- Globus Medical Inc (NYSE: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.
