The company is looking to develop a manufacturing team that can help cut the time products take from conception to market introduction as NuVasive nears $1 billion in annual revenues.
NuVasive in May paid $4.5 million to buy 1 of its contract manufacturing partners, Ohio-based ANC LLC. ANC had since 2010 been a partner and "1 of NuVasive’s significant implant suppliers," the company said at the time.
The facility now produces NuVasive’s PEEK, Armada and Precept implants and houses more than 70 employees. The 35,000-square-foot facility may be getting about 18 more, according to a late-in-the-day company announcement.
"NML is vital to our market share taking strategy, and our drive to reduce product cost and improve operating profitability," NuVasive chairman & CEO Alex Lukianov said in prepared remarks. "NML is truly a world-class facility and I look forward to the contributions from our growing team of skilled share-owners in Dayton. I am also thrilled that NuVasive can contribute to the growth of manufacturing jobs in the Dayton area."
NuVasive has already added a few members to its workforce in recent days, having just announced the appointment of 3 new members to its European operations. Earlier this month the company also added a new member to its board of directors.
The company is still riding high after announcing strong Q3 numbers. NuVasive trumped Wall Street expectations in this year’s 3rd quarter, built on the back of tripled profits. The company posted profits of $7.5 million, or 16¢ per share, on sales of $169.2 million for the 3 months ended Sept. 30, for a bottom-line gain of 219.1% on sales growth of 14.0%.
NUVA shares closed today at $32.61, a 2% bump on the day.