Second-quarter net sales at NuVasive declined 30 percent to between $202 million and $205 million year over year, according to a preliminary unaudited report on July 20.
Five company notes:
1. The drop is largely due to the widespread cessation of elective surgeries at healthcare facilities in April, CEO J. Christopher Barry said.
2. As of June 30, NuVasive had cash, cash equivalents and short-term investments of more than $920 million.
3. The company also has a revolving credit facility of $550 million.
4. NuVasive expects a second-quarter operating loss within the range of $35 million to $40 million on a GAAP basis.
5. Although there is uncertainty around the COVID-19 pandemic, Mr. Barry said NuVasive saw "positive signs of recovery and increased demand for elective procedures" at the end of the second quarter.
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