NuVasive reports decreased net sales due to COVID-19, health care staffing shortages
NuVasive Inc. announced decreased net sales due to the COVID-19 pandemic, health care staffing shortages and limited availability of specialized products, according to its third-quarter 2021 financial report.
NuVasive reported $270.8 million in total net sales in the third quarter of 2021, an 8.3% decrease compared with the $295.3 million in total net sales during the prior year period. The company also reported a generally accepted accounting principles (GAAP) operating margin of 2.4% and a GAAP diluted loss per share of $0.42, according to the release.
“The third quarter presented unexpected challenges for elective surgical procedures due to the negative impact from the resurgence of COVID-19 and health care staffing shortages,” J. Christopher Barry, CEO of NuVasive, said in the release. “Despite these external factors, our strategy remains unchanged. The company is well-positioned with multiple vectors of growth to create increased value for our stakeholders in 2022 and beyond. With the recent pulse commercial launch and continued adoption of our C360 portfolio – highlighted by the simplify cervical disc – I am confident in our ability to further transform surgery, advance care, and change patient lives around the world,” Barry added.