Globus Medical Q2 Profit Meets Estimate; Revenue Falls Short

(RTTNews) - Globus Medical, Inc. (GMED) reported net income for the second quarter of $20.6 million or $0.22 per share, compared to $7.4 million or $0.08 per share for the year-ago quarter.

Excluding items, adjusted net income for the second quarter was $21.5 million or $0.23 per share, compared to $20.0 million or $0.21 per share in the prior year quarter.

Second quarter net sales rose 6.1% to $113.6 million from $107.0 million last year.

Analyst polled by Thomson Reuters expected the company to earn $0.23 per share on revenue of $119.83 million for the second quarter. Analysts' estimates typically exclude special items.

The company revised its 2014 revenue guidance and now expects full year net sales to be in the range of $460 to $465 million. Full year adjusted earnings per share guidance remained unchanged, and is expected to be in the range of $0.90 to $0.92 per share. Analysts currently expect the company to earn $0.94 per share on revenue of $483.53 million for the full year 2014.