Spinal surgery devices maker NuVasive Inc. (NSDQ:NUVA) is heading to a new U.K. office as the company anticipates taking more share in markets across Northern Europe.
The new 7,500-square-foot London office includes additional office space, more warehouse capability and dedicated areas for staff training and surgeon events, the company announced.
"Over the past few years, NuVasive has strategically expanded into international markets to proliferate minimally invasive spine surgery globally," chairman & CEO Alex Lukianov said in prepared remarks. "Through our unique culture of Absolute Responsiveness to surgeon and hospital customers, we intend to improve more patient outcomes in the UK and around the world."
NuVasive has been making strikes in recent quarters, but has languished as ever-increasing royalties from its patent war with rival Medtronic (NYSE:MDT), recently also revealing a probe by the U.S. Health & Human Services Dept.’s inspector general.
In July San Diego-based NuVasive posted 2nd-quarter losses of $6.5 million, or 15¢ per share, on sales of $165.7 million for the 3 months ended June 30, representing sales growth of 7.3%. The company said the red ink included a $7.9 million increase in the royalty reserve it must set aside after a federal judge raised the rates it must pay its spinal implant rival in a $101 million patent infringement loss.
NUVA shares closed on Friday at $23.46, down 0.6% on the day.
