NuVasive Inc. (NSDQ:NUVA) rode a nearly 50 percent increase in 2009 sales to turn a $27 million loss in 2008 into a $5 million profit last year.
The San Diego-based company, which is developing what it calls “minimally disruptive” spine surgery techniques, said its sales for the three months ended Dec. 31, 2009, were $107 million, a 43 percent increase from the $75 million the company posted for the fourth quarter of 2008.
Despite the strong sales, NuVasive ceded some ground during the quarter as profits narrowed to $2.2 million, compared to $3.7 million for the same period last year. Company officials blamed mounting operating expenses associated with infrastructure expansion and research & development for the lower profits. Overall costs jumped some 42 percent during the quarter to nearly $85 million, compared to just under $60 million during the same period last year.
However, NuVasive more than made up for the blip with its year end results, posting a 48 percent increase in sales and reversing a net loss from 2008.
The company reported $370 million in sales in 2009, compared to $250 million for the same period last year. The year end sales totals trumped NuVasive’s own internal estimates of $365 million to $367 million. Officials also seemed bullish on the future as well, predicting a 35 percent increase in sales during 2010 to be in the $480 million to $500 million range.