AUDUBON, Pa. (AP) — AUDUBON, Pa. (AP) — Globus Medical Inc. (GMED) on Tuesday reported a loss of $7.1 million in its first quarter.
On a per-share basis, the Audubon, Pennsylvania-based company said it had a loss of 5 cents. Earnings, adjusted for one-time gains and costs, came to 72 cents per share.
The results beat Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 55 cents per share.
The medical device company posted revenue of $606.7 million in the period, also topping Street forecasts. Eight analysts surveyed by Zacks expected $586.7 million.
Globus Medical expects full-year earnings in the range of $2.75 to $2.85 per share, with revenue in the range of $2.46 billion to $2.49 billion.
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