NuVasive, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2015; Revised Earnings Guidance for 2015
Jul 28 15
NuVasive, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2015. The company reported second quarter 2015 total revenue of $202.9 million, a 6.4% increase compared to $190.7 million for the second quarter 2014. On a constant currency basis, second quarter 2015 total revenue increased 8.5% compared to the same period last year. The company reported a GAAP net income attributable to the company of $10.3 million, or $0.20 per diluted share, for the second quarter 2015 compared to a GAAP net loss attributable to the company of $4.1 million, or $0.09 per diluted share, for the second quarter 2014. On a non-GAAP basis, the company reported net income of $15.7 million, or $0.31 per share, for the second quarter 2015 compared to net income of $7.6 million, or $0.15 per share, for the second quarter 2014. Income before income taxes was $18,684,000 compared to loss of $2,328,000 a year ago. Adjusted EBITDA was $50,448,000.
For the six months, revenue was $395,293,000 compared to $368,172,000 a year ago. Income before income taxes was $67,966,000 compared to loss of $35,955,000 a year ago. Net income attributable to the company was $41,828,000 or $0.81 per diluted share compared to loss of $22,364,000 or $0.48 per diluted share a year ago. Net cash provided by operating activities was $35,183,000 compared to $48,311,000 a year ago. Purchase of intangible assets was $28,589,000. Purchase of property and equipment was $47,976,000 compared to $32,560,000 a year ago. Non-GAAP earnings were $30,795,000 or $0.61 per share. Adjusted EBITDA was $94,740,000.
The company provided the updated projections to its full year 2015 guidance. The company expected revenue of approximately $810.0 million, which includes an approximate $13.0 million of currency headwinds, or approximately 6.2% growth compared to revenue of $762.4 million for 2014; on a constant currency basis revenue is expected to grow approximately 7.9%; versus a prior expectation of 7.8% for 2015; GAAP earnings per share of approximately $1.18 compared to GAAP loss per share of $0.36 for 2014; versus a prior expectation of $1.12 for 2015; Non-GAAP earnings per share of approximately $1.17, an increase of approximately 74.2% compared to non-GAAP earnings of $0.67 for 2014; versus a prior expectation of $1.10 for 2015; Non-GAAP operating margin of approximately 15.0%, an increase of approximately 360 basis points compared to 11.4% for 2014; versus a prior expectation of 14.4% for 2015; adjusted EBITDA margin of approximately 25.2%, an increase of approximately 330 basis points compared to 21.9% for 2014; versus a prior expectation of 24.6% for 2015; GAAP effective tax expense rate of approximately 45.0%; versus a prior expectation of 46.0% for 2015; and non-GAAP effective tax expense rate of approximately 45.0%; versus a prior expectation of 46.0% for 2015.
NuVasive, Inc. Reaches Definitive Settlement with U.S. Department of Justice
Jul 28 15
NuVasive, Inc. announced that it has reached a definitive settlement with the U.S. Department of Justice related to the subpoena issued to the Company by the Office of Inspector General of the Department of Health and Human Services in 2013. NuVasive admits no wrongdoing as part of the settlement. On April 29, 2015, the company announced that it had reached an agreement in principle to settle the investigation with the DOJ. The Company has now entered into a definitive settlement agreement with the United States, acting through DOJ and on behalf of OIG, the Defense Health Agency, the Office of Personnel Management, and the U.S. Department of Veteran Affairs. Under the terms of the settlement agreement, the company will pay $13.5 million, plus fees and accrued interest. The settlement is neither an admission of liability or wrongdoing by the company nor a concession by the United States that its claims are not well founded.
NuVasive, Inc. Announces Executive Appointments
Jul 20 15
NuVasive, Inc. appointed Pat Miles as president and COO, and Matt Link as president for US commercial. Mr. Miles has been with NuVasive for 14 years. Most recently, he has overseen the launch of Integrated Global Alignment, or iGA. Mr. Link joined NuVasive in 2006 and has been a key leader in NuVasive's unmatched sales growth over that period of time. Mr. Link most recently served as the company's President, US Sales and Service.
NuVasive, Inc. Appoints Jason Hannon as Executive Vice President, International
Jul 16 15
NuVasive Inc. announced the appointment of Jason Hannon as Executive Vice President, International. In his new role, he will be responsible for the company's business and commercial operations outside of the United States. Hannon will be relocating to NuVasive's International headquarters in Amsterdam, the Netherlands where he will drive the Company's international expansion strategy. Hannon will continue to serve as NuVasive's General Counsel until a successor is identified, for which an active search is underway.