NuVasive (Nasdaq:NUVA) shares ticked up today on first-quarter results that came in ahead of the consensus forecast.
The San Diego–based spine surgery tech company posted profits of $19.2 million, or 35¢ per share, on sales of $290.8 million for the three months ended March 31, 2022, for a massive bottom-line gain out of the red on sales growth of 7.2%.
Adjusted to exclude one-time items, earnings per share were 54¢, 15¢ ahead of Wall Street, where analysts were looking for sales of $290.8 million.
NuVasive said it now expects to log adjusted EPS of $2.15 to $2.45, compared with an expectation of $2.05 to $2.35 previously, raising both ends by 10¢. The company increased the low end of its revenue growth projection, raising it from 5% to 6%, with the high end capped at 8%.
NUVA shares were up 3.5% at $58.28 per share in early-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.5%.
Shares took a turn as the Dow Jones Industrial Average was down more than 3%, more than 1,100 points, with investors reevaluating the economic effects of the Federal Reserve’s plans to combat inflation. NUVA was down 3.4% at $54.38 in late-afternoon trading.