NuVasive Q3 2016 revenue reaches $239.6M — 10 report highlights

Megan Wood -   Print  |

NuVasive reported its financial results for the third quarter, ending Sept. 30, 2016.

Here are 10 report highlights:

 

1. NuVasive's revenue hit $239.6 million in Q3 2016, reflecting a 19.5 percent increase from the same period the year prior.

 

2. GAAP gross profit hit $180.5 million and non-GAAP gross profit reached $182.9 million in Q3 2016.

 

3. The company's GAAP operating profit margin was 8.8 percent and non-GAAP operating profit margin was 16.1 percent in Q3 2016.

 

4. GAAP diluted earnings per share were $0.07 and non-GAAP diluted earnings per share increased 14.3 percent to $0.40 in Q3 2016, compared to the prior year.

 

5. The company saw a GAAP net income of $3.9 million, or $0.07 per diluted share, in Q3 2016.

 

6. NuVasive's non-GAAP net income reached $21.1 million, or $0.40 per diluted share, in Q3 2016.

 

7. The company's cash, cash equivalents and short-and long-term marketable securities totaled about $204 million on Sept. 30.

 

8. NuVasive Chairman and CEO Gregory T. Lucier said the quarter's revenue fell short of expectations due to capital and stocking orders in the Untied States that did not arrive as expected.

 

9. Additionally, the company's revenue was impacted by the removal of its dilator from Japan's market, resulting in fewer performed XLIF procedures. Mr. Lucier said they have resubmitted the company's dilator for approval with the Japanese Ministry of Health.

 

10. The company reiterated its full-year 2016 guidance for all estimates except revenue, which the company revised to $952 million. This revenue projection is down from the previous $962 forecast.

 

"During the quarter, we continued to experience positive trends, including domestic procedural volumes in line with prior quarters and the conversion of surgeons at an increasingly faster pace, signaling stable market trends and competitive dynamics that favor our innovation and spine-only focused strategy," said Mr. Lucier.

 

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