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8-K - FORM 8-K - NUVASIVE INC | a54981e8vk.htm |
Exhibit 99.1
PRESS RELEASE
Contact:
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Investors: | |
Michael J. Lambert
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Patrick F. Williams | |
EVP & Chief Financial Officer
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Vice President, Finance & Investor Relations | |
NuVasive, Inc.
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NuVasive, Inc. | |
858-909-1998
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858-638-5511 | |
investorrelations@nuvasive.com
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investorrelations@nuvasive.com | |
Media: | ||
Jason Rando | ||
The Ruth Group | ||
646-536-7025 | ||
jrando@theruthgroup.com |
NuVasive Announces Preliminary Unaudited Full Year 2009 Financial Results
Anticipates Full Year 2009 Revenue of Approximately $370 Million
Announces Full Year 2010 Revenue Guidance of $480 Million to $500 Million
SAN DIEGO, January 29, 2010 NuVasive, Inc. (Nasdaq: NUVA), a medical device company focused on
developing products for minimally disruptive surgical treatments for the spine, today announced
preliminary unaudited financial results for the full year ended December 31, 2009.
NuVasive anticipates full year 2009 revenue of approximately $370 million, ahead of previously
issued guidance. The Company announced anticipated full year 2009 revenue in advance of its annual
global sales meeting, which will take place January 29-30, 2010. The Company expects full year 2009
GAAP earnings per share of $0.14 to $0.15. Excluding intellectual property litigation expenses,
acquisition related charges, and the benefit of the reversal of a leasehold termination charge, the
Company expects full year 2009 earnings per share of $0.30 to $0.31.
The Company reiterated 2010 revenue guidance of 30% 35% growth, or $480 million to $500 million
in revenues, and 2010 full year non-GAAP operating margin guidance of approximately 17%, expanding
to approximately 20% in the fourth quarter of 2010. Non-GAAP operating margin guidance excludes
stock based compensation, amortization of intangibles, intellectual property litigation costs, and
acquisition related charges.
NuVasive will not hold a conference call to discuss its preliminary unaudited full year 2009
financial results. The Company will announce complete financial and operating details of its fourth
quarter and the full year ended December 31, 2009, and will give detailed guidance for 2010 after
the market closes on February 25, 2010. The Company will hold a conference call the same day at
5:30 p.m. ET (2:30 p.m. PT).
Alex Lukianov, Chairman and Chief Executive Officer, said, We are pleased with the revenue growth
and solid earnings leverage demonstrated in 2009, and we are very excited about the outlook for
NuVasive in 2010. All of our products continue to gain market share as surgeon adoption expands.
This week at the NuVasive Sales Meeting we look forward to recognizing our top performers and
encouraging continued outstanding results in 2010.
About NuVasive
NuVasive is a medical device company focused on the design, development, and marketing of products
for the surgical treatment of spine disorders. The Companys product portfolio is focused primarily
on the $5.0 billion U.S. spine implant market. Additionally, the Company has expanded into the
$1.7 billion global biologics market, the $1.7 billion international market, and is developing
products for the emerging motion preservation market.
NuVasives principal product offering is based on its Maximum Access Surgery, or MAS®
platform. The MAS platform combines four categories of products that collectively minimize soft
tissue disruption during spine surgery with maximum visualization and safe, easy reproducibility
for the surgeon: NeuroVision®, a proprietary software-driven nerve avoidance system;
MaXcess®, a unique split-blade retractor system; a wide variety of specialized implants;
and several biologic fusion enhancers. MAS significantly reduces surgery time and returns patients
to activities of daily living much faster than conventional approaches. Having redefined spine
surgery with the MAS platforms lateral approach, known as eXtreme Lateral Interbody Fusion, or
XLIF®, NuVasive has built an entire spine franchise. With over 50 products today
spanning lumbar, thoracic and cervical applications, the Company will continue to expand and evolve
its offering predicated on its R&D focus and dedication to outstanding service levels supported by
a culture of Absolute Responsiveness®.
NuVasive cautions you that statements included in this press release that are not a description of
historical facts are forward-looking statements that involve risks, uncertainties, assumptions and
other factors which, if they do not materialize or prove correct, could cause NuVasives results to
differ materially from historical results or those expressed or implied by such forward-looking
statements. The potential risks and uncertainties that could cause actual growth and results to
differ materially include, but are not limited to: the risk that NuVasives revenue or earnings
projections may turn out to be inaccurate because of the preliminary nature of the forecasts and
the risk of further adjustment,
or unanticipated difficulty in selling products or generating
expected profitability; the uncertain process of seeking regulatory approval or clearance for
NuVasives products or devices, including risks that such process could be significantly delayed;
the possibility that the FDA may require significant changes to NuVasives products or clinical
studies; the risk that products may not perform as intended and may therefore not achieve
commercial success; the risk that competitors may develop superior products or may have a greater
market position enabling more successful commercialization; the risk that additional clinical data
may call into question the benefits of NuVasives products to patients, hospitals and surgeons; and
other risks and uncertainties more fully described in NuVasives press releases and periodic
filings with the Securities and Exchange Commission. NuVasives public filings with the Securities
and Exchange Commission are available at www.sec.gov. NuVasive assumes no obligation to update any
forward-looking statement to reflect events or circumstances arising after the date on which it was
made.
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