Shares in NuVasive Inc. (NSDQ:NUVA) have risen slightly today after the medical device maker beat earnings per share expectations on Wall Street with its fourth quarter and full year 2018 earnings report.
The San Diego-based company posted profits of approximately $12.2 million, or 23¢ per share, on sales of $288.3 million for the three months ended December 31, seeing profits shrink 48.2% while sales grew 6.3% compared with the same period during the previous year.
After adjusting to exclude one-time items, earnings per share were 69¢, just ahead of the 63¢ consensus on Wall Street where analysts expected to see sales of approximately $291 million, which the company missed.
For the full year, NuVasive reported profits of approximately $12.5 million, or 24¢ per share, on sales of approximately $1.1 billion, seeing profits shrink 84.4% while sales grew 7.3% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $2.23, just ahead of the $2.13 consensus on Wall Street where analysts expected the company to post sales of $1.1 billion, which it met.
“NuVasive delivered strong year-over-year revenue growth of more than 7% in 2018, demonstrating the company’s ability to take share in a stable but relatively flat U.S. spine market. Additionally, we made significant progress at our West Carrollton manufacturing facility, exiting the year at 70% SKU rationalization. Collectively, these achievements serve to advance our mission to bring disruptive technology to surgeon partners to enable better, more predictable patient outcomes. In 2019, NuVasive will focus on continuing to deliver above market revenue growth, while balancing operating leverage with reinvestment opportunities. We will demonstrate a disciplined approach toward funding key areas for long-term company growth—furthering our product leadership in global implant systems, accelerating our Surgical Intelligence platform, and investing in surgeon training and education with an ongoing focus on globalization efforts,” CEO J. Christopher Barry said in a press release.
NuVasive released guidance for its 2019 fiscal year, expecting to see sales of between $1.14 billion and $1.16 billion, representing growth of between 3.5% and 5.5%. The company said that it also expects to post GAAP EPS of between $1 and $1.10, with non-GAAP EPS of between $2.20 and $2.30.
Shares in NuVasive have risen approximately 3.7% so far today, at $57.46 as of 9:48 a.m. EST.
Earlier this week, NuVasive said that it won FDA 510(k) clearance and CE Mark approval in the European Union for its Precice bone transport system.