SAN DIEGO, May 1, 2019 /PRNewswire/ — NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced financial results for the quarter ended March 31, 2019.
First Quarter 2019 Highlights
- Revenue increased 5.5% to $274.8 million, or 6.4% on a constant currency basis;
- GAAP operating profit margin of 7.3%; Non-GAAP operating profit margin of 14.9%; and
- GAAP diluted earnings per share of $0.18; Non-GAAP diluted earnings per share of $0.53.
“In the first quarter 2019, NuVasive delivered a solid start to the year with focused execution across our U.S. Spinal Hardware, U.S. Surgical Support and International businesses,” said Chris Barry, chief executive officer of NuVasive. “Coupled with these financial results, we continued to operate the business with rigor and discipline to drive profitability while strategically investing in key growth areas. This includes the recently launched X360 System for lateral single-position surgery integrated with Surgical Intelligence, further differentiation of our Advanced Materials Science portfolio and upcoming launch of the Pulse platform—all which enable our surgeon partners to provide better, more reproducible clinical outcomes for their patients through minimally invasive surgery.”
A full reconciliation of GAAP to non-GAAP financial measures can be found in the tables of this news release.
First Quarter 2019 Results
NuVasive reported first quarter 2019 total revenue of $274.8 million, a 5.5% increase compared to $260.5 million for the first quarter 2018. On a constant currency basis, first quarter 2019 total revenue increased 6.4% compared to the same period last year.
For the first quarter 2019, both GAAP and non-GAAP gross profit was $200.3 million and GAAP and non-GAAP gross margin was 72.9%. These results compared to GAAP and non-GAAP gross profit of $186.7 million and $187.1 million, respectively, and GAAP and non-GAAP gross margin of 71.7% and 71.8%, respectively, for the first quarter 2018.
The Company reported GAAP net income of $9.4 million, or diluted earnings per share of $0.18, for the first quarter 2019 compared to a GAAP net loss of $(27.1) million, or diluted loss per share of $(0.53), for the first quarter 2018. On a non-GAAP basis, the Company reported net income of $27.6 million, or diluted earnings per share of $0.53 per share, for the first quarter 2019 compared to net income of $20.6 million, or diluted earnings per share of $0.40 per share, for the first quarter 2018.
Annual Financial Guidance for 2019
The Company reiterated its full-year 2019 guidance:
|2019 Guidance Range 1|
|Revenue||$1.14B – $1.16B||$1.14B – $1.16B||$1.14B – $1.16B||$1.14B – $1.16B|
|% Growth – Reported||3.5% – 5.5%||3.5% – 5.5%||3.5% – 5.5%||3.5% – 5.5%|
|% Growth – Constant Currency2||3.8% – 5.8%||3.8% – 5.8%|
|Operating margin||9.5% – 10.0%||15.0% – 15.5%||9.0% – 9.5%||15.0% – 15.5%|
|Earnings per share||$1.00 – $1.10||$2.20 – $2.30||$0.95 – $1.05||$2.20 – $2.30|
|EBITDA margin||21.2% – 21.7%||25.2% – 25.7%||20.9% – 21.3%||25.2% – 25.7%|
|1||Prior guidance reflects the range provided February 20, 2019. Current guidance reflects the range provided May 1, 2019.|
|2||Constant currency is a measure that adjusts US GAAP revenue for the impact of currency over the same period in the prior year.|
- The Company estimates revenue for full year 2019 to be in the range of $1.14 billion to $1.16 billion, reflecting reported growth in the range of 3.5% to 5.5%;
- Non-GAAP earnings per share in a range of $2.20 to $2.30;
- Non-GAAP operating profit margin of 15.0% to 15.5%;
- EBITDA margin of 25.2% to 25.7%; and
- Non-GAAP effective tax expense rate of approximately 23%.
Supplementary Financial Information
For additional financial detail, please visit the Investor Relations section of the Company’s website at www.nuvasive.com to access Supplementary Financial Information.
SOURCE NuVasive, Inc., PR Newswire 1st May 2019 – https://www.prnewswire.com/news-releases/nuvasive-announces-first-quarter-2019-financial-results-300842022.html