UPDATE: NuVasive beats The Street, closes DoJ probe

UPDATED July 30, 2015, with details on Justice Dept. probe. NuVasive Inc. (NSDQ:NUVA) posted 2nd-quarter earnings that topped expectations on Wall Street and closed out its $14 million settlement with the U.S. Justice Dept. San Diego-based NuVasive reported profits of $10.3 million, or 20¢ per share, on sales of $202.9 million for the 3 months ended June 30, marking a swing to profits from losses of -$4.1 million and 6.4% sales growth, compared with Q2 2014. Adjusted to exclude 1-time items, earnings per share were 31¢, a full 6¢ ahead of expectations on The Street. “We are pleased to report another strong quarter that resulted in revenue growth of more than 8% and an impressive 460 basis point increase in profitability, as we continued to take market share and gain momentum in our efforts to improve operational efficiencies,” chairman & CEO Gregory Lucier said in prepared remarks. “We are laser-focused on increasing our market share by rapidly developing disruptive technologies and services for spine surgery, expanding our global footprint in existing and new markets, and positioning NuVasive as a commercial powerhouse with integrated sales, service and specialized customer marketing programs. With these efforts underway, we look to move even faster to drive NuVasive’s next phase of growth and success, while generating enhanced long-term value for our shareholders.” NuVasive said it still expects full-year sales of $810 million but ra...
Source: Mass Device - Category: Medical Equipment Authors: Tags: Legal News MassDevice Earnings Roundup Regulatory/Compliance Nuvasive Source Type: news