The newly publicly traded Globus Medical, located in Audubon, said it has topped Wall Street's expectations with its closing of its fourth quarter and 2012 year-end figures.
According to CNBC, the company, which only went public in August 2012, had its stock go up 4 percent on Tuesday at the news that its year-end numbers were higher than originally suspected.
"Globus Medical Inc. expects a 14.3 percent rise in fourth-quarter revenue to $100.5 million," reported CNBC. "Full-year revenue is seen rising 16.4 percent to $386 million."
Wall Street expectations set the company around $3 million lower than that in its early guesses.
"Analysts surveyed by FactSet predict fourth-quarter revenue of $98.4 million and full-year revenue of $383.3 million," said the CNBC article.
While the numbers have not yet been audited, the company is happy with its growth.
“We are pleased with our strong growth this quarter," said David Paul, Chairman and CEO of Globus Medical, in a press release from the company. "Our business remains robust, and our fourth quarter performance is a testament to the consistent execution of our strategy. We believe we will continue to grow our business at rates significantly above the industry by innovating in rapid response to the needs of our customers and patients, growing our US sales force, and expanding our footprint internationally.”
Final figures are expected in early March.
According to the Globus Medical website, the company is a "leading spinal implant manufacturer and is driving significant technological advancements across a complete suite of spinal products."
It is known for its products that aid in spinal surgeries, especially those dealing with the vertebrae.
Tuesday's news improved its stock trading.
"Globus Medical rose 52 cents, or 4.2 percent, to $12.84 in (Tuesday) afternoon trading. The shares have traded between $10.26 and $19.93 since the company went public," said CNBC.
The company moved into the Valley Forge Business Center, located at Egypt and Trooper roads, in July of 2006. (The business is located at 2560 General Armistead Ave., Audubon.) It was formerly housed in Phoenixville, but the move reportedly quadrupled its complex's size.