NuVasive Inc. (NSDQ:NUVA) could be a big gainer today after the medical device company said yesterday that it more than tripled its 3rd-quarter profits, bested Wall Street’s earnings expectations and boosted its sales and earnings outlook for the balance of 2013.
San Diego-based NuVasive posted profits of $7.5 million, or 16¢ per share, on sales of $169.2 million for the 3 months ended Sept. 30, for a bottom-line gain of 219.1% on sales growth of 14.0%.
Adjusted to exclude 1-time items, earnings per share reached 39¢, well ahead of the 24¢ expected on The Street.
"The execution of our market share taking strategy has been outstanding through the first three quarters of 2013, and we are pleased to be increasing full year revenue and non-GAAP operating margin guidance to reflect solid outperformance," chairman & CEO Alex Lukianov said in prepared remarks.
NuVasive raised its 2013 sales guidance to roughly $670 million, up from its previous forecast of $655 million. Earnings per share are now pegged at 7¢, compared with NuVasive’s earlier outlook for loses of 9¢ per share. Adjusted EPS are expected to reach $1.14, up from $1 previously.
NUVA shares closed at $25.66 apiece yesterday before it announced its Q3 results. Share prices are likely to post significant gains today when the markets open.