8-K
filed May 10, 2023, 7:59 PM ET
CIK 0001142596
earnings
confidence high
sentiment neutral
materiality 0.70
NUVASIVE INC: debt financing — NuVasive Q1 net sales $307.7M (+5.8% YoY) posts GAAP loss; reaffirms FY guidance
NUVASIVE INC
2023-Q1 EPS reported
-$0.02
revenue$307,711,000
- Q1 net sales $307.7M, +5.8% as reported, +7.7% constant currency; U.S. cervical growth >20% sixth straight quarter.
- GAAP net loss $1.0M ($0.02 diluted loss per share); non-GAAP net income $24.8M, $0.47 EPS vs $0.54 prior year.
- Full-year 2023 net sales growth guidance reaffirmed at 6%-8% as reported and constant currency.
- Amended credit agreement from LIBOR to SOFR; intends to draw $550M facility to repay $450M convertible notes due June 2023.
- CAO Marc Rosenbaum resigns effective May 19; CFO Matthew Harbaugh will assume CAO duties.
Key facts
Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
NUVASIVE INC amended credit facility of up to $550.0 million with Bank of America, N.A., as administrative agent at replacement of LIBOR-based rates with a SOFR-based rate (including a customary s.
- Instrument
- credit facility
- Principal
- up to $550.0 million
- Counterparty
- Bank of America, N.A., as administrative agent
- Rate
- replacement of LIBOR-based rates with a SOFR-based rate (including a customary s
- Event
- amendment
Exact text from the filing
senior credit facility (the “Facility”). The Facility provides for secured revolving loans, multicurrency loan options and letters of credit in an aggregate amount of up to $550.0 million. The modifications to the Existing Credit Agreement pursuant to Amendment No. 2 to Credit Agreement provides for the replacement of LIBOR-based rates with a SOFR-based rate
View on SEC.gov
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
NUVASIVE INC reported the quarter ended March 31, 2023 results: revenue $307.7 million, net income ($1.0) million, EPS ($0.02). Guidance reaffirmed.
- Period
- the quarter ended March 31, 2023
- Revenue
- $307.7 million
- Net income
- ($1.0) million
- EPS
- ($0.02)
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
NuVasive reported first quarter 2023 total net sales of $307.7 million, a 5.8% increase as reported and a 7.7% increase on a constant currency basis, compared to $290.8 million in the prior year period. First quarter 2023 total net sales were primarily driven by further adoption of new products and higher procedural volumes in the U.S. For the first quarter of 2023, GAAP gross profit was $221.3 million, compared to $211.7 million in the prior year period. GAAP gross margin was 71.9%, compared to 72.8% in the prior year period. On a non-GAAP basis, gross profit was $221.3 million, compared to $212.2 million in the prior year period. Non-GAAP gross margin was 71.9%, compared to 73.0% in the prior year period. The Company reported GAAP net loss of ($1.0) million, or diluted loss per share of ($0.02), compared to GAAP net income of $19.2 million, or diluted earnings per share of $0.35 in the prior year period.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Marc Rosenbaum resigned as Vice President, Corporate Controller and Chief Accounting Officer at NUVASIVE INC.
- Action
- resigned
- Role
- Vice President, Corporate Controller and Chief Accounting Officer
Exact text from the filing
On May 8, 2023, Marc Rosenbaum notified the Board of Directors of the Company of his decision to resign from his position as Vice President, Corporate Controller and Chief Accounting Officer.
View on SEC.gov
Executive change
SEC 8-K Item 5.02
confidence 1.0
Matthew Harbaugh changed role as Executive Vice President and Chief Financial Officer at NUVASIVE INC.
- Action
- assumed responsibilities of Chief Accounting Officer
- Role
- Executive Vice President and Chief Financial Officer
Exact text from the filing
Matthew Harbaugh, the Company’s Executive Vice President and Chief Financial Officer, will assume the responsibilities of Chief Accounting Officer effective upon Mr. Rosenbaum’s departure and will serve as the Company’s principal financial officer and principal accounting officer
View on SEC.gov
Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
NUVASIVE INC amended Amendment No. 2 to Credit Agreement with Bank of America, N.A., as administrative agent (the "Agent"), and the other lenders party thereto valued at $550.0 million (effective 2023-05-08).
- Action
- amendment
- Agreement
- credit facility
- Counterparty
- Bank of America, N.A., as administrative agent (the "Agent"), and the other lenders party thereto
- Value
- $550.0 million
- Effective
- 2023-05-08
Exact text from the filing
On May 8, 2023, NuVasive, Inc. (the "Company") and certain of its subsidiaries, as guarantors (the "Guarantors"), entered into an Amendment No. 2 to Credit Agreement ("Amendment No. 2 to Credit Agreement") with Bank of America, N.A., as administrative agent (the "Agent"), and the other lenders party thereto.
View on SEC.gov
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