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NuVasive 2Q Earnings Surge Despite Sector Concerns

By Jon Kamp Of DOW JONES NEWSWIRES NuVasive Inc.'s (NUVA) second-quarter earnings more than doubled behind surging sales as the maker of devices for spinal-fusion surgery continued to shake off challenging market conditions seen by competitors. The San Diego-based company boosted its full-year earnings guidance Tuesday, raised the lower end of its sales forecast and maintained its outlook for sales growth next year. Shares rose 2.8%, to $35.00 in after-hours trading. Reports last week from Johnson & Johnson (JNJ) and Stryker Corp. (SYK) added to signs the $8 billion to $9 billion spinal-device market is facing pressure on product prices and procedure volumes that is restraining growth. But NuVasive, which markets tools for a unique procedure the company says cuts blood loss and hospital stays, has managed to maintain its high-growth pace by taking market share. NuVasive posted second-quarter earnings of $6.7 million, or 17 cents per share, up from $2.8 million, or 7 cents, a year ago. Excluding stock-based compensation and other costs, it said earnings were 42 cents in the recent quarter. Sales rose 35%, to $119.6 million. Analysts surveyed by Thomson Reuters had forecast, on average, earnings of 29 cents a share on sales of $117.7 million. Looking ahead, the company said it now expects full-year sales of $485 million to $500 million, with the bottom end of that range up $5 million from the prior forecast. It forecast earnings excluding items of $1.50 to $1.64 per share, compared with the prior $1.13 to $1.25 per share forecast. Analysts had forecast full-year earnings of $1.21 per share on sales of $490.3 million. Alex Lukianov, NuVasive's chairman and chief executive, said on a conference call that the company continues to expect sales growth of 25% to 30% next year. He also said, as he has before, that product innovations could fuel faster growth. -By Jon Kamp, Dow Jones Newswires; 617-654-6728; jon.kamp@dowjones.com

Stock News for Nuvasive (NUVA)
DateTimeHeadline
05/20/201517:18:32Statement of Changes in Beneficial Ownership (4)
05/06/201516:13:19Statement of Changes in Beneficial Ownership (4)
05/06/201511:03:45NuVasive Upgraded at Zacks (NUVA)
05/05/201518:06:02NuVasive Climbs on Strong Earnings, Sales Growth
05/05/201516:37:01TheStreet Upgrades NuVasive to "Buy" (NUVA)
05/05/201515:21:43NuVasive Given a $55.00 Price Target by Brean Capital Analysts...
05/04/201517:15:04Quarterly Report (10-q)
05/04/201516:21:11Current Report Filing (8-k)
05/01/201516:52:27Statement of Changes in Beneficial Ownership (4)
04/30/201515:25:49Additional Proxy Soliciting Materials (definitive) (defa14a)
04/30/201515:20:38Proxy Statement (definitive) (def 14a)
04/30/201506:30:52Current Report Filing (8-k)
04/30/201503:31:23NuVasive Stock Rating Reaffirmed by Canaccord Genuity (NUVA)
04/28/201516:48:49Statement of Changes in Beneficial Ownership (4)
04/08/201517:54:15Statement of Changes in Beneficial Ownership (4)
04/03/201516:00:00Seeking Alpha's Biotech Weekly: Billion Dollar Deals, Gilead...
04/01/201510:10:10NuVasive CEO Resigns After Probe Finds Policy Violations
04/01/201508:36:45Current Report Filing (8-k)
03/30/201510:19:38The Best Stocks To Buy This Week
03/10/201516:56:48Statement of Changes in Beneficial Ownership (4)

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