NuVasive Inc. (NSDQ:NUVA) yesterday reported 4th-quarter and full-year results that topped expectations on Wall Street, posting a Q4 profit increase of nearly 54% and swinging to black ink for 2015.
San Diego-based NuVasive put up profits of $11.5 million, or 22¢ per share, on sales of $215.3 million for the 3 months ended Dec. 31, 2015, representing a bottom-line gain of 53.9% on sales growth of 5.4% compared with Q4 2014. Adjusted to exclude 1-time items, earnings per share were 35¢, 4¢ ahead of The Street.
Full-year profits were $66.3 million, or $1.26 per share, on sales of $811.1 million, compared with losses of -$16.7 million, or -36¢ per share, on sales growth of 6.4% compared with 2014. Adjusted EPS for 2015 were $1.26, a full nickel ahead of analysts’ consensus expectations.
“We are pleased to report strong results for 2015 that demonstrate solid revenue growth as NuVasive continues to gain market share globally, as well as record operating profit margin expansion for the year,” chairman & CEO Gregory Lucier said in prepared remarks. “In 2016, we expect to drive further market share gains fueled by the launch of innovations that fulfill unmet clinical and economic needs, coupled with additional investment in our commercial teams around the world. Very selectively, we also intend to explore compelling inorganic opportunities that add value, such as today’s completion of the acquisition of Ellipse Technologies, and reinforce our focus on transformative spine solutions. We remain committed to delivering more profitable growth as we scale the business, drive world-class operations and increase our in-sourced manufacturing capabilities. This winning combination of disruptive innovation, strategic growth and enhanced profitability will create value for our shareholders, and position us well on the path to achieving our long-term performance targets.”
NuVasive said it expects to report adjusted EPS of $1.48 this year on sales of $923.0 million, including a $53 million contribution from Ellipse.
NUVA shares were up 3.0% to $43.06 apiece in early trading today.
The company also said it named PerkinElmer Inc. (NYSE:PKI) chairman, president & CEO Robert Friel and Donald Rosenberg, EVP & general counsel at Qualcomm (NASDAQ: QCOM), to its board of directors. Friel is due to serve on NuVasive’s compensation committee and Rosenberg on its compensation and nominating & corporate governance committees.
“We are pleased to welcome Rob and Don to our board of directors as we continue to attract high-caliber leaders to further complement the diverse skills of our board. As we continue to grow and mature as a company, their collective years of broad experience across important industries will add a valuable perspective to our company. We appreciate their willingness to serve as directors and look forward to benefitting from their judgment and counsel,” Lucier said.
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