The San Diego-based company posted profits of approximately $9.4 million, or 18¢ per share, on sales of $274.8 million for the three months ended March 31, seeing a swing from the red on the bottom line while sales grew 5.5% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 53¢, well ahead of the 41¢ consensus on Wall Street where analysts expected too see sales of $269.2 million, which the company also topped.
“In the first quarter 2019, NuVasive delivered a solid start to the year with focused execution across our U.S. spinal hardware, U.S. surgical support and international businesses. Coupled with these financial results, we continued to operate the business with rigor and discipline to drive profitability while strategically investing in key growth areas. This includes the recently launched X360 System for lateral single-position surgery integrated with surgical intelligence, further differentiation of our advanced materials science portfolio and upcoming launch of the Pulse platform—all which enable our surgeon partners to provide better, more reproducible clinical outcomes for their patients through minimally invasive surgery,” CEO Chris Barry said in a press release.
The company reiterated its financial guidance for the 2019 year, expecting to see sales of between $1.14 billion and $1.16 billion and non-GAAP earnings per share of between $2.20 and $2.30.
Shares in NuVasive did not move today in trading, opening and closing at $60.60. The company’s shares have fallen slightly in after-hours trading, down 0.3% at $60.40 as of 4:11 p.m. EDT.
Last month, NuVasive said that it launched its X360 system intended for lateral single-position surgery in the U.S.