Globus Medical (NYSE:GMED) posted first-quarter results today that missed the consensus forecast on Wall Street, but expects higher earnings by the end of the year.
The Audubon, Penn.-based company reported profits of $33.2 million, or 33¢ per share, on sales of $183 million for three months ended March 31, for a bottom-line loss of 16% on a sales loss of 4.9% compared with Q4 of 2018.
Adjusted to exclude one-time items, earnings per share were 36¢, 5¢ behind Wall Street consensus where analysts were looking for sales of $186.6 million, which the company also missed.
“Our first quarter results demonstrate continued strong momentum in the musculoskeletal solutions portion of our business, growing at 8.7% on an as reported basis and 9.6% in constant currency, well above the overall market,” president and CEO Dave Demski said in prepared remarks. “Enabling Technologies contributed $7.2 million and the impressive level of surgeon adoption in accounts with our ExcelsiusGPS robotic system continues to validate our vision of the future of computer-assisted spine surgery.”
Globus Medical said it expects to have full-year sales of $770 million and non-GAAP diluted earnings per share of $1.72.
GMED shares were up 4.1% to $45.96 per share at market close. Shares have fallen 8.6% in after-hours trading, at $42 as of 4:57 p.m. EDT.
