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NuVasive reported 1Q21 orthopedic revenue of USD $271.2 million, +4.4% vs. 1Q20. Compared to the first quarter of 2019, sales declined -1.3%. However, the company remains confident in full-year revenue growth above 2019 given March’s better-than-expected recovery that continued into the second quarter. NuVasive expects $1.2 billion in 2021 sales, representing +14.2% growth vs. 2020 and +2.7% growth vs. 2019.
U.S. spinal hardware sales benefitted from the adoption of new products in the company’s anterior portfolio and growth of Reline 3D for pediatric fixation. NuVasive’s Simplify Disc recently received FDA approval for two-level cervical total disc replacement and is one of only three devices approved for the procedure. However, leadership said that supply constraints will keep the disc’s 2021 revenue contribution around $5 million. Biologics and intraoperative neuromonitoring product lines declined as pandemic-related pressure continued to impact certain procedures, including XLIF.
Regionally, the Asia Pacific region bolstered international growth as it lapped some COVID impacts from last year. NuVasive provides specific technologies for the unique needs of international surgeons, and pointed to Japan as a market where these investments are paying off.
The company also reiterated its previous timeline for launching the Pulse platform in the summer of 2021 and adding the robotic component in 2022.
“Listen, it’s still early days for the spine market and enabling technology. It’s hard to portray that you’ll bend the overall growth curve. Where we are today, less than 25% of spine surgeries today are being navigated. We say plus or minus 15% of operating rooms have a robotic system installed today. And in that subgroup of operating rooms, utilization is still relatively low.” – NuVasive CEO Chris Barry
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $237.8 | $226.4 | $11.4 | 5% |
| Trauma | $10.4 | $10.0 | $0.4 | 4.1% |
| Orthobiologics | $23.0 | $23.5 | ($0.5) | (1.9%) |
| Total | $271.2 | $259.9 | $11.4 | 4.4% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $208.1 | $204.0 | $4.1 | 2% |
| OUS | $63.2 | $55.8 | $7.3 | 13.1% |
| EMEA | $41.0 | $37.4 | $3.6 | 9.7% |
| Asia Pacific | $16.4 | $12.3 | $4.1 | 33.6% |
| Rest of World | $5.7 | $6.1 | ($0.5) | (7.5%) |
| Total | $271.2 | $259.9 | $11.4 | 4.4% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $271.2 | |
| Cost of Sales | $71.8 | 26.5% |
| R & D | $146.0 | 53.8% |
| Selling and Admin | $22.2 | 8.2% |
| Other | $38.8 | 14.3% |
| Net Earnings | ($7.5) | (2.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
NuVasive reported 1Q21 orthopedic revenue of USD $271.2 million, +4.4% vs. 1Q20. Compared to the first quarter of 2019, sales declined -1.3%. However, the company remains confident in full-year revenue growth above 2019 given March’s better-than-expected recovery that continued into the second quarter. NuVasive expects $1.2 billion in 2021...
NuVasive reported 1Q21 orthopedic revenue of USD $271.2 million, +4.4% vs. 1Q20. Compared to the first quarter of 2019, sales declined -1.3%. However, the company remains confident in full-year revenue growth above 2019 given March’s better-than-expected recovery that continued into the second quarter. NuVasive expects $1.2 billion in 2021 sales, representing +14.2% growth vs. 2020 and +2.7% growth vs. 2019.
U.S. spinal hardware sales benefitted from the adoption of new products in the company’s anterior portfolio and growth of Reline 3D for pediatric fixation. NuVasive’s Simplify Disc recently received FDA approval for two-level cervical total disc replacement and is one of only three devices approved for the procedure. However, leadership said that supply constraints will keep the disc’s 2021 revenue contribution around $5 million. Biologics and intraoperative neuromonitoring product lines declined as pandemic-related pressure continued to impact certain procedures, including XLIF.
Regionally, the Asia Pacific region bolstered international growth as it lapped some COVID impacts from last year. NuVasive provides specific technologies for the unique needs of international surgeons, and pointed to Japan as a market where these investments are paying off.
The company also reiterated its previous timeline for launching the Pulse platform in the summer of 2021 and adding the robotic component in 2022.
“Listen, it’s still early days for the spine market and enabling technology. It’s hard to portray that you’ll bend the overall growth curve. Where we are today, less than 25% of spine surgeries today are being navigated. We say plus or minus 15% of operating rooms have a robotic system installed today. And in that subgroup of operating rooms, utilization is still relatively low.” – NuVasive CEO Chris Barry
Revenue Data
All revenue data is provided in USD millions unless otherwise noted. Sales and growth rates are estimated on an as-reported basis.
Segment Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| Spine | $237.8 | $226.4 | $11.4 | 5% |
| Trauma | $10.4 | $10.0 | $0.4 | 4.1% |
| Orthobiologics | $23.0 | $23.5 | ($0.5) | (1.9%) |
| Total | $271.2 | $259.9 | $11.4 | 4.4% |
Geographic Sales
| 1Q21 | 1Q20 | $ Chg | % Chg | |
|---|---|---|---|---|
| US | $208.1 | $204.0 | $4.1 | 2% |
| OUS | $63.2 | $55.8 | $7.3 | 13.1% |
| EMEA | $41.0 | $37.4 | $3.6 | 9.7% |
| Asia Pacific | $16.4 | $12.3 | $4.1 | 33.6% |
| Rest of World | $5.7 | $6.1 | ($0.5) | (7.5%) |
| Total | $271.2 | $259.9 | $11.4 | 4.4% |
Earnings
| Amt | % of Sales | |
|---|---|---|
| Sales | $271.2 | |
| Cost of Sales | $71.8 | 26.5% |
| R & D | $146.0 | 53.8% |
| Selling and Admin | $22.2 | 8.2% |
| Other | $38.8 | 14.3% |
| Net Earnings | ($7.5) | (2.8%) |
Mike Evers is ORTHOWORLD’s Digital Content Strategist. He can be reached by email.
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ME
Mike Evers is a Senior Market Analyst and writer with over 15 years of experience in the medical industry, spanning cardiac rhythm management, ER coding and billing, and orthopedics. He joined ORTHOWORLD in 2018, where he provides market analysis and editorial coverage.
