NuVasive Reports Fourth Quarter and Full Year 2015 Financial Results
Company Drives Record High Revenue of $811.1 Million and Delivers Record Profitability Expansion of 400 Basis Points for the Full Year 2015; Completes Acquisition of Ellipse Technologies, Inc. and Provides Updated 2016 Financial Performance Guidance
SAN DIEGO, CA--(Marketwired - February 11, 2016) - NuVasive, Inc. (NASDAQ: NUVA), a leading medical device company focused on transforming spine surgery with minimally disruptive, procedurally-integrated solutions, announced today financial results for the quarter and full year ended December 31, 2015. Key performance highlights included:
Fourth Quarter 2015:
- Revenue increased 5.4% to $215.3 million, or 6.8% on a constant currency basis;
- Non-GAAP operating profit margin up 240 basis points to 17.1%; GAAP operating profit margin of 13.7%; and
- Non-GAAP diluted earnings per share of $0.35; GAAP diluted earnings per share of $0.22.
Full Year 2015:
- Revenue increased 6.4% to $811.1 million, or 8.2% on a constant currency basis;
- Non-GAAP operating profit margin up 400 basis points to 15.4%; GAAP operating profit margin of 17.1%; and
- Non-GAAP diluted earnings per share of $1.31; GAAP diluted earnings per share of $1.26.
The Company also announced the completion of its acquisition of Ellipse Technologies.
"We are pleased to report strong results for 2015 that demonstrate solid revenue growth as NuVasive continues to gain market share globally, as well as record operating profit margin expansion for the year," said Gregory T. Lucier, Chairman and Chief Executive Officer of NuVasive. "In 2016, we expect to drive further market share gains fueled by the launch of innovations that fulfill unmet clinical and economic needs, coupled with additional investment in our commercial teams around the world. Very selectively, we also intend to explore compelling inorganic opportunities that add value, such as today's completion of the acquisition of Ellipse Technologies, and reinforce our focus on transformative spine solutions. We remain committed to delivering more profitable growth as we scale the business, drive world-class operations and increase our in-sourced manufacturing capabilities. This winning combination of disruptive innovation, strategic growth and enhanced profitability will create value for our shareholders, and position us well on the path to achieving our long-term performance targets."
A full reconciliation of non-GAAP to GAAP measures can be found in the tables of this news release.
Fourth Quarter and Full Year 2015 Results
NuVasive reported fourth quarter 2015 total revenue of $215.3 million, a 5.4% increase compared to $204.3 million for the fourth quarter 2014. On a constant currency basis, fourth quarter 2015 total revenue increased 6.8% compared to the same period last year. Full year 2015 total revenue was $811.1 million, a 6.4% increase compared to $762.4 million for the full year 2014. On a constant currency basis, full year 2015 total revenue increased 8.2% compared to the same period last year.
GAAP gross profit for the fourth quarter 2015 was $164.0 million and gross margin was 76.2% compared to a gross profit of $157.8 million and a gross margin of 77.2% for the fourth quarter 2014. GAAP gross profit for the full year 2015 was $616.6 million and gross margin was 76.0% compared to a gross profit of $580.1 million and a gross margin of 76.1% for the full year 2014. Total GAAP operating expenses for the fourth quarter 2015 were $134.5 million compared to $133.3 million for the fourth quarter 2014. Total GAAP operating expenses for the full year 2015 were $477.6 million compared to $561.9 million for the full year 2014.
The Company reported a GAAP net income of $11.5 million, or $0.22 per share, for the fourth quarter 2015 compared to a GAAP net income of $7.5 million, or $0.15 per share, for the fourth quarter 2014. The Company reported a GAAP net income of $66.3 million, or $1.26 per share, for the full year 2015 compared to a GAAP net loss of $(16.7) million, or $(0.36) per share, for the full year 2014.
On a non-GAAP basis, the Company reported net income of $18.0 million, or $0.35 per share, for the fourth quarter 2015 compared to net income of $13.0 million, or $0.26 per share, for the fourth quarter 2014. On a non-GAAP basis, the Company reported net income of $66.9 million, or $1.31 per share, for the full year 2015 compared to net income of $33.3 million, or $0.67 per share, for the full year 2014.
Cash, cash equivalents and short and long-term marketable securities were approximately $470.1 million at December 31, 2015.
Ellipse Technologies Acquisition Completion
NuVasive also announced the successful completion of its acquisition of Ellipse Technologies, Inc., a privately held medical technology company focused on revolutionizing procedural solutions for complex skeletal deformity. Under the terms of the deal, the Company acquired Ellipse Technologies for a $380 million upfront cash payment and a potential $30 million milestone payable in 2017 related to the achievement of specific revenue targets.
The acquisition reinforces NuVasive's focus on transformative spine solutions to improve patient outcomes and extends its position as a global spine leader with a comprehensive approach to the fast-growing complex deformity market. Ellipse Technologies' magnetic growing rod technology is currently receiving rapid adoption in the pediatric deformity and orthopedic markets, providing for new growth opportunities beyond NuVasive's current portfolio of winning solutions that address adult degenerative and deformity spinal conditions.
The acquisition is expected to accelerate NuVasive's revenue growth to high single-digits and be accretive to non-GAAP diluted earnings per share by approximately $0.01 in 2016. For 2015, Ellipse Technologies generated revenues of approximately $44 million and 2016 revenues are expected to be approximately $53 million on a reported basis and approximately $60 million on a pro forma basis as the company continues its exceptional growth trajectory.
Annual Guidance for 2016
The Company provided the following updated projections to its full year 2016 guidance, which is inclusive of its acquisition of Ellipse Technologies as of February 11, 2016:
- Revenue of approximately $923.0 million, or approximately 13.8% growth compared to revenue of $811.1 million for 2015, which includes approximately $53 million of revenue contribution from Ellipse Technologies;
- Non-GAAP diluted earnings per share of approximately $1.48, an increase of approximately 13.3% compared to non-GAAP diluted earnings per share of $1.31 for 2015;
- Non-GAAP operating profit margin of approximately 15.8%, an increase of approximately 40 basis points compared to 15.4% for 2015;
- Adjusted EBITDA margin of approximately 25.4%, an increase of approximately 20 basis points compared to 25.2% for 2015; and
- Non-GAAP effective tax expense rate of approximately 41.0%.
Supplementary Financial Information
For additional financial detail, please visit the Investor Relations section of the Company's website at www.nuvasive.com to access Supplementary Financial Information.
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Reconciliation of Full Year EPS Guidance
2015 2016
Actuals Guidance (1)
-------------- -------------
GAAP earnings (loss) per share $ 1.26 $ 1.02
Impact of treasury method on convertible
notes (2) 0.03 0.05
-------------- -------------
Adjusted GAAP earnings (loss) per share,
adjusted to diluted share count $ 1.30 $ 1.07
Amortization of intangible assets 0.14 0.16
Leasehold related charges 0.04 -
Litigation liability (0.49) -
CEO transition related costs 0.04 -
One-time and acquisition related items (3) 0.09 0.05
Non-cash interest expense on convertible
notes 0.19 0.20
-------------- -------------
Non-GAAP earnings per share $ 1.31 $ 1.48
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GAAP Weighted shares outstanding - basic 48,687 49,984
============== =============
GAAP Weighted shares outstanding - diluted 52,424 55,115
============== =============
Non-GAAP Weighted shares outstanding -
diluted (2) 51,110 52,616
============== =============
(1) Effective tax expense rate of ~42% applied to GAAP earnings and ~41%
applied to Non-GAAP earnings
(2) Precludes the impact of share dilution of the convertible bond for which
the Company has a hedge in place but is considered anti-dilutive under US
GAAP in weighted average shares outstanding
(3) Acquisition related items include expenses associated with M&A related
activity and as incurred
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Reconciliation of Non-GAAP Operating Margin %
(in thousands, except %) 2015 Actuals 2016
Guidance
------------ ------------
Non-GAAP Gross Margin % [A] 76.0% 76.9%
GAAP Gross Margin [D] 76.0% 76.9%
Non-GAAP Sales, Marketing & Administrative Expense
[B] 56.4% 55.5%
Leasehold related charges 0.5% 0.0%
CEO transition related costs 0.4% 0.0%
One-time and acquisition related items (1) 0.8% 0.4%
------------ ------------
GAAP Sales, Marketing & Administrative Expense [E] 58.1% 55.9%
Non-GAAP Research & Development Expense [C] 4.3% 5.6%
One-time and acquisition related items (1) 0.1% 0.0%
------------ ------------
GAAP Research & Development Expense [F] 4.4% 5.6%
Litigation liability [G] (5.2%) 0.0%
Amortization of intangible assets [H] 1.5% 1.4%
------------ ------------
Non-GAAP Operating Margin % [A-B-C] 15.4% 15.8%
============ ============
------------ ------------
GAAP Operating Margin % [D-E-F-G-H] 17.1% 13.8%
============ ============
(1) Acquisition related items include expenses associated with M&A related
activity and as incurred
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Reconciliation of EBITDA %
(in thousands, except %) 2015 2016
Actuals Guidance
------------ ------------
Net Income / (Loss) 8.2% 6.1%
Interest (income) / expense, net 3.4% 3.5%
Provision for income taxes 5.8% 4.4%
Depreciation and amortization (1) 8.1% 8.0%
------------ ------------
EBITDA 25.5% 21.9%
Non-cash stock based compensation 3.1% 3.0%
Leasehold related charges 0.5% 0.0%
Litigation liability (5.2%) 0.0%
CEO transition related costs (2) 0.4% 0.0%
One-time and acquisition related items (3) 0.9% 0.4%
------------ ------------
Adjusted EBITDA 25.2% 25.4%
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(1) Included in leasehold related charges are accelerated depreciation as a
result of early leasehold terminations, which thereby were excluded from
the depreciation line
(2) Included in CEO related transition costs are $1.2m of stock based
compensation charges, which thereby were excluded from the non-cash stock
based compensation line
(3) Acquisition related items include expenses associated with M&A related
activity and as incurred
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Reconciliation of Non-GAAP Information
Management uses certain non-GAAP financial measures such as non-GAAP earnings per share, non-GAAP net income, non-GAAP operating expenses and non-GAAP operating profit margin, which exclude amortization of intangible assets, leasehold related charges, integration related expenses associated with acquired businesses, one-time restructuring and acquisition related items, CEO transition related costs, certain litigation charges and non-cash interest expense and or losses on convertible notes. Management also uses certain non-GAAP measures which are intended to exclude the impact of foreign exchange currency fluctuations. The measure constant currency is the use of an exchange rate that eliminates fluctuations when calculating financial performance numbers.
The Company also uses measures such as free cash flow, which represents cash flow from operations less cash used in the acquisition and disposition of capital. Additionally, the Company uses an adjusted EBITDA measure which represents earnings before interest, taxes, depreciation and amortization and excludes the impact of stock-based compensation, leasehold related charges, integration related expenses associated with acquired businesses, CEO transition related costs, certain litigation liabilities, acquisition related items and other significant one-time items. Management calculates the non-GAAP financial measures provided in this earnings release excluding these costs and uses these non-GAAP financial measures to enable it to further and more consistently analyze the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional information to enable them to assess, in the same way management assesses, the Company's current and future continuing operations. These non-GAAP measures are not in accordance with, or an alternative for, GAAP, and may be different from non-GAAP measures used by other companies. Set forth below are reconciliations of the non-GAAP financial measures to the comparable GAAP financial measure.
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Reconciliation of Fourth Quarter 2015 Results
GAAP Earnings per Share to Non-GAAP Earnings per Share
Pre-Tax Earnings Per
(in thousands, except per share data) Adjustments Net of Tax Share
----------- ------------ -------------
GAAP net income $ 11,503 $ 0.23
GAAP impact of change from basic to
diluted share count (0.02)
-------------
GAAP net income, adjusted to diluted
share count 0.22
Impact of treasury method on
convertible notes (1) 0.01
Amortization of intangible assets
(2) 3,156 1,894 0.04
Leasehold related charges 677 406 0.01
Litigation liability 681 409 0.01
One-time and acquisition related
items (3) 2,325 1,395 0.03
Non-cash interest expense on
convertible notes 4,057 2,434 0.05
------------ -------------
Non-GAAP earnings $ 18,041 0.35
============ =============
GAAP weighted shares outstanding -
basic 49,025
=============
GAAP weighted shares outstanding -
diluted 53,086
=============
Non-GAAP weighted shares outstanding
- diluted (1) 51,428
=============
(1) Excludes the impact of share dilution of the convertible bond for which
the Company has a hedge in place but is considered anti-dilutive under US
GAAP in weighted average shares outstanding (1,658k shares)
(2) Certain intangibles are excluded in the non-GAAP calculation through
the adjustment of non-controlling interest
(3) Acquisition related items include expenses associated with M&A related
activity and as incurred non-recurring items
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Reconciliation of Full Year 2015 Results
GAAP Earnings per Share to Non-GAAP Earnings per Share
(in thousands, except per share Pre-Tax Earnings Per
data) Adjustments Net of Tax Share
------------ ------------- -------------
GAAP net income 66,291 $ 1.36
GAAP impact of change from basic to
diluted share count (0.10)
-------------
GAAP net income, adjusted to
diluted share count 1.26
Impact of treasury method on
convertible notes (1) 0.03
Amortization of intangible assets
(2) 12,193 7,316 0.14
Leasehold related charges 3,712 2,227 0.04
Litigation liability (41,826) (25,096) (0.49)
CEO transition related costs 3,563 2,138 0.04
One-time and acquisition related
items (3) 7,572 4,543 0.09
Non-cash interest expense on
convertible notes 15,795 9,477 0.19
------------- -------------
Non-GAAP earnings $ 66,896 $ 1.31
============= =============
GAAP weighted shares outstanding -
basic 48,687
=============
GAAP weighted shares outstanding -
diluted 52,424
=============
Non-GAAP weighted shares
outstanding - diluted (1) 51,110
=============
(1) Excludes the impact of share dilution of the convertible bond for which
the Company has a hedge in place but is considered anti-dilutive under US
GAAP in weighted average shares outstanding (1,314k shares)
(2) Certain intangibles are excluded in the non-GAAP calculation through
the adjustment of non-controlling interest
(3) Acquisition related items include expenses associated with M&A related
activity and as incurred non-recurring items
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Reconciliation of Fourth Quarter and Twelve Months 2015 Results
GAAP net income to Adjusted EBITDA
Three months Twelve months
ended ended
(in thousands, except per share data) December 31, 2015 December 31, 2015
GAAP net income $ 11,503 $ 66,291
Interest (income) / expense, net 6,939 27,489
Provision for income taxes 11,397 46,729
Depreciation and Amortization (1) 16,588 65,593
-----------------------------------
EBITDA $ 46,427 $ 206,102
===================================
Non-cash stock based compensation (2) 5,633 24,970
Leasehold related charges 677 3,712
Litigation liability 681 (41,826)
CEO related transition costs - 3,563
One-time and acquisition related items 2,325 7,572
-----------------------------------
Adjusted EBITDA $ 55,743 $ 204,093
===================================
As a percentage of revenue 25.9% 25.2%
(1) Certain intangibles are excluded in the non-GAAP calculation through
the adjustment of non-controlling interest
(2) Included in CEO related transition costs are $1.2m of stock based
compensation charges, which thereby were excluded from the non-cash stock
based compensation line in the twelve months ended
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Investor Conference Call
The Company will hold a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results of its fourth quarter and full year 2015 financial performance. The dial-in numbers are 1-877-407-9039 for domestic callers and 1-201-689-8470 for international callers. A live webcast of the conference call will be available online from the Investor Relations page of the Company's website at www.nuvasive.com.
After the live webcast, the call will remain available on NuVasive's website through March 11, 2016. In addition, a telephone replay of the call will be available until February 18, 2016. The replay dial-in numbers are 1-877-870-5176 for domestic callers and 1-858-384-5517 for international callers. Please use pin number: 13629350.
About NuVasive
NuVasive is an innovative global medical device company that is changing spine surgery with minimally disruptive surgical products and procedurally-integrated solutions for the spine. NuVasive has emerged from a small startup to become the #3 player in the more than $9 billion global spine market and remains focused on market share-taking strategies as the Company continues on its path to become the industry's leading spine company. NuVasive offers a comprehensive spine portfolio of more than 90 unique products developed to improve spine surgery and patient outcomes. The Company's principal procedural solution is its Maximum Access Surgery, or MAS®, platform for lateral spine fusion. MAS was designed to provide safer, reproducible, and clinically proven outcomes, and is a highly differentiated solution with fully integrated neuromonitoring, customizable exposure, and a broad offering of application-specific implants and fixation devices designed to address a variety of pathologies.
NuVasive cautions you that statements included in this news release or made on the investor conference call referenced herein that are not a description of historical facts are forward-looking statements that involve risks, uncertainties, assumptions and other factors which, if they do not materialize or prove correct, could cause NuVasive's results to differ materially from historical results or those expressed or implied by such forward-looking statements. In addition, this news release contains selected financial results from the fourth quarter and full year 2015, as well as projections for 2016 financial guidance and longer-term financial performance goals. The numbers for the fourth quarter and full year 2015 are prior to the completion of review and audit procedures by the Company's external auditors and are subject to adjustment. In addition, the Company's projections for 2016 financial guidance and longer-term financial performance goals represent current estimates, including initial estimates of the potential benefits, synergies and cost savings associated with the acquisition of Ellipse Technologies, which are subject to the risk of being inaccurate because of the preliminary nature of the forecasts, the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability. The potential risks and uncertainties that could cause actual growth and results to differ materially include, but are not limited to: the risk that NuVasive's revenue or earnings projections may turn out to be inaccurate because of the preliminary nature of the forecasts; the risk of further adjustment to financial results or future financial expectations; unanticipated difficulty in selling products, generating revenue or producing expected profitability; the risk that Ellipse Technologies will not be integrated successfully or that the benefits and synergies from the acquisition may not be fully realized or may take longer to realize than expected; and those other risks and uncertainties more fully described in the Company's news releases and periodic filings with the Securities and Exchange Commission. NuVasive's public filings with the Securities and Exchange Commission are available at www.sec.gov. The forward-looking statements contained herein are based on the current expectations and assumptions of NuVasive and not on historical facts. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
NuVasive, Inc.
Consolidated Statements of Operations
(in thousands, except per share data)
Three Months Ended
December 31, Year Ended December 31,
----------------------- -----------------------
2015 2014 2015 2014
----------- ----------- ----------- -----------
(Unaudited) (Unaudited)
Revenue $ 215,282 $ 204,324 $ 811,113 $ 762,415
Cost of goods sold
(excluding below
amortization of intangible
assets) 51,233 46,509 194,479 182,358
----------- ----------- ----------- -----------
Gross profit 164,049 157,815 616,634 580,057
Operating expenses:
Sales, marketing and
administrative 121,733 120,828 464,530 468,285
Research and development 8,606 9,396 35,851 37,986
Amortization of intangible
assets 3,479 3,030 12,516 13,571
Impairment of intangible
assets - - - 10,708
Litigation liability
(gain) loss 681 - (41,826) 30,000
Business transition costs 6 - 6,480 1,363
----------- ----------- ----------- -----------
Total operating expenses 134,505 133,254 477,551 561,913
Interest and other expense,
net:
Interest income 464 277 1,589 968
Interest expense (7,403) (7,102) (29,078) (27,911)
Other income (expense),
net (105) (93) 425 (2,411)
----------- ----------- ----------- -----------
Total interest and other
expense, net (7,044) (6,918) (27,064) (29,354)
----------- ----------- ----------- -----------
Income (loss) before income
taxes 22,500 17,643 112,019 (11,210)
Income tax expense (11,397) (10,351) (46,729) (6,286)
----------- ----------- ----------- -----------
Consolidated net income
(loss) $ 11,103 $ 7,292 $ 65,290 $ (17,496)
=========== =========== =========== ===========
Add back net loss
attributable to non-
controlling interests $ (400) $ (181) $ (1,001) $ (776)
=========== =========== =========== ===========
Net income (loss)
attributable to
NuVasive, Inc. $ 11,503 $ 7,473 $ 66,291 $ (16,720)
=========== =========== =========== ===========
Net income (loss) per share
attributable to NuVasive,
Inc.:
Basic $ 0.23 $ 0.16 $ 1.36 $ (0.36)
=========== =========== =========== ===========
Diluted $ 0.22 $ 0.15 $ 1.26 $ (0.36)
=========== =========== =========== ===========
Weighted average shares
outstanding:
Basic 49,205 47,249 48,687 46,715
=========== =========== =========== ===========
Diluted 53,087 50,621 52,424 46,715
=========== =========== =========== ===========
NuVasive, Inc.
Consolidated Balance Sheets
(in thousands, except par values and share amounts)
December 31,
-------------------------
2015 2014
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 192,339 $ 142,387
Short-term marketable securities 165,423 220,329
Accounts receivable, net of allowances of $5,320
and $5,844, respectively 127,595 118,959
Inventory, net 168,140 154,638
Prepaid income taxes 40,540 11,321
Prepaid expenses and other current assets 8,790 10,325
------------ ------------
Total current assets 702,827 657,959
Property and equipment, net 141,441 128,565
Long-term marketable securities 112,332 43,042
Intangible assets, net 85,076 96,555
Goodwill 154,281 154,443
Deferred tax assets, non-current 67,051 111,354
Restricted cash and investments 5,615 123,233
Other assets 21,026 26,420
------------ ------------
Total assets $ 1,289,649 $ 1,341,571
============ ============
LIABILITIES AND EQUITY
Current liabilities:
Accounts payable and accrued liabilities $ 60,986 $ 133,324
Accrued payroll and related expenses 37,641 38,032
Litigation liabilities - 30,000
Income tax liabilities 990 12,740
------------ ------------
Total current liabilities 99,617 214,096
Senior convertible notes 376,542 360,746
Deferred and income tax liabilities, non-current 8,602 11,441
Non-current litigation liabilities 88,261 93,700
Other long-term liabilities 14,425 13,230
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.001 par value; 5,000,000
shares authorized, none outstanding - -
Common stock, $0.001 par value; 120,000,000
shares authorized at December 31, 2015 and
2014, respectively, 52,616,471 and 47,691,744
issued and outstanding at December 31, 2015 and
2014, respectively 53 48
Additional paid-in capital 989,387 847,145
Accumulated other comprehensive loss (12,112) (9,670)
Accumulated deficit (120,647) (186,938)
Treasury stock at cost; 3,316,794 shares and
233,369 shares at December 31, 2015 and
December 31, 2014, respectively (161,788) (10,537)
------------ ------------
Total NuVasive, Inc. stockholders' equity 694,893 640,048
Non-controlling interests $ 7,309 $ 8,310
============ ============
Total equity $ 702,202 $ 648,358
============ ============
Total liabilities and equity $ 1,289,649 $ 1,341,571
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NuVasive, Inc.
Consolidated Statements of Cash Flows
(in thousands)
Year Ended December 31,
-------------------------
2015 2014
------------ ------------
Operating activities:
Consolidated net income (loss) $ 65,290 $ (17,496)
Adjustments to reconcile net income (loss) to
net cash provided by operating activities:
Depreciation and amortization 65,915 65,837
Deferred income tax (benefit) expense 34,757 (23,231)
Amortization of non-cash interest 17,851 16,490
Stock-based compensation 26,203 33,687
Impairment of intangible assets - 10,708
Reserves on current assets 9,454 1,856
Other non-cash adjustments 17,582 13,191
Changes in operating assets and liabilities,
net of effects from acquisitions:
Accounts receivable (9,463) (18,465)
Inventory (25,984) (21,343)
Prepaid expenses and other current assets 1,239 (5,183)
Accounts payable and accrued liabilities 7,741 5,855
Accrued payroll and related expenses (192) 7,179
Accrued royalties (46,092) 12,410
Litigation liability (36,270) 30,000
Income taxes (39,304) 4,053
------------ ------------
Net cash provided by operating activities 88,727 115,548
Investing activities:
Acquisitions and other investments (1,357) (500)
Purchases of intangible assets (32,020) -
Proceeds from sales of property and equipment 40 241
Purchases of property and equipment (75,772) (58,424)
Purchases of marketable securities (427,945) (217,158)
Proceeds from marketable securities 411,471 174,816
Purchases of restricted investments (62,625) (3,800)
Proceeds from restricted investments 180,694 -
------------ ------------
Net cash used in investing activities (7,514) (104,825)
Financing activities:
Incremental tax benefits related to stock-based
compensation awards 15,185 11,896
Proceeds from the issuance of common stock 12,106 23,354
Payment of contingent consideration (514) (498)
Purchase of treasury stock (56,929) (3,782)
Other financing activities (192) (693)
------------ ------------
Net cash provided by (used in) financing
activities (30,344) 30,277
Effect of exchange rate changes on cash (917) (1,438)
------------ ------------
Increase (decrease) in cash and cash equivalents 49,952 39,562
Cash and cash equivalents at beginning of year 142,387 102,825
------------ ------------
Cash and cash equivalents at end of year $ 192,339 $ 142,387
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/EINPresswire.com/ --
Investor/Media Contact:
Stacy Roughan
NuVasive, Inc.
1-858-909-1812
Email contact
