Globus Medical (NYSE: GMED) reported Q3 EPS of $0.49, $0.19 better than the analyst estimate of $0.30. Revenue for the quarter came in at $216.1 million versus the consensus estimate of $195.87 million.

“The Globus Team executed extremely well in the third quarter, delivering record revenue, record earnings per share and outstanding Adjusted EBITDA and Cash Flow,” said Dave Demski, President and CEO. “Our U.S. Spine business grew by 17% over last year, which reflects not only a bounce back in surgical volumes, but continued growth in market share. Competitive recruiting and onboarding, pull through from a growing base of robotic installations, and impressive uptake from new product introductions were all strong contributors to growth. While Enabling Technologies revenue was down compared to last year’s outstanding third quarter, we are encouraged by the health of the pipeline as we exited the quarter. In fact, we have already sold more robots in October than we did for all of the third quarter.”

GUIDANCE:

On April 16, 2020, due to the rapidly evolving environment and continued uncertainties resulting from the COVID-19 pandemic, Globus Medical withdrew previously announced full year 2020 guidance. At this time, Globus Medical cannot predict the specific extent, or duration, of the impact of COVID-19 on its financial and operating results.

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