San Diego-based NuVasive posted profits of $11.0 million, or 21¢ per share, on sales of $290.8 million for the three months ended Sept. 30, for a bottom-line slide of -30.9% on revenue growth of 20.2%.
Adjusted to exclude one-time items, earnings per share were 59¢, 6¢ ahead of Wall Street, where analysts were looking for sales of $283.8 million.
“In the third quarter 2019, NuVasive grew at multiples of market, with revenue increasing 7.2%, driven by nearly double-digit organic growth within U.S. hardware,” CEO Christopher Barry said in prepared remarks. “In addition to strong top-line results, our margin expansion demonstrates the ability to improve profitability with continued commitment to driving operational excellence. Based on the company’s performance year to date, we are raising full-year 2019 financial guidance to reflect continued growth and confidence in the business.”
NuVasive said it now expects to put up adjusted EPS of $2.35 to $2.40 this year, compared with prior guidance for between $2.25 and $2.35. Revenues are now pegged at around $1.16 billion, at the high end of the company’s previous outlook of $1.14 billion to $1.16 billion.
NUVA shares rose 3.8% to $66.46 each yesterday in after-market trading and were up another 6.3% to $70.68 apiece in mid-morning activity today.