NuVasive Stock Climbs After Strong Q3 ResultsThursday, October 31, 2013
San Diego-based NuVasive Inc.’s stock reached a 52-week high, closing day trading Oct. 30 at $31.40 — a 22 percent increase — following reports of strong third quarter earnings.
The medical device maker posted sales of $169.2 million for the three months ended Sept. 30 — a 14 percent increase over the $148.4 million for the third quarter of 2012.
For the nine months ended Sept. 30, the company posted revenue of $494 million, up from $454 million reported in the same time period a year previous.
The company posted third quarter profit of $7.5 million.
Jefferies LLC boosted its price target for the company after taking note of its earnings, increasing it from $30 to $35 per share.
The company is increasing its 2013 revenue projections from $655 million to $670 million, CEO Alex Lukianov said in an investor call.
— SDBJ Staff Report