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Globus Medical misses 4Q profit forecasts

AUDUBON, Pa. (AP) _ Globus Medical Inc. (GMED) on Monday reported fourth-quarter profit of $24.3 million.

The Audubon, Pennsylvania-based company said it had net income of 25 cents per share. Earnings, adjusted for costs related to mergers and acquisitions and non-recurring costs, came to 31 cents per share.

The results did not meet Wall Street expectations. The average estimate of seven analysts surveyed by Zacks Investment Research was for earnings of 33 cents per share.

The medical device company posted revenue of $151.6 million in the period.

For the year, the company reported profit of $104.3 million, or $1.08 per share. Revenue was reported as $564 million.

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

Globus Medical shares have climbed 15 percent since the beginning of the year. In the final minutes of trading on Monday, shares hit $28.61, a rise of 18 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