Orthopedic Firms Release Initial 2013 Earnings

For companies that have fiscal years that follow the calendar year, right about now is the time we begin to see unaudited revenue results for the full year begin to trickle out.
NuVasive Inc. and Globus Medical Inc. are among the companies that have released early glimpses of their 2013 financial picture.

For San Diego, Calif.-based spinal company NuVasive reports its anticipated full-year 2013 revenue at approximately $683 million. The company’s previously issued guidance of has been $670 million for 2013. In addition, the company expects 2014 revenue to approximate $725 million, in line with the mid-single-digit revenue growth the firm has been predicting.

“I am exceptionally pleased to report fantastic revenue results in conjunction with strong profit translation for the full year 2013,” said Alex Lukianov, chairman and CEO. “Revenue growth was roughly 10 percent, outperforming our expectations and well ahead of spine market growth overall. I commend the entire NuVasive family for crisp execution over the course of the entire year.”

NuVasive will release complete financial and operating results of its fourth quarter and the full year on March 3.

For Audubon, Pa.-based Globus, yet another maker of spinal implants, the fiscal year (ended Dec. 31) also was one of gains.

The company anticipates fourth quarter 2013 sales of $115.2 million, a 14.6 percent increase compared with fourth quarter 2012. Full year 2013 estimated sales increased 12.6 percent compared with the prior year to $434.5 million, exceeding the company’s previous guidance of $432 million.

“2013 was an outstanding year of execution, delivering innovative new products, and expanding our sales force, while delivering strong financial results. Our business remains robust, and our fourth-quarter and full-year performance in 2013 is a testament to the consistent and focused execution of our strategy,” said David Paul, chairman and CEO of Globus. “We believe we will continue to grow our business at rates significantly above the industry by innovating in rapid response to the needs of our customers and patients and growing our sales footprint on a worldwide basis.”

The company expects 2014 sales to be in the range of $480-$486 million, with earnings per fully diluted share of 90 to 92 cents.

Globus expects to announce complete 2013 financial and operating results in late February.