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Product / Company Performance

NuVasive Reports 1Q19 Revenue of $274.8MM, +5.5% vs. 1Q18 -

By Mike Evers, ORTHOWORLD

NuVasive posted 1Q19 revenue of USD $274.8MM, +5.5% vs. 1Q18.

  • NuVasive reiterated their previously provided 2019 guidance of $1.14 to $1.16 billion
  • Growth driven by U.S. spinal hardware on the strength of new products launched in late 2018
  • Advanced Material Science products like COHERE and TLIF Porous PEEK are up nearly 70% year over year
  • PRECICE product line being expanded with STRYDE nail launching in May 2019 and a bone transport system later in the year
  • Biologics down -6% as expected by the company, with increased volume offset by declining average selling prices due to shift away from high-end Osteocel to lower-cost products
  • Experienced sales uptick in XLIF and ALIF franchises due to launch of X360 system, an integrated approach and instrument package that enables surgeons to access L5 to S1 without the need to reposition the patient
  • Progress in commercializing Pulse is continuing ahead of the late 2Q19 launch, with pre-order selling under way
  • Progress on robotic portion of Pulse will be shown at NASS in September 2019
  • Leadership remains cautiously optimistic that the global spine market will not change much from 2018
  • Price pressure for spinal hardware products was 2.4% for the quarter

 

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

  1Q19 1Q18 $ Chg % Chg
Spine $241.3 $225.8 $15.4 6.8%
Trauma $9.1 $8.7 $0.4 4.6%
Orthobiologics $24.4 $26.0 -$1.6 -6.0%
Total $274.8 $260.5 $14.3 5.5%

ORTHOWORLD estimates NuVasive’s orthopaedic revenue by geographic region as follows ($MM).

Geographic Region 1Q19 1Q18 $ Chg % Chg
US $222.8 $213.3 $9.5 4.5%
Ex-US $52.0 $47.2 $4.7 10.0%
   EMEA $42.35 $37.78 $4.6 12.1%
   Asia Pacific $5.33 $4.72 $0.6 12.8%
   Rest of World $4.29 $4.72 -$0.4 -9.2%
Total $274.8 $260.5 $14.3 5.5%

Net earnings are as follows.

1Q19 Amount ($MM) % of Sales
Sales $274.8  
   Cost of Sales -$74.5 27.1%
   R & D -$17.6 6.4%
   Selling and Admin -$145.1 52.8%
   Other -$28.2 10.3%
Net Earnings $9.4 3.4%

 

Sources: NuVasive; ORTHOWORLD estimates.

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

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