NuVasive (Nasdaq:NUVA) reported third-quarter results that beat on EPS but missed on revenue, reducing its guidance amid macroeconomic headwinds.
Investors reacted to yesterday evening’s news by sending NUVA shares down more than 1% to 36.84 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up more than 3%.
The San Diego–based spine tech company lost $1.98 million, or 4¢ per share, off revenue of $295.3 million for the quarter ended Sept. 30, 2022. Its losses were much reduced from the $21.64 million, or 42¢ per share, it lost in Q3 2021. In addition, revenue was up 9%.
Adjusted to exclude one-time items, NuVasive had EPS of 54¢. The 54¢ was in-line with Wall Street expectations. However, analysts on average had expected $298.75 million in revenue.
“The strategic investments we’ve made in product and technology innovation are delivering continued above-market growth — as demonstrated by double-digit growth in net sales on a constant currency basis,” CEO Chris Barry said in a news release.
“Despite the challenging macro environment, we continue to execute as evidenced by our top- and bottom-line performance in the quarter,” he continued. “I remain excited about the future of NuVasive — and our commitment to deliver meaningful innovation to support our surgeons, providers and patients.”
NuVasive reduced its full-year guidance to 5.5% to 6.5% sales growth and adjusted EPS in the $2.00- to 2.10 range. The prior guidance was 6% to 8% sales growth and adjusted EPS in the $2.15 to $2.45 range.