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NuVasive 2Q net income jumps on sales boost

Tue, 07/27/2010 - 2:45pm
The Associated Press

NuVasive Inc. said Tuesday that its second-quarter net income surged on a boost in sales of surgical systems. The medical device maker also raised its earnings guidance for the year.

The company said it earned $6.7 million, or 17 cents per share, up from $2.8 million, or 7 cents per share, during the same period a year before. Excluding stock-based compensation, litigation costs and other one-time charges, the company said it earned 42 cents per share.

Revenue rose 35 percent to $119.6 million from $88.5 million.

Analysts polled by Thomson Reuters expected net income of 29 cents per share on revenue of $117.7 million. Analyst estimates typically exclude one-time items.

For the full year, the company now expects adjusted profit between $1.50 and $1.64 per share, up from a prior forecast of $1.13 to $1.25 per share. The company narrowed its revenue projection to a range of $485 million to $500 million from a previous estimate of $480 million to $500 million.

Analysts project net income of $1.21 per share on $490.3 million in revenue.

Shares of NuVasive added 94 cents, or 2.8 percent, to $35 in aftermarket activity. They earlier rose 4 cents to end regular trading at $34.06.

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