nuvasive inc (NUVA) Key Developments
NuVasive Provides Revenue Guidance for the First Quarter of 2015 and Earnings Guidance for the Year 2015
Apr 1 15
NuVasive provided revenue guidance for the first quarter of 2015. For the quarter, the company anticipated revenue will be in excess of $190 million, including more than $2 million of currency headwinds.
The company also announced it remains on track for its 2015 profitability goals.
NuVasive, Inc. Announces Management Changes
Apr 1 15
On March 28, 2015, Mr. Alex V. Lukianov, the Chief Executive Officer and the Chairman of the Board of the NuVasive, Inc. and a member of its Board of Directors, resigned as Chairman, Chief Executive Officer, and as a member of the Board and all other positions he had with the Company subsidiaries and affiliates, effective March 27, 2015. Mr. Lukianov will remain with the Company as a consultant to assist with the transition and serve as a special advisor to the successor Chief Executive Officer through September 30, 2016. Also effective on March 27, 2015, the Board appointed Mr. Gregory T. Lucier to serve as the Company’s interim Chief Executive Officer and Chairman of the Board. In connection with such appointment, Mr. Lucier resigned from his seats on the Board of Director’s Audit and Compensation Committees. Mr. Lucier, age 50, has served as member of Board since December 2013. Mr. Lucier has over 25 years of executive management experience and served as Chairman of the Board and Chief Executive Officer of Life Technologies Corporation, a global biotechnology company, from May 2003 until their acquisition by Thermo Fisher Scientific, Inc. in February 2014. Prior to joining Life Technologies, Mr. Lucier served as Chief Executive Officer and President at GE Medical Systems Information Technologies, Vice President for Global Services at GE Medical Systems and served as a corporate officer of the General Electric Corporation. He currently serves as board chairman for the Sanford-Burnham Medical Research Institute, and previously served on the Board of CareFusion Corporation until the completion of its acquisition by Becton Dickinson on March 17, 2015.
NuVasive Seeks Acquisitions
Mar 12 15
NuVasive, Inc. (NasdaqGS:NUVA) is looking for acquisitions. Quentin Blackford, Exexcutive Vise President and Chief financial Officer of NuVasive states, "At the same time we want to balance that with our appetite to be acquisitive. We want to play in the M&A space. There are opportunities to grow our international business and expand the scale of that business rapidly in some key markets. We want to look at those opportunities and ensure that we have the potential to do it."
NuVasive Announces Successful Appeal of Medtronic Verdict
Mar 3 15
NuVasive, Inc. announced that the Court of Appeals for the Federal Circuit overturned the damages award in the Company's ongoing patent lawsuit with Medtronic Sofamor Danek USA, Inc. and Warsaw Orthopedic, Inc. The appeal challenged a September 2011 jury verdict in the first phase of the litigation between NuVasive and Medtronic. The jury found that the three remaining patents at issue in the appeal were infringed awarding total monetary damages of $660,000 to NuVasive and approximately $102 million to Medtronic, which included lost profits, the sale of ancillary or 'convoyed' products and royalties. On March 2, 2015, the three Judge panel of the Court of Appeals issued a unanimous decision upholding the jury's finding of liability as to all patents, but overturning the damage award against NuVasive as improper. Significantly, the Court of Appeals held that the damages award was erroneous because Medtronic is not permitted to recover damages for lost profits or for the sale of convoyed products. Absent further proceedings on appeal, the case will be returned to the District Court for further proceedings to determine a proper damage award based solely on a reasonable royalty. The timing of a retrial to determine the new damages amount is difficult to predict, but could occur later in 2015.
NuVasive, Inc. Presents at Canaccord Genuity 10th Annual Musculoskeletal Conference, Mar-24-2015 10:30 AM
Feb 26 15
NuVasive, Inc. Presents at Canaccord Genuity 10th Annual Musculoskeletal Conference, Mar-24-2015 10:30 AM. Venue: MGM Grand Hotel, Las Vegas, Nevada, United States.