NuVasive reported a revenue increase in the first quarter of 2017.
Here are five things to know:
1. NuVasive reported total revenue for the first quarter at $249.9 million, a 16.2 percent jump over the same period last year. Net income hit $12.8 million, up from the $3.4 million net loss reported in the first quarter last year.
2. The company amended its existing revolving line of credit to expand the facility from $150 million to up to $500 million, demonstrating its opportunistic approach to the company's capital structure. The expanded facility allows NuVasive more flexibility in planning for the maturity of its convertible notes due in July.
3. Gross margin in the first quarter was 75.3 percent with the gross profit hitting $188.3 million.
4. Cash and cash equivalents including short and long term marketable securities were valued at $134 million at the end of the quarter.
5. In 2017, NuVasive expects revenue to hit $1 billion, growing 10.7 percent over 2016.
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