NuVasive Lifts FY14 Sales Guidance; Names Pat Miles COO

(RTTNews) - Medical device company NuVasive Inc (NUVA) on Monday said it now expects fiscal year 2014 revenue of about $761 million, an increase from the prior guidance of about $755 million.

Analysts polled by Thomson Reuters currently expect revenue of about $758.2 million for 2014.

The company now expects fiscal 2014 adjusted operating margin to exceed previously issued guidance of about 16.5%.

For the fourth quarter of 2014, NuVasive expects revenue of about $203 million and adjusted operating margin of nearly 20%. Analysts currently expect revenue of about $200 million for the quarter.

For the fiscal year 2015, the company projects revenue to grow about 6% year-over-year to $810 million. Analysts currently expect revenue of about $811.7 million for the year.

The company said revenue guidance for 2015 contemplates continued market share gains within a stabilizing domestic spine market.

NuVasive expects 2015 adjusted operating margin expansion of about 250 basis points compared to the prior year.

The company will announce complete financial and operating results of its fourth quarter and the full-year ended December 31, 2014.

Also, NuVasive said that its Chief Operating Officer Keith Valentine will step down and be leaving the company effective April 30. The company said that Pat Miles, currently president of Global Products and Services, will assume an expanded role as president and COO.

In this new role, Miles will continue to be responsible for leadership and management of global products and services. In addition, he will take on NuVasive's operational duties, including customer fulfillment, manufacturing, supply chain management and quality engineering.

NuVasive said the integration of the global products and services function with operational activities will allow it to better leverage product development insights globally and allows for greater alignment between the development of procedural solutions and their efficient delivery in the field to fulfill the requirements of the many surgeries the company supports every day.

Also the company said that Matt Link, currently executive vice president of U.S. Sales, will become president of U.S. Sales and Services and will lead the expanded team.