NuVasive Announces 3rd Quarter 2022 Financial Results.

SAN DIEGO: NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced financial results for the quarter ended September 30, 2022.

Third Quarter 2022

Net sales were $295.3 million, a 9.0% increase as reported and a 12.9% increase on a constant currency basis, compared to the prior year period;

GAAP operating margin of 7.4%; Non-GAAP operating margin of 13.6%; and

GAAP diluted loss per share of ($0.04); Non-GAAP diluted earnings per share of $0.54.

"The strategic investments we've made in product and technology innovation are delivering continued above-market growth--as demonstrated by double-digit growth in net sales on a constant currency basis," said Chris Barry, chief executive officer of NuVasive. "Despite the challenging macro environment, we continue to execute as evidenced by our top- and bottom-line performance in the quarter. I remain excited about the future of NuVasive--and our commitment to deliver meaningful innovation to support our surgeons, providers, and patients."

Third Quarter 2022 Results

NuVasive reported total net sales of $295.3 million, a 9.0% increase as reported and a 12.9% increase on a constant currency basis, compared to $270.8 million in the prior year period. Third quarter 2022 total net sales were driven by further adoption of new products, higher procedural volumes in the U.S., and strong international performance.

For the third quarter of 2022, GAAP gross profit was $214.4 million, compared to $182.2 million in the prior year period. GAAP gross margin was 72.6%, compared to 67.3% in the prior year period. On a non-GAAP basis, gross profit was $214.4 million, compared to $197.0 million in the prior year period. Non-GAAP gross margin was 72.6%, compared to 72.7% in the prior year period.

The Company reported GAAP net loss of ($2.0) million, or diluted loss per share of ($0.04), compared to GAAP net loss of ($21.6) million, or diluted loss per share of ($0.42) in the prior year period. On a non-GAAP basis, the Company reported net income of $28.3 million, or diluted earnings per share of $0.54, compared to non-GAAP net income of $16.9 million, or diluted earnings per share of $0.32 in the prior year period.

Cash and cash equivalents were $237.5 million as of September 30, 2022.

Full-year 2022 Financial Guidance

The Company updated its full-year 2022 guidance range for net sales...