09.15.15
San Diego, Calif.-based spine firm NuVasive Inc. posted solid second-quarter results and reported the conclusion of an ongoing investigation by the U.S. Department of Justice.
For the second quarter of FY15 (ended June 30), the company reported total revenue of $202.9 million, a 6.4 percent increase compared to $190.7 million for the second quarter 2014. This beat estimates by more than $2 million. On a constant currency basis, second quarter 2015 total revenue increased 8.5 percent compared to the same period last year.
“We are pleased to report another strong quarter that resulted in revenue growth of more than 8 percent and an impressive 460 basis point increase in profitability, as we continued to take market share and gain momentum in our efforts to improve operational efficiencies,” Chairman/CEO Gregory T. Lucier said. “We are laser-focused on increasing our market share by rapidly developing disruptive technologies and services for spine surgery, expanding our global footprint in existing and new markets, and positioning NuVasive as a commercial powerhouse with integrated sales, service and specialized customer marketing programs. With these efforts underway, we look to move even faster to drive NuVasive’s next phase of growth and success, while generating enhanced long-term value for our shareholders.”
GAAP gross profit for the second quarter 2015 was $154.5 million and gross margin was 76.1 percent compared to a gross profit of $145.8 million and a gross margin of 76.5 percent for the second quarter 2014. Total GAAP operating expenses for the second quarter 2015 were $128.6 million compared to $141.2 million in the second quarter 2014. The company reported a GAAP (generally accepted accounting principles) net income of $10.3 million, or 20 cents per share, for the second quarter 2015 compared to a GAAP net loss of $4.1 million, or a loss of 9 cents per share, for the second quarter 2014.
On a non-GAAP basis, the company reported net income of $15.7 million, or 31 cents per share, for the second quarter 2015 compared to net income of $7.6 million, or 15 cents per share, for the second quarter 2014.
For the second quarter of FY15 (ended June 30), the company reported total revenue of $202.9 million, a 6.4 percent increase compared to $190.7 million for the second quarter 2014. This beat estimates by more than $2 million. On a constant currency basis, second quarter 2015 total revenue increased 8.5 percent compared to the same period last year.
“We are pleased to report another strong quarter that resulted in revenue growth of more than 8 percent and an impressive 460 basis point increase in profitability, as we continued to take market share and gain momentum in our efforts to improve operational efficiencies,” Chairman/CEO Gregory T. Lucier said. “We are laser-focused on increasing our market share by rapidly developing disruptive technologies and services for spine surgery, expanding our global footprint in existing and new markets, and positioning NuVasive as a commercial powerhouse with integrated sales, service and specialized customer marketing programs. With these efforts underway, we look to move even faster to drive NuVasive’s next phase of growth and success, while generating enhanced long-term value for our shareholders.”
GAAP gross profit for the second quarter 2015 was $154.5 million and gross margin was 76.1 percent compared to a gross profit of $145.8 million and a gross margin of 76.5 percent for the second quarter 2014. Total GAAP operating expenses for the second quarter 2015 were $128.6 million compared to $141.2 million in the second quarter 2014. The company reported a GAAP (generally accepted accounting principles) net income of $10.3 million, or 20 cents per share, for the second quarter 2015 compared to a GAAP net loss of $4.1 million, or a loss of 9 cents per share, for the second quarter 2014.
On a non-GAAP basis, the company reported net income of $15.7 million, or 31 cents per share, for the second quarter 2015 compared to net income of $7.6 million, or 15 cents per share, for the second quarter 2014.