AUDUBON, Pa. (AP) — AUDUBON, Pa. (AP) — Globus Medical Inc. (GMED) on Thursday reported first-quarter earnings of $75.5 million.
On a per-share basis, the Audubon, Pennsylvania-based company said it had profit of 54 cents. Earnings, adjusted for one-time gains and costs, were 68 cents per share.
The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 74 cents per share.
The medical device company posted revenue of $598.1 million in the period, also falling short of Street forecasts. Eight analysts surveyed by Zacks expected $628.3 million.
Globus Medical expects full-year earnings in the range of $3 to $3.30 per share, with revenue in the range of $2.8 billion to $2.9 billion.
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