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 and CEO of Ortho Spine Partners and sits on several company and industry related Boards. He also is the Creator and Editor of OrthoSpineNews.

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