We could not find any results for:
Make sure your spelling is correct or try broadening your search.
Share Name | Share Symbol | Market | Type |
---|---|---|---|
Nuvasive Inc | NASDAQ:NUVA | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 39.75 | 36.36 | 42.00 | 0 | 01:00:00 |
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 12, 2016
NUVASIVE, INC.
(Exact name of registrant as specified in its charter)
Delaware | 000-50744 | 33-0768598 | ||
(State or Other Jurisdiction of Incorporation) |
(Commission File Number) |
(I.R.S. Employer Identification Number) |
7475 Lusk Boulevard, San Diego, California 92121
(Address of principal executive offices) (Zip Code)
(858) 909-1800
(Registrants telephone number, including area code)
n/a
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 2.02 | Results of Operations and Financial Condition. |
On January 12, 2016, NuVasive, Inc. issued a press release announcing selected preliminary unaudited financial results for the fiscal year ended December 31, 2015 and providing preliminary guidance for selected financial measures for the 2016 fiscal year. A copy of this press release is furnished as Exhibit 99.1 hereto.
The information contained in this Current Report shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the Exchange Act), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits. |
99.1 | Press release issued by NuVasive, Inc. on January 12, 2016. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
NUVASIVE, INC. | ||
By: |
/s/ Jason D. Hanson | |
Jason D. Hanson | ||
Executive Vice President, Strategy, Corporate Development and General Counsel |
Date: January 12, 2016
EXHIBIT INDEX
Exhibit Number |
Description | |
99.1 | Press release issued by NuVasive, Inc. on January 12, 2016. |
Exhibit 99.1
NEWS RELEASE
Investor/Media Contact:
Stacy Roughan
NuVasive, Inc.
1-858-909-1812
sroughan@nuvasive.com
NUVASIVE ANNOUNCES SELECT PRELIMINARY
FULL-YEAR 2015 FINANCIAL RESULTS AND REITERATES 2016 OUTLOOK
| Preliminary full year 2015 revenue of approximately $811 million; reflects 6% growth versus prior year, or 8% on a constant currency basis |
| Preliminary full year 2015 non-GAAP operating profit margin anticipated to exceed guidance of 15.2% |
| Reiterates full year 2016 revenue of approximately $870 million, exclusive of planned Ellipse Technologies acquisition |
| Reiterates 2016 non-GAAP operating profit margin expansion of approximately 100 basis points versus full year 2015, exclusive of planned Ellipse Technologies acquisition |
SAN DIEGO, CA January 12, 2016 NuVasive, Inc. (NASDAQ: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, today provided a financial performance update, including the announcement of select preliminary unaudited financial results for the full year ended December 31, 2015 and the reiteration of select financial performance guidance for the full year 2016.
We are pleased to continue to deliver strong preliminary results for 2015 and are excited about our outlook for 2016, particularly with the recent announcement of our intention to acquire Ellipse Technologies, which is expected to accelerate topline growth and be accretive to earnings by approximately $0.01 in 2016 and by approximately $0.18 in 2017, said Gregory T. Lucier, NuVasives Chairman and Chief Executive Officer. NuVasive has built strong momentum within our business as we transition from a spine implant company to a total spine solutions company, with the planned acquisition of Ellipse Technologies representing another important step forward in extending our leadership position in spine. In 2016, we will continue our unrelenting focus on innovation, improving operational efficiencies and scaling our international capabilities to deliver enhanced value for our shareholders, while continuing to transform healthcare with game-changing technologies.
Full Year 2015 Preliminary Results
NuVasive anticipates full year 2015 revenue will approximate $811 million, reflecting 6% year-over-year growth, or 8% on a constant currency basis. This compares favorably to the Companys previously issued financial performance guidance for this metric of approximately $810 million. NuVasive anticipates preliminary fourth quarter 2015 revenue performance of approximately $215 million. Additionally, the Company expects that full year 2015 non-GAAP operating profit margin will exceed previously issued financial performance guidance of approximately 15.2%, with guidance alone reflecting more than 380 basis points of expansion in non-GAAP operating profit margin compared to the full year 2014.
Full Year 2016 Outlook
NuVasive expects full year 2016 revenue to grow 7% year-over-year to $870 million, in line with the mid to high single-digit long-term revenue growth target that the Company communicated previously. Revenue guidance for the full year 2016 contemplates continued market share gains within a strengthening domestic and solid international spine market, but is exclusive of the impact of NuVasives previously announced plans to acquire Ellipse Technologies. Additionally, NuVasive expects full year 2016 non-GAAP operating profit margin expansion of approximately 100 basis points compared to full year 2015, exclusive of the impact of the Ellipse Technologies acquisition.
NuVasive remains committed to its longer-term financial performance goals and strategic initiatives that are expected to drive the Companys growth and margin expansion as it reaches beyond $1 billion in revenue, with the planned acquisition of Ellipse Technologies expected to accelerate its performance. As previously reported, the Company entered into an agreement to acquire Ellipse Technologies on January 4, 2016, and the transaction is expected to close by the end of February 2016, subject to customary closing conditions and regulatory approvals. Following the closing of the acquisition, the Company intends to update its full year 2016 and long-term financial performance guidance to reflect the impact of the acquisition.
NuVasive will provide detailed financial performance guidance for the full year 2016 when the Company announces its complete financial and operating results for its fourth quarter and the full year ended December 31, 2015, which is expected to be issued in mid-February 2016.
Non-GAAP Information
This news release refers to operating profit margin that is not calculated in accordance with GAAP. Non-GAAP operating profit margin excludes amortization of intangible assets, leasehold related charges, one-time restructuring and acquisition related items, CEO transition related costs, certain litigation charges and non-cash interest expense on convertible notes. A reconciliation of GAAP operating margin and non-GAAP operating profit margin for the full year 2015 will be provided when the Company announces its complete financial results for the fourth quarter and full year ended December 31, 2015 in February 2016. Management also uses certain non-GAAP measures which are intended to exclude the impact of foreign exchange currency fluctuations. The measure constant currency is the use of an exchange rate that eliminates fluctuations when calculating financial performance numbers. Management calculates the non-GAAP financial measures provided in this news release excluding these costs and uses these non-GAAP financial measures to enable it to further and more consistently analyze the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional information to enable them to assess, in the same way management assesses, the Companys current and future continuing operations. These non-GAAP measures are not in accordance with, or an alternative for, GAAP, and may be different from non-GAAP measures used by other companies.
About NuVasive
NuVasive is an innovative global medical device company that is transforming spine surgery with minimally disruptive surgical products and procedurally-integrated solutions for the spine. NuVasive has emerged from a small startup to become the #3 player in the $9 billion global spine market and remains focused on market share-taking strategies as the Company continues on its path to become the industrys leading spine company. NuVasive offers a comprehensive spine portfolio of more than 90 unique products developed to improve spine surgery and patient outcomes. The Companys principal procedural solution is its Maximum Access Surgery, or MAS®, platform for lateral spine fusion. MAS was designed to provide safe, reproducible, and clinically proven outcomes, and is a highly differentiated solution with fully integrated neuromonitoring, customizable exposure, and a broad offering of application-specific implants and fixation devices designed to address a variety of pathologies.
Forward-Looking Statements
NuVasive cautions you that statements included in this news release that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasives results to differ materially from historical results or those expressed or implied by such forward-looking statements. Forward-looking statements include, but are not limited to, statements regarding expected financial results for the fourth quarter and full year 2015, financial projections for 2016 and the planned acquisition of Ellipse Technologies. The Companys estimated quarterly and annual financial results for 2015 are preliminary and subject to adjustment in the ongoing review and audit procedures by the Companys external auditors. In addition, NuVasives projections for 2016 represent the Companys initial estimates, and are subject to the risk of being inaccurate because of the preliminary nature of the forecasts, the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability. The Companys planned acquisition of Ellipse Technologies is subject to closing conditions, including regulatory approvals, and the expected benefits and synergies may not be realized. Potential risks and uncertainties that could cause actual results, growth and/or future performance to differ materially include, but are not limited to: the risk of further adjustment to financial results or future financial expectations; the risk that revenue or earnings projections may turn out to be inaccurate because of the preliminary nature of the forecasts; unanticipated difficulty in selling products, generating revenue or producing expected profitability; the risk that the required regulatory approvals for the planned acquisition are not obtained, are delayed or are subject to unanticipated conditions that could adversely affect the combined company or the expected benefits of the acquisition; and those other risks and uncertainties more fully described in the Companys news releases and periodic filings with the Securities and Exchange Commission NuVasives public filings with the Securities and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
# # #
1 Year Nuvasive Chart |
1 Month Nuvasive Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions