NuVasive posts Q3 earnings that beat EPS but miss on sales, $100m share repurchase program

NuVasive Inc. (NSDQ:NUVA) today released its 3rd quarter earnings, posting earnings per share that topped expectations from analysts on Wall Street while its sales fell just short and announced an upcoming $100 million share repurchase program.   The San Diego, Calif.-based company posted profits of $33.6 million, or 64¢ per share, on sales of $247.4 million for the 3 months ended Sept. 30, for massive bottom-line growth of 756% while sales grew a smaller 3.2% compared to the same period during the prior year. Adjusted to exclude 1-time items, earnings per share were 52¢, just ahead of the Wall Street consensus of 52¢, though sales fell just short of analysts’s $255.4 million expectations. “Our results for the third quarter reflect continued strength in our International business with 46% growth on a constant currency basis year over year, representing the fourth consecutive quarter with growth in excess of 20%. In the U.S., we are making significant inroads in the deformity market with our Reline posterior fixation system and have launched multiple spinal hardware technologies over the last quarter that continue to enhance our differentiated and procedurally-focused portfolio. Disruptions from the recent hurricanes in our U.S. and International business negatively affected third quarter total revenue results by approximately $5 million. Excluding the impact of the hurricanes and one less selling day, revenue growth would have been approximately 6%,” c...
Source: Mass Device - Category: Medical Devices Authors: Tags: Business/Financial News MassDevice Earnings Roundup Nuvasive Source Type: news