NuVasive (NUVA) Tops Q1 EPS by 5c, Revenues Miss

NuVasive (NASDAQ: NUVA) reported Q1 EPS of $0.48, $0.05 better than the analyst estimate of $0.43. Revenue for the quarter came in at $259.9 million versus the consensus estimate of $273.88 million.

First Quarter 2020 Highlights

• Revenue decreased -5.4% to $259.9 million, or -5.1% on a constant currency basis;
• GAAP operating margin of 10.9%; Non-GAAP operating margin of 16.9%; and
• GAAP diluted earnings per share of $0.10; Non-GAAP diluted earnings per share of $0.48.

"First and foremost, I want to recognize the healthcare professionals who are battling COVID-19 on the front lines and whose work is truly heroic during this global healthcare crisis," said J. Christopher Barry, chief executive officer of NuVasive. "Additionally, I am proud of the resiliency demonstrated by NuVasive employees, as the Company remains committed to supporting our surgeon partners and their patients during this time.

"NuVasive's first quarter performance was consistent with the preliminary revenue results provided in the business update shared last month," Barry continued. "The Company began the quarter positioned to build upon the financial momentum delivered last year, but faced a decline in elective procedure volumes due to the COVID-19 pandemic. However, with a strong cash position, dedicated team and innovative technology in our pipeline, we are confident in the long-term trajectory of the business and our purpose to transform surgery, advance care and change lives."

For earnings history and earnings-related data on NuVasive (NUVA) click here.

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