NuVasive Results Top Estimates

(RTTNews) - NuVasive Inc (NUVA), a medical device maker focused on spine surgery, on Monday reported first-quarter net earnings of $31.6 million or $0.61 per share compared with a loss of $18.3 million or $0.40 per share last year.

Results for the quarter included, among other items, a net gain from changes in litigation liabilities of $42.6 million, the company said.

Excluding items, NuVasive posted adjusted earnings of $0.30 per share compared with earnings of $0.18 per share a year ago.

NuVasive's sales for the quarter rose 8.4% to $192.4 million from $177.5 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.22 per share on revenues of $189.3 million for the quarter. Analysts' estimates typically exclude special items.

Operating margin rose to 76.3% from 75.6% a year ago.

For the full year 2015, the company now expects net earnings of $1.12 per share, up from prior guidance of $0.67 per share. It continues to expect adjusted earnings of $1.10 per share and sales of about $810 million. Currency headwinds are now expected to be $12 million compared with prior guidance of $10 million.

Analysts expect earnings of $1.11 per share on revenues of $811 million for the year.