Globus Medical (NYSE:GMED) got some Wall Street love after reporting a strong 1st quarter, during which the company notched the acquisition of Excelsius Surgical.
GMED shares gained 7.6% last week, during which the company released earnings figures that beat Wall Street’s expectations. Earnings increased nearly 9% and profits jumped 6.3% during the quarter.
In total Globus reported profits of $21.1 million, or 22¢ per diluted share, on sales of $114.2 million during the 3 months ended March 31. That compared with profits of $19.9 million, or 21¢ per share, on sales of $105 million during the same time last year.
Excluding special charges, adjusted earnings amounted to 24¢ per share, beating analysts consensus estimates by 2¢.
The quarter was an important one for Globus, marking the company’s entry into robot-assisted surgery. The company closed the stealthy acquisition of Excelsius Surgical and its robotic positioning platform for spine and brain procedures.
The Excelsius system is designed to integrate intra-operative digital imaging with a robotic surgery device to hold patients in place during surgeries "with sub-millimeter accuracy."Globus has said it expects the Excelsius system to win FDA clearance next year, with commercialization to follow in 2016.
GMED shares closed on Friday at $24.79, up 22.8% since the start of the year.
