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NuVasive Reports Preliminary 2008 Results

NuVasive, Inc. (NuVasive) has reported preliminary results for the year 2008. The company expects the revenues to be around $250 million. The company also expects full year 2008 earnings per share to be in range of $0.07 to $0.09, excluding in-process research and development costs and other adjustments related to a one-time leasehold termination charge, transitional support costs related to the company's ERP system, and intellectual property litigation expense.

The company also expects to exceed its Osteocel(R) guidance for 2008 with $10 million in revenue and is now launching the product through its exclusive sales force. The company announced anticipated full year 2008 revenue in advance of its National Sales Meeting, which will take place January 23, 2009 and January 24, 2009.

The company has also reported the revenue guidance for the full year 2009. The company expects full year 2009 revenue to be in the range of $345 million to $350 million. Osteocel revenue in the fourth quarter 2008 included around $5 million in sales to former distributors of Osiris Therapeutics, Inc. As the company launches the Osteocel product through its sales force, it will not have the benefit of this revenue in first quarter 2009. As a result, overall first quarter 2009 revenue should be flat compared to fourth quarter 2008, but the company expects Osteocel sales to ramp throughout the year to its annual guidance of $28 million.

The company reiterated full year 2009 non-GAAP operating margins of 11% – 13% excluding stock based compensation, amortization of intangibles, intellectual property litigation fees, and impact of the Progentix Orthobiology BV investment.

Alex Lukianov, chairman and chief executive officer, said, ‘We are very pleased with the Company’s revenue achievement in conjunction with our earnings performance in 2008, especially considering the challenging economic times. This week, we look forward to recognizing and rewarding our top performers at our National Sales Meeting.’