San Diego-based NuVasive posted losses of -$8.9 million, or -18¢ per share, on sales of $215.1 million for the 3 months ended March 31, amounting to an 11.8% top-line gain but sliding from profits of $31.5 million during Q1 2015.
Still, adjusted to exclude 1-time items, earnings per share reached 31¢, ahead of The Street’s consensus view at 27¢.
“NuVasive is off to a strong start to 2016 as we continue to drive innovation, growth and profitability. Our revenue performance was driven by the 5th consecutive quarter of increasing growth for our U.S. spinal hardware business, which reached double-digits during the quarter; improved international growth as our targeted re-acceleration plans take hold; and the benefit of our newly acquired Magec and Precice technologies. At the same time, we delivered an impressive operating profit margin expansion of 150 basis points, reflecting our commitment to drive operational excellence,” chairman & CEO Gregory Lucier said in prepared remarks.
NuVasive said it expects to report adjusted EPS of $1.48 on sales of $928.0 million for the full year.
NUVA shares were up 5.4% to $54.46 today in late-morning trading.