NuVasive announced financial results for the third quarter that ended in Sept. 30, 2019.
“In the third quarter 2019, NuVasive grew at multiples of market, with revenue increasing 7.2% driven by nearly double-digit organic growth within U.S. hardware,” J. Christopher Barry, CEO of NuVasive said in the release. “In addition to strong topline results, our margin expansion demonstrates the ability to improve profitability with continued commitment to driving operational excellence.”
According to the press release, NuVasive’s revenue increased 7.2% to $290.8 million. As a result of financial performance to date, NuVasive is raising full-year 2019 financial guidance.
In the third quarter of 2019, NuVasive reported generally accepted accounting principles (GAAP) net income of $11 million compared to a GAAP net income of $15.9 million for the third quarter of 2018. NuVasive also announced a new organizational structure beginning in January 2020 to continue with the company’s 5-year strategic plan.
“We are implementing organizational structure changes to bring together the commercial, product and technology teams under one function and to establish a new global operations function focused on supply chain and logistics,” Barry said in the release. “This is a natural progression aligned with our recently announced 5-year strategy and our purpose to transform surgery, advance care and change lives.”