AUDUBON, Pa. (AP) _ Globus Medical Inc. (GMED) on Wednesday reported third-quarter profit of $44.2 million.

On a per-share basis, the Audubon, Pennsylvania-based company said it had profit of 44 cents. Earnings, adjusted for one-time gains and costs, were 49 cents per share.

The results topped Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 31 cents per share.

The medical device company posted revenue of $216.1 million in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $197.7 million.

Globus Medical shares have dropped 16% since the beginning of the year. In the final minutes of trading on Wednesday, shares hit $49.55, dropping slightly in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on GMED at https://www.zacks.com/ap/GMED

Copyright by Automated Insights, Inc. All rights reserved., source Associated Press News