Oppenheimer reviewed K2M Group Holdings Inc (NASDAQ: KTWO)'s second quarter earnings in its note published Thursday.
K2M reported 2Q16 revenue of $59.2 million, beating both Oppenheimer's estimate of $57.2 million and the consensus of $57.5 million. The company maintained its 2016 sales guidance of $231-235 million, which assumes high-teens U.S. growth and mid- to high-teens OUS declines.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
ENTER TO WIN $500 IN STOCK OR CRYPTO
Enter your email and you'll also get Benzinga's ultimate morning update AND a free $30 gift card and more!
The analysts forecast faster growth in 2H16 on easing comps, new product rollouts, and increasing impact of the recent salesforce expansion. They lifted the 2016 estimated sales/EPS to $234 million/($1.10) from $231.5 million/($1.11) on stronger than expected Q2 performance.
"For '17, we forecast sales of $271M (+16% y/y) led by solid US growth and accelerated international (we build in some Australia/Japan recovery). Recent sales hires should be a larger contributor in '17 as well," wrote Oppenheimer.
The company has an Outperform rating on K2M Group with a $23 price target. The analysts believe the company is well positioned to continue to take share in the spine market owing to a strong portfolio in the attractive complex spine market, recent new sales force hires, a building MIS platform and the company's innovative Lamellar 3D product platform.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.