Globus Medical (NYSE:GMED) this week posted third-quarter results that were in line with the revenue consensus on Wall Street but missed earnings estimates.
The Audubon, Pennsylvania-based musculoskeletal device company reported profits of $47.4 million, or 47¢ per share, on sales of $254.14 million for the three months ended Sept. 30, for a bottom-line gain of 0.5% on sales growth of 10.63%.
Earnings per share were 2¢ behind The Street, where analysts were looking for sales of $254.14 million.
“Our third quarter sales grew 12.6% on a constant currency basis, as we continue to make market share gains by providing industry-leading innovative solutions in spine care,” President and CEO Dan Scavilla said in a news release.
“Our U.S. Spine business grew an impressive 9.0%, which is evidence of our ability to hold the share gains we’ve made in the past several years, while also continuing to take new share across the U.S. market. International Spine sales increased by 11.1% on an as-reported basis, and 24.8% on a constant currency basis as we continue to increase our brand recognition on the global healthcare stage. Enabling Technologies grew 19.0% to $24.1 million, driven by continued robotic system demand and new interest in our Excelsius3D imaging system. Globus Medical remains well positioned to continue providing innovative procedural solutions to help patients with musculoskeletal disorders.”
Globus Medical reaffirmed its full-year 2022 guidance of $1.025 billion in net sales and non-GAAP diluted earnings per share to $2.03.
Shares in GMED were up less than 1% to $64.83 apiece in premarket trading.
