Globus Medical gains on Street-beating prelims | Wall Street Beat
Globus Medical (NYSE:GMED) shares closed up yesterday after the orthopedics company reported preliminary fourth-quarter and 2018 sales numbers that beat the consensus forecast on Wall Street.
Audubon, Pa.-based Globus said it expects to post Q4 revenues of $195.5 million and full-year sales of $712.5 million; analysts on The Street were looking for quarterly sales of $188.2 million and annual sales of $705.2 million.
“Our fourth-quarter and full-year results are indicative of strong momentum in several key strategic areas,” CEO Dave Demski said in prepared remarks. “The fourth quarter marked the fifth consecutive quarter of double-digit organic revenue growth, which is particularly outstanding considering the strong comparable quarter last year. Emerging technologies delivered $14.8 million, or 35% growth, a significant accomplishment given the pent-up demand implicit in the fourth quarter of 2017 when we launched our robotic system. The U.S. spinal implant business grew by over 9% year-over-year, continuing the acceleration we saw in the third quarter, driven by robotic implant pull-through and strong recruiting.”
“We are pleased with our fourth quarter and full year performance,” added CFO Dan Scavilla. “We delivered 12% revenue growth and maintained our industry-leading profitability while investing significantly in growing our emerging technologies business. While we are not announcing fourth-quarter or full-year EPS or EBITDA ...
Source: Mass Device - Category: Medical Devices Authors: Brad Perriello Tags: Featured MassDevice Earnings Roundup Wall Street Beat conformis Globus Medical Iridex Corp. Neuronetics Tactile Systems Technology Source Type: news
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