NuVasive's net sales dip 8.3%, cervical spine segment grows in US: 5 Q3 notes

Carly Behm -  

NuVasive's net sales were affected in part by challenges with the COVID-19 pandemic and elective surgery halt, according to third-quarter financial results posted Nov. 9.

Five notes from the report:

1. Net sales were $270.8 million, down 8.3 percent from $295.3 million in the same time last year. They were driven by new product introductions in the spine portfolio and the company's international performance.

2. The company's cervical portfolio saw double-digit year-over-year growth in the U.S., led by the Simplify cervical disc. 

3. GAAP net loss was $21.6 million. The company's third-quarter net income in 2020 was $5.9 million. 

4. As of Sept. 30, cash, cash equivalents and investments were $234.6 million.

5. CEO J. Christopher Barry said in a news release, "The third quarter presented unexpected challenges for elective surgical procedures due to the negative impact from the resurgence of COVID-19 and healthcare staffing shortages. Despite these external factors, our strategy remains unchanged."

 

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