NuVasive (NSDQ:NUVA) posted second-quarter results that beat the overall consensus on Wall Street.
The San Diego-based spine surgery tech company reported profits of $1.8 million, or 3¢ per share, on sales of $294.8 million for the three months ended June 30. The results out yesterday evening marked an improvement from Q2 2020, when the company lost –$50.0 million, or –98¢ per share, off sales of $183.6 million.
Adjusted to exclude one-time items, earnings per share were 60¢, 16¢ ahead of The Street, where analysts were looking for sales of $285.1 million.
“Nuvasive continued to see the spine market stabilize throughout the second quarter, providing us the opportunity to help more surgeons and patients around the globe. Our continued investments in the cervical and anterior procedural segments and our international commercial organization are advancing both our near- and long-term growth strategy,” CEO Christopher Barry said in a news release.
NuVasive in June received CE mark approval for the latest updates to its Pulse spinal surgical automation platform — touted as a first-of-its-kind technology designed to integrate radiation reduction, imaging enhancement, rod bending, navigation, intraoperative neuromonitoring and spinal alignment tools into one platform.
“Following our latest CE certification, the Pulse platform clinical evaluations and surgeon feedback have exceeded our expectations,” Barry said. “The ability for multiple technologies to be utilized in a single, integrated platform enables surgeons to increase surgical reproducibility—a pivotal step in how Nuvasive is transforming spine surgery.”
Nuvasive said it expects net sales for the full year to be in the range of $1.19 billion to $1.21 billion with non-GAAP diluted earnings per share to be in the range of $2.25 to $2.35.
Shares in NUVA were down –2.2% to $63.94 apiece in morning trading today. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.