SAN DIEGO – In a story May 4 about NuVasive’s first-quarter earnings, The Associated Press reported erroneously that the company expects revenue for the year of $180 million. The company expects full-year revenue of $810 million.
A corrected version of the story is below:
NuVasive tops Street 1Q forecasts
NuVasive posts 1Q profit, results beat Wall Street forecasts
NuVasive Inc. (NUVA) on Monday reported first-quarter net income of $31.6 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the San Diego-based company said it had profit of 61 cents. Earnings, adjusted for one-time gains and costs, came to 30 cents per share.
The results beat Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The spinal device maker posted revenue of $192.4 million in the period, also surpassing Street forecasts. Seven analysts surveyed by Zacks expected $189.2 million.
NuVasive expects full-year earnings to be $1.10 per share, with revenue expected to be $810 million.
NuVasive shares have fallen 3 per cent since the beginning of the year. In the final minutes of trading on Monday, shares hit $45.66, an increase of 37 per cent in the last 12 months.
Elements in this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on NUVA at http://www.zacks.com/ap/NUVA
Keywords: NuVasive, Earnings Report