Top-News
Montag,
26.02.2018 22:05
von
PR Newswire
| Aufrufe: 48
NuVasive Reports Fourth Quarter and Full Year 2017 Financial Results
Tageszeitungen (Symbolbild).
pixabay.com
PR Newswire
SAN DIEGO, Feb. 26, 2018
SAN DIEGO, Feb. 26, 2018 /PRNewswire/ -- NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, transforming spine surgery with minimally disruptive, procedurally-integrated solutions, announced today financial results for the quarter and full year ended Dec. 31, 2017.
Fourth Quarter 2017 Highlights:
- Revenue remained flat at $271.7 million compared to prior year, with strong international growth of 34% on a constant currency basis;
- GAAP operating profit margin of 11.0%; Non-GAAP operating profit margin of 18.2%; and
- GAAP diluted earnings per share of $0.46; Non-GAAP diluted earnings per share increase of 5.7% to $0.56.
Full Year 2017 Highlights:
- Revenue increased to $1,029.5 million, or 7.0% on a reported and constant currency basis;
- GAAP operating profit margin of 11.0%; Non-GAAP operating profit margin up 50 basis points to 16.6%; and
- GAAP diluted earnings per share of $1.50; Non-GAAP diluted earnings per share increase of 15.1% to $1.91.
"2017 was a milestone year for NuVasive as we surpassed the $1 billion revenue mark driven by impressive international sales growth of more than 20 percent, and achieved record profitability of 18.2% non-GAAP operating margins in the fourth quarter," said Gregory T. Lucier, chairman and chief executive officer of NuVasive. "As we set the stage for 2018, we remain focused on accelerating our growth momentum by furthering our investment in R&D to bring innovative offerings to the market, developing our differentiated intraoperative neurophysiological monitoring services business with the completed acquisition of SafePassage and growing the number of surgeons worldwide who use NuVasive technologies to improve patients' quality of life."
A full reconciliation of non-GAAP to GAAP measures can be found in the tables of this news release.
Fourth Quarter 2017 Results
NuVasive reported fourth quarter 2017 total revenue of $271.7 million, indicating flat year-over-year growth on a reported and constant currency basis, compared to $271.1 million for the fourth quarter 2016.
For the fourth quarter 2017, GAAP and non-GAAP gross profit was $196.3 million and $196.7 million, respectively, and GAAP and non-GAAP gross margin was 72.2% and 72.4%, respectively. These results compared to gross profit of $204.2 million on a GAAP and non-GAAP basis, and GAAP and non-GAAP gross margin of 75.3% for the fourth quarter 2016. Total GAAP and non-GAAP operating expenses for the fourth quarter 2017 were $166.5 million and $147.2 million, respectively. These results compared to GAAP and non-GAAP operating expenses of $174.1 million and $155.4 million, respectively, for the fourth quarter 2016.
The Company reported a GAAP net income of $24.0 million, or $0.46 per share, for the fourth quarter 2017 compared to a GAAP net income of $6.4 million, or $0.11 per share, for the fourth quarter 2016. On a non-GAAP basis, the Company reported net income of $29.1 million, or $0.56 per share, for the fourth quarter 2017 compared to net income of $27.6 million, or $0.53 per share, for the fourth quarter 2016.
Full Year 2017 Results
NuVasive reported full year 2017 total revenue of $1,029.5 million, a 7.0% increase on both a reported and constant currency basis, compared to $962.1 million for the full year 2016.
Total GAAP and non-GAAP gross profit for the full year 2017 was $760.5 million and $761.1 million, respectively, and both GAAP and non-GAAP gross margin was 73.9%. These results compared to gross profit of $722.0 million and $736.7 million on a GAAP and non-GAAP basis, respectively, and a GAAP and non-GAAP gross margin of 75.0% and 76.6%, respectively, for the full year 2016. Total GAAP and non-GAAP operating expenses for the full year 2017 were $647.2 million and $590.3 million, respectively. These results compared to GAAP and non-GAAP operating expenses of $598.5 million and $581.6 million, respectively, for the full year 2016.
The Company reported a GAAP net income of $83.0 million, or $1.50 per share, for the full year 2017 compared to a GAAP net income of $37.1 million, or $0.69 per share, for the full year 2016. On a non-GAAP basis, the Company reported net income of $99.9 million, or $1.91 per share, for the full year 2017 compared to net income of $86.5 million, or $1.66 per share, for the full year 2016.
Cash and cash equivalents were approximately $72.8 million at December 31, 2017.
Annual Financial Guidance for 2018
The Company estimates revenue for full-year 2018 to be in range of $1,095 million to $1,105 million reflecting organic growth in the range of 4.4% to 5.4% and reported growth of 6.4% to 7.3% inclusive of the recent acquisition of SafePassage. Assuming current exchange rates remain similar for the rest of the year, the Company expects currency to have a positive impact in 2018 of approximately $5 million. The Company estimates full-year 2018 net income on a GAAP basis in a range of $1.56 to $1.59 per share and non-GAAP earnings per share in a range of $2.44 to $2.47. Additionally, the Company continues to expect to drive at least 100 basis points in non-GAAP operating margin expansion and adjusted EBITDA of approximately $295 million to $305 million. The above guidance assumes a full-year benefit of U.S. tax reform, suspension of the medical device tax and the recent acquisition of SafePassage.
| | |||||||||||
| | |||||||||||
| | | 2018 Guidance Range 1 | | ||||||||
| | (in million's; except %'s and EPS) | | | GAAP | | Non-GAAP | | ||||
| | Revenue | | | $ 1,095 | | $ 1,105 | | $ 1,095 | | $ 1,105 | |
| | % Growth - Reported 2 | | | 6.4% | | 7.3% | | 6.4% | | 7.3% | |
| | % Growth - Constant Currency 2, 3 | | | | | | | 5.9% | | 6.9% | |
| | Operating margin | | | 13.0% | | 13.0% | | 17.6% | | 17.6% | |
| | Earnings per share | | | $ 1.56 | | $ 1.59 | | $ 2.44 | | $ 2.47 | |
| | EBITDA margin | | | 23.4% | | 23.4% | | 26.9% | | 26.9% | |
| | Tax Rate | | | ~19% | | ~19% | | ~24% | | ~24% | |
| | | | | | | | | | | | |
| | 1 Guidance reflects the range provided February 26, 2018. | | |||||||||
| | | | |||||||||
| | 2 2017 as reported, does not include adoption of revenue recognition Accounting Standards Codification 606 (ASC 606). | | |||||||||
| | | | |||||||||
| | 3 Constant currency is a measure that adjusts US GAAP revenue for the impact of currency over the same period in the prior year. | | |||||||||
| | |||||||||||
| Supplementary Financial Information | |||||||||||
| For additional financial detail, please visit the Investor Relations section of the Company's website at | |||||||||||
| www.nuvasive.com to access Supplementary Financial Information. | |||||||||||
| | |||||||
| | |||||||
| | Reconciliation of Full Year EPS Guidance | | |||||
| | | | |||||
| | | 2017 | | 2018 Guidance Range 2, 3, 4 | | ||
| | GAAP net income per share | $ 1.50 | | $ 1.56 | | $ 1.59 | |
| | Impact of change to diluted share count | 0.09 | | 0.01 | | 0.01 | |
| | GAAP net income per share, adjusted to diluted Non-GAAP share count | $ 1.59 | | $ 1.57 | | $ 1.60 | |
| | Litigation liability5 | 0.09 | | - | | - | |
| | Business transition costs 6 | 0.08 | | 0.04 | | 0.04 | |
| | Non-cash interest expense on convertible notes | 0.33 | | 0.32 | | 0.32 | |
| | Non-cash purchase accounting adjustments on acquisitions 7 | 0.01 | | 0.02 | | 0.02 | |
| | Amortization of intangible assets 8 | 0.89 | | 0.88 | | 0.88 | |
| | Tax effect of adjustments 9 | (1.08) | | (0.39) | | (0.39) | |
| | Non-GAAP earnings per share Werbung Mehr Nachrichten zur NuVasive Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News | ||||||
