FinancialSpine

Globus, up on Q3 beat, surprises with CFO resignation

October 31, 2014 by Brad Perriello

Globus Medical shares gain on its better-than-forecast 3rd quarter as the orthopedics company announces the surprise resignation of CFO Richard Baron.

Globus Medical (NYSE:GMED) shares gained some 7% today on strong 3rd-quarter results but surprised Wall Street with news of the pending resignation of CFO Richard Rubin.

Globus reported profits of $23.1 million, or 24¢ per share, on sales of $117.8 million for the 3 months ended Sept. 30, for profit growth of 13.5% on sales growth of $9.9%. Analysts were looking for EPS of 22¢ on sales of $113 million.

Baron, who will step down effective Nov. 3 but stay on through the transition to a new finance chief, was cagey about his plans during a conference call with analysts yesterday. He’s leaving to “pursue other interests,” according to a press release.

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Josh Sandberg

Josh Sandberg is the President of Ortho Sales Partners and Partner for The De Angelis Group. He also serves as Co-Founder and Editor of OrthoSpineNews.

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