NuVasive Q1 net income drops 43.6%, shares down 27% since start of year

Alan Condon -   Print  |

NuVasive on May 6 posted first-quarter GAAP net income of $5.3 million, representing a 43.6 percent decrease year over year.

Six things to know:

1. Total revenue decreased 5.4 percent to $259.9 million for the first quarter.

2. NuVasive's shares have declined 27 percent since the start of the year, according to share prices reported by Yahoo Finance.

3. Non-GAAP gross profit was down 6.1 percent to $188 million and non-GAAP gross margin decreased 0.6 percent to 72.3 percent, compared to the first quarter of last year.

4. NuVasive began the first quarter building on financial momentum in 2019, but experienced a decline in elective surgery volumes due to the COVID-19 pandemic, said CEO Chris Barry.

5. In April, the company made executive compensation cuts and pulled back on discretionary spending. The company also reduced manufacturing capacity based on government directives and demand.

6.NuVasive withdrew its full-year financial guidance on April 14 and is not providing further guidance at this time.

More articles on devices:
Geoff Martha, Kevin Lobo & more: 5 CEOs to know in the spine industry
Wright Medical inches toward sale, makes pay cuts due to pandemic: 5 updates
How COVID-19 has affected Medtronic, Stryker, Johnson & Johnson's shares over the last month

© Copyright ASC COMMUNICATIONS 2020. Interested in LINKING to or REPRINTING this content? View our policies here.

Featured Webinars

Featured Whitepapers