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.
