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Globus Medical beats 1Q profit forecasts

AUDUBON, Pa. (AP) _ Globus Medical Inc. (GMED) on Wednesday reported first-quarter net income of $28.7 million.

On a per-share basis, the Audubon, Pennsylvania-based company said it had net income of 30 cents. Earnings, adjusted for one-time gains and costs, came to 32 cents per share.

The results beat Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 30 cents per share.

The medical device company posted revenue of $155.8 million in the period.

Globus Medical expects full-year earnings to be $1.27 per share, with revenue expected to be $625 million.

Globus Medical shares have climbed 23 percent since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $30.56, a rise of 22 percent in the last 12 months.


This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GMED at https://www.zacks.com/ap/GMED


Keywords: Globus Medical, Earnings Report