Updated to correct revenues to $281.6 million and indicate that the company beat Wall Street expectations for sales.
Shares in NuVasive (NSDQ:NUVA) have stayed stable in after-hours trading after the medical device maker beat earnings per share expectations but missed sales consensus on Wall Street with its second quarter earnings.
The San Diego-based company posted profits of $11.5 million, or 22¢ per share, on sales of $281.6 million for the three months ended June 30, seeing the bottom-line shrink 5.2% while sales grew 6.2% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were 58¢ per share, just in line with the consensus on Wall Street where analysts expected too see sales of $276.3 million, which the company topped.
“We are pleased with our second quarter total revenue growth of 8.5% year-over-year driven by momentum in our U.S. spinal hardware business where we saw spine case volumes up nearly 7% versus prior year. We continue to see strong demand for new product introductions from late last year and positive surgeon conversion efforts as our new lateral single-position surgery procedure gains traction in the market. Our International business also delivered a solid performance with 21% year-over-year growth,” chair & CEO Gregory Lucier said in a prepared statement.
NuVasive updated its guidance for its fiscal year 2018, dropping its non-GAAP EPS expectations from between $2.44 and $2.47 to between $2.37 and $2.40. The company also dropped its non-GAAP EBITDA expectations for the year from 26.9% to 25.9%.
Shares in NuVasive have risen ever so slightly in after-hours trading, up 0.01% at $58.06 as of 4:55 p.m. EDT.
Earlier this month, NuVasive said that it won FDA 510(k) clearance for its Pulse spinal surgical automation platform.