NuVasive Inc. (NSDQ:NUVA) shares are down more than 30% today after the medical device company said yesterday that its 3rd-quarter results are likely to be substantially lower than predicted.

San Diego-based NuVasive, which makes spinal surgery implants, said 3rd-quarter sales will be about $147 million, 4.8% below the roughly $154.4 million the company expected to post.

Investors reacted swiftly to the news, slashing more than 20% from NUVA’s share price in after-hours trading. NUVA shares opened today at $14.97, down 33.8%, and were trading at $15.25 as of about 12:45 this afternoon.

"We experienced an unexpected sequential decline in the third quarter due to unusually high account churn related primarily to the growth of surgeon participation in physician-owned distributorships and to increasingly aggressive competitive tactics," CEO Alex Lukianov said in prepared remarks. "As well, we heard from many surgeon customers of increased delays and denials from insurance payers. We believe our ability to take market share with innovative procedural solutions and services remains strong."

NuVasive will issue revised guidance when it releases its 3rd-quarter numbers, scheduled for Oct. 29, Lukianov said.

 Escalon Medical ditches Dx biz for $6.5M
Escalon Medical (NSDQ:ESMC) is selling its clinical diagnostics business to Erba Diagnostics (NYSE:ERB) for $6.5 million in cash.
Read more

 Hill-Rom boosts share buyback
Hill-Rom Holdings (NYSE:HRC) said its board of directors expanded its share repurchasing program 3.5 million shares.
Read more

 Will Abbott go on a spree after spinout?

Abbott (NYSE:ABT) CEO Miles White is likely to go on a buying spree after the medical device company spins out its branded pharmaceuticals business as AbbVie later this year, Leerink Swann analyst Danielle Antalffy told Crain’s Chicago Business.
Read more

 Biomet issues $800M in senior notes

Biomet issued $800 million worth of 6.5% senior notes due in October 2020 and another $825 million in 6.5 senior notes also due in 2020, saying it plans to use the proceeds to buy back its 10% senior notes due 2017 and up to $800 million worth of its 11⅝% senior subordinated notes due in 2017.
Read more

 Unilife preps for $45M offering
Unilife (NSDQ:UNIS) struck a deal with Cantor Fitzgerald & Co. to have the investment bank sell up to $45 million worth of its stock.
Read more

 Given Imaging buys SmartPill’s GI monitoring device for $6M
Given Imaging (NSDQ:GIVN) said it paid $6 million for SmartPill Corp.’s SmartPill GI monitoring system, an ingestible capsule that uses sensor technology to measure pH, pressure and temperature in the gastrointestinal tract.
Read more

 Analysts’ ups and downs

• Baxter (NYSE:BAX): Mizuho reiterates “buy” rating, $66 price target; Cowen initiates coverage with “outperform” rating; Leerink Swann maintains “outperform” rating, $70 price target.
• Cooper Cos. (NYSE:COO): J.P. Morgan & Co. reiterates "overweight" rating, raises price target from $100 to $113.
• Edwards Lifesciences (NYSE:EW): Jeffries Group raises price target from $115 to $125.
• Hill-Rom Holdings (NYSE:HRC): Morgan Stanley downgrades from "overweight" to "equal-weight" rating, removes $31 price target;
• Hologic (NSDQ:HOLX): Cowen initiates coverage with "outperform" rating; Morgan Stanley resumes coverage with "overweight" rating, $26 price target.
• Intuitive Surgical (NSDQ:ISRG): William Blair reiterates “outperform” rating
• NuVasive Inc. (NSDQ:NUVA): Canaccord Genuity cuts price target from $21 to $27; BMO Capital Markets lowers from "market perform" to "underperform" rating, lowers price target from $23 to $15; Leerink Swann maintains "outperform" rating, $29 price target.
• Optos plc (LON:OPTS): Canaccord Genuity reissues "buy" rating, $4.92 (£3.06) price target.
• Smith & Nephew (FTSE:SN, NYSE:SNN): Numis Securities reiterates “add” rating; Morgan Stanley downgrades from "overweight" to "equal weight" rating, raises price target from $10.61 (£6.60) to $15.68 (£9.69).
• Thoratec (NSDQ:THOR): UBS upgrades to "buy" from "neutral" rating, sets $39 price target.
• Tornier (NSDQ:TRNX): BMO Capital Markets upgrades from "market perform" to "outperform" rating, reiterates $23 price target.