Why Globus Medical Stock Is Sinking Today
Shares of Globus Medical (NASDAQ: GMED) were sinking 11% at 10:34 a.m. ET on Friday. The decline came after the company announced the resignation of its CEO following market close on Thursday.
Dave Demski had been with Globus for 20 years, serving as CEO for the past four and a half years. His stated reason for leaving was to "pursue other opportunities." Globus named Daniel Scavilla as its new CEO, effective immediately. Scavilla previously served as the company's chief commercial officer and was also president of its trauma business.
Globus also provided a sneak peek at its first-quarter results. The company announced preliminary Q1 sales of $230.5 million, up 1.4% year over year. The consensus estimate is for Q1 sales of $235.9 million.
Source Fool.com
