NuVasive (NUVA) Tops Q2 EPS by 6c; Enters Settlement with U.S. DOJ
NuVasive (NASDAQ: NUVA) reported Q2 EPS of $0.31, $0.06 better than the analyst estimate of $0.25. Revenue for the quarter came in at $202.9 million versus the consensus estimate of $200.71 million.
NuVasive sees FY2015 EPS of $1.17, versus the consensus of $1.12. NuVasive sees FY2015 revenue of $810.0 million, versus the consensus of $812.2 million.
The company also has reached a definitive settlement with the U.S. Department of Justice ("DOJ") related to the subpoena issued to the Company by the Office of Inspector General of the Department of Health and Human Services ("OIG") 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.
Recognizing the government's responsibility to ensure the appropriateness of industry practices, the Company cooperated fully with the inquiry and has continued to work hard to create and sustain a culture of compliance throughout its operations. Resolution of the matter avoids the time and expense of a potentially lengthy litigation process. The Company was not required to enter into a corporate integrity agreement by the OIG as part of the settlement.
For earnings history and earnings-related data on NuVasive (NUVA) click here.