The Audubon, Pa.-based company said it expects a total revenue of $151.6 million for Q4, a 6.3% increase from the same period in the 2015. Analysts were looking for sales of $149.2 million. Globus also reported that it anticipates a full-year revenue of $564 million, ahead of The Street’s $560 million consensus.
“In 2016 we continued our focus on growing the business through developing the sales force and launching innovative products. We had a strong year of product development and are proud of our recent new product launches including Quartex, a posterior cervical stabilization system; and Independence MIS, a minimally invasive integrated plate-spacer,” chairman & CEO David Paul said in prepared remarks. “In September, we doubled the size of our International presence and entered the strategically important spine market in Japan through our acquisition of Alphatec’s International business. We also continued to invest significantly in our Emerging Technologies platforms throughout the year for sustained, long-term growth potential. We submitted several trauma systems to FDA and announced CE Mark for our robotic trajectory guidance and navigation system. Looking to 2017, we are confident in our ability to continue to grow our business faster than the overall spine market.”
Globus pegged its 2017 sales to $625 million, in line with analysts’ forecast.
GMED shares were trading at $26.83 apiece in mid-morning trading, up 6%.
Globus said the Excelsius GPS system is for use in minimally invasive and open procedures for orthopedics and neurosurgery, and is designed to integrate with the company’s implants and instruments.