Globus Medical Issues Softer Outlook For Q1, CEO Resigns

Globus Medical Inc GMED announced the resignation of President and CEO Dave Demski after nearly 20 years with the company, with the last four and a half years as its CEO.
The Board of Directors has named Daniel Scavilla as the company's President and CEO, effective immediately.
Dave will remain with the company to assist with the transition through June 30.
Globus Medical also expects Q1 FY22 sales of approximately $230.5 million, up 1.4% Y/Y, compared to the consensus of $235.94 million.
Also Read: Globus Medical's Q4 Earnings Beat Estimates, But FY22 Outlook Lags.
"We're pleased to deliver year-on-year growth against a strong comp coupled with lingering COVID impacts and softer capital purchasing in Q1," commented Dan Scavilla, President and CEO.
"As we progressed through March and entered April, we've seen procedural volumes continue to increase, and we remain extremely excited about our Enabling Technologies business moving ahead," Scavilla added.
The company reaffirmed its FY22 sales guidance of $1.025 billion and adjusted EPS of $2.10.
Price Action: GMED shares closed 11.4% lower at $70.00 during after-hours trading on Thursday.

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