Audubon, Pa.-based Globus posted profits of $28.7 million, or 30¢ per share, on sales of $155.8 million for the 3 months ended March 31, for a bottom-line increase of 2.5% on sales growth of 11.9% compared with Q1 2016.
Adjusted to exclude 1-time items, earnings per share were 32¢, 2¢ ahead of The Street, where analysts were looking for sales of $149.5 million.
“We are very pleased with our performance during the 1st quarter. We launched 3 new spine products, received our 1st trauma 510(k) clearance, had a strong competitive rep hiring quarter, further expanded our in-house manufacturing capacity and continued to run an extremely efficient organization with best in class adjusted EBITDA margins. We remain confident in our long-term growth prospects and our ability to sustain industry-leading profitability by continuing to execute on our strategy of rapid product introduction, expansion of our U.S. and international sales footprints, and diligent expense control,” chairman & CEO David Paul said in prepared remarks.
Globus said it still expects to put up adjusted EPS of $1.27 on sales of $625 million this year.
GMED shares were up 5.0% to $32.08 apiece today in mid-day trading.