NuVasive (NSDQ:NUVA) shares closed today on the downturn despite second-quarter results that beat the consensus forecast.
The San Diego-based spine surgery technology developer posted losses of -$50 million, or -98¢ per share, on sales of $203.6 million for the three months ended June 30, 2020, for a bottom-line slide from profits of nearly $15 million year-over-year on a sales decline of 30.3%.
Adjusted to exclude one-time items, losses per share were -40¢, 7¢ ahead of Wall Street, where analysts were looking for sales of $175.8 million.
Last month, NuVasive announced preliminary results that revealed an operating loss of between -$35 million and -$40 million on a GAAP basis, with losses of between -$17 million and -$23 million on a non-GAAP basis.
Stay-at-home orders and elective surgical procedure delays as a result of COVID-19 were reflected in NuVasive’s net sales for the quarter, which it had expected to come in between $202 million and $205 million.
“NuVasive’s second-quarter performance was consistent with the preliminary results reported last month, highlighted by significantly better-than-expected net sales as a result of the upward monthly volume trend experienced in June,” NuVasive CEO J. Christopher Barry said in a news release. “While the company continues to navigate the impact of the COVID-19 pandemic, execution on our long-term business strategy remains a top priority as we continue advancing key research and development projects, increasing the adoption of less invasive surgical procedures in spine and strengthening our capabilities to take share globally.”
NuVasive is not reinstituting 2020 financial guidance as there remains uncertainty over the scope of spinal surgeries during the pandemic.
NUVA shares closed today down -3.6% at $53.73 per share. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down -0.6%.
