Globus Medical grows sales nearly 10% in Q4

Globus Medical Inc. (GMED) on Tuesday reported fourth-quarter net income of $50.1 million.

On a per-share basis, the Audubon, Pennsylvania-based company said it had profit of 49 cents. Earnings, adjusted for non-recurring costs, came to 59 cents per share.

The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.

The medical device company posted revenue of $274.5 million in the period, which missed Street forecasts. Seven analysts surveyed by Zacks expected $277.2 million.

For the year, the company reported profit of $190.2 million, or $1.85 per share. Revenue was reported as $759.1 million.

Globus Medical expects full-year earnings to be $2.30 per share, with revenue expected to be $1.1 billion. CT Insider