NuVasive is a medical device company focused on developing minimally invasive spinal surgical products and procedures. The company features more than 90 products spanning lumbar, thoracic and cervical applications, neuromonitoring services and a biologics portfolio.
1. NuVasive will celebrate 10 years as a publicly traded company by visiting the NASDAQ Market site to ring the opening bell May 13.
"We are very excited to commemorate this milestone for NuVasive," said Alex Lukianov, chairman and CEO. "In our first decade as a publicly traded company, we pioneered the lateral approach to spine fusion surgery, developing an idea as a start-up company into a procedurally integrated platform that has transformed major spine surgery into minimally invasive surgery. In 10 years, we also launched more than 90 products, establishing a comprehensive spine portfolio that can achieve better patient outcomes, surgical reproducibility and significant cost savings."
2. NuVasive reported a net loss of $18.3 million in the first quarter of 2014, down from the same period last year when the company earned a net income of $851,000. The company also reported a gross profit of $134.2 million in Q1, up from $120.4 million it reported in Q1 2013. The company's Q1 revenue is $177.5 million, up from $159.5 million during the same period last year.
The company reported a net income of $7.9 million for the year ended Dec. 31, 2013, up from the same period last year, reported as $3.1 million.
3. The global orthopedic devices market is expected to reach $41.2 billion in 2019, according to a report released by Research and Markets. The market was valued at $29.2 billion in 2012 and is expected to grow at a compound annual growth rate of 4.9 percent from 2013 to 2019. NuVasive was named one of the major players in the market.
4. The company has remained on the cutting edge of spinal technology, and is growing. In 2013, it spent $4.5 million to purchase one of its Ohio-based contract manufacturing partners, ANC LLC, and the acquisition is expected to boost its workforce by 25 percent by this year. The workforce growth comes as the spine device company nears $1 billion in revenue, earning revenue of $685.17 million for the year ended Dec. 31, 2013.
5. Alexis V. Lukianov is chairman of the board and CEO of NuVasive, with has more than 30 years of experience in the orthopedic industry. He is also the founder of BackCare Group. Michael J. Lambert served as executive vice president and CFO since November 2009, but recently announced plans for leaving his post, effective July 31. He is leaving for personal and family reasons, according to the press release. Quentin Blackford, who was named executive vice president of finance and investor relations in February 2014, will succeed him.
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