On a non-GAAP basis, the Company reported net income of $8.0 million, or $0.21 per share, for the third quarter of 2008. The non-GAAP earnings per share calculations exclude (i) stock based compensation of $5.4 million; (ii) a charge for in-process research and development costs of $16.7 million; (iii) a charge related to transitional support costs for the Company's ERP system of $2.6 million; (iv) a one-time leasehold charge of $4.8 million related to vacating the Company's previous headquarters; (v) amortization of acquired intangible assets of $0.9 million; and (vi) intellectual property litigation expenses of $0.6 million.
Cash, cash equivalents and short and long-term investments were $221.7 million at September 30, 2008.
Alex Lukianov, Chairman and Chief Executive Officer, said, "Our robust third quarter results reflect our growing expertise in leveraging our unique XLIF procedure to drive greater pull through of our comprehensive suite of spinal products. Our recent introductions, including those that address the thoracic and cervical spine, have further enhanced our product depth, allowing us to capture a greater market share. At NASS we unveiled NeuroVision M5, which represents a significant upgrade to our core MAS platform, further distancing our innovative lateral approach from the competition and providing our surgeon customers with an even more intuitive and user friendly system."
Mr. Lukianov concluded, "We have established a strong corporate
infrastructure with the implementation of our ERP system and transition to
our new headquarters, which is reinforced by the dedication of our
shareowners and their commitment to making NuVasive a major force in the
spine industry. Our exclusive sales force, which has grown to 300 sales
professionals, has considerable momentum in the marketplace and the
opportunity to gain additional market share by selling the full mix of our
expanding product portfolio and
|SOURCE NuVasive, Inc.|
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