NuVasive shares drop amid mixed Q2 earnings, reorganization efforts

Shares in NuVasive Inc. (NSDQ:NUVA) fell today after the medical device maker posted 2nd quarter earnings that beat earnings per share expectations but fell short on sales with shrinking profits compared to the previous year, alongside announcing a number of changes to its executive roster. The San Diego, Calif.-based company posted profits of $12.7 million, or 22¢ per share, on sales of $260.6 million for the 3 months ended June 30, seeing the bottom-line shrink 58.1% while sales grew 10.3% compared with the same period in the previous year. Adjusted to exclude 1-time items, earnings per share were 46¢, just ahead of the 44¢ consensus on The Street, where analysts were expecting to see sales of $262 million for the quarter. “NuVasive delivered better than expected operating profitability and earnings per share results in the 2nd quarter 2017, along with continued strength across our international business, growing at more than 20% for the 3rd quarter in a row. In addition, several of our industry-disrupting technologies completed alpha and beta testing this quarter and will commercially launch over the next few months, giving surgeons and patients access to some of the most innovative technologies to address spine and trauma conditions, as well as radiation reduction in the operating room,” chair & CEO Gregory Lucier said in a prepared statement. NuVasive reiterated its guidance for the full 2017 fiscal year, expecting to see sales of $1.1 billion and non...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Wall Street Beat Nuvasive Source Type: news