¢ per share, on sales of $173.4 million for the three months ended June 30, for a bottom-line gain of 56.9% on sales growth of 13.8% compared with Q2 2017.

Adjusted to exclude one-time items, earnings per share were 44¢, 9¢ ahead of The Street, where analysts were looking for sales of $168.0 million.

“The second quarter marks the third consecutive quarter of double-digit organic growth for Globus Medical, as our U.S. spine business continues to take market share, growing by 4.2%; our international revenue increased by 7.2%; and emerging technologies contributed $13.8 million,” CEO Dave Demski said in prepared remarks. “We are very pleased with the strong sales of our ExcelsiusGPS robotic system, and more importantly, the level of adoption we are seeing by surgeons in accounts that have purchased the technology. The synergy of this transformational technology, combined with the most innovative suite of spinal implants in the industry, is expected to provide a powerful platform for our future growth.”

Globus said it now expects to report adjusted EPS this year of $1.55, up from $1.52 previously, on sales of $700 million, compared with prior guidance for $695 million.

The company also said it promoted CFO Dan Scavilla to chief commercial officer, saying he’ll keep the finance chief role until a replacement is found.

GMED shares closed up 2.7% at $52.85 apiece today.

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