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Product / Company Performance
NuVasive Reports 3Q16 Revenue
NuVasive (NUVA) reported 3Q16 revenue of US $239.6MM, +19.5% from 3Q15. (U.S. $208.3MM, +18.1%; ex-U.S. $31.4MM, +29.8%) All growth is as reported.
ORTHOWORLD estimates 3Q16 segment sales and growth on an as reported basis, as follows.
- Trauma $9.8MM (ORTHOWORLD estimate for PRECICE limb lengthening)
- Spine $198.1MM, +17.8%
- Orthobiologics $31.7MM, -2.0%
- Results reflect strength in U.S. procedure volumes and strong performance in EU and Australia
- Surgeon conversion rate outpacing normal trend
- Continued momentum from Integrated Global Alignment (iGA), with adoption of Reline yielding greater penetration in deformity market
- Revenue “a few million dollars short of guidance” due to capital and stocking orders in the U.S. that did not materialize late in the quarter
- Lower XLIF procedures in Japan due to dilator off market for most of quarter; resubmitted with regulatory body
- Price pressure consistent with past quarters, in very low single digits
- Received CMS approval for add-on payment for magnetically-controlled growth rods, and FDA clearance for MAGEC use with Reline
- Closed acquisition of Biotronic NeuroNetwork, which is combined with existing Impulse Monitoring business to form NuVasive Clinical Services
- On track to achieve 100% in-house manufacturing, with milestones achieved (passed initial inspection, computer-aided manufacturing systems online, machining production released for first two titanium turning product lines)
- At NASS, launched iGA for cervical applications as well as Lessray software that helps reduce exposure to surgical radiation (latter acquired from SafeRay Spine)
- Full-year guidance reduced to ~$952MM, following headwinds such as dilator reclassification and capital/stocking order sales in the U.S.
Sources: NuVasive, Inc.; ORTHOWORLD Inc.
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