Nuvasive (Nasdaq:NUVA) reported second-quarter results that beat the revenue consensus on Wall Street but missed earnings estimates.
The San Diego–based spine surgery tech company yesterday evening reported losses of $893,000, or 2¢ per share, on sales of $310.5 million for the three months ended June 30, 2022 — versus a profit of $1.799 million, or 3¢ per share, on sales of $294.8 million in Q2 2021.
Adjusted to exclude one-time items, earnings per share were 47¢, 9¢ behind The Street, where analysts were looking for sales of $306.62 million.
“We are encouraged by our top-line growth in the second quarter, driven by procedure volumes, new product introductions, and continued global execution of our growth strategies,” CEO Chris Barry said in a news release. “As surgeons look for differentiated technologies to enable more intelligent surgery, our C360 portfolio, X360 portfolio and Pulse platform will continue to support our innovation strategy. While we are experiencing the macro-environmental pressures that face many companies, we remain focused on our commitment to deliver value to all stakeholders — most importantly, to change the lives of more patients around the world.”
Nuvasive reiterated its full-year 2022 revenue guidance, saying that it expects net sales growth to the in the range of 6% to 8%. It lowered diluted earnings per share to a range of 95¢ to $1.25 from the previous $1.05 to $1.35.
Shares in NUVA were down 2.62% to $51.78 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.