San Diego-based NuVasive reported its third quarter 2015 financial results ending on Sept. 30, 2015.
Here are nine highlights:
1. NuVasive's revenue increased to $200.5 million, compared to $189.9 million for the same quarter in 2014. This is a revenue growth of 7.8 percent on a constant currency basis.
2. The gross profit hit $151.4 million and the gross margin was 75.5 percent, compared to $142.2 million and 74.9 percent for the 2014 third quarter.
3. The total operating expenses were $123.3 million compared to $125.9 million in the third quarter 2014.
4. The company's net income totaled $13 million or $0.24 per share. The net income was down 2.2 percent over the same period last year. This is compared to the company's net loss of $1.8 million or $0.04 per share for the third quarter 2014.
5. The company's adjusted EBITDA margin rose 540 basis points to 26.7 percent.
6. Cash, cash equivalents and short- and long-term marketable securities reached $451.2 million at Sept. 30, 2015.
7. The company projects full year revenue of about $810 million in 2015, a 6.2 percent growth compared to revenue of $762.4 million for 2014.
8. NuVasive expects an adjusted EBITDA margin of about 25.4 percent for 2015, increasing about 350 basis points compared to 21.9 percent for 2014.
9. The company's CEO transition-related costs totaled $93,000 in the third quarter 2015. NuVasive's former CEO Alex Lukianov resigned from his position in April 2015 following an investigation that uncovered non-compliance with the company's expense reimbursement and personnel policies. Greg Lucier succeeded him as chairman and CEO.
"Our performance for the quarter was driven by continued strength in the United States and robust growth in certain international geographies where NuVasive is leading with our competitive XLIF technology and differentiated offerings," said Gregory T. Lucier, chairman and CEO, NuVasive.