Globus Medical Results Top Estimate, CFO Rick Baron Resigns; Stock Down 4%

(RTTNews) - Globus Medical Inc. (GMED), a musculoskeletal implant maker, Thursday reported third-quarter net earnings of $23 million or $0.24 per share compared with $20.3 million or $0.22 per share last year.

Revenues for the quarter were $117.8 million compared with $107 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.21 per share on revenues of $113 million for the quarter. Analysts' estimates typically exclude special items.

The company announced the resignation of Rick Baron, senior vice president and chief financial officer. Baron, who is resigning to pursue other interests, will remain with the company to assist with the transition during the search for his replacement.

Dave Demski, the company's president and chief operating officer, will assume the role of CFO on an interim basis. Demski previously served as the company's CFO from 2003 until his promotion to COO in 2008.