SAN DIEGO, Jan. 23 /PRNewswire-FirstCall/ — NuVasive, Inc. (Nasdaq: NUVA), a medical device company focused on developing products for minimally disruptive surgical treatments for the spine, today announced preliminary unaudited financial results for the full year ended December 31, 2008 and provided financial guidance for the full year 2009.
NuVasive anticipates full year 2008 revenue of approximately $250 million. The Company also expects to exceed its Osteocel(R) guidance for 2008 with $10 million in revenue and is now launching the product through its exclusive sales force. The Company announced anticipated full year 2008 revenue in advance of its National Sales Meeting, which will take place January 23-24, 2009. The Company anticipates full year 2008 earnings per share of $0.07 – $0.09 excluding in-process research and development costs and other adjustments related to a one-time leasehold termination charge, transitional support costs related to the Company’s ERP system, and intellectual property litigation expense.
NuVasive also announced revenue guidance for the full year 2009. The Company expects full year 2009 revenue to be in the range of $345 million to $350 million. Osteocel revenue in the fourth quarter 2008 included approximately $5 million in sales to former distributors of Osiris Therapeutics, Inc. (Nasdaq: OSIR). As the Company launches the Osteocel product through its exclusive sales force, it will not have the benefit of this revenue in first quarter 2009. As a result, overall first quarter 2009 revenue should be flat compared to fourth quarter 2008, but the Company expects Osteocel sales to ramp throughout the year to its annual guidance of $28 million.