NuVasive Inc. (NSDQ:NUVA) shares took a hit today after the company posted preliminary results for the fourth quarter, disappointing analysts who were expecting better numbers from the spinal implant maker.
San Diego-based NuVasive reported preliminary Q4 sales of $272 million and preliminary full-year sales of $1.03 billion, roughly in line with the consensus on Wall Street.
The company said it expects full-year sales growth in the mid-single-digit range this year, compared with 2017, with adjusted earnings before interest, taxes, debt & amortization of $290 million to $300 million.
NuVasive said it expects its purchase of SafePassage is on track to close some time this month, customary to standard closing conditions.
“NuVasive launched a record number of new technologies in 2017 and accelerated growth across the globe delivering more than a 20 percent sales increase outside the United States for the fifth sequential quarter,” chairman & CEO Gregory Lucier said in prepared remarks. “What’s impressive is this success has occurred in a year when the overall U.S. spine market has softened. Whether through game-changing product introductions or strategic acquisitions, we intend to deliver the most innovative and comprehensive spine solutions to our customers so they can best serve their patients. We will continue this momentum in 2018.”
NuVasive said it’s slated to report its full fourth-quarter and 2017 results in mid-February.
Shares in NuVasive have fallen 9.4% so far today, at $55.28 as of 12:00 p.m. EST.