NuVasive Reports Fourth Quarter and Full Year 2009 Financial Results
- Full year 2009 total revenue of $370.3 million; up 48.1% from the full year 2008
- Fourth quarter total revenue of $106.9 million; up 43.4% from fourth quarter 2008 and up 12.7% from third quarter 2009
- GAAP earnings of $2.3 million, or $0.06 per share, for the fourth quarter and $5.8 million, or $0.15 per share, for the full year
- Earnings, excluding certain adjustments, of $4.2 million, or $0.11 per share, for the fourth quarter and $12.3 million, or $0.32 per share, for the full year
- Operating cash flow of $46.4 million for the full year; up from ($5.0) million for the full year 2008
SAN DIEGO, Feb. 25 /PRNewswire-FirstCall/ --NuVasive, Inc. (Nasdaq: NUVA), a medical device company focused on developing products for minimally disruptive surgical treatments for the spine, announced today financial results for the quarter and for the full year ended December 31, 2009.
NuVasive reported fourth quarter revenue of $106.9 million, a 43.4% increase over the $74.6 million for the fourth quarter 2008 and a 12.7% increase over the $94.9 million for the third quarter 2009. Full year 2009 revenue was $370.3 million, a 48.1% increase over the $250.1 million reported for the full year 2008.
The financial results announced today incorporate the reclassification of certain expense items in order to best reflect their true economic character in the income statement and to align to prevalent industry practice. Moving forward, certain expenses will be classified as indicated in an attached reference table and have been reclassified in prior years for comparative purposes.
Gross profit for the fourth quarter 2009 was $88.9 million and gross margin was 83.2%, compared to a gross profit of $63.8 million and a gross margin of 85.5% for the fourth quarter 2008. For the third quarter 2009, gross profit was $79.0 million and gross margin was 83.3%. Gross profit for the full year 2009 was $309.2 million and gross margin was 83.5%, compared to a gross profit of $211.1 million and gross margin of 84.4% for the full year 2008.
Total operating expenses for the fourth quarter 2009 were $84.7 million compared to $59.6 million in the fourth quarter 2008 and $73.0 million in the third quarter 2009. Full year 2009 operating expenses were $297.9 million compared to $238.9 million reported for the full year 2008. The higher operating expenses in 2009 resulted primarily from additional costs associated with higher revenue, infrastructure expansion, and research and development.
On a GAAP basis, the Company reported net income of $2.3 million, or $0.06 per share, for the fourth quarter 2009, and net income of $5.8 million, or $0.15 per share for the full year 2009.
On a Non-GAAP basis, the Company reported net income of $11.1 million, or $0.28 per share, for the fourth quarter 2009, and net income of $41.4 million, or $1.07 per share, for the full year 2009. The Non-GAAP earnings per share calculations for the fourth quarter and full year exclude, respectively, (i) stock-based compensation of $5.6 million and $23.8 million; (ii) amortization of intangible assets of $1.3 million and $5.3 million; (iii) acquisition related items of $0.7 million and $3.8 million; (iv) intellectual property litigation expenses of $1.2 million and $4.6 million, and (v) the reversal of a leasehold termination charge of nil and $2.0 million.
Cash, cash equivalents and short and long-term marketable securities were $204.7 million at December 31, 2009.
Alex Lukianov, Chairman and Chief Executive Officer, said, "We achieved outstanding revenue growth of nearly 50%, a record non-GAAP operating margin of approximately 13% and more than $45 million in operating cash flow in 2009. Continued investment in research and development, coupled with a culture that fosters innovation and Absolute Responsiveness® have shaped a portfolio of products capable of addressing the entire spine and keeping NuVasive years ahead of the competition. Our ability to take spine market share and to expand our addressable market with comprehensive solutions which produce better outcomes for patients, surgeons, and hospitals underscores the successful execution of our growth strategy. We look forward to 2010 as the next step in NuVasive's evolution toward the #4 global spine company with $1 billion in revenue with even stronger profitability."
2010 Financial Guidance
Full Year 2010:
- Revenue of $480 million to $500 million
- GAAP EPS, net of tax and "If-converted" method, of $1.58 to $1.70
- Non-GAAP EPS, net of tax and "If-converted" method, of $1.13 to $1.25
- Non-GAAP Operating Margin of ~17%, expanding to ~20% in Q4
Non-GAAP Operating Margin %
Actual Guidance
FY 09 FY 10 Q4 10
----- ----- -----
Gross Margin % [A] 83.5% ~ 83% ~ 83%
Non-GAAP Research and Development [B] 9.0% ~ 9% ~ 9%
Non-cash stock-based compensation 1.1% ~ 1% ~ 1%
---- ---- ----
Total research and development 10.1% ~ 10% ~ 10%
Non-GAAP Sales, Marketing and
Administrative [C] 61.8% ~ 56% - 58% ~ 53% - 55%
Non-cash stock-based compensation 5.3% ~ 5% ~ 5%
Intellectual property litigation
expenses 1.2% ~ 1% ~ 1%
Reversal of leasehold termination -0.5% - -
Acquisition related items 1.0% as incurred as
incurred
--- ----------- -----------
Total sales, marketing and
administrative 68.8% ~ 62% - 64% ~ 59% - 61%
Amortization of intangible assets 1.4% ~ 1% ~ 1%
Non-GAAP Operating Income % [A-B-C] 12.7% ~ 17% ~ 20%
---- ----- -----
Reconciliation of Non-GAAP Information
Management uses certain Non-GAAP financial measures such as Non-GAAP earnings per share, which exclude intellectual property litigation expenses, the reversal of leasehold termination charges, acquisition related items, non-cash stock-based compensation, and the amortization of intangible assets. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, 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 analyze further, and more consistently, the period-to-period financial performance of its core business operations. Management believes that providing investors with these Non-GAAP measures gives them additional important 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.
Reconciliation of Fourth Quarter 2009 Results
(in thousands, except per share data) $ Per Share
------ ---------
GAAP net income $2,281 $0.06
Intellectual property litigation expenses 1,208 0.03
Acquisition related items 722 0.02
--- ----
Earnings excluding certain adjustments 4,211 0.11
Non-cash stock-based compensation 5,628 0.14
Amortization of intangible assets 1,263 0.03
----- ----
Non-GAAP earnings* $11,102 $0.28
======= =====
Weighted average shares - Diluted 39,813
======
Reconciliation of Full Year 2009 Results
(in thousands, except per share data) $ Per Share
------ ---------
GAAP net income $5,808 $0.15
Intellectual property litigation expenses 4,618 0.12
Reversal of leasehold termination charge (1,997) (0.05)
Acquisition related items 3,826 0.10
----- ----
Earnings excluding certain adjustments 12,255 0.32
Non-cash stock-based compensation 23,793 0.61
Amortization of intangible assets 5,335 0.14
----- ----
Non-GAAP earnings* $41,383 $1.07
======= =====
Weighted average shares - Diluted 38,751
======
* Adjustments to calculate non-GAAP earnings are not tax
effected
Reconciliation of Full Year 2010 Guidance
(Net of Tax, "If Converted" method)
Range for Year Ending
December 31, 2010
-----------------
(in thousands, except per share data) Low High
GAAP earnings per share $1.58 $1.70
Intellectual property litigation
expenses 0.07 0.07
Non-cash stock-based compensation 0.42 0.42
Amortization of intangible assets 0.08 0.08
Reversal of remaining valuation
allowance (1.02) (1.02)
----- -----
Non-GAAP earnings per share $1.13 $1.25
===== =====
Weighted average shares - Diluted 46,000 46,000
Reference Tables
Income Statement Category
Expense Reclassification Prior New
------------------------ ----- ---
Royalty payments SM&A Cost of goods sold
Depreciation of loaned instrument
sets Cost of goods sold SM&A
Intellectual property litigation
expenses R&D SM&A
2010 Tax Adjustments & WASO Guidance (in millions)
--------------------------------------------------
Q1 - Q3 Q4 FY10
------- -- ----
Effective Tax Rate (ETR)* ~ 35% ~ 35% ~ 35%
Reversal of remaining valuation allowance ~ $47.0 ~ $47.0
Weighted average shares - Diluted 41.0 46.0 46.0
* ETR to be used on pre-tax income prior to reversal of remaining
valuation allowance
Full Year 2010 Earnings per Share Bridge
Low Range
EPS
Net of Tax,
Low Range EPS Guidance Tax Valuation "If-
(in thousands, except Pre-Tax Effected Allowance Net of Converted"
per share amounts) EPS EPS [A] Reversal [B] Tax EPS [C]
----- ----- ----- ----- -----
GAAP earnings per
share $0.81 $0.53 $1.15 $1.68 $1.58
Intellectual property
litigation expenses 0.12 0.08 0.08 0.07
Non-cash stock-based
compensation 0.73 0.48 0.48 0.42
Amortization of
intangible assets 0.15 0.09 0.09 0.08
Reversal of remaining
valuation allowance (1.15) (1.02)
----- ----- ----- -----
Non-GAAP earnings per
share $1.81 $1.18 $1.18 $1.13
===== ===== ===== =====
Weighted shares
outstanding -Diluted 41,000 41,000 41,000 41,000 46,000
====== ====== ====== ====== ======
High Range
EPS
Net of Tax,
High Range EPS Guidance Tax Valuation "If-
(in thousands, except Pre-Tax Effected Allowance Net of Converted"
per share amounts) EPS EPS [A] Reversal [B] Tax EPS [C]
----- ----- ----- ----- -----
GAAP earnings per
share $1.01 $0.66 $1.15 $1.81 $1.70
Intellectual property
litigation expenses 0.12 0.08 0.08 0.07
Non-cash stock-based
compensation 0.73 0.48 0.48 0.42
Amortization of
intangible assets 0.15 0.09 0.09 0.08
Reversal of remaining
valuation allowance (1.15) (1.02)
----- ----- ----- -----
Non-GAAP earnings per
share $2.01 $1.31 $1.31 $1.25
===== ===== ===== =====
Weighted shares
outstanding -Diluted 41,000 41,000 41,000 41,000 46,000
====== ====== ====== ====== ======
[A] Effective Tax Rate (ETR) of ~35% to be used on pre-tax income prior
to reversal of remaining valuation allowance
[B] One-time reversal of remaining valuation allowance of ~$47M provided
against Net Operating Loss carryforwards (NOLs) and other tax
attributes
[C] "If-Converted" adjustments include $6.7M add back of convertible debt
interest expense and issuance costs at ~40% ETR and the addition of
5M shares
Conference Call
NuVasive will hold a conference call today at 5:30 p.m. ET / 2:30 p.m. PT to discuss the results. The dial-in numbers are 1-877-407-4018 for domestic callers and 1-201-689-8471 for international callers. A live webcast of the conference call will be available online from the investor relations page of the Company's corporate website at www.nuvasive.com.
After the live webcast, the call will remain available on NuVasive's website, www.nuvasive.com, through March 27, 2010. In addition, a telephonic replay of the call will be available until March 11, 2010. The replay dial-in numbers are 1-877-660-6853 for domestic callers and 1-201-612-7415 for international callers. Please use account number 3055 and conference ID number 343838.
About NuVasive
NuVasive is a medical device company focused on the design, development, and marketing of products for the surgical treatment of spine disorders. The Company's product portfolio is focused primarily on the $5.1 billion U.S. spine implant market. Additionally, the Company has expanded into the $1.7 billion global biologics market, the $1.7 billion international market, and is developing products for the emerging motion preservation market.
NuVasive's principal product offering is based on its Maximum Access Surgery, or MAS® platform. The MAS platform combines four categories of products that collectively minimize soft tissue disruption during spine surgery with maximum visualization and safe, easy reproducibility for the surgeon: NeuroVision®, a proprietary software-driven nerve avoidance system; MaXcess®, a unique split-blade retractor system; a wide variety of specialized implants; and several biologic fusion enhancers. MAS significantly reduces surgery time and returns patients to activities of daily living much faster than conventional approaches. Having redefined spine surgery with the MAS platform's lateral approach, known as eXtreme Lateral Interbody Fusion, or XLIF®, NuVasive has built an entire spine franchise. With over 55 products today spanning lumbar, thoracic and cervical applications, the Company will continue to expand and evolve its offering predicated on its R&D focus and dedication to outstanding service levels supported by a culture of Absolute Responsiveness®.
NuVasive cautions you that statements included in this press release 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. 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 and the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability; the uncertain process of seeking regulatory approval or clearance for NuVasive's products or devices, including risks that such process could be significantly delayed; the possibility that the FDA may require significant changes to NuVasive's products or clinical studies; the risk that products may not perform as intended and may therefore not achieve commercial success; the risk that competitors may develop superior products or may have a greater market position enabling more successful commercialization; the risk that additional clinical data may call into question the benefits of NuVasive's products to patients, hospitals and surgeons; and other risks and uncertainties more fully described in NuVasive's press 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. NuVasive assumes no obligation to update any forward-looking statement to reflect events or circumstances arising after the date on which it was made.
Contact: |
Investors: |
|
Michael J. Lambert |
Patrick F. Williams |
|
EVP & Chief Financial Officer |
Vice President, Finance & Investor Relations |
|
NuVasive, Inc. |
NuVasive, Inc. |
|
858-909-1998 |
858-638-5511 |
|
Media: |
||
Jason Rando |
||
The Ruth Group |
||
646-536-7025 |
||
NuVasive, Inc.
Unaudited Condensed Consolidated Statement of Operations
(in thousands, except per share data)
Three Months Ended Year Ended
December 31, December 31,
------------ ------------
2009 2008 2009 2008
---- ---- ---- ----
Revenue $106,935 $74,566 $370,340 $250,082
Cost of goods sold (excluding
amortization of purchased
technology) 18,002 10,789 61,110 39,008
------ ------ ------ ------
Gross profit 88,933 63,777 309,230 211,074
Operating expenses:
Sales, marketing and
administrative 72,476 52,326 254,997 189,126
Research and development 10,943 6,145 37,581 25,943
In-process research and
development - - - 20,876
Amortization of intangible assets 1,263 1,174 5,335 2,989
----- ----- ----- -----
Total operating expenses 84,682 59,645 297,913 238,934
Interest and other income
(expense), net:
Interest income 189 1,225 1,507 5,599
Interest expense (1,676) (1,755) (7,116) (5,571)
Other income, net 136 98 461 304
--- -- --- ---
Total interest and other income
(expense), net (1,351) (432) (5,148) 332
------ ---- ------ ---
Income (loss) before income taxes 2,900 3,700 6,169 (27,528)
Income tax expense 679 - 1,732 -
--- --- ----- ---
Consolidated net income (loss) $2,221 $3,700 $4,437 $(27,528)
====== ====== ====== ========
Net loss attributable to
noncontrolling interests $(60) $- $(1,371) $-
==== == ======= ==
Net income (loss) attributable to
NuVasive, Inc. $2,281 $3,700 $5,808 $(27,528)
====== ====== ====== ========
Net income (loss) per share
attributable to NuVasive, Inc.:
Basic $0.06 $0.10 $0.16 $(0.77)
===== ===== ===== ======
Diluted $0.06 $0.10 $0.15 $(0.77)
===== ===== ===== ======
Weighted average shares:
Basic 38,645 36,207 37,426 35,807
====== ====== ====== ======
Diluted 39,813 37,744 38,751 35,807
====== ====== ====== ======
Stock-based compensation is
included in operating expenses in
the following categories:
Sales, marketing and
administrative $4,800 $4,296 $19,549 $17,837
Research and development 828 932 4,244 3,110
--- --- ----- -----
$5,628 $5,228 $23,793 $20,947
====== ====== ======= =======
NuVasive, Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
December 31,
--------------
2009 2008
---- ----
ASSETS
Current assets:
Cash and cash equivalents $65,413 $132,318
Short-term marketable securities 99,279 45,738
Accounts receivable, net 58,462 51,622
Inventory 90,191 68,834
Prepaid expenses and other current assets 3,757 3,466
----- -----
Total current assets 317,102 301,978
Property and equipment, net 82,602 73,686
Long-term marketable securities 39,968 45,305
Intangible assets, net 103,338 54,768
Goodwill 102,882 2,331
Other assets 7,872 9,338
----- -----
Total assets $653,764 $487,406
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable and accrued liabilities $26,489 $26,633
Accrued payroll and related expenses 25,535 17,132
Royalties payable 2,334 1,722
Other current liabilities 389 -
--- ---
Total current liabilities 54,747 45,487
Senior convertible notes 230,000 230,000
Long-term acquisition related liabilities 30,694 12,111
Other long-term liabilities 28,472 12,177
Commitments and contingencies
Noncontrolling interests 13,629 -
Stockholders’ equity:
Common stock 39 36
Additional paid-in capital 485,757 383,293
Accumulated other comprehensive income
(loss) 126 (190)
Accumulated deficit (189,700) (195,508)
-------- --------
Total stockholders’ equity 296,222 187,631
------- -------
Total liabilities and stockholders’ equity $653,764 $487,406
======== ========
NuVasive, Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Years Ended December 31,
--------------------------
2009 2008 2007
---- ---- ----
Operating activities:
Consolidated net income (loss) $4,437 $(27,528) $(11,265)
Adjustments to reconcile net
income (loss) to net cash
provided by (used in) operating
activities:
Depreciation and amortization 29,841 23,105 12,952
In-process research and development - 20,876 -
Stock-based compensation 23,793 20,947 13,621
Leasehold abandonment (reversal) (1,997) 4,403 -
Allowance for doubtful accounts
and sales return reserve, net
of write offs 2,211 1,026 189
Allowance for excess and obsolete
inventory 2,297 (836) 514
Other non-cash adjustments 3,359 179 109
Changes in operating assets and
liabilities, net of effects from
acquisitions:
Accounts receivable (8,582) (25,152) (8,725)
Inventory (23,133) (32,451) (18,026)
Prepaid expenses and other
current assets 760 274 349
Accounts payable and accrued
liabilities 5,932 5,098 5,719
Accrued payroll and related
expenses 7,501 5,057 3,676
----- ----- -----
Net cash provided by (used in)
operating activities 46,419 (5,002) (887)
Investing activities:
Cash paid for acquisitions and
investments (46,055) (41,256) (6,970)
Purchases of property and equipment (32,878) (39,795) (24,403)
Purchases of short-term marketable
securities (92,494) (90,150) (75,135)
Sales of short-term marketable
securities 66,447 63,659 129,818
Purchases of long-term marketable
securities (64,784) (69,036) (23,540)
Sales of long-term marketable
securities 41,861 32,267 17,000
Other assets - (304) (2,483)
--- ---- ------
Net cash provided by (used in)
investing activities (127,903) (144,615) 14,287
Financing activities:
Payments of long-term liabilities - (300) (300)
Issuance of convertible debt, net
of costs - 222,442 -
Purchase of convertible note hedges - (45,758) -
Sale of warrants - 31,786 -
Tax benefits related to stock based
compensation awards 1,902 - -
Issuance of common stock 12,556 11,850 7,339
------ ------ -----
Net cash provided by financing
activities 14,458 220,020 7,039
Effect of exchange rate changes on
cash 121 - -
--- --- ---
(Decrease) increase in cash and
cash equivalents (66,905) 70,403 20,439
Cash and cash equivalents at
beginning of year 132,318 61,915 41,476
------- ------ ------
Cash and cash equivalents at end
of year $65,413 $132,318 $61,915
======= ======== =======
NuVasive, Inc.
Unaudited Condensed Consolidated Statement of Operations
(in thousands, except per share data)
2009
---------------------------------------
Q1 Q2 Q3 Q4 FY
---------------------------------------
Revenue $80,008 $88,481 $94,916 $106,935 $370,340
Cost of goods sold
(excluding amortization
of purchased technology) 12,999 14,235 15,874 18,002 61,110
------ ------ ------ ------ ------
Gross profit 67,009 74,246 79,042 88,933 309,230
Operating expenses:
Sales, marketing and
administrative 60,527 60,274 61,720 72,476 254,997
Research and development 8,586 8,178 9,874 10,943 37,581
In-process research and
development - - - - -
Amortization of
intangible assets 1,336 1,372 1,364 1,263 5,335
----- ----- ----- ----- -----
Total operating expenses 70,449 69,824 72,958 84,682 297,913
Interest and other income
(expense), net:
Interest income 732 383 203 189 1,507
Interest expense (1,771) (2,060) (1,609) (1,676) (7,116)
Other income, net 44 93 188 136 461
-- -- --- --- ---
Total interest and other
income (expense), net (995) (1,584) (1,218) (1,351) (5,148)
---- ------ ------ ------ ------
Income (loss) before
income taxes (4,435) 2,838 4,866 2,900 6,169
Income tax expense 97 526 430 679 1,732
-- --- --- --- -----
Consolidated net income
(loss) $(4,532) $2,312 $4,436 $2,221 $4,437
======= ====== ====== ====== ======
Net loss attributable to
noncontrolling interests $(230) $(453) $(628) $(60) $(1,371)
===== ===== ===== ==== =======
Net income (loss)
attributable to
NuVasive, Inc. $(4,302) $2,765 $5,064 $2,281 $5,808
======= ====== ====== ====== ======
Net income (loss) per share
attributable to NuVasive,
Inc.:
Basic $(0.12) $0.07 $0.13 $0.06 $0.16
====== ===== ===== ===== =====
Diluted $(0.12) $0.07 $0.13 $0.06 $0.15
====== ===== ===== ===== =====
Weighted average shares:
Basic 36,365 36,910 37,733 38,645 37,426
====== ====== ====== ====== ======
Diluted 36,365 38,301 39,216 39,813 38,751
====== ====== ====== ====== ======
Stock-based compensation is
included in operating
expenses in the following
categories:
Sales, marketing and
administrative $5,241 $5,243 $4,265 $4,800 $19,549
Research and development 1,441 1,074 901 828 4,244
----- ----- --- --- -----
$6,682 $6,317 $5,166 $5,628 $23,793
====== ====== ====== ====== =======
2008
---------------------------------------
Q1 Q2 Q3 Q4 FY
---------------------------------------
Revenue $51,184 $57,417 $66,915 $74,566 $250,082
Cost of goods sold
(excluding amortization
of purchased technology) 8,267 8,697 11,255 10,789 39,008
----- ----- ------ ------ ------
Gross profit 42,917 48,720 55,660 63,777 211,074
Operating expenses:
Sales, marketing and
administrative 39,728 42,506 54,566 52,326 189,126
Research and development 6,976 6,426 6,396 6,145 25,943
In-process research and
development 4,176 - 16,700 - 20,876
Amortization of
intangible assets 417 467 931 1,174 2,989
--- --- --- ----- -----
Total operating expenses 51,297 49,399 78,593 59,645 238,934
Interest and other income
(expense), net:
Interest income 1,137 1,777 1,460 1,225 5,599
Interest expense (434) (1,663) (1,719) (1,755) (5,571)
Other income, net 23 70 113 98 304
-- -- --- -- ---
Total interest and other
income (expense), net 726 184 (146) (432) 332
--- --- ---- ---- ---
Income (loss) before
income taxes (7,654) (495) (23,079) 3,700 (27,528)
Income tax expense - - - - -
--- --- --- --- ---
Consolidated net income
(loss) $(7,654) $(495) $(23,079) $3,700 $(27,528)
======= ===== ======== ====== ========
Net loss attributable to
noncontrolling interests $- $- $- $- $-
== == == == ==
Net income (loss)
attributable to
NuVasive, Inc. $(7,654) $(495) $(23,079) $3,700 $(27,528)
======= ===== ======== ====== ========
Net income (loss) per share
attributable to NuVasive,
Inc.:
Basic $(0.22) $(0.01) $(0.64) $0.10 $(0.77)
====== ====== ====== ===== ======
Diluted $(0.22) $(0.01) $(0.64) $0.10 $(0.77)
====== ====== ====== ===== ======
Weighted average shares:
Basic 35,411 35,663 35,931 36,207 35,807
====== ====== ====== ====== ======
Diluted 35,411 35,663 35,931 37,744 35,807
====== ====== ====== ====== ======
Stock-based compensation is
included in operating
expenses in the following
categories:
Sales, marketing and
administrative $4,504 $4,538 $4,499 $4,296 $17,837
Research and development 646 610 922 932 3,110
--- --- --- --- -----
$5,150 $5,148 $5,421 $5,228 $20,947
====== ====== ====== ====== =======
SOURCE NuVasive, Inc.
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