Globus Medical ( (GMED) ) has released its Q3 earnings. Here is a breakdown of the information Globus Medical presented to its investors.
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Globus Medical, Inc., founded in 2003 and based in Audubon, Pennsylvania, is a prominent player in the musculoskeletal solutions sector, dedicated to developing innovative products that aid surgeons in promoting healing for patients with musculoskeletal disorders.
In its latest earnings report, Globus Medical announced impressive financial results for the third quarter of 2024, marked by substantial growth in net sales and earnings. The company’s worldwide net sales reached $625.7 million, reflecting a significant increase of 63.1% compared to the same period last year.
Key financial highlights include a GAAP net income of $51.8 million for the quarter, a notable improvement from the previous year’s figures, alongside a diluted EPS of $0.38. The company’s non-GAAP diluted EPS was reported at $0.83, showing a 45.2% increase compared to the third quarter of 2023. The robust financial performance was supported by strong sales growth, particularly in the spine product and enabling technology segments, as well as the successful integration of NuVasive.
Looking ahead, Globus Medical has raised its guidance for the full year 2024, projecting revenue between $2.49 billion and $2.50 billion, and non-GAAP fully diluted earnings per share in the range of $2.90 to $3.00. The company aims to maintain its momentum and continue investing in long-term growth initiatives as it moves into 2025.
