Why Globus Medical Stock Soared Today
Shares of Globus Medical (NYSE: GMED) were soaring 13.9% higher as of 3:21 p.m. EDT on Thursday. The big jump came after the medical device maker reported its second-quarter results before the market opened.
Globus Medical announced revenue in the second quarter of $148.9 million, down 23.4% year over year. It posted a net loss in Q2 of $20.8 million, or $0.21 per share, based on generally accepted accounting principles (GAAP). That reflected a sharp decline from GAAP earnings of $38.2 million, or $0.38 per share, in the prior-year period. However, the company reported adjusted earnings of $0.07 per share.
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