NuVasive Turns To Profit In Q4, Results Beat View

(RTTNews) - Medical device company NuVasive, Inc. (NUVA) on Monday reported a turnaround to profit in the fourth quarter on double-digit revenue growth. Both revenue and adjusted earnings per share for the quarter beat analysts' estimates. Looking ahead, the company forecast earnings for fiscal 2014 below Street expectations and revenues above their estimates.

For the fourth quarter, net income attributable to the San Diego, California-based company was $6.01 million or $0.13 per share, compared to net loss of $2.75 million or $0.06 per share in the year-ago period.

The prior-year quarter's results included impairment of goodwill and intangible assets of $9.70 million.

Excluding items, adjusted net income for the latest quarter was $17.78 million or $0.37 per share, compared to $14.95 million or $0.34 per share in the same period last year. On average, 21 analysts polled by Thomson Reuters expected the company to earn $0.32 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter grew 15 percent to $190.82 million from $165.75 million in the previous-year quarter. Analysts had a consensus revenue estimate of $181.24 million for the quarter.

Gross margin was 74.1 percent, down from 74.5 percent in the year-ago period.

Looking ahead to fiscal 2014, NuVasive forecast earnings of about $0.11 per share, adjusted earnings of $1.06 per share and revenues of about $725 million. Analysts currently expect earnings of $1.26 per share for the year on revenues of $718.57 million.

NUVA closed Monday's regular trading session at $36.90, up $0.15 or 0.41 percent on a volume of 378,851 shares. In after-hours, the stock further gained $0.35 or 0.95 percent to $37.25.