NuVasive Inc. (NSDQ:NUVA) shares have gained more than 10% so far today as investors reacted to a stronger outlook for the medical device company, which posted better-than-forecast 2nd-quarter sales and earnings numbers yesterday.
NuVasive reported losses of -$4.1 million, or -9¢ per share, on sales of $190.7 million for the 3 months ended June 30, paring its losses by 37.8% on top-line growth of 15.1%. Adjusted to exclude 1-time items, profits were $2.7 million, or 57¢ per share, 3¢ ahead of expectations on Wall Street.
"We are pleased to report results that exceeded our expectations for both revenue and earnings and demonstrated strong progress against our commitment to increase operational efficiency within NuVasive," chairman & CEO Alex Lukianov said in prepared remarks. "Strength across our lumbar and biologics products in the U.S. and the continued healthy growth of our international geographies drove results for the quarter as we continued to solidly execute our share-taking strategy. Based on the greater than expected second quarter results and the strong momentum of our minimally invasive lumbar solutions, we are increasing our full year revenue, operating margin and earnings guidance for the year."
The news sent NUVA shares up 10.2% to $38.62 apiece as of about 11:50 a.m. today.
NuVasive said it now expects full-year adjusted EPS of roughly $1.11 on sales of $745 million, up from prior guidance of adjusted EPS at $1.06 on revenues of $725 million.