In a report issued on February 21, Ryan Zimmerman from BTIG maintained a Hold rating on Globus Medical (GMED). The company’s shares closed on Friday at $47.68.
Zimmerman wrote:
“We maintain our Neutral rating on GMED shares following 4Q18 results. There was little surprise in the quarter following a strong top-line end to the year where revenue (pre-announced) of $195.9M topped original BTIG/Consensus expectations of $189.2M/$188.2M. Most importantly, Emerging Tech revenue of $14.7M was in-line with BTIG/Consensus estimates of $15M primarily driven by US sales/placements as based on US Spinal Implant growth of 9.4% (total US sales were up 10.7% Y/Y). Guidance for FY19 is maintained at $770M/$1.72, which we do not see as difficult given GMED’s sustained momentum in rep hires and implant pull- through from Excelsius. While the robotic numbers were in-line with expectations, we do note that the cadence of sales is more aligned with expectations. Mgmt. continues to reinvest in the business which limits some operating leverage over coming quarters.”
According to TipRanks.com, Zimmerman is a top 100 analyst with an average return of 35.2% and a 78.0% success rate. Zimmerman covers the Healthcare sector, focusing on stocks such as Zimmer Biomet Holdings, Integra Lifesciences, and OrthoPediatrics Corp.
Currently, the analyst consensus on Globus Medical is a Moderate Buy with an average price target of $55, representing a 15.4% upside. In a report issued on February 22, Oppenheimer also maintained a Hold rating on the stock with a $56 price target.
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Based on Globus Medical’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $35.21 million. In comparison, last year the company had a net profit of $24.38 million.
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Globus Medical, Inc. is a medical device company, which engages in developing products that promote healing in patients with musculoskeletal disorders. It classifies products into Innovative Fusion and Disruptive Technology. It operates through the United States and International geographical segments.
