Advertisement
News
Advertisement

NuVasive dips despite Street-beating Q3 results

Wed, 10/24/2012 - 10:04am
Mass Device

Third-quarter profits for medical device company NuVasive beat Wall Street's expectations, but shares dip nearly 3% anyway on missed sales targets, lowered guidance.

keys:

NuVasive

Shares of NuVasive Inc. (NSDQ:NUVA) slid nearly 3% this morning after the medical device company reported lower-than-expected sales for the 3rd quarter and lowered its outlook for the rest of the year.

The San Diego-based spinal implant maker posted profits of $2.4 million, or 5¢ per share, on sales of $148.4 million during the 3 months ended Sept. 30., marking a swing from losses of $67.6 million, or $1.69 per share, and an 11.7% sales increase compared with Q3 2011.

Adjusted to exclude 1-time profits, earnings per share reached 23¢, ahead of Wall Street analysts' expectation for adjusted EPS of 21¢. But "market challenges" led to lower sales, CEO Alex Lukianov said in prepared remarks, leading investors on The Street to push share prices down in heavy trading volume.

Advertisement

Share this Story

X
You may login with either your assigned username or your e-mail address.
The password field is case sensitive.
Loading