NuVasive Announces Second Quarter 2021 Financial Results

-- Net sales increase driven by recovery across all procedural segments and continued strong international growth --

-- Pulse platform clinical evaluations underway in Europe following latest CE certification --

-- Company provides full-year 2021 financial guidance --

News provided by

NuVasive, Inc.

Jul 28, 2021, 16:10 ET

SAN DIEGO, July 28, 2021 /PRNewswire/ -- NuVasive, Inc. (NASDAQ: NUVA), the leader in spine technology innovation, focused on transforming spine surgery with minimally disruptive, procedurally integrated solutions, today announced financial results for the quarter ended June 30, 2021.

Second Quarter 2021 Highlights

  • Net sales increased 44.8% to $294.8 million, or 43.3% on a constant currency basis;
  • GAAP operating margin of 3.6%; Non-GAAP operating margin of 13.9%; and
  • GAAP diluted earnings per share of $0.03; Non-GAAP diluted earnings per share of $0.60.

"NuVasive continued to see the spine market stabilize throughout the second quarter, providing us the opportunity to help more surgeons and patients around the globe. Our continued investments in the cervical and anterior procedural segments and our international commercial organization are advancing both our near- and long-term growth strategy," said J. Christopher Barry, chief executive officer of NuVasive. "Following our latest CE certification, the Pulse platform clinical evaluations and surgeon feedback have exceeded our expectations. The ability for multiple technologies to be utilized in a single, integrated platform enables surgeons to increase surgical reproducibility—a pivotal step in how NuVasive is transforming spine surgery."

A full reconciliation of GAAP to non-GAAP financial measures can be found in the tables of this news release.

Second Quarter 2021 Results
NuVasive reported second quarter 2021 total net sales of $294.8 million, a 44.8% increase compared to $203.6 million for the second quarter 2020. On a constant currency basis, second quarter 2021 total net sales increased 43.3% compared to the same period last year. The net sales results were due to recovery from the COVID-19 pandemic across all procedural segments and continued strong international growth.

For the second quarter 2021, GAAP gross profit was $216.5 million or $217.1 million on a non-GAAP basis, compared to GAAP and non-GAAP gross profit of $123.1 million in the prior year period. GAAP gross margin was 73.4% or 73.6% on a non-GAAP basis, compared to GAAP and non-GAAP gross margin of 60.5% in the prior year period. GAAP and non-GAAP gross profit improvement was primarily driven by incremental inventory reserves taken in the second quarter of 2020 resulting from pandemic-related impacts.

For the second quarter 2021, GAAP net income was $1.8 million or diluted earnings per share of $0.03, compared to GAAP net loss of $50.0 million or diluted loss per share of $0.98 in the prior year period. Non-GAAP net income was $31.2 million or diluted earnings per share of $0.60, compared to non-GAAP net loss of $20.4 million or diluted loss per share of $0.40 in the prior year period.

Cash, cash equivalents, and investments were $204.1 million as of June 30, 2021. In April 2021, the Simplify® Cervical Disc received approval from the U.S. Food and Drug Administration for two-level cervical total disc replacement, resulting in the payment of $45.8 million for the achievement of this regulatory milestone.

2021 Financial Guidance
Today, NuVasive announced full-year 2021 financial guidance. Please see our Reconciliation of Non-GAAP Financial Guidance included in this release for a reconciliation of the GAAP and non-GAAP financial measures. For full-year 2021, the Company expects:

  • Net sales in the range of $1.19 billion to $1.21 billion;
  • Non-GAAP operating margin in the range of 14.4% to 14.9%; and
  • Non-GAAP diluted earnings per share in the range of $2.25 to $2.35.

Supplementary Financial Information
For additional financial detail, please visit the Investor Relations section of the Company's website at www.nuvasive.com to access Supplementary Financial Information.

Reconciliation of GAAP to Non-GAAP Information
Management uses certain non-GAAP financial measures such as non-GAAP gross profit, non-GAAP gross margin, non-GAAP operating expenses, non-GAAP operating margin, non-GAAP net income (loss), and non-GAAP diluted earnings (loss) per share. These non-GAAP financial measures exclude amortization of intangible assets, business transition costs, purchased in-process research and development, one-time restructuring, non-cash purchase accounting adjustments, certain foreign currency impacts and related items in connection with acquisitions, investments and divestitures, certain litigation expenses and settlements, certain European medical device regulation costs, gains and losses from strategic investments, gains and losses from changes in fair value of derivatives, non-cash interest expense (excluding debt issuance cost) and other significant one-time items. Management also uses certain non-GAAP measures which are intended to exclude the impact of foreign exchange currency fluctuations. The measure constant currency utilizes an exchange rate that eliminates fluctuations when calculating financial performance numbers. The Company also uses measures such as free cash flow, which represents cash flow from operations less cash used in the acquisition and disposition of capital. Additionally, the Company uses an adjusted EBITDA measure which represents earnings before interest, taxes, depreciation and amortization and excludes the impact of stock-based compensation, business transition costs, purchased in-process research and development, one-time restructuring, non-cash purchase accounting adjustments, certain foreign currency impacts and related items in connection with acquisitions, investments and divestitures, certain litigation expenses and settlements, certain European medical device regulation costs, gains and losses on strategic investments, gains and losses from changes in fair value of derivatives and other significant one-time items.

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 further and more consistently analyze the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional 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.

For the Three Months Ended June 30, 2021

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited - in thousands, except per share data)








Gross Profit

Operating
Profit

Net Income

Diluted
EPS

Diluted
WASO7

Net Income to
Adjusted EBITDA

Reported GAAP

$        216,548

$          10,746

$            1,799

$         0.03

52,211

$                        1,799

% of net sales

73.4%

3.6%



Non-cash purchase accounting adjustments on acquisitions1

556

556

556

556

Amortization of intangible assets

15,088

15,088


Litigation related expenses and settlements2

1,287

1,287

1,287

Business transition costs3

11,553

11,553

11,553

European medical device regulation4

1,689

1,689

1,689

Net gain on strategic investments

(2,101)

(2,101)

Non-cash acquisition-related foreign currency impacts5

3,545

3,545

Tax effect of adjustments6

(2,243)


Interest expense/(income), net




4,379

Income tax expense




5,837

Depreciation and amortization




37,522

Non-cash stock-based compensation




5,298

Adjusted Non-GAAP

$        217,104

$          40,919

$          31,173

$         0.60

52,211

$                      71,364

% of net sales

73.6%

13.9%


24.2%


1

Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized
over the period in which underlying products are sold.

2

Represents expenses associated with certain ongoing litigation matters, including infringement of the Company's intellectual property.

3

Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party merger and
acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities.

4

Represents costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with European medical device regulation.

5

Represents non-cash adjustments to acquisition-related intercompany balances and contingent consideration liabilities held in a foreign currency.

6

Represents the impact from tax effecting the adjustments above at their statutory tax rate.

7

Adjusted non-GAAP diluted WASO excludes the impact of dilutive convertible notes for which the Company is economically hedged through its anti-dilutive
bond hedge arrangements.

For the Six Months Ended June 30, 2021

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited - in thousands, except per share data)








Gross Profit

Operating
Profit

Net (Loss)
Income

Diluted
EPS

Diluted
WASO7

Net (Loss) to
Adjusted EBITDA

Reported GAAP

$        415,986

$          23,085

$          (5,711)

$        (0.11)

51,473

$                      (5,711)

% of net sales

73.5%

4.1%



Non-cash purchase accounting adjustments on acquisitions1

742

742

742

742

Amortization of intangible assets

28,425

28,425


Litigation related expenses and settlements2

3,248

3,248

3,248

Business transition costs3

17,137

17,137

17,137

European medical device regulation4

3,564

3,564

3,564

Net gain on strategic investments

(2,101)

(2,101)

Non-cash acquisition-related foreign currency impacts5

13,393

13,393

Tax effect of adjustments6

(8,494)


Interest expense/(income), net




12,322

Income tax expense




5,217

Depreciation and amortization




73,954

Non-cash stock-based compensation




13,007

Adjusted Non-GAAP

$        416,728

$          76,201

$          50,203

$         0.96

52,140

$                    134,772

% of net sales

73.6%

13.5%


23.8%


1

Represents costs associated with non-cash purchase accounting adjustments, such as acquired inventory fair market value adjustments, which are amortized
over the period in which underlying products are sold.

2

Represents expenses associated with certain ongoing litigation matters, including infringement of the Company's intellectual property.

3

Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party
merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities.

4

Represents costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with European medical
device regulation.

5

Represents non-cash adjustments to acquisition-related intercompany balances and contingent consideration liabilities held in a foreign currency.

6

Represents the impact from tax effecting the adjustments above at their statutory tax rate.

7

Adjusted non-GAAP diluted WASO excludes the impact of dilutive convertible notes for which the Company is economically hedged through its anti-dilutive
bond hedge arrangements.

For the Three Months Ended June 30, 2020

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited - in thousands, except per share data)








Gross Profit

Operating
(Loss)

Net (Loss)

Diluted
EPS

Diluted
WASO7

Net (Loss) to
Adjusted EBITDA

Reported GAAP

$        123,107

$        (37,303)

$        (50,015)

$        (0.98)

51,224

$                    (50,015)

% of net sales

60.5%

(18.3%)



Amortization of intangible assets

12,675

12,675


Litigation related expenses and settlements1

1,187

1,187

1,187

Business transition costs2

874

874

874

Purchase of in-process research and development3

1,011

1,011

1,011

European medical device regulation4

1,683

1,683

1,683

Non-cash interest expense on convertible notes

9,615


Net loss recognized on change in fair value of derivatives5

12,301

12,301

Tax effect of adjustments6

(9,697)


Interest expense/(income), net




16,220

Income tax benefit




(15,170)

Depreciation and amortization




35,166

Non-cash stock-based compensation




5,037

Adjusted Non-GAAP

$        123,107

$        (19,873)

$        (20,366)

$        (0.40)

51,224

$                        8,294

% of net sales

60.5%

(9.8%)


4.1%


1

Represents expenses associated with certain ongoing litigation matters, including infringement of the Company's intellectual property.

2

Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party
merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities.

3

Purchase of an in-process research and development asset which had no future alternative use.

4

Represents costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with European medical
device regulation.

5

Represents the net change in fair value of the Company's derivative asset and liability associated with the 2023 Notes.

6

Represents the impact from tax effecting the adjustments above at their statutory tax rate.

7

Adjusted non-GAAP diluted WASO excludes the impact of dilutive convertible notes for which the Company is economically hedged through its anti-dilutive
bond hedge arrangements.

For the Six Months Ended June 30, 2020

Reconciliation of GAAP to Non-GAAP Financial Measures

(Unaudited - in thousands, except per share data)








Gross Profit

Operating
(Loss) Profit

Net (Loss)
Income

Diluted
EPS

Diluted
WASO7

Net (Loss) to
Adjusted EBITDA

Reported GAAP

$        311,123

$          (8,984)

$        (44,717)

$        (0.87)

51,531

$                    (44,717)

% of net sales

67.1%

(1.9%)



Amortization of intangible assets

25,324

25,324


Litigation related expenses and settlements1

4,290

4,290

4,290

Business transition costs2

(566)

(566)

(566)

Purchase of in-process research and development3

1,011

1,011

1,011

European medical device regulation4

2,930

2,930

2,930

Non-cash interest expense on convertible notes

15,339


Net loss on strategic investments

1,411

1,411

Net loss recognized on change in fair value of derivatives5

12,301

12,301

Tax effect of adjustments6

(12,259)


Interest expense/(income), net




27,006

Income tax benefit




(10,343)

Depreciation and amortization




70,138

Non-cash stock-based compensation




2,179

Adjusted Non-GAAP

$        311,123

$          24,005

$            5,064

$         0.10

52,148

$                      65,640

% of net sales

67.1%

5.2%


14.2%


1

Represents expenses associated with certain ongoing litigation matters, including infringement of the Company's intellectual property.

2

Costs related to acquisition, integration and business transition activities which include severance, relocation, consulting, leasehold exit costs, third party
merger and acquisitions costs, contingent consideration fair value adjustments, and other costs directly associated with such activities.

3

Purchase of an in-process research and development asset which had no future alternative use.

4

Represents costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply with European medical
device regulation.

5

Represents the net change in fair value of the Company's derivative asset and liability associated with the 2023 Notes.

6

Represents the impact from tax effecting the adjustments above at their statutory tax rate.

7

Adjusted non-GAAP diluted WASO excludes the impact of dilutive convertible notes for which the Company is economically hedged through its anti-dilutive
bond hedge arrangements.

Full-Year 2021 Financial Guidance

Reconciliation of GAAP to Non-GAAP EPS










2020 Actuals 1

2021 Guidance Range  1, 2


GAAP diluted earnings (loss) per share

$                (0.72)

 $                       0.54 - 0.64 


Impact of change to diluted share count 3

0.01

 0.00 - 0.05 


Amortization of intangible assets

0.99

 1.09 - 1.14 


Non-cash interest expense on convertible notes 4

0.79

-


European medical device regulation5

0.15

 0.17 - 0.22 


Other 6

0.60

 0.72 - 0.77 


Tax effect of adjustments 7

(0.59)

 (0.33) - (0.38) 


Non-GAAP diluted earnings per share

$                  1.23

 $                       2.25- 2.35 



1

Data has been intentionally rounded and may not sum.

2

Guidance reflects the range provided July 28, 2021.

3

Adjusted non-GAAP diluted WASO excludes the impact of dilutive convertible notes for which the Company is economically hedged
through its anti-dilutive bond hedge arrangements.

4

Discontinuation of debt discount accretion for our Senior Convertible Notes resulting from adopting ASU 2020-06 on January 1, 2021.

5

Represents costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply
with European medical device regulation.

6

Include costs primarily associated with litigation related expenses and settlements, non-cash acquisition-related foreign currency
impacts, net loss recognized on change in fair value of derivatives and business transition costs. See Reconciliation of GAAP to Non-
GAAP Financial Measures tables within respective earnings releases for further detail.

7

Represents the impact from tax effecting the adjustments above at their statutory tax rate.

Full-Year 2021 Financial Guidance

Reconciliation of GAAP to non-GAAP Operating Margin %









2020 Actuals 1

2021 Guidance Range 1, 2

GAAP Operating Margin %

3.7%

6.5% - 7.0%

Amortization of intangible assets

4.9%

4.7% - 4.9%

European medical device regulation3

0.7%

0.7% - 0.9%

Other 4

1.8%

2.2% - 2.4%

Non-GAAP Operating Margin %

11.1%

14.4% - 14.9%


1

Data has been intentionally rounded and may not sum.

2

Guidance reflects the range provided July 28, 2021.

3

Represents costs specific to updating our quality system, product labeling, asset write-offs and product remanufacturing to comply
with European medical device regulation.

4

Include costs primarily associated with litigation related expenses and settlements, purchase of in-process research and
development, and business transition costs. See Reconciliation of GAAP to Non-GAAP Financial Measures tables within respective
earnings releases for further detail.

Investor Conference Call
NuVasive will hold a conference call today at 4:30 p.m. ET / 1:30 p.m. PT to discuss the results of its financial performance for the second quarter 2021. The dial-in numbers are 1-877-407-9039 for domestic callers and 1-201-689-8470 for international callers. A live webcast of the conference call will be available online from the Investor Relations page of the Company's website at www.nuvasive.com. After the live event, the webcast will remain available on NuVasive's website for 30 days. In addition, an audio replay of the call will be available until August 4, 2021. The replay dial-in numbers are 1-844-512-2921 for domestic callers and 1-412-317-6671 for international callers. Please use pin number: 13720558.

About NuVasive
NuVasive, Inc. (NASDAQ: NUVA) is the leader in spine technology innovation, with a mission to transform surgery, advance care, and change lives. The Company's less-invasive, procedurally integrated surgical solutions are designed to deliver reproducible and clinically proven outcomes. The Company's comprehensive procedural portfolio includes surgical access instruments, spinal implants, fixation systems, biologics, software for surgical planning, navigation and imaging solutions, magnetically adjustable implant systems for spine and orthopedics, and intraoperative neuromonitoring technology and service offerings. With more than $1 billion in net sales, NuVasive has approximately 2,700 employees and operates in more than 50 countries serving surgeons, hospitals, and patients. For more information, please visit www.nuvasive.com.

Forward-Looking Statements
NuVasive cautions you that statements included in this news release or made on the investor conference call referenced herein 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. In addition, this news release contains selected financial results from the second quarter 2021, as well as projections for 2021 financial guidance and longer-term financial performance goals. The Company's results for the second quarter 2021 are prior to the completion of review and audit procedures by the Company's external auditors and are subject to adjustment. In addition, the Company's projections for 2021 financial guidance and longer-term financial performance goals represent initial estimates, and are subject to the risk of being inaccurate because of the preliminary nature of the forecasts, the risk of further adjustment, or unanticipated difficulty in selling products or generating expected profitability. The potential risks and uncertainties which contribute to the uncertain nature of these statements include, among others, the impact of the COVID-19 pandemic on the Company's business and financial results; the Company's ability to maintain operations to support its customers and patients in the near-term and to capitalize on future growth opportunities; risks associated with acceptance of the Company's surgical products and procedures by spine surgeons and hospitals, development and acceptance of new products or product enhancements, clinical and statistical verification of the benefits achieved via the use of NuVasive's products, the Company's ability to adequately manage inventory as it continues to release new products, its ability to recruit and retain management and key personnel, and the other risks and uncertainties more fully described in the Company's news 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.

NuVasive, Inc. 

Consolidated Statements of Operations 

(in thousands, except per share data)











Three Months Ended June 30,

Six Months Ended June 30,

(unaudited)

2021

2020

2021

2020

Net sales:







Products

$            266,763

$            183,664

$            512,214

$            418,351

Services

28,065

19,948

53,863

45,142

Total net sales

294,828

203,612

566,077

463,493

Cost of sales (excluding below amortization of intangible assets):







Products

58,584

64,373

111,886

116,018

Services

19,696

16,132

38,205

36,352

Total cost of sales

78,280

80,505

150,091

152,370

Gross profit

216,548

123,107

415,986

311,123

Operating expenses:







Selling, general and administrative

157,397

126,444

303,351

256,675

Research and development

21,764

19,406

43,988

37,663

Amortization of intangible assets

15,088

12,675

28,425

25,324

Purchase of in-process research and development

—

1,011

—

1,011

Business transition costs

11,553

874

17,137

(566)

Total operating expenses

205,802

160,410

392,901

320,107

Interest and other expense, net:







Interest income

9

304

96

1,035

Interest expense

(4,388)

(16,524)

(12,418)

(28,041)

Other income (expense), net

1,269

(11,662)

(11,257)

(19,070)

Total interest and other expense, net

(3,110)

(27,882)

(23,579)

(46,076)

Income (loss) before income taxes

7,636

(65,185)

(494)

(55,060)

Income tax (expense) benefit

(5,837)

15,170

(5,217)

10,343

Consolidated net income (loss) 

$                1,799

$            (50,015)

$              (5,711)

$            (44,717)









Net income (loss) per share:







Basic

$                  0.03

$                (0.98)

$                (0.11)

$                (0.87)

Diluted

$                  0.03

$                (0.98)

$                (0.11)

$                (0.87)

Weighted average shares outstanding:







Basic

51,567

51,224

51,473

51,531

Diluted

52,211

51,224

51,473

51,531

NuVasive, Inc. 

Consolidated Balance Sheets 

(in thousands, except par value data) 







June 30, 2021

December 31, 2020

ASSETS

(Unaudited)

Current assets:



Cash and cash equivalents

$             204,138

$             856,869

Short-term marketable securities

—

173,145

Accounts receivable, net of allowances of $20,881 and $20,631, respectively

216,915

207,071

Inventory, net

319,734

300,623

Prepaid income taxes

3,990

4,727

Prepaid expenses and other current assets

20,971

19,749

Total current assets

765,748

1,562,184

Property and equipment, net

295,779

286,369

Intangible assets, net

278,097

152,264

Goodwill

636,727

559,553

Operating lease right-of-use assets

105,983

102,270

Deferred tax assets

46,699

15,755

Restricted cash and investments

1,494

1,494

Other assets

15,946

13,193

Total assets

$          2,146,473

$          2,693,082

LIABILITIES AND EQUITY



Current liabilities:



Accounts payable and accrued liabilities

$             110,702

$             110,401

Contingent consideration liabilities

7,404

7,289

Accrued payroll and related expenses

64,902

63,421

Operating lease liabilities

9,404

7,875

Income tax liabilities

1,320

2,073

Senior convertible notes

—

645,303

Total current liabilities

193,732

836,362

Long-term senior convertible notes

881,381

766,226

Deferred tax liabilities

2,798

2,807

Operating lease liabilities

114,490

111,634

Contingent consideration liabilities

92,966

29,752

Other long-term liabilities

20,205

22,686

Commitments and contingencies



Redeemable equity component of senior convertible notes

—

4,697

Stockholders' equity:



Preferred stock, $0.001 par value; 5,000 shares authorized, none outstanding

—

—

Common stock, $0.001 par value; 150,000 shares authorized at June 30, 2021 and December 31, 2020; 58,332 shares issued and 51,665 outstanding at June 30, 2021; 57,945 shares issued and 51,376 outstanding at December 31, 2020

62

62

Additional paid-in capital

1,420,277

1,550,001

Accumulated other comprehensive loss

(7,622)

(7,585)

Retained earnings

104,083

45,322

Treasury stock at cost; 6,667 shares and 6,569 shares at June 30, 2021 and December 31, 2020, respectively

(675,899)

(668,882)

Total equity

840,901

918,918

Total liabilities and equity

$          2,146,473

$          2,693,082

NuVasive, Inc. 

Consolidated Statements of Cash Flows 

(in thousands) 







Six Months Ended June 30,

(unaudited)

2021

2020

Operating activities:



Consolidated net loss

$               (5,711)

$             (44,717)

Adjustments to reconcile net loss to net cash provided by operating activities:



Depreciation and amortization

73,954

70,138

Amortization of non-cash interest

4,721

18,573

Stock-based compensation

13,007

2,235

Reserves on current assets

8,716

33,148

Purchase of in-process research and development

—

1,011

Net (gain) loss on strategic investments

(2,101)

1,411

Net loss on change in fair value of derivatives

—

12,301

Net loss from foreign currency adjustments

13,402

5,255

Other non-cash adjustments

13,206

2,431

Deferred income taxes

(2,942)

(5,712)

Changes in operating assets and liabilities, net of effects from acquisitions:



Accounts receivable

(11,541)

25,132

Inventory

(20,442)

(32,997)

Prepaid expenses and other current assets

(1,589)

(2,727)

Accounts payable and accrued liabilities

(5,244)

1,319

Accrued payroll and related expenses

1,902

(44,388)

Income taxes

58

(9,306)

Net cash provided by operating activities

79,396

33,107

Investing activities:



Acquisition of Simplify Medical, net of cash acquired

(149,463)

—

Payment of contingent consideration for Simplify Medical

(45,850)

—

Acquisitions and investments

(500)

—

Purchases of intangible assets

(1,200)

(2,490)

Purchases of property and equipment

(53,483)

(52,065)

Purchases of marketable securities

—

(130,096)

Proceeds from sales of marketable securities

127,023

—

Proceeds from maturities of marketable securities

46,000

—

Other investing activities

180

—

Net cash used in investing activities

(77,293)

(184,651)

Financing activities:



Proceeds from the issuance of common stock

3,803

3,871

Purchases of treasury stock

(6,964)

(79,026)

Payment of contingent consideration

(3)

(7,053)

Proceeds from issuance of convertible debt, net of issuance costs

—

874,404

Proceeds from sale of warrants

—

93,915

Purchases of convertible note hedges

—

(147,825)

Payments upon settlement of senior convertible notes

(649,426)

—

Other financing activities

(671)

(2,307)

Net cash (used in) provided by financing activities

(653,261)

735,979

Effect of exchange rate changes on cash

(1,573)

(696)

(Decrease) increase in cash, cash equivalents and restricted cash

(652,731)

583,739

Cash, cash equivalents and restricted cash at beginning of period

858,363

214,528

Cash, cash equivalents and restricted cash at end of period

$             205,632

$             798,267

SOURCE NuVasive, Inc.

Related Links

http://www.nuvasive.com

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