NUVASIVE INC

nuvasive.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 2, 2023. Its latest SEC filing is a 15-12G from Sep 11, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Sells spinal implants and integrated surgical systems and services for spine surgery to surgeons and hospitals.

How Did They Make Money?

Customers pay for spinal implants, fixation products and disposables when they are used in surgery or shipped. Intraoperative monitoring services are paid for when performed.

revenue

Segment	Share	Revenue	How money arrives
Spinal Hardware Sold outright	76% FY2019: 73%		Sold outright
Surgical Support Sold outright	24% FY2019: 27%		Sold outright

Who Were Their Customers?

Surgeons and hospitals are customers. In the U.S., sales go through directly employed and independent sales representatives; international sales also use distributors.

Did Revenues Turn Into Profits?

Yes. It kept 3 cents of every revenue dollar as net income in FY2022 and turned 2 cents into free cash flow.

Operating income, FY2022

7% of revenue

▲ Now profitable vs FY2021 (−$12M, −1%)

Net income, FY2022

3% of revenue

▲ Now profitable vs FY2021 (−$64.1M, −6%)

Free cash flow, FY2022

2% of revenue

▼ −58% vs FY2021 ($71.1M, 6%)

How Were They Changing?

Since the FY2022 annual report

Latest quarter: Q2 FY2023, the three months to Jun 30, 2023

Revenue: ▲ +2%; vs $310.5M in Q2 FY2022
Net income: ▲ Now profitable; vs −$893K in Q2 FY2022

Spinal Hardware share of revenue vs 75.0% in Q2 FY2022

Sep 1, 2023 Globus Medical completed its merger with NuVasive Each share of NuVasive common stock converted into 0.75 shares of Globus Medical Class A common stock.
Aug 2, 2023 Maintained 2023 net sales growth guidance of 6%–8% The company continued to expect full-year net sales growth of 6%–8%.

Grew. Revenue grew 9% in 4 years, from $1.1B in FY2018 to $1.2B in FY2022, about 2% a year.

Cervical disc replacement added The portfolio expands beyond fusion procedures to include motion-preserving cervical artificial discs, adding a disc-replacement option alongside its fusion products.

Broader U.S. sales channels In the U.S., the sales model extends from directly employed representatives and exclusive agents to also include non-exclusive independent representatives.

Revenue over time

Spinal Hardware Surgical Support

$2B$1B$0

FY2018 FY2019 FY2020 FY2021 FY2022

Who Did They Compete With?

Competes with Medtronic, Johnson & Johnson, Stryker, Globus Medical, ZimVie, Orthofix Medical, Alphatec Holdings, SpecialtyCare, and Smith & Nephew

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