By Katherine Hamilton
Globus Medical shares fell after preliminary second-quarter results revealed worse-than-expected performance in its base business.
Shares declined 6% to $52.83 on Monday, at one point hitting a 52-week low of $52.22. Shares are down 36% this year.
The medical device company said it expects second-quarter revenue from its core business - excluding sales from Nevro, which it acquired in April - to be $650.8 million. Wall Street consensus for base business sales was $664 million, according to Needham analysts led by David Saxon.
"The preannouncement has incrementally more for the Bears than the Bulls, in our view," Saxon and his team wrote in a note.
Including Nevro's revenue, total quarterly sales are expected to be $745.3 million, which is ahead of analysts' anticipated $738.9 million.
Globus reaffirmed its full-year earnings outlook. Saxon said this implies some softness because Nevro has now been contributing to sales for a full quarter, but hasn't boosted guidance.
Globus also said Chief Executive Dan Scavilla resigned. He is heading to lead the dental-product maker Dentsply Sirona. He will be succeeded by Keith Pfeil, who previously served as chief financial officer and chief operating officer at Globus.
Write to Katherine Hamilton at katherine.hamilton@wsj.com
(END) Dow Jones Newswires
July 21, 2025 14:22 ET (18:22 GMT)
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