Si-Bone tops estimates with Q4 prelims | Wall Street Beat

Si-Bone (NSDQ:SIBN) said today that it expects to record fourth-quarter sales of $15.4 million to $15.6 million, up 12 – 13% from the same period last year.

The company pegged its full-year sales for 2018 between $55.2 million and $55.4 million, up 15% from 2017. Analysts on Wall Street are expecting Si-Bone to post Q4 sales of $15.4 million and FY18 revenues of $55.1 million.

“Our fourth quarter and full year 2018 U.S. results demonstrate strong financial performance that is the result of improving reimbursement coverage, sales execution and leadership products. We are also increasing investment in our European markets to accelerate growth in international sales,” president, chairman & CEO Jeff Dunn said in prepared remarks.

“We are well positioned to deliver accelerating revenue growth and solid operational results while progressing forward with commercial payors, training more surgeons, clinical evidence leadership, adjunct product initiatives and positively impacting patient lives,” he added.

SIBN shares were trading at $19.95 apiece in mid-afternoon activity today, up +0.2%.

Nevro shares hold steady following Q4, FY18 prelims

Nevro (NYSE:NVRO) reported today that it expects fourth-quarter sales between $107.6 million and $108.1 million, up from $98 million last year.

The company said that it plans to report full-year sales for 2018 between $386.9 million and $387.4 million, up from $326.7 million in 2017. Analysts are expecting Q4 sales of $106.2 million and FY18 sales of $385.5 million.

NVRO shares were trading at $37.08 apiece in mid-afternoon activity today, down -0.9%.

Alphatec shares fall after prelims miss estimates

Alphatec (NSDQ:ATEC) said today that it expects fourth-quarter sales of $25.2 million to $25.7 million and full-year sales of $91.5 million to $92 million for 2018, missing estimates on Wall Street.

Analysts are expecting the company record Q4 sales of $26.9 million and FY18 sales of $93.2 million. The company pegged its FY19 sales between $98 million and $103 million.

Alphatec also announced today that its president & COO, Terry Rich, has resigned.

“Our preliminary revenue results for the fourth quarter mark an encouraging close to a transformative year,” chairman & CEO Pat Miles said in prepared remarks. “We expect continued investment in 2019 as we create an industry-leading portfolio. Through commercial launch of our 2018 alpha releases, and our exclusive neuromonitoring informatics solution, we are forming a clinically distinct, approach-based spine technology platform. I am as confident as ever that we are building an organic innovation machine and look forward to generating future market disruption.”

ATEC shares were trading at $2.05 apiece in mid-afternoon activity, down -6.4%.

Luminex tops consensus with Q4 prelims, shares rise

Shares in Luminex (NSDQ:LMNX) rose today after the company said that it expects to record fourth-quarter sales of $81 million and full-year revenues of $315 million for 2018.

Analysts on Wall Street estimate that the company will post Q4 sales of $78 million and FY18 sales of $312.6 million.

The company forecasted FY19 sales to be between $337 million and $343 million. LMNX shares were trading at $23.94 apiece in mid-afternoon activity, up +3.6%.

Endologix’s Q4 prelims beat Wall Street estimates

Endologix (NSDQ:ELGX) said today that it plans to record fourth-quarter sales of $34 million and full-year sales of $155.8 million for 2018.

For 2019, the company hopes to reel in $140 million in revenue. In a statement, Endologix said it has $24 million in cash as of Dec. 31.

The consensus pegged Q4 sales for Endologix at $31.1 million and FY18 revenues at $152.8 million. ELGX shares were trading at 63 cents apiece, up +6%.

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Ex-NuVasive COO Miles loses in noncompete battle

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Former NuVasive Inc. (NSDQ:NUVA) chief operating officer Patrick Miles has lost a battle with their former employer over the enforceability of a non-compete agreement in California after a Delaware Chancery Court ruled that non-compete agreements negotiated by legal counsel may be enforced against California residents, according to a National Law Review posting.

California law generally prohibits such non-competition agreements, but certain employers have worked around the issue by crafting agreements that include a choice of law and forum provision on non-competition agreements.

Last year, California amended its labor code to prohibit such choice of law and forum provisions, according to the article, but the amendment included a clause that states that the amendment does “not apply to a contract with an employee who is in fact individually represented by legal counsel in negotiating the terms of an agreement to designate either the venue or forum in which a controversy arising from the employment contract may be adjudicated or the choice of law to be applied.”

The Delaware-based court ruled that the non-compete agreement was enforceable due to the fact that Miles’ contract was negotiated by a legal counsel, and denied a motion from Miles’ counsel for summary judgement, according to the National Law Review.

Miles jumped ship to Alphatec (NSDQ:ATEC) last October, though he quickly faced a lawsuit from his former employer, which argued that he enacted a year-long scheme to secretly back Alphatec while discouraging NuVasive from acquiring the smaller company.

Later that month, Alphatec fired back with its own suit arguing that non-competition agreements referenced in NuVasive’s suit were unenforceable in California.

The post Ex-NuVasive COO Miles loses in noncompete battle appeared first on MassDevice.

NuVasive files alleged poaching, infringement suits against Alphatec

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NuVasive Inc. (NSDQ:NUVA) has filed a suit against Alphatec (NSDQ:ATEC) claiming the company hired on executives, including former COO and prez Pat Miles, with knowledge of its XLIF lateral interbody fusion procedures in an attempt to recreate the technology for its own products.

In its infringement suit, submitted this week to the U.S. District Court for the Southern District of California, San Diego-based NuVasive claims it created the XLIF method for fusing vertebral disks to reduce nerve damage and that Alphatec’s recently released devices, the Battalion lateral system, infringe on their products.

NuVasive claims that Alphatec showed interest in being acquired by NuVasive as early as January 2016, but interest was not returned. Then COO and prez Miles, who would later join Alphatec as exec chair, was noted in the court documents for turning down the opportunity to acquire Alphatec, saying it was a “waste of time as far as I am concerned.”

During his time at NuVasive, Miles is credited in inventing and creating multiple aspects of the XLIF procedure, and is named as the inventor on “at least 50 issued utility patents related to NuVasive’s XLIF procedure and systems,” according to court documents.

After divesting itself of its Globus Medical holdings in September 2016, NuVasive claims that Alphatec began to “make changes to its leadership team targeting NuVasive employees, inventors and upper level management,” according to court documents.

Miles was just one of many individuals to leave NuVasive for Alphatec, according to the filing, including inventors and upper level management the company claims were specifically targeted.

Hires from NuVasive include Alphatec’s exec chair Miles, strategic marketing and product dev exec VP Brian Snider, operations VP Mike Dendinger, posterior development VP Scott Lish and board member Quentin Blackford.

NuVasive goes on to claim that during its hiring of Snider, Alphatec stated that it he “had substantial responsibility over the anterior column business, including XLIF,” and that “we look forward to leveraging [Mr. Snider’s] energy and expertise, as we launch our new products, including Battalion Lateral,” court documents read.

NuVasive said that Alphatec leveraged this knowledge to create its new line of devices, and that it intends to continue with its development despite having taken patented technology from NuVasive.

NuVasive claims a number of infringements on its products, as well as that Alphatec willingly engaged in the infringement. The company is seeking to stop further infringement, as well as damages, including trebled damages, and other fees and costs it incurs in the suit.

The battle isn’t the first time the companies have clashed over patents and Miles. Last October, Alphatec announced a countersuit against NuVasive in response to charges levied at Miles.

Earlier that month, NuVasive filed charges against Miles, claiming that he was involved in a year-long scheme to back Alphatec and discourage NuVasive from acquiring it, in addition to breaches of contract and violations of non-compete, non-solicitation and anti-poaching clauses.