NuVasive Announces First Quarter 2013 Financial Results
(firmenpresse) - SAN DIEGO, CA -- (Marketwired) -- 04/30/13 -- NuVasive, Inc. (NASDAQ: NUVA)
First quarter 2013 revenue of $159.5 million; up 5.2% from first quarter 2012
GAAP operating margin of 4.0%
Non-GAAP operating margin of 13.5%
GAAP net income of $851 thousand, or $0.02 per share
Non-GAAP earnings of $11.9 million, or $0.26 per share
NuVasive, Inc. (NASDAQ: NUVA) a medical device company focused on developing minimally disruptive surgical products and procedures for the spine, announced today financial results for the quarter ended March 31, 2013.
NuVasive reported first quarter 2013 revenue of $159.5 million, a 5.2% increase over the $151.7 million for the first quarter 2012.
Gross profit for the first quarter 2013 was $120.4 million and gross margin was 75.5%, compared to a gross profit of $114.8 million and a gross margin of 75.7% for the first quarter 2012.
Total operating expenses for the first quarter 2013 were $114.0 million compared to $107.5 million in the first quarter 2012. The higher operating expenses in the first quarter 2013 resulted primarily from additional costs associated with higher revenue and international infrastructure expansion.
On a GAAP basis, the Company reported net income of $851 thousand, or $0.02 per share, for the first quarter 2013.
On a Non-GAAP basis, the Company reported net income of $11.9 million, or $0.26 per share, for the first quarter 2013. The Non-GAAP earnings per share calculations for the first quarter exclude: (i) non-cash stock-based compensation of $6.8 million; (ii) certain intellectual property litigation expenses of $1.4 million; (iii) amortization of intangible assets of $4.4 million; (iv) acquisition related items of $2.5 million; and (v) non-cash interest expense on convertible notes of $3.3 million.
Cash, cash equivalents and short and long-term marketable securities were $281.2 million at March 31, 2013.
The Company also announced a partial settlement in the ongoing patent litigation with Medtronic. The settlement resolves all disputes related to cervical plate patents and affords NuVasive broad access to Medtronic's portfolio of cervical plate patents. In exchange, NuVasive agreed to a $7.5 million up-front payment to Medtronic to settle Phase II of the litigation, all of which will be offset against any damage award ultimately paid in connection with Phase I. As well, NuVasive will assume an effective go-forward royalty rate of 3% on certain cervical plates that rely on the patents licensed.
Alex Lukianov, Chairman and Chief Executive Officer, said, "Results in the first quarter demonstrate solid execution against our multiyear plan and are in line with our expectations for annual performance in 2013. Several positive developments in the form of strong clinical data to support fusions for Degenerative Disc Disease, in conjunction with the ongoing formulation of new clinical guidelines have the potential to improve long term US spine market growth. And regardless of what U.S. market growth ultimately looks like, NuVasive has massive opportunities to drive sustainable top and bottom line growth globally. Our proven, share taking strategy of Superior Outcomes, Absolute Responsiveness, and Speed of Innovation will enable us to execute our plan for growth toward $1 billion in revenue with an improved profitability profile."
2013 Full Year Financial Guidance:
Revenue of approximately $655 million, unchanged from prior guidance
GAAP EPS of approximately $0.02, compared to $0.07 previously
Non-GAAP EPS of approximately $1.00, unchanged from prior guidance
Non-GAAP Operating Margin of approximately 14%, unchanged from prior guidance
GAAP effective tax expense rate of approximately 80%, compared to 60% previously
Reconciliation of Non-GAAP Information
Management uses certain Non-GAAP financial measures such as Non-GAAP earnings per share, which exclude non-cash stock-based compensation, certain intellectual property litigation expenses, amortization of intangible assets, acquisition related items, non-cash interest expense on convertible notes, and intangible asset and goodwill impairment charges. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, management calculates the Non-GAAP financial measures provided in this earnings release excluding these costs and uses these Non-GAAP financial measures to enable it to analyze further, and more consistently, the period-to-period financial performance of its core business operations. Management believes that providing investors with these Non-GAAP measures gives them additional important information to enable them to assess, in the same way management assesses, the Company's current and future continuing operations. These Non-GAAP measures are not in accordance with, or an alternative for, GAAP, and may be different from Non-GAAP measures used by other companies. Set forth below are reconciliations of the Non-GAAP financial measures to the comparable GAAP financial measure.
Conference Call
NuVasive will hold a conference call today at 5:30 p.m. ET / 2:30 p.m. PT to discuss the results. The dial-in numbers are 1-877-407-9039 for domestic callers and 1-201-689-8470 for international callers. A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at .
After the live webcast, the call will remain available on NuVasive's website, through May 31, 2013. In addition, a telephone replay of the call will be available until May 14, 2013. The replay dial-in numbers are 1-877-870-5176 for domestic callers and 1-858-384-5517 for international callers. Please use pin number: 410865.
About NuVasive
NuVasive is an innovative global medical device company that is changing spine surgery with minimally disruptive surgical products and procedurally integrated solutions for the spine. The Company is the 4th largest player in the $8.2 billion global spine market.
NuVasive offers a comprehensive spine portfolio of over 80 unique products developed to improve spine surgery and patient outcomes. The Company's principal procedural solution is its Maximum Access Surgery, or MAS® platform for lateral spine fusion. MAS provides safe, reproducible, and clinically proven outcomes, and is a highly differentiated solution with fully integrated neuromonitoring, customizable exposure, and a broad offering of application-specific implants and fixation devices designed to address a variety of pathologies.
Having pioneered the lateral approach to spine fusion, NuVasive continues to be at the forefront of the spine industry's shift toward less invasive solutions. The Company places a large focus on clinical research and support of the Society of Lateral Access Surgery, or SOLAS®, to expand the body of clinical evidence in support of NuVasive's minimally disruptive solutions and to drive adoption of its techniques. The Company's dedication to innovation continues to spawn game changing technology such as the PCM® motion preserving disc for the cervical spine, XLIF® Corpectomy for tumor and trauma, and Armada®, which treats adult degenerative scoliosis in a less invasive fashion. The Company has also developed procedural solutions that completely redefine and improve upon traditional procedures like TLIF, PLIF, Posterior Fixation, and ALIF. NuVasive's solutions are increasingly being adopted internationally, as the Company lays the groundwork to continue growing as a global business and to offer industry-leading, Absolutely Responsive customer service to surgeons world-wide. NuVasive is focused on becoming a $1 Billion Start-Up™; taking market share by maintaining a commitment to Superior Clinical Outcomes, Speed of Innovation, and Absolute Responsiveness®.
NuVasive cautions you that statements included in this press release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to: the risk that NuVasive's revenue or earnings projections may turn out to be inaccurate because of the preliminary nature of the forecasts; the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability; and other risks and uncertainties more fully described in NuVasive's press releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at . NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
NuVasive, Inc.
858-320-5215
NuVasive, Inc.
858-909-1907
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Datum: 30.04.2013 - 14:30 Uhr
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