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24.10.2017 22:02:00
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NuVasive Reports Third Quarter 2017 Financial Results
SAN DIEGO, Oct. 24, 2017 /PRNewswire/ -- NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, announced today financial results for the quarter ended September 30, 2017.
Third Quarter 2017 Highlights
- Revenue increased 3.2% to $247.4 million, or 3.4% on a constant currency basis
- GAAP operating profit margin of 12.4%; Non-GAAP operating profit margin of 17.6%, up 150 basis points from prior year
- GAAP diluted earnings per share of $0.64; Non-GAAP diluted earnings per share up 30% from prior year to $0.52
- Company updates full year 2017 guidance
"Our results for the third quarter reflect continued strength in our International business with 46% growth on a constant currency basis year over year, representing the fourth consecutive quarter with growth in excess of 20%," said Gregory T. Lucier, NuVasive's chairman and chief executive officer. "In the U.S., we are making significant inroads in the deformity market with our RELINE® posterior fixation system and have launched multiple spinal hardware technologies over the last quarter that continue to enhance our differentiated and procedurally-focused portfolio."
Lucier continued, "Disruptions from the recent hurricanes in our U.S. and International business negatively affected third quarter total revenue results by approximately $5 million. Excluding the impact of the hurricanes and one less selling day, revenue growth would have been approximately 6%."
A full reconciliation of GAAP to non-GAAP measures can be found in the tables of this news release.
Third Quarter 2017 Results
NuVasive reported third quarter 2017 total revenue of $247.4 million, a 3.2% increase compared to $239.6 million for the third quarter 2016. On a constant currency basis, third quarter 2017 total revenue increased 3.4% compared to the same period last year.
For the third quarter 2017, GAAP and non-GAAP gross profit was $181.8 million and $182.0 million, respectively, while both GAAP and non-GAAP gross margin was 73.5%. These results compared to GAAP and non-GAAP gross profit of $180.5 million and $182.9 million, respectively, and GAAP and non-GAAP gross margin of 75.3% and 76.3%, respectively, for the third quarter 2016. Total GAAP and non-GAAP operating expenses were $151.2 million and $138.5 million, respectively, for the third quarter of 2017. These results compared to GAAP and non-GAAP operating expenses of $159.3 million and $144.4 million, respectively, for the third quarter 2016.
NuVasive reported a GAAP net income of $33.6 million, or $0.64 per diluted share, for the third quarter 2017 compared to $3.9 million, or $0.07 per diluted share, for the third quarter 2016.
On a non-GAAP basis, the Company reported net income of $26.7 million, or $0.52 per diluted share, for the third quarter 2017 compared to $21.1 million, or $0.40 per diluted share, for the third quarter 2016.
Cash and cash equivalents were approximately $62.2 million at September 30, 2017.
Updated Full Year Guidance for 2017
The Company updated its full year 2017 financial guidance to reflect third-quarter results, the continued impact of Hurricane Maria in Puerto Rico in the fourth quarter and anticipated lower U.S. procedural volumes continuing into the fourth quarter.
2017 Guidance | |||||||||||
Prior 1 | Current 1 | ||||||||||
(in Million's; except %'s and EPS) | GAAP | Non-GAAP | GAAP | Non-GAAP | |||||||
Revenue | $ 1,065 | $ 1,065 | $ 1,030 | $ 1,030 | |||||||
% Growth - Reported | 10.7% | 10.7% | 7.1% | 7.1% | |||||||
% Growth - Constant Currency 2 | 11.1% | 7.2% | |||||||||
Operating margin | 12.4% | 17.1% | 11.5% | 16.6% | |||||||
Earnings per share | $ 1.13 | $ 2.00 | $ 1.37 | $ 1.91 | |||||||
EBITDA | 23.6% | 26.7% | 23.3% | 25.9% | |||||||
Tax Rate | ~33% | ~35% | ~7% | ~34% | |||||||
1 | Prior guidance provided July 27, 2017. Current guidance reflects guidance provided October 24, 2017. | ||||||||||
2 | Constant currency is a measure that adjusts US GAAP revenue for the impact of currency over the same period in the prior year. | ||||||||||
- Revenue of approximately $1,030.0 million for 2017, which now includes approximately $2 million in year-over-year currency headwinds, and reflects 7.1% growth on a reported basis and 7.2% growth on a constant currency basis compared to revenue of $962.0 million for 2016; versus a prior expectation of $1,065.0 million for 2017;
- Non-GAAP diluted earnings per share of approximately $1.91, compared with the prior expectation of $2.00, compared to non-GAAP diluted earnings per share of $1.66 for 2016;
- Non-GAAP operating profit margin of approximately 16.6%, compared with the prior expectation of 17.1%, compared to non-GAAP diluted operating profit margin of 16.1% for 2016;
- Adjusted EBITDA margin of approximately 25.9% for 2017; compared with the prior expectation of approximately 26.7% for 2017, compared to 25.2% for 2016; and
- Non-GAAP effective tax expense rate of approximately 34%; slight improvement from prior expectation of approximately 35% for 2017.
Supplementary Financial Information
For additional financial detail, please visit the Investor Relations section at www.nuvasive.com to access Supplementary Financial Information.
Reconciliation of Full Year EPS Guidance | |||||||||
2017 Guidance1 | |||||||||
2016 Actuals | Prior 2, 3 | Current 2,4 | |||||||
GAAP net income per share | $ 0.69 | $ 1.13 | $ 1.37 | ||||||
Impact of change to diluted share count | 0.02 | 0.09 | 0.07 | ||||||
GAAP net income per share, adjusted to diluted Non-GAAP share count | $ 0.71 | $ 1.22 | $ 1.44 | ||||||
Litigation liability | (0.83) | - | 0.01 | ||||||
Business transition costs 5 | 0.35 | 0.05 | 0.04 | ||||||
Non-cash interest expense on convertible notes | 0.38 | 0.33 | 0.33 | ||||||
Non-cash purchase accounting adjustments on acquisitions 6 | 0.28 | - | 0.01 | ||||||
Loss on repurchase of convertible notes | 0.37 | - | - | ||||||
Amortization of intangible assets 7 | 0.78 | 0.88 | 0.92 | ||||||
Tax effect of adjustments 8 | (0.38) | (0.48) | (0.85) | ||||||
Non-GAAP earnings per share | $ 1.66 | $ 2.00 | $ 1.91 | ||||||
GAAP Weighted shares outstanding - basic | 50,077 | 50,864 | 50,867 | ||||||
GAAP Weighted shares outstanding - diluted | 54,102 | 56,617 | 55,237 | ||||||
Non-GAAP Weighted shares outstanding - diluted 9 | 51,981 | 52,738 | 52,390 | ||||||
1 | Items may not foot due to rounding. | ||||||||
2 | Prior guidance provided July 27, 2017. Current guidance reflects guidance provided October 24, 2017. | ||||||||
3 | Effective tax expense rate of ~33% applied to GAAP earnings and ~35% applied to Non-GAAP earnings. | ||||||||
4 | Effective tax expense rate of ~7% applied to GAAP earnings and ~34% applied to Non-GAAP earnings. | ||||||||
5 | Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities. | ||||||||
6 | Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized over the period in which underlying products are sold. | ||||||||
7 | Excludes the amortization associated with non-controlling interest. | ||||||||
8 | The impact on results from taxes include tax effecting the adjustments above at the statutory rate as well as taking into account discrete items and including those discrete items in the annual effective tax rate calculation. The Company also includes those adjustments that would have benefited the tax rate in lieu of the above adjustments as part of the Company's tax filings. The impact of the changes to the tax rate results in an annual estimated rate of ~34% on a non-GAAP basis. | ||||||||
9 | Excludes the impact of dilutive convertible notes and warrants for which the Company is economically hedged through its anti-dilutive bond hedge arrangements. | ||||||||
Reconciliation of Non-GAAP Operating Margin % | ||||||||||
2017 Guidance1 | ||||||||||
(in thousands, except %) | 2016 Actuals | Prior 2 | Current 2 | |||||||
Non-GAAP Gross Margin %[A] | 76.6% | 75.6% | 74.2% | |||||||
Non-cash purchase accounting adjustments on acquisitions 3 | (1.5%) | 0.0% | (0.1%) | |||||||
GAAP Gross Margin [B] | 75.0% | 75.6% | 74.2% | |||||||
GAAP & Non-GAAP Sales, Marketing & Administrative Expense [C] | 55.5% | 53.5% | 52.7% | |||||||
Non-GAAP Research & Development Expense [D] | 5.0% | 5.0% | 5.0% | |||||||
In-process research & development | 0.0% | 0.0% | 0.0% | |||||||
GAAP Research & Development Expense [E] | 5.0% | 5.0% | 5.0% | |||||||
Litigation liability [F] | (4.5%) | 0.0% | 0.1% | |||||||
Amortization of intangible assets [G] 4 | 4.4% | 4.5% | 4.8% | |||||||
Business transition costs [H] 5 | 1.9% | 0.2% | 0.2% | |||||||
Non-GAAP Operating Margin % [A - C - D] | 16.1% | 17.1% | 16.6% | |||||||
GAAP Operating Margin % [B - C - E - F - G - H] | 12.8% | 12.4% | 11.5% | |||||||
1 | Items may not foot due to rounding. | |||||||||
2 | Prior guidance provided July 27, 2017. Current guidance reflects guidance provided October 24, 2017. | |||||||||
3 | Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized over the period in which underlying products are sold. | |||||||||
4 | Excludes the amortization associated with non-controlling interest. | |||||||||
5 | Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities. | |||||||||
Reconciliation of EBITDA % | |||||||||
2017 Guidance1 | |||||||||
(in thousands, except %) | 2016 Actuals | Prior 2 | Current 2 | ||||||
Net Income / (Loss) | 3.9% | 6.0% | 7.3% | ||||||
Interest (income) / expense, net 3 | 6.1% | 3.6% | 3.7% | ||||||
Provision for income taxes | 3.0% | 2.9% | 0.5% | ||||||
Depreciation and amortization 4 | 10.5% | 11.0% | 11.8% | ||||||
EBITDA | 23.5% | 23.6% | 23.3% | ||||||
Non-cash stock based compensation | 2.8% | 3.0% | 2.3% | ||||||
Business transition costs 5 | 1.9% | 0.2% | 0.2% | ||||||
Non-cash purchase accounting adjustments on acquisitions 6 | 1.5% | 0.0% | 0.1% | ||||||
In-process research & development | 0.0% | 0.0% | 0.0% | ||||||
Litigation liability | (4.5%) | 0.0% | 0.1% | ||||||
Adjusted EBITDA | 25.2% | 26.7% | 25.9% | ||||||
1 | Items may not foot due to rounding. | ||||||||
2 | Prior guidance provided July 27, 2017. Current guidance reflects guidance provided October 24, 2017. | ||||||||
3 | Interest (income) / expense, net for the quarter and year ended December 31, 2016 includes loss on extinguishment of debt for $1.6 million and $19.1 million, respectively. | ||||||||
4 | Excludes the amortization associated with non-controlling interest. | ||||||||
5 | Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities. | ||||||||
6 | Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized over the period in which underlying products are sold. | ||||||||
Reconciliation of Non-GAAP Information
Management uses certain non-GAAP financial measures such as non-GAAP earnings per share, non-GAAP net income, non-GAAP operating expenses and non-GAAP operating profit margin, which exclude amortization of intangible assets, non-cash purchase accounting adjustments on acquisitions, business transition costs, CEO transition related costs, certain litigation charges, significant one-time items, non-cash interest expense and/or losses on repurchase of convertible notes, and the impact from taxes related to these items, including those taxes that would have occurred in lieu of these items. Management also uses certain non-GAAP measures which are intended to exclude the impact of foreign exchange currency fluctuations. The measure constant currency is the use of an exchange rate that eliminates fluctuations when calculating financial performance numbers.
The Company also uses measures such as free cash flow, which represents cash flow from operations less cash used in the acquisition and disposition of capital. Additionally, the Company uses an adjusted EBITDA measure which represents earnings before interest, taxes, depreciation and amortization and excludes the impact of stock-based compensation, non-cash purchase accounting adjustments on acquisition, business transition costs, CEO transition related costs, certain litigation charges, and other significant one-time items. Management calculates the non-GAAP financial measures provided in this earnings release excluding these costs and uses these non-GAAP financial measures to enable it to further and more consistently analyze the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional information to enable them to assess, in the same way management assesses, the Company's current and future continuing operations. These non-GAAP measures are not in accordance with, or an alternative for, GAAP, and may be different from non-GAAP measures used by other companies. Set forth below are reconciliations of the non-GAAP financial measures to the comparable GAAP financial measure.
Reconciliation of Third Quarter 2017 Results | |||||||||
GAAP Net Income per Share to Non-GAAP Earnings per Share | |||||||||
(in thousands, except per share data) | Adjustments | Diluted Earnings Per | |||||||
GAAP net income | $ 33,617 | $ 0.64 | |||||||
Business transition costs 1 | 345 | ||||||||
Non-cash purchase accounting adjustments on acquisitions 2 | 136 | ||||||||
Litigation liability | 750 | ||||||||
Non-cash interest expense on convertible notes | 3,980 | ||||||||
Amortization of intangible assets 3 | 11,307 | ||||||||
Tax effect of adjustments 4 | (23,413) | ||||||||
Adjustments to GAAP net income | (6,895) | ||||||||
Non-GAAP earnings | $ 26,722 | $ 0.52 | |||||||
GAAP weighted shares outstanding - diluted | 52,794 | ||||||||
Non-GAAP weighted shares outstanding - diluted 5 | 51,751 | ||||||||
1 | Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities. | ||||||||
2 | Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized over the period in which underlying products are sold. | ||||||||
3 | Excludes the amortization associated with non-controlling interest. | ||||||||
4 | The impact on results from taxes include tax effecting the adjustments above at the statutory rate as well as taking into account discrete items and including those discrete items in the annual effective tax rate calculation. The Company also includes those adjustments that would have benefited the tax rate in lieu of the above adjustments as part of the Company's tax filings. The impact of the changes to the tax rate results in an annual estimated rate of ~34% on a non-GAAP basis. | ||||||||
5 | Excludes the impact of dilutive convertible notes and warrants for which the Company is economically hedged through its anti-dilutive bond hedge arrangements. | ||||||||
Reconciliation of Year To Date 2017 Results | |||||||||
GAAP Net Income per Share to Non-GAAP Earnings per Share | |||||||||
(in thousands, except per share data) | Adjustments | Diluted Earnings Per | |||||||
GAAP net income | $ 59,046 | $ 1.05 | |||||||
Business transition costs 1 | 1,769 | ||||||||
Non-cash purchase accounting adjustments on acquisitions 2 | 136 | ||||||||
Litigation liability | 750 | ||||||||
Non-cash interest expense on convertible notes | 13,244 | ||||||||
Amortization of intangible assets 3 | 34,073 | ||||||||
Tax effect of adjustments 4 | (38,197) | ||||||||
Adjustments to GAAP net income | 11,775 | ||||||||
Non-GAAP earnings | $ 70,821 | $ 1.35 | |||||||
GAAP weighted shares outstanding - diluted | 56,304 | ||||||||
Non-GAAP weighted shares outstanding - diluted 5 | 52,507 | ||||||||
1 | Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities. | ||||||||
2 | Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized over the period in which underlying products are sold. | ||||||||
3 | Excludes the amortization associated with non-controlling interest. | ||||||||
4 | The impact on results from taxes include tax effecting the adjustments above at the statutory rate as well as taking into account discrete items and including those discrete items in the annual effective tax rate calculation. The Company also includes those adjustments that would have benefited the tax rate in lieu of the above adjustments as part of the Company's tax filings. The impact of the changes to the tax rate results in an annual estimated rate of ~34% on a non-GAAP basis. | ||||||||
5 | Excludes the impact of dilutive convertible notes and warrants for which the Company is economically hedged through its anti-dilutive bond hedge arrangements. | ||||||||
Reconciliation of Third Quarter and Nine Months 2017 Results | ||||||
GAAP net income to Adjusted EBITDA | ||||||
Three months ended | Nine months ended | |||||
(in thousands, except per share data) | September 30, 2017 | September 30, 2017 | ||||
GAAP net income | $ 33,617 | $ 59,046 | ||||
Interest (income) / expense, net | 8,819 | 28,425 | ||||
Provision for income taxes | (11,540) | (2,971) | ||||
Depreciation and amortization 1 | 29,858 | 87,872 | ||||
EBITDA | $ 60,754 | $ 172,372 | ||||
Business transition costs2 | 345 | 1,769 | ||||
Non-cash purchase accounting adjustments on acquisitions 3 | 136 | 136 | ||||
Litigation liability | 750 | 750 | ||||
Non-cash stock based compensation | (427) | 14,984 | ||||
Adjusted EBITDA | $ 61,558 | $ 190,011 | ||||
As a percentage of revenue | 24.9% | 25.1% | ||||
1 | Excludes the amortization associated with non-controlling interest. | |||||
2 | Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities. | |||||
3 | Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized over the period in which underlying products are sold. | |||||
Investor Conference Call
NuVasive will hold a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results of its financial performance for the third quarter 2017. The dial-in numbers are 1-877-407-9039 for domestic callers and 1-201-689-8470 for international callers. A live webcast of the conference call will be available online from the Investor Relations page of the Company's website at www.nuvasive.com. After the live webcast, the call will remain available on NuVasive's website through November 21, 2017. In addition, a telephone replay of the call will be available until October 31, 2017. The replay dial-in numbers are 1-844-512-2921 for domestic callers and 1-412-317-6671 for international callers. Please use pin number: 13671687.
About NuVasive
NuVasive, Inc. (NASDAQ: NUVA) is the leader in spine technology innovation, focused on transforming spine surgery and beyond with minimally invasive, procedurally-integrated solutions designed to deliver reproducible and clinically-proven surgical outcomes. The Company's portfolio includes access instruments, implantable hardware, biologics, software systems for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. With $962 million in revenues (2016), NuVasive has an approximate 2,300 person workforce in more than 40 countries serving surgeons, hospitals and patients. For more information, please visit www.nuvasive.com.
Forward-Looking Statements
NuVasive cautions you that statements included in this news release or made on the investor conference call referenced herein 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 NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. In addition, this news release contains selected financial results from the third quarter 2017, as well as projections for 2017 financial guidance and longer-term financial performance goals. The Company's projections for 2017 financial guidance and longer-term financial performance goals represent current estimates, including initial estimates of the potential benefits, synergies and cost savings associated with acquisitions, which are subject to the risk of being inaccurate because of the preliminary nature of the forecasts, the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to: the risk that NuVasive's revenue or earnings projections may turn out to be inaccurate because of the preliminary nature of the forecasts; the risk of further adjustment to financial results or future financial expectations; unanticipated difficulty in selling products, generating revenue or producing expected profitability; the risk that acquisitions will not be integrated successfully or that the benefits and synergies from the acquisition may not be fully realized or may take longer to realize than expected; and those other risks and uncertainties more fully described in the Company's news releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov.The forward-looking statements contained herein are based on the current expectations and assumptions of NuVasive and not on historical facts. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
NuVasive, Inc. | ||||||||
Consolidated Statements of Operations | ||||||||
(in thousands, except per share data) | ||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||
(unaudited) | 2017 | 2016 | 2017 | 2016 | ||||
Revenue | $ 247,431 | $ 239,649 | $ 757,868 | $ 690,963 | ||||
Cost of goods sold (excluding below amortization of intangible assets) | 65,583 | 59,196 | 193,617 | 173,167 | ||||
Gross profit | 181,848 | 180,453 | 564,251 | 517,796 | ||||
Operating expenses: | ||||||||
Sales, marketing and administrative | 125,800 | 131,886 | 405,411 | 391,211 | ||||
Research and development | 12,720 | 12,516 | 37,706 | 35,016 | ||||
Amortization of intangible assets | 11,630 | 11,438 | 35,040 | 29,912 | ||||
Litigation liability loss (gain) | 750 | — | 750 | (43,310) | ||||
Business transition costs | 345 | 3,451 | 1,769 | 11,514 | ||||
Total operating expenses | 151,245 | 159,291 | 480,676 | 424,343 | ||||
Interest and other expense, net: | ||||||||
Interest income | 79 | 190 | 355 | 924 | ||||
Interest expense | (8,898) | (10,979) | (28,780) | (29,988) | ||||
Loss on repurchases of convertible notes | — | — | — | (17,444) | ||||
Other expense, net | (139) | 94 | (382) | (102) | ||||
Total interest and other expense, net | (8,958) | (10,695) | (28,807) | (46,610) | ||||
Income before income taxes | 21,645 | 10,467 | 54,768 | 46,843 | ||||
Income tax expense | 11,540 | (6,972) | 2,971 | (17,383) | ||||
Consolidated net income | $ 33,185 | $ 3,495 | $ 57,739 | $ 29,460 | ||||
Add back net loss attributable to non-controlling interest | $ (432) | $ (431) | $ (1,307) | $ (1,311) | ||||
Net income attributable to NuVasive, Inc. | $ 33,617 | $ 3,926 | $ 59,046 | $ 30,771 | ||||
Net income per share attributable to NuVasive, Inc.: | ||||||||
Basic | $ 0.66 | $ 0.08 | $ 1.16 | $ 0.62 | ||||
Diluted | $ 0.64 | $ 0.07 | $ 1.05 | $ 0.58 | ||||
Weighted average shares outstanding: | ||||||||
Basic | 50,747 | 50,264 | 50,799 | 49,970 | ||||
Diluted | 52,794 | 55,782 | 56,304 | 53,498 | ||||
NuVasive, Inc. | ||||
Consolidated Balance Sheets | ||||
(in thousands, except par values and share amounts) | ||||
September 30, 2017 | December 31, 2016 | |||
ASSETS | (Unaudited) | |||
Current assets: | ||||
Cash and cash equivalents | $ 62,200 | $ 153,643 | ||
Restricted cash and investments | 2,402 | — | ||
Accounts receivable, net of allowances of $10,708 and $8,912, respectively | 187,247 | 171,595 | ||
Inventory, net | 249,003 | 208,249 | ||
Prepaid income taxes | 19,817 | 31,926 | ||
Prepaid expenses and other current assets | 9,184 | 10,030 | ||
Total current assets | 529,853 | 575,443 | ||
Property and equipment, net | 220,809 | 181,524 | ||
Intangible assets, net | 294,445 | 291,143 | ||
Goodwill | 538,310 | 485,685 | ||
Deferred tax assets | 6,093 | 5,810 | ||
Restricted cash and investments | 4,946 | 7,405 | ||
Other assets | 34,460 | 23,794 | ||
Total assets | $ 1,628,916 | $ 1,570,804 | ||
LIABILITIES AND EQUITY | ||||
Current liabilities: | ||||
Accounts payable and accrued liabilities | $ 73,552 | $ 77,585 | ||
Contingent consideration liabilities | 19,275 | 49,742 | ||
Accrued payroll and related expenses | 51,965 | 51,000 | ||
Income tax liabilities | 857 | 2,469 | ||
Short-term borrowings | 40,000 | — | ||
Senior convertible notes | — | 61,701 | ||
Total current liabilities | 185,649 | 242,497 | ||
Long-term senior convertible notes | 578,192 | 564,412 | ||
Deferred and income tax liabilities, non-current | 29,667 | 18,607 | ||
Other long-term liabilities | 75,213 | 44,764 | ||
Commitments and contingencies | ||||
Stockholders' equity: | ||||
Preferred stock, $0.001 par value; 5,000,000 shares authorized, none outstanding | — | — | ||
Common stock, $0.001 par value; 120,000,000 shares authorized at September 30, 2017 and December 31, 2016, 55,959,798 and 55,184,660 issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 60 | 55 | ||
Additional paid-in capital | 1,347,482 | 1,010,238 | ||
Accumulated other comprehensive loss | (6,855) | (10,631) | ||
Accumulated deficit | (19,460) | (66,859) | ||
Treasury stock at cost; 4,992,333 shares and 4,758,828 shares at September 30, 2017 and December 31, 2016, respectively | (565,313) | (237,867) | ||
Total NuVasive, Inc. stockholders' equity | 755,914 | 694,936 | ||
Non-controlling interest | 4,281 | 5,588 | ||
Total equity | 760,195 | 700,524 | ||
Total liabilities and equity | $ 1,628,916 | $ 1,570,804 | ||
NuVasive, Inc. | ||||
Consolidated Statements of Cash Flows | ||||
(in thousands) | ||||
Nine Months Ended September 30, | ||||
(unaudited) | 2017 | 2016 | ||
Operating activities: | ||||
Consolidated net income | $ 57,739 | $ 29,460 | ||
Adjustments to reconcile net income to net cash provided by operating activities: | ||||
Depreciation and amortization | 88,922 | 73,765 | ||
Loss on repurchases of convertible notes | — | 17,444 | ||
Amortization of non-cash interest | 15,676 | 16,906 | ||
Stock-based compensation | 14,984 | 19,645 | ||
Reserves on current assets | 1,741 | 9,027 | ||
Other non-cash adjustments | 11,029 | 11,369 | ||
Deferred income taxes | (3,705) | 24,810 | ||
Changes in operating assets and liabilities, net of effects from acquisitions: | ||||
Accounts receivable | (14,796) | (3,038) | ||
Inventory | (36,180) | (22,423) | ||
Prepaid expenses and other current assets | 226 | (3,457) | ||
Contingent consideration liabilities | (11,200) | — | ||
Accounts payable and accrued liabilities | (5,857) | 5,854 | ||
Litigation liability | 1,000 | (88,450) | ||
Accrued payroll and related expenses | 502 | (1,670) | ||
Income taxes | (1,195) | 6,778 | ||
Net cash provided by operating activities | 118,886 | 96,020 | ||
Investing activities: | ||||
Acquisition of Ellipse Technologies, net of cash acquired | — | (380,080) | ||
Other acquisitions and investments | (62,371) | (108,150) | ||
Purchases of intangible assets | (2,270) | (5,918) | ||
Purchases of property and equipment | (97,030) | (73,882) | ||
Purchases of marketable securities | — | (128,956) | ||
Proceeds from sales of marketable securities | — | 407,032 | ||
Net cash used in investing activities | (161,671) | (289,954) | ||
Financing activities: | ||||
Proceeds from the issuance of common stock | 5,517 | 6,668 | ||
Purchase of treasury stock | (11,709) | (24,441) | ||
Payment of contingent consideration | (18,800) | — | ||
Proceeds from issuance of convertible debt, net of issuance costs | — | 634,140 | ||
Proceeds from sale of warrants | — | 44,850 | ||
Purchase of convertible note hedge | — | (111,150) | ||
Repurchases of convertible notes | (63,317) | (343,835) | ||
Proceeds from revolving line of credit | 60,000 | 50,000 | ||
Repayments on revolving line of credit | (20,000) | (50,000) | ||
Other financing activities | (2,316) | (1,701) | ||
Net cash (used in)provided by financing activities | (50,625) | 204,531 | ||
Effect of exchange rate changes on cash | 1,967 | 882 | ||
(Decrease) increase in cash and cash equivalents | (91,443) | 11,479 | ||
Cash and cash equivalents at beginning of period | 153,643 | 192,339 | ||
Cash and cash equivalents at end of period | $ 62,200 | $ 203,818 | ||
View original content with multimedia:http://www.prnewswire.com/news-releases/nuvasive-reports-third-quarter-2017-financial-results-300542162.html
SOURCE NuVasive, Inc.
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