NuVasive net sales increase 5.8% amid uptick in spine procedures
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Net sales at NuVasive Inc increased 5.8% in the first quarter of 2023 compared with the same quarter last year, according to a press release.
NuVasive made $307.7 million in net sales, ultimately pulling in a gross profit of $221.3 million. The company said adoption of its new products and higher procedural volumes in the U.S. drove total net sales in 2023.
As it did in the fourth quarter of last year, NuVasive forecasted a net sales growth of 6% to 8% in 2023 compared with 2022.
An agreement by the company to combine with Globus Medical, announced in February, is expected to close in mid-2023, following shareholder and regulatory approval.
Chris Barry, the CEO of NuVasive, said he is proud of the “results and continued above-market growth” of the company.
“Our solid performance – led by anterior and cervical procedural solutions – reflects the strength of our core spine business, positioning us well to combine with Globus Medical to deliver compelling long-term value creation for shareholders,” Barry said in the release.
During the first quarter of 2023, NuVasive made a $56.5 million net sales milestone payment in connection with its 2021 acquisition of Simplify Medical. On top of its $150 million upfront payment for Simplify Medical, NuVasive agreed to make additional payments linked to net sales from products using its Simplify Cervical Artificial Disc technology, according to the release.
Reference:
- NuVasive acquires Simplify Medical. https://www.nuvasive.com/news/nuvasive-acquires-simplify-medical/. Published Feb. 24, 2021. Accessed May 17, 2023.
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