NuVasive Inc. (NSDQ:NUVA) significantly lifted its guidance for the year after reporting 2nd quarter earnings that topped Wall Street’s expectations and saw sales and revenue grow significantly from last year’s 2nd quarter.
The San Diego, Calif.-based company reported profits of $30.2 million, or 57¢ per share, on sales of $236.2 million for the 3 months ended June 30. That amounts to a massive 194.2% bottom-line gain as sales grew 16.4% compared with the same quarter in 2015.
Adjusted to exclude 1-time items, profits were $20.6 million, with earnings per share of 40¢.
The company’s earnings per share for the quarter handily beat the Street, which was looking for 36¢ per share. NuVasive topped the Streets revenue expectations by $3 million, with analysts looking for $233 million.
Shares have risen approximately 1.6% to trade at $63 in after hours trading, as of 4:40 p.m. EDT.
“NuVasive delivered another strong quarter, outperforming the spine market to deliver double-digit revenue growth, expanding our operating profitability year-over-year and delivering earnings growth of 28%. Our results were driven by strong growth in our international business, which benefitted from our continued revitalization efforts, and strength in our U.S. spinal hardware business, where adoption of our integrated Global Alignment platform drove momentum in sales of our procedurally integrated solutions. With this growth in our geographies and businesses for the first half of the year, and the addition of the Biotronic NeuroNetwork business, we are raising our full year guidance for 2016,” CEO Gregory Lucier said in prepared remarks.
The company raised its guidance for the remaining year, lifting its expectations for revenue from $928 million to $962 million. NuVasive grew its expectations for non-GAAP diluted earnings per share, rising to $1.64 from the previous $1.48.
Earlier this month, NuVasive said it closed the $98 million acquisition of intraoperative neurophysiological monitoring service provider Biotronic NeuroNetwork.
Ann Arbor, Mich.-based Biotronic NeuroNetwork provides neurophysiological monitoring services to surgeons and healthcare facilities in the U.S., as well as remote physician oversight. The company supports more than 45,000 surgeries annually at more than 650 hospitals, NuVasive said.