The San Diego, Calif.-based company posted profits of $6.4 million, or 11¢ per share, on sales of $271.1 million for the 3 months ended December 31, for a bottom-line slide of 44.6% while sales grew 25.9% compared with the same period last year.
After adjusting to exclude 1-time items, earnings per share for the 4th quarter were 53¢, 2¢ ahead of consensus on The Street, where analysts were looking for sales of $261 million.
For the full year, NuVasive posted profits of $37.1 million, or 69¢ per share, on sales of $962 million. That equates to a bottom-line slide of 44% while sales grew 18.6% compared with the company’s fiscal year 2015.
Adjusted to exclude 1-time items, earnings per share for the year were $1.66, a solid 2¢ above what analysts on The Street were looking for. The company also topped revenue expectations by $10 million over The Street’s estimates.
“NuVasive delivered record fourth quarter results and exceeded expectations for the full year 2016. By all measures, the Company had a tremendous year executing against our market-share taking initiatives, delivering strong revenue growth, including a return to 20% year-over-year growth in our core International markets. We exceeded our profitability targets and integrated strategic acquisitions to augment our leadership in spine and deliver the substantial growth we forecasted as part of the deal models. In 2017, we are committed to driving further market expansion, especially in the spine deformity area, while significantly increasing our in-sourced manufacturing capabilities and focusing on streamlining our operations to drive scale and profitability in our business,” chair & CEO Gregory Lucier said in a prepared statement.
For the coming fiscal year, the company said it expects to post revenue of $1.1 billion, with non-GAAP earnings per share at $2.00. That equates to a 20% increase over EPS in 2016, NuVasive said.
Despite the positive postings shares have dipped 0.3% to $72.40 in after-hours trading,