Medical device company Globus Medical (NYSE: GMED) will be reporting results this Thursday after market close. Here’s what to expect.
Globus Medical beat analysts’ revenue expectations last quarter, reporting revenues of $789.6 million, up 5.9% year on year. It was a very strong quarter for the company, with a solid beat of analysts’ full-year EPS guidance estimates and a beat of analysts’ EPS estimates.
Is Globus Medical a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.
This quarter, the market is expecting Globus Medical’s revenue to grow 3% year on year, slowing from the 22.9% increase it recorded in the same quarter last year.
Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Globus Medical rarely misses Wall Street’s revenue estimates.
Looking at Globus Medical’s peers in the medical devices & supplies - specialty segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Inspire Medical Systems’s revenues decreased 7.9% year on year, beating analysts’ expectations by 1.1%, and Bausch + Lomb reported revenues up 7.3%, in line with consensus estimates. Inspire Medical Systems traded down 7.8% following the results while Bausch + Lomb was up 15.8%.
Read our full analysis of Inspire Medical Systems’s results here and Bausch + Lomb’s results here.
There has been positive sentiment among investors in the medical devices & supplies - specialty segment, with share prices up 2.8% on average over the last month. Globus Medical is up 4% during the same time and is heading into earnings with an average analyst price target of $100.92 (compared to the current share price of $79.61).
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