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Nuvasive (NUVA)

NuVasive, Inc. is the leader in spine technology innovation, focused on transforming spine surgery and beyond with minimally disruptive, procedurally integrated solutions designed to deliver reproducible and clinically-proven surgical outcomes. The Company's portfolio includes access instruments, implantable hardware, biologics, software systems for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative monitoring service offerings. With over $1 billion in revenues, NuVasive has an approximate 2,400-person workforce in more than 40 countries serving surgeons, hospitals and patients.

Company profile

Ticker
NUVA
Exchange
CEO
J. Christopher Barry
Employees
Incorporated
Location
Fiscal year end
SEC CIK
Subsidiaries
NuVasive Specialized Orthopedics, Inc. • NuVasive Clinical Services Monitoring, Inc. • NuVasive Technology International Limited ...
IRS number
330768598

NUVA stock data

Analyst ratings and price targets

Last 3 months
Current price
Average target
$57.00
Low target
$54.00
High target
$60.00
Piper Sandler
Maintains
Overweight
$60.00
4 Aug 22
Morgan Stanley
Maintains
Equal-Weight
$54.00
15 Jul 22

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

3 Aug 22
28 Sep 22
31 Dec 22
Quarter (USD) Jun 22 Mar 22 Dec 21 Sep 21
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD) Dec 21 Dec 20 Dec 19 Dec 18
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Cash burn rate (est.) Burn method: Change in cash Burn method: Operating income Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 227.48M 227.48M 227.48M 227.48M 227.48M 227.48M
Cash burn (monthly) (no burn) (no burn) (no burn) 81.42K (no burn) (no burn)
Cash used (since last report) n/a n/a n/a 240.39K n/a n/a
Cash remaining n/a n/a n/a 227.24M n/a n/a
Runway (months of cash) n/a n/a n/a 2791.1 n/a n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
1 Jun 22 Norwalk Leslie V Common Stock Option exercise Acquire M No No 0 1,547 0 3,095
1 Jun 22 Norwalk Leslie V RSUs Common Stock Option exercise Dispose M No No 0 1,547 0 0
28 May 22 Siddhartha Kadia Common Stock Option exercise Acquire M No No 0 3,739 0 3,739
28 May 22 Siddhartha Kadia RSUs Common Stock Option exercise Dispose M No No 0 2,702 0 0
28 May 22 Siddhartha Kadia RSUs Common Stock Option exercise Dispose M No No 0 1,037 0 0
11 May 22 Capps Vickie L RSUs Common Stock Grant Acquire A No No 0 3,788 0 3,788
11 May 22 DeFord John A RSUs Common Stock Grant Acquire A No No 0 3,788 0 3,788
13F holders Current Prev Q Change
Total holders 229 242 -5.4%
Opened positions 26 32 -18.8%
Closed positions 39 37 +5.4%
Increased positions 94 95 -1.1%
Reduced positions 73 82 -11.0%
13F shares Current Prev Q Change
Total value 2.75B 3.09B -10.8%
Total shares 55.68M 54.49M +2.2%
Total puts 10K 100 +9900.0%
Total calls 35.5K 37K -4.1%
Total put/call ratio 0.3 0.0 +10322.5%
Largest owners Shares Value Change
BLK Blackrock 6.31M $310.2M +5.8%
Vanguard 5.31M $261.21M +5.3%
JPM JPMorgan Chase & Co. 2.94M $144.45M -4.5%
MCQEF Macquarie 2.25M $110.46M +10.8%
Thrivent Financial For Lutherans 2.18M $107.41M +7.3%
Goldman Sachs & Co 2.18M $123.04M 0.0%
STT State Street 1.77M $87.12M +0.0%
Citadel Advisors 1.46M $71.81M -0.6%
Channing Capital Management 1.33M $65.51M +14.0%
Dimensional Fund Advisors 1.31M $64.48M -2.6%
Largest transactions Shares Bought/sold Change
C Citigroup 1.1M +975.46K +758.5%
BAC Bank Of America 1.26M -761.62K -37.7%
Victory Capital Management 648.24K +603.97K +1364.3%
GS Goldman Sachs 562.89K -486.66K -46.4%
Balyasny Asset Management 483.59K +388.21K +407.0%
BLK Blackrock 6.31M +348.13K +5.8%
DB Deutsche Bank AG - Registered Shares 93.3K -346.14K -78.8%
Woodline Partners 665.01K +336.74K +102.6%
Jennison Associates 0 -323.56K EXIT
UBS UBS Group AG - Registered Shares 754.65K -320.46K -29.8%

Financial report summary

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Risks
  • Our future success depends on our strategy of rapidly developing innovative solutions and our ability to timely acquire, develop and introduce new products or product enhancements that will be accepted by the market.
  • We operate in a highly competitive market segment that is subject to rapid change, and if we are unable to compete successfully, our sales and operating results may suffer.
  • Many of our competitors have greater resources than we have.
  • Pricing pressure from our competitors, hospital customers and insurance providers can negatively impact our ability to sell our products and services.
  • Quality or safety issues affecting our products could harm our reputation, result in liability and adversely impact our business.
  • The safety of many of our products is not yet supported by long-term clinical data and many of our products may therefore prove to be less safe and effective than initially thought.
  • As we expand our offerings to include capital equipment and invest in related resources and expertise, we are exposed to additional risks.
  • Our IONM business exposes us to risks inherent with the sale of services.
  • Our increased focus on specialized pediatric conditions exposes us to different risks.
  • Our employees, independent sales representatives, consultants, distributors and other commercial partners may engage in misconduct or other improper activities, including non-compliance with regulatory standards and requirements.
  • If we are unable to maintain and expand our network of direct and independent sales representatives and third-party distributors, we may not be able to generate anticipated sales.
  • We may be unable to manage our future growth effectively, which could make it difficult to execute our business strategy.
  • Performance issues, service interruptions or price increases by our shipping carriers could adversely affect our business and harm our reputation and ability to provide our products and services on a timely basis.
  • The loss of key employees, or our inability to recruit, hire and retain skilled and experienced personnel, could negatively impact our ability to effectively manage and expand our business.
  • Our results may be impacted by changes in foreign currency exchange rates.
  • If we fail to properly manage our anticipated international growth, our business could suffer.
  • We rely on the performance of our information technology systems, the failure of which could have an adverse effect on our business and performance.
  • Our insurance policies are expensive and protect us only from some business risks, which will leave us exposed to significant uninsured liabilities.
  • We bear the risk of warranty claims on our products.
  • Defending against litigation or other proceedings or third-party claims of intellectual property infringement could require us to spend significant time and money, and if we are unsuccessful, we may be obligated to pay damages and halt sales of our products.
  • Our ability to protect our intellectual property and proprietary technology through patents and other means is uncertain.
  • If we seek to enforce our intellectual property rights through litigation or other proceedings, it could require us to spend significant time and money, with uncertain results.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position could be harmed.
  • We may not be able to enforce our intellectual property rights throughout the world.
  • Third parties may assert that our employees or consultants have wrongfully used or disclosed confidential information or misappropriated trade secrets or are in breach of non-competition or non-solicitation agreements with our competitors.
  • If personal injury lawsuits are brought against us, our business may be harmed, and we may be required to pay damages that exceed our insurance coverage.
  • We are subject to rigorous FDA and other governmental regulations regarding the development, manufacture, and sale of our products and we may incur significant expenses to comply with these regulations and develop products that satisfy these regulations.
  • We are subject to federal, state and foreign fraud and abuse laws and health information privacy and security laws, which, if violated, could subject us to substantial penalties.
  • We may fail to obtain or maintain foreign regulatory approvals to market our products in other countries.
  • If we fail to obtain, or experience significant delays in obtaining, FDA clearances or approvals for our future products or product enhancements, our ability to commercially distribute and market our products could suffer.
  • Legislative or regulatory reforms in the United States may make it more difficult and costly for us to obtain regulatory clearances or approvals for our products or to produce, market or distribute our products after clearance or approval is obtained.
  • The misuse or off-label use of our products may harm our reputation in the marketplace, result in injuries that lead to product liability suits or result in costly investigations, fines or sanctions by regulatory bodies if we are deemed to have engaged in the promotion of these uses, any of which could be costly to our business.
  • If we or our suppliers fail to comply with the FDA’s quality system regulations, ISO or other applicable regulations and standards, the manufacture and processing of our products could be delayed or interrupted and we may be subject to an enforcement action by the FDA or other government agencies.
  • We or our suppliers may be the subject of claims for non-compliance with FDA regulations in connection with the processing or distribution of allograft products.
  • Compliance with Commission regulations relating to “conflict minerals” may increase our costs and adversely affect our business.
  • Our relationships with physicians could be subject to additional scrutiny from regulatory enforcement authorities and could subject us to possible administrative, civil or criminal sanctions.
  • Our business involves the use of hazardous materials and we and our third-party manufacturers must comply with environmental laws and regulations, which may be expensive and restrict how we do business.
  • We may be unable to grow our net sales or earnings as anticipated, which may have a material adverse effect on our future operating results.
  • We have a significant amount of outstanding indebtedness, and our financial condition and results of operations could be adversely affected if we do not effectively manage our liabilities.
  • If we fail to comply with the covenants and other obligations under our credit facility, the lenders may be able to accelerate amounts owed under the facilities and may foreclose upon the assets securing our obligations.
  • We could be subject to changes in tax rates, the adoption, evolution or change of new and/or amended U.S. or international tax legislation or exposure to additional tax liabilities.
  • We expect that the price of our common stock will fluctuate substantially, potentially adversely affecting the ability of investors to sell their shares.
  • Anti-takeover provisions in our organizational documents and Delaware law may discourage or prevent a change of control, even if an acquisition would be beneficial to our stockholders, which could affect our stock price adversely and prevent attempts by our stockholders to replace or remove our current management.
Management Discussion
  • Our spinal hardware product line offerings include our implants and fixation products. Our surgical support product line offerings include IONM services and disposables, biologics, and our capital equipment, all of which are used to aid spine surgery.
  • We expect continued adoption of our innovative less-invasive procedures and deeper penetration into existing accounts and international markets as our sales force executes on our strategy of selling the full mix of our products and services. However, the continued consolidation and increased purchasing power of our hospital customers and group purchasing organizations, continued changes in the public and private insurance markets regarding reimbursement, and ongoing policy and legislative changes in the U.S. have created less predictability. Although the market for procedurally-integrated spine surgery solutions is expected to continue to grow over the long term, economic, political and regulatory influences are subjecting our industry to significant changes that may slow the growth rate of the spine surgery market. Additionally, the COVID-19 pandemic has had, and may continue to have, an adverse effect on our business. While procedural volume rates for elective surgeries did recover in the U.S. and certain international regions during the three and six months ended June 30, 2022, the COVID-19 pandemic continues to evolve and it is not possible to accurately predict the length or severity of the COVID-19 pandemic or the timing for a broad and sustained resumption of elective surgical procedures.
  • Net sales from our spinal hardware product line offerings increased $11.4 million and $27.7 million, or 5% and 6%, during the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021. Product volume within spinal hardware increased our net sales by approximately 9% and 10% during the three and six months ended June 30, 2022, respectively, compared to the same periods in 2021, primarily due to net sales growth from the commercial launch of the Simplify Cervical Disc during the first quarter of 2021, as well as increased procedural volumes as elective surgeries continued to recover throughout the three and six months ended June 30, 2022. There were unfavorable pricing changes of approximately 1% during both the three and six months ended June 30, 2022, compared to the same periods in 2021. Foreign currency fluctuations decreased our spinal hardware net sales by approximately 3% during both the three and six months ended June 30, 2022, compared to the same periods in 2021.

Content analysis

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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg
New words: chain, courier, experienced, flat, led, lending, macroeconomic, mitigate, movement, skilled, supply
Removed: exposed, month, recovery, redeemable, temporary

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