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Product / Company Performance

NuVasive Up 3.7% on US Spinal Hardware in 2Q19 -



Increasing case volumes and selling the entire procedure allowed NuVasive to keep pace with competitors that have launched robotic systems.

  • Growth driven by U.S. spinal hardware on increasing case volumes and tangible growth in the company’s XLIF and ALIF franchises.
  • Slower than expected ex-U.S. sales offset growth slightly. Limited set availability impacted growth in the Asia Pacific region and Latin America.
  • The company is focused on expanding its advanced materials portfolio as well as funding studies to further substantiate implant technology.
  • Pulse launched commercially in the U.S., with alpha and beta trials underway in international markets. Leadership expects revenue contributions from the system within the next two quarters.
  • Price pressure for the quarter was -2%, though the company noted it is seeing consistently more aggressive hospital pricing environments particularly regarding commoditized areas like conventional fixation, open pedicle screws, cervical plates and disposables.

It is challenging. The U.S. market is very competitive. Some of the competitors that were maybe not as competitive over the last several years have renewed their focus through robotics and other key technologies. I think we're competing well, and I think our focus on proceduralization has paid off. – NuVasive CEO Chris Barry, on the impact of robotics in the U.S. spine market

Performance by Segment

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

  2Q19 2Q18 $ Chg % Chg
Spine $257.3 $246.7 $10.6 4.3%
Trauma $10.2 $9.9 $0.3 2.6%
Orthobiologics $24.6 $24.9 -$0.3 -1.2%
Total $292.1 $281.6 $10.5 3.7%
  1H19 1H18 $ Chg % Chg
Spine $498.6 $472.6 $26.0 5.5%
Trauma $19.3 $18.6 $0.7 3.5%
Orthobiologics $49.0 $50.9 -$1.9 -3.7%
Total $566.9 $542.1 $24.8 4.6%

Sales by Geographic Region

ORTHOWORLD estimates geographic sales and growth as follows ($MM):

  2Q19 2Q18 $ Chg % Chg
US $236.1 $226.9 $9.2 4.0%
Ex-US $56.0 $54.6 $1.4 2.5%
   EMEA $45.8 $43.7 $2.1 4.7%
   Asia Pacific $5.2 $5.5 -$0.3 -5.2%
   Rest of World $5.0 $5.5 -$0.4 -7.8%
Total $292.1 $281.6 $10.5 3.7%

Net Earnings Data

Net earnings are as follows ($MM):

  Amt % of Sales
Sales $292.1  
   Cost of Sales -$77.6 26.6%
   R & D -$17.6 6.0%
   Selling and Admin -$145.1 49.7%
   Other -$36.9 12.6%
Net Earnings $15.0 5.1%


Sources: NuVasive; ORTHOWORLD estimates.

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

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