MassDevice

The Medical Device Business Journal — Medical Device News & Articles | MassDevice

Home » Globus Medical misses with Q1 results

Globus Medical misses with Q1 results

By

globus medical logoGlobus Medical (NYSE:GMED) posted first-quarter results today that missed the consensus forecast on Wall Street and reaffirmed its outlook for the rest of the year.

The Audubon, Pennsylvania–based musculoskeletal solutions developer today reported profits of $38.1 million, or $0.37 per diluted share, on sales of $230.5 million for the three months ended March 31, 2022, for a bottom-line decrease of 16% and sales growth of 1.4% compared with Q1 2021.

President and CEO Dan Scavilla — promoted from CCO last month to replace Dave Demski as CEO — said COVID-19 deferrals of elective procedures were particularly challenging in January and early February.

“Importantly, U.S. Spine sales recovered and had a record-breaking month in March, which continued at a healthy pace in April,” Scavilla said in a news release.  “After a record fourth quarter, Enabling Technologies sales in the quarter were also negatively impacted by COVID-19; however, the clinical superiority of ExcelsiusGPS continues to drive surgeon and hospital interest in the system, building a strong pipeline.”

Adjusted to exclude one-time items, earnings per share were $0.42, a nickel short of the Street, where analysts were looking for EPS of $0.47 on sales of $234.17 million.

Globus said it still expects to log adjusted EPS of $2.10 this year on $1.025 billion in sales.

Investors reacted by sending GMED shares down nearly 3% to $58.30 in after-hours trading.

BTIG analysts said Q2 is a “must make quarter” for the company.

In case you missed it

RSS From Medical Design & Outsourcing

  • The road to a robot: Medtronic’s development process for its Hugo RAS system
    Elephants are the perfect analogy for surgical robotics, Medtronic (NYSE:MDT) VP of Marketing for Surgical Robotics Mike Stow says. Speaking on the “Road to a robot: Designing technology to address unmet needs & barriers” panel at DeviceTalks Boston last week, Stow explained that elephants are big, taking up a lot of space and that they eat a lot, making… […]
  • iRhythm stays silent on federal grand jury subpoenas
    More than one year after receiving the first of two federal grand jury subpoenas seeking information about its products and communications with the FDA, iRhythm Technologies has said little publicly about the matter. It would have been easy to miss the San Francisco-based cardiac monitor maker’s initial disclosure last summer. iRhythm (Nasdaq:IRTC) was without a… […]
  • How Dexcom’s portfolio goes beyond highly-anticipated next-gen G7
    A lot of talk around Dexcom (Nasdaq:DXCM) in the last couple of years has centered around its next-generation G7 continuous glucose monitor. The latest iteration of the company’s CGM platform has already garnered CE mark this year and awaits FDA approval, with some expectations for that to come after the American Diabetes Association’s Scientific Sessions next month. The company also presented… […]
  • Texas power grid struggles in heat one year after record cold stopped semiconductor plants
    A heatwave in Texas took at least six power plants offline Friday, with high temperatures forecasted to blaze throughout this week. A record cold snap in February 2021 took NXP Semiconductors and Samsung chip fabrication facilities offline for weeks, contributing to a global semicondcutor shortage that is still throttling medical device production. There’s no indication… […]
  • How Stryker includes users for product design in the digital age
    Medical device developers and manufacturers like Stryker (NYSE:SYK) are changing how they approach design as digital technology becomes more crucial. Four Stryker executives shared how the Kalamazoo, Michigan–based orthopedic device giant is thinking differently about medical product development and how health care providers and patients will ultimately use them. The DeviceTalks Boston panel of Stryker… […]
  • DermaSensor wins MedTech Innovator Mid-Stage Companies Pitch Event
    DermaSensor Inc. — the creator of a handheld, point-and-click device to quickly assess skin lesions for cancer risk — is the winner of the MedTech Innovator Mid-Stage Companies Pitch Event.  The Miami-based mid-stage company beat out 1,000 applicants, more than 20 of which competed on-site May 10–11, 2022 at DeviceTalks Boston. DermaSensor walked away with… […]
  • Steris rises on Street-beating Q4, sets fiscal 2023 guidance
    Steris (NYSE:STE) shares ticked up today on fourth-quarter financial results that came in just ahead of the consensus forecast. The infection prevention technology company — headquartered in Dublin, Ireland, and run operationally out of Mentor, Ohio — posted profits of $52.3 million, or 52¢ per share, on sales of $1.2 billion for the three months… […]
  • Lucira Health asks FDA for EUA on molecular at-home COVID/flu test
    Lucira Health (Nasdaq: LHDX) today said it has asked the FDA for an emergency use authorization (EUA) for its combination COVID-19 and flu test. Emeryville, California–based Lucira said the at-home test would be available with a prescription to test for SARS-CoV-2, Influenza A and Influenza B. The Nucleic Acid Amplification Test (NAAT) platform has a… […]
  • Device commercialization platform AcuityMD raises $31M Series A to fund R&D engineer hiring
    AcuityMD said today it has raised $31 million in Series A funding for its medical device commercialization platform. “With our new funding, we plan to double down on R&D by growing our engineering team from 15 to over 40 over the next year,” AcuityMD co-founder and CEO Michael Monovoukas said in a blog post. “We’ll… […]
  • Rockley Photonics announces $81.5M private placement
    Rockley Photonics (NYSE:RKLY) announced today that it entered into agreements for an $81.5 million private placement. Participating investors agreed to purchase $81.5 million in convertible senior secured notes (due 2026) and warrants to purchase 26.5 million Rockley ordinary shares at an exercise price of $5 per share, subject to certain anti-dilution adjustments. Warrants purchased in… […]
  • Stryker leaders talk medtech trends at DeviceTalks Boston: ‘If you’re slow, you’re going to lose’
    The first day of DeviceTalks Boston closed with a panel of Stryker (NYSE:SYK) executives discussing new tools, technologies and strategies in medtech. Digital VP Tracy Robertson, Digital, Robotics, and Enabling Technologies President Robert Cohen and Surgical Technologies VP of Digital Innovation Siddarth Satish offered their thoughts on industry trends in healthcare and at the Kalamazoo,… […]