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NuVasive Reports Second Quarter 2014 Financial Results and Increases Full Year Guidance

SAN DIEGO, CA -- (Marketwired) -- 07/29/14 --

  • Second quarter total revenue increased 15.1% to $190.7 million, moving NuVasive into the #3 spot in the global spine market;
  • Non-GAAP operating profit margin of 16.0%; GAAP operating margin of 2.4%;
  • Non-GAAP earnings of $13.6 million, or $0.28 per share; GAAP net loss of ($4.1) million, or ($0.09) per share;
  • Company increases guidance for full year 2014 revenue, non-GAAP operating profit margin, and non-GAAP earnings per share.

NuVasive, Inc. (NASDAQ: NUVA) a medical device company focused on developing minimally disruptive surgical products and procedures for the spine, today announced financial results for the quarter ended June 30, 2014.

"We are pleased to report results that exceeded our expectations for both revenue and earnings and demonstrated strong progress toward our commitment to increase operational efficiency within NuVasive," said Alex Lukianov, Chairman and Chief Executive Officer of NuVasive. "Strength across our lumbar and biologics products in the U.S. and the continued healthy growth of our international geographies drove results for the quarter as we continued to solidly execute our share-taking strategy. Based on the greater than expected second quarter results and the strong momentum of our minimally invasive lumbar solutions, we are increasing our full year revenue, operating margin and earnings guidance for the year."

Lukianov continued, "I am exceptionally proud of our ability to maintain the nimbleness that has propelled NuVasive into the #3 spot in the global spine market. Our focus on championing innovation to improve patient outcomes while increasing profitability will continue to foster our evolution into a larger, more profitable, global organization."

A full reconciliation of non-GAAP to GAAP measures can be found in the tables of today's press release.

Second Quarter 2014

NuVasive reported second quarter 2014 revenue of $190.7 million, a 15.1% increase over the $165.7 million for the second quarter 2013.

GAAP gross profit for the second quarter 2014 was $145.8 million and gross margin was 76.5%, compared to a gross profit of $117.0 million and a gross margin of 70.6% for the second quarter 2013. Second quarter 2013 gross profit results reflected the impact of a one-time $7.9 million charge related to royalty accruals in connection with Phase I of the Company's patent litigation with Medtronic. Excluding the charge, gross profit for the second quarter 2013 was $124.9 million and gross margin was 75.4%.

Total GAAP operating expenses for the second quarter 2014 were $141.2 million compared to $116.9 million in the second quarter 2013. The higher operating costs for the second quarter 2014 resulted primarily from an intangible asset impairment charge of $10.7 million related to the developed technology for the PCM® device acquired from Cervitech in 2009, and from investment to support international expansion.

With this intangible asset impairment charge, the Company reported a GAAP net loss of ($4.1) million, or ($0.09) per share, for the second quarter 2014.

On a non-GAAP basis, the Company reported net income of $13.6 million, or $0.28 per share, for the second quarter 2014. The Non-GAAP earnings per share calculations for the second quarter 2014 exclude the following amounts pre-tax: (i) non-cash stock-based compensation of $8.8 million; (ii) certain intellectual property litigation expenses of $1.2 million; (iii) amortization of intangible assets of $3.5 million; (iv) a leasehold related charge of $0.5 million; (v) one-time and acquisition related items of $1.1 million; (vi) non-cash interest expense on convertible notes of $3.6 million; and (vii) an intangible asset impairment charge of $10.7 million.

Cash, cash equivalents and short and long-term marketable securities were approximately $350.2 million at June 30, 2014.

Annual Guidance for 2014

The Company provided the following updated projections to its full year 2014 guidance:

  • Revenue of approximately $745 million or 9% growth over 2013 revenue of $685 million; increased from approximately $725 million previously
  • GAAP Loss per Share of approximately ($0.38); compared to Loss per Share of approximately ($0.27) previously
  • Non-GAAP EPS of approximately $1.11; increased from approximately $1.06 previously
  • Non-GAAP Operating Margin of approximately 16.5%; increased from approximately 16% previously
  • GAAP effective tax expense of approximately $6.0 million; compared to approximately $6.5 million previously

Supplementary Financial Information

For additional financial detail, please CLICK HERE to access Supplementary Financial Information or visit the Investor Relations section of our website at

                  Reconciliation of Full Year EPS Guidance

                                                       2014 Guidance
                                                 Prior (1)     Current (2)
                                               -------------  -------------
GAAP earnings (loss) per share guidance        $       (0.27) $       (0.38)
Impact of change from basic to diluted share
 count                                                  0.01           0.02
                                               -------------  -------------
GAAP earnings (loss) per share, adjusted to
 diluted share count                           $       (0.26) $       (0.36)
  Non-cash stock based compensation                     0.43           0.43
  Litigation liability expense                          0.36           0.36
  Amortization of intangible assets                     0.19           0.19
  Non-cash interest expense on convertible
   notes                                                0.18           0.18
  Intangible asset impairment                              -           0.13
  Leasehold related charges                             0.08           0.09
  Certain intellectual property litigation
   expenses                                             0.06           0.06
  Acquisition related items (3)                         0.02           0.03
                                               -------------  -------------
Non-GAAP earnings per share guidance           $        1.06  $        1.11
                                               =============  =============

Weighted shares outstanding - basic                   47,500         47,500
                                               =============  =============
Weighted shares outstanding - diluted                 50,000         50,000
                                               =============  =============

 (1)Effective tax expense rate of ~85% applied to GAAP earnings and ~40%
    applied to Non-GAAP adjustments
 (2)Effective tax expense rate of ~45% applied to GAAP earnings and ~40%
    applied to Non-GAAP adjustments
 (3)Acquisition related items include expenses associated with prior M&A
    related activity and as incurred

               Reconciliation of Non-GAAP Operating Margin %

                                                 2013       2014 Guidance
                                                Actuals    Prior    Current
                                               --------  --------  --------
                   Non-GAAP Gross Margin % [A]     74.8%     76.0%     76.0%
             Non-cash stock based compensation      0.0%      0.0%      0.0%
          Out-of-period royalty expense charge     -1.2%      0.0%      0.0%
                                               --------  --------  --------
                         GAAP Gross Margin [D]     73.7%     76.0%     76.0%

    Non-GAAP Sales, Marketing & Administrative
                                   Expense [B]     55.9%     54.5%     54.5%
             Non-cash stock based compensation      4.6%      4.8%      4.6%
      Certain intellectual property litigation
                                      expenses      0.8%      0.7%      0.7%
                     Leasehold related charges      0.0%      0.9%      0.9%
                    Acquisition related items*      0.0%      0.2%      0.2%
                                               --------  --------  --------
GAAP Sales, Marketing & Administrative Expense
                                           [E]     61.3%     61.1%     60.9%

   Non-GAAP Research & Development Expense [C]      4.1%      5.5%      5.0%
             Non-cash stock based compensation      0.2%      0.2%      0.2%
                    Acquisition related items*      0.4%      0.1%      0.2%
                                               --------  --------  --------
       GAAP Research & Development Expense [F]      4.7%      5.8%      5.4%

              Litigation liability expense [G]      0.0%      4.1%      4.1%
               Intangible asset impairment [H]      0.0%      0.0%      1.4%
         Amortization of intangible assets [I]      2.8%      2.2%      2.2%

                                               --------  --------  --------
           Non-GAAP Operating Margin % [A-B-C]     14.9%     16.0%     16.5%
                                               ========  ========  ========

                                               --------  --------  --------
         GAAP Operating Margin % [D-E-F-G-H-I]      4.8%      2.8%      2.0%
                                               ========  ========  ========

* Acquisition related items include expenses associated with prior M&A
activity and as incurred

Reconciliation of Non-GAAP Information

Management uses certain Non-GAAP financial measures such as Non-GAAP earnings per share, Non-GAAP gross margin, Non-GAAP operating expenses, and Non-GAAP operating margin, which exclude non-cash stock-based compensation, certain intellectual property litigation expenses, amortization of intangible assets, a leasehold related charge, acquisition related items, non-cash interest expense on convertible notes, a litigation liability expense, an out-of-period royalty expense charge, and an intangible asset impairment charge. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, 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 important 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 Second Quarter 2014 Results

                                         Pre-Tax                  Earnings
(in thousands, except per share data)  Adjustments  Net of Tax   Per Share
                                      ------------ -----------  -----------
GAAP net loss                                      $    (4,088) $     (0.09)
Impact of change from basic to
 diluted share count                                                   0.01
                                                   -----------  -----------
GAAP net loss, adjusted to diluted
 share count                                       $    (4,088)       (0.08)
  Non-cash stock-based compensation   $      8,785       5,271         0.11
  Certain intellectual property
   litigation expenses                       1,224         734         0.02
  Amortization of intangible assets          3,473       2,084         0.04
  Intangible asset impairment charge        10,708       6,425         0.13
  Leasehold related charges                    524         314         0.01
  One-time and acquisition related
   items                                     1,147         688         0.01
  Non-cash interest expense on
   convertible notes                         3,638       2,183         0.04

                                                   -----------  -----------
Non-GAAP earnings                                  $    13,611         0.28
                                                   ===========  ===========

GAAP weighted shares outstanding -
 basic and diluted                                                   46,832
Non-GAAP weighted shares outstanding
 - diluted                                                           49,301

                Reconciliation of Year To Date 2014 Results

                                         Pre-Tax                  Earnings
(in thousands, except per share data)  Adjustments  Net of Tax   Per Share
                                      ------------ -----------  -----------
GAAP net loss                                      $   (22,364) $     (0.49)
Impact of change from basic to
 diluted share count                                                   0.04
                                                   -----------  -----------
GAAP net loss, adjusted to diluted
 share count                                       $   (22,364)       (0.45)
 Non-cash stock-based compensation    $     16,549       9,929         0.20
 Certain intellectual property
  litigation expenses                        2,547       1,528         0.03
 Amortization of intangible assets           7,471       4,483         0.09
 Intangible asset impairment charge         10,708       6,425         0.13
 Leasehold related charges                   6,932       4,159         0.08
 One-time and acquisition related
  items                                      2,391       1,435         0.03
 Non-cash interest expense on
  convertible notes                          7,210       4,326         0.09
 Litigation liability expense               30,000      18,000         0.37

                                                   -----------  -----------
Non-GAAP earnings                                  $    27,921         0.57
                                                   ===========  ===========

GAAP weighted shares outstanding -
 basic and diluted                                                   46,320
Non-GAAP weighted shares outstanding
 - diluted                                                           49,154

Conference Call

NuVasive will hold a conference call today at 5:30 p.m. ET / 2:30 p.m. PT to discuss these results. 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 corporate website at

After the live webcast, the call will remain available on NuVasive's website, through August 28, 2014. In addition, a telephone replay of the call will be available until August 12, 2014. The replay dial-in numbers are 1-877-870-5176 for domestic callers and 1-858-384-5517 for international callers. Please use pin number: 13583165.

About NuVasive

NuVasive is an innovative global medical device company that is changing spine surgery with minimally disruptive surgical products and procedurally integrated solutions for the spine.

As the 3rd largest player in the $8.7 billion global spine market, NuVasive offers a comprehensive spine portfolio of more than 90 unique products developed to improve spine surgery and patient outcomes. The Company's principal procedural solution is its Maximum Access Surgery (or MAS®) platform for lateral spine fusion. MAS provides safe, reproducible, and clinically proven outcomes, and is a highly differentiated solution with fully-integrated neuromonitoring, customizable exposure, and a broad offering of application-specific implants and fixation devices designed to address a variety of pathologies.

Having pioneered the lateral approach to spine fusion with our groundbreaking XLIF® procedures, NuVasive continues to be at the forefront of the spine industry's shift toward less invasive solutions. The Company has developed procedural solutions that completely redefine and improve upon traditional procedures like TLIF, PLIF, Posterior Fixation, and ALIF. NuVasive's solutions are increasingly being adopted internationally as it continues to expand its international footprint and to offer industry-leading, Absolutely Responsive customer service to surgeons world-wide. NuVasive is focused on becoming a $1 Billion Start-up™; taking market share by maintaining a commitment to Superior Clinical Outcomes, Speed of Innovation®, and Absolute Responsiveness®.

NuVasive cautions you that statements included in this press release or made on the earnings 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. 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; and those other risks and uncertainties more fully described in NuVasive's press releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at 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.
              Condensed Consolidated Statements of Operations
                   (in thousands, except per share data)

                       Three Months Ended June 30, Six Months Ended June 30,
                       --------------------------- -------------------------
                           2014          2013          2014         2013
                       ------------  ------------  -----------  -----------
                        (Unaudited)   (Unaudited)  (Unaudited)  (Unaudited)

Revenue                $    190,677  $    165,698  $   368,172  $   325,202
Cost of goods sold
 amortization and
 impairment of
 intangible assets)          44,836        48,744       88,130       87,840
                       ------------  ------------  -----------  -----------
Gross profit                145,841       116,954      280,042      237,362

Operating expenses:
 Sales, marketing and
  administrative            116,970       104,272      235,074      204,158
 Research and
  development                10,067         7,712       19,522       17,407
 Amortization of
  intangible assets           3,473         4,913        7,470        9,288
 Impairment of
  intangible assets          10,708             -       10,708            -
 Litigation liability             -             -       30,000            -
                       ------------  ------------  -----------  -----------
Total operating
 expenses                   141,218       116,897      302,774      230,853

Interest and other
 expense, net:
 Interest income                233           231          450          403
 Interest expense            (6,979)       (6,652)     (13,844)     (13,685)
 Other (expense)
  income, net                  (205)         (440)         171         (199)
                       ------------  ------------  -----------  -----------
Total interest and
 other expense, net          (6,951)       (6,861)     (13,223)     (13,481)
                       ------------  ------------  -----------  -----------

Loss before income
 taxes                       (2,328)       (6,804)     (35,955)      (6,972)
Income tax expense
 (benefit)                    1,942           (76)     (13,153)        (840)
                       ------------  ------------  -----------  -----------
Consolidated net loss  $     (4,270) $     (6,728) $   (22,802) $    (6,132)
                       ============  ============  ===========  ===========
Net loss attributable
 to noncontrolling
 interests             $       (182) $       (259) $      (438) $      (514)
                       ============  ============  ===========  ===========
Net loss attributable
 to NuVasive, Inc.     $     (4,088) $     (6,469) $   (22,364) $    (5,618)
                       ============  ============  ===========  ===========

Net loss per share
 attributable to
 NuVasive, Inc.:
 Basic                 $      (0.09) $      (0.15) $     (0.48) $     (0.13)
                       ============  ============  ===========  ===========
 Diluted               $      (0.09) $      (0.15) $     (0.48) $     (0.13)
                       ============  ============  ===========  ===========
Weighted average
 shares outstanding:
 Basic                       46,832        44,412       46,320       44,220
                       ============  ============  ===========  ===========
 Diluted                     46,832        44,412       46,320       44,220
                       ============  ============  ===========  ===========

                               NuVasive, Inc.
                   Condensed Consolidated Balance Sheets
            (in thousands, except par values and share amounts)

                                                June 30,      December 31,
                                                  2014            2013
                                             --------------  --------------
Current assets:
  Cash and cash equivalents                  $      106,461  $      102,825
  Short-term marketable securities                  140,849         143,449
  Accounts receivable, net of allowances of
   $4,495 and $3,481, respectively                  112,572         104,774
  Inventory, net                                    157,361         136,937
  Deferred tax assets, current                       37,105          37,076
  Income taxes receivable                            21,013               -
  Prepaid expenses and other current assets          11,774          10,947
                                             --------------  --------------
Total current assets                                587,135         536,008
Property and equipment, net                         134,863         128,064
Long-term marketable securities                     102,920          79,829
Intangible assets, net                               75,312          93,986
Goodwill                                            154,637         154,944
Deferred tax assets, non-current                     46,886          42,863
Restricted cash and investments                     123,140         119,195
Other assets                                         29,231          24,679
                                             --------------  --------------
Total assets                                 $    1,254,124  $    1,179,568
                                             ==============  ==============
Current liabilities:
  Accounts payable and accrued liabilities   $      102,224  $       86,057
  Accrued payroll and related expenses               26,966          31,095
  Current litigation liability                       30,000               -
                                             --------------  --------------
Total current liabilities                           159,190         117,152
Senior Convertible Notes                            353,269         346,060
Deferred tax liabilities, non-current                 2,980           2,934
Litigation liability                                 93,700          93,700
Other long-term liabilities                          16,674          14,844
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 June 30, 2014 and
   December 31, 2013, respectively,
   46,941,192 and 44,943,233 issued and
   outstanding at June 30, 2014 and December
   31, 2013, respectively                                47              45
  Additional paid-in capital                        813,541         769,203
  Accumulated other comprehensive loss               (1,299)         (3,238)
  Accumulated deficit                              (192,582)       (170,218)
  Treasury stock, at cost; 1,285 shares and
   no shares at June 30, 2014 and December
   31, 2013, respectively                               (44)              -
                                             --------------  --------------
Total NuVasive, Inc. stockholders' equity           619,663         595,792
Noncontrolling interests                              8,648           9,086
                                             --------------  --------------
Total equity                                        628,311         604,878
                                             --------------  --------------
Total liabilities and stockholders' equity   $    1,254,124  $    1,179,568
                                             ==============  ==============

                               NuVasive, Inc.
              Condensed Consolidated Statements of Cash Flows
                               (in thousands)

                                                Six Months Ended June 30,
                                                  2014            2013
                                             --------------  --------------
                                               (Unaudited)     (Unaudited)
Operating activities:
Consolidated net loss                        $      (22,802) $       (6,132)
Adjustments to reconcile net loss to net
 cash provided by operating activities:
  Depreciation and amortization                      31,043          30,341
  Amortization of non-cash interest                   8,081           7,569
  Stock-based compensation                           16,549          15,548
  Impairment of intangible assets                    10,708               -
  Reserves                                            2,383           1,783
  Other non-cash adjustments                          4,114           4,175
Changes in operating assets and liabilities,
 net of effects from acquisitions:
  Accounts receivable                                (8,603)         (8,443)
  Inventory                                         (20,930)        (13,680)
  Prepaid expenses and other current assets          (2,839)         (1,722)
  Accounts payable and accrued liabilities            5,080           8,830
  Litigation liability                               30,000               -
  Accrued payroll and related expenses               (4,473)         (5,885)
                                             --------------  --------------
Net cash provided by operating activities            48,311          32,384
Investing activities:
Cash paid for business and asset
 acquisitions                                           (59)         (7,719)
Purchases of property and equipment                 (32,560)        (26,209)
Purchases of marketable securities                 (129,080)       (136,988)
Sales of marketable securities                      103,650         145,014
                                             --------------  --------------
Net cash used in investing activities               (58,049)        (25,902)
Financing activities:
Principal payment of 2013 Senior Convertible
 Notes                                                    -         (74,311)
Tax benefits related to stock-based
 compensation awards                                      -           1,261
Proceeds from the issuance of common stock           14,193           3,123
Purchases of treasury stock                             (44)              -
Other financing activities                           (1,142)             26
                                             --------------  --------------
Net cash provided by (used in) financing
 activities                                          13,007         (69,901)
Effect of exchange rate changes on cash                 367          (1,000)
                                             --------------  --------------
Increase (decrease) in cash and cash
 equivalents                                          3,636         (64,419)
Cash and cash equivalents at beginning of
 year                                               102,825         123,299
                                             --------------  --------------
Cash and cash equivalents at end of year     $      106,461  $       58,880
                                             ==============  ==============

Investor Contact:
Tina Jacobsen
NuVasive, Inc.
Email Contact

Media Contact:
Margie Elsesser
NuVasive, Inc.
Email Contact

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