Shares of Globus Medical, Inc. (GMED) are up 23% on Wednesday after the company reported that the first quarter earnings and revenues beat the street estimates, and raised the full-year outlook.
GMED is trading on the New York Stock Exchange at $63.26, up 23.17% or $11.90 per share. It has traded between $43.39 and $64.73 in the past 52-week period.
The company reported a net loss of $7.1 million or $0.05 per share for the quarter, compared to last year's profit of $49.1 million or $0.48 per share.
On an adjusted basis, it reported income of $98.1 million or $0.72 per share, compared to the income of $53.8 million or $0.53 per share the prior year.
Analysts on average had expected the company to earn $0.57 per share, according to figures compiled by Thomson Reuters.
Revenue increased to $606.7 million from $276.7 million the previous year. It beat the consensus estimate of $606.67 million.
The company has raised its full-year 2024 revenue forecast to be between $2.460 billion and $2.485 billion versus the consensus estimate of $2.46 billion, and adjusted earnings per share between $2.75 and $2.85 versus the consensus estimate of $2.69 per share.The previous forecast was $2.450 billion to $2.475 billion for revenue and $2.68 to $2.70 for non-GAAP fully diluted earnings per share.
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