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.