Globus Medical Q2 Earnings Top Estimates, ’24 View Up
Globus Medical, Inc. (NYSE: GMED) reported second-quarter 2024 adjusted earnings per share of 75 cents, which beat the Zacks Consensus Estimate by 10.3%. The figure increased 19% year over year.
The adjusted EPS excludes certain non-recurring expenses and benefits, such as the amortization of intangibles, merger and acquisition-related costs/licensing and provision for litigation, among others.
Without adjustments, the company registered a GAAP diluted EPS of 23 cents, down 59.6% from the year-ago quarter’s figure.
Revenues
Worldwide sales increased a staggering 115.9% year over year to $629.7 million. The reported figure exceeded the Zacks Consensus Estimate by 2.4%.
Net sales improvement was driven by the addition of NuVasive, as well as increased volumes of spine product sales and Enabling Technology products and services.
Geographic Details
Net sales generated in the United States increased 103.5% year over year (same at CER) to $499.5 million. Our model projected a 103.8% improvement in sales from this region.
Across international markets, revenues surged 182.3% (up 191.3%% at CER) to $130.2 million, which surpassed our model estimate of $112 million.
Product Category
Musculoskeletal Solutions generated revenues of $592.9 million, up 130.8% year over year, mainly driven by contributions from the NuVasive merger. Our model projected a year-over-year top-line improvement of 124.5% from this segment.
Enabling Technologies generated revenues of $36.8 million in the second quarter, up 5.7% from the prior-year reported figure. The growth was driven by increased sales of Excelsius GPS and the EGPS robotic system. The reported figure also surpassed our model estimate of $35.7 million.
Margins
The gross profit in the reported quarter rose 71.8% year over year to $369.7 million. However, the …
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