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Product / Company Performance

U.S. Spinal Hardware Sales Continues to Drive NuVasive Growth -

NuVasive reported 3Q19 revenue of USD $290.8MM, +7.2% vs. 3Q18.

  • NuVasive projects 2019 full year revenue of $1.16 billion, the high end of their guidance range; the company expects their spinal hardware segment to grow between 6% and 7%, while surgical support is expected to grow between 0% and 2%
  • Growth driven primarily by strong organic growth in U.S. spinal hardware attributable to focused commercial execution and continued traction with new products
  • Case volume grew 10.6% over the prior year due to continued stability in the U.S. spine market, with leadership estimating overall market growth of 2% in the quarter vs. 1% in 3Q18
  • Price pressure for the quarter was -2.1%
  • NuVasive’s XLIF and ALIF franchises performed well, driven by the adoption of the X360 lateral single position procedure
  • The quarter brought continued momentum for advanced materials science products, including Modulus XLIF, TLIF-A / TLIF-O and Cohere XLIF
  • Surgical set availability in APAC and Latin America continued to be a headwind from 2Q19, but was offset by continued strong performance in the EMEA region
  • Biologics declined vs. the prior year, as price pressure and timing of bulk orders outweighed increased volumes; leadership remains confident the business will return to growth in 4Q19; increasing momentum with DBMs and AttraX synthetic biologics are mitigating declines in Osteocel products
  • Capital equipment revenue was “nominal,” per company expectations in the traditionally soft third quarter; NuVasive has collected signed purchase orders for Pulse systems, but is holding off on delivery and installation while it continues to evaluate surgeon feedback
  • Leadership does not anticipate revenue impact from Pulse until 2020; the system received CE Mark approval in October 2019, and hospitals in Italy, Germany and the Netherlands are ready to begin evaluations
  • The company will commence a limited launch of its new anterior cervical plate in late 4Q19
  • Beginning January 1, 2020 the company will implement a new organizational structure that combines customer-facing and innovation activities under the direction of current President Matt Link, while operational functions will be headed by Dale Wolf, current head of manufacturing
  • ORTHOWORLD projects NuVasive full year 2019 revenue of $1,165.7MM, +5.8% vs. 2018


“The uniqueness of our system is truly the integrated application that is all of Pulse. Not only having a robotic application, but having the navigation, 2D imaging, 3D imaging and interoperative monitoring system. It provides full utilization across a much broader spine procedural base.” – NuVasive CEO Chris Barry on the differentiating features of Pulse


ORTHOWORLD estimates segment sales and growth on an as-reported basis, as follows ($MM).

  3Q19 3Q18 $ Chg % Chg
Spine $255.4 $235.8 $19.5 8.3%
Trauma $9.8 $9.6 $0.2 2.6%
Orthobiologics $25.7 $25.9 -$0.2 -0.9%
Total $290.8 $271.3 $19.5 7.2%
  9Mo 19 9Mo 18 $ Chg % Chg
Spine $753.9 $708.4 $45.5 6.4%
Trauma $29.1 $28.2 $0.9 3.2%
Orthobiologics $74.7 $76.8 -$2.1 -2.7%
Total $857.7 $813.4 $44.3 5.4%

ORTHOWORLD estimates orthopedic sales by geographic region as follows ($MM).

Geographic Region 3Q19 3Q18 $ Chg % Chg
US $233.7 $221.3 $12.4 5.6%
Ex-US $57.2 $50.0 $7.2 14.4%
   EMEA $46.9 $40.0 $6.9 17.4%
   Asia Pacific $5.1 $5.0 $0.1 2.9%
   Rest of World $5.1 $5.0 $0.1 1.8%
Total $290.8 $271.3 $19.5 7.2%

Net earnings are as follows ($MM).

  Amt % of Sales
Sales $290.8  
   Cost of Sales -$77.0 26.5%
   R & D -$18.1 6.2%
   Selling and Admin -$152.9 52.6%
   Other -$31.8 10.9%
Net Earnings $11.0 3.8%

Mike Evers is ORTHOWORLD’s Market Analyst. He can be reached by email.

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