On January 18, 2009, the Company completed an investment in Progentix Orthobiology BV. Through this investment, Progentix will continue development work on a synthetic bone substitute that has the potential to accelerate bone healing through a novel micro-structure created by a proprietary manufacturing process.
Alex Lukianov, Chairman and Chief Executive Officer, said, "We are very pleased with the Company's continued revenue growth in 2008, in conjunction with expanding profitability. We also successfully launched several new products which strengthened our position as the leader in Maximum Access Surgery through our innovative lateral approach."
Mr. Lukianov continued, "The Osteocel and Progentix transactions strongly position us to compete in the $1.5 billion biologics market as we seek to grow the product line to over $100 million in the next few years. Despite uncertain economic conditions, we see 2009 as an opportunity for NuVasive to continue taking market share with the speed and creativity that we have become known for. To that end, we plan to aggressively invest in the growth of our business in 2009, including the initiation of our XLTDR clinical study, increased scientific and marketing investments in our biologics platform, continued international expansion, and the launch of fifteen new products and line extensions. We look forward to capitalizing on current market conditions to accelerate our move into the top tier of global spine companies."
2009 Financial Guidance Full Year 2009: Revenue: $345 million to $350 million GAAP EPS: $(0.14) to $(0.12) Non-GAAP EPS: $0.83 to $0.85 Non-GAAP Operating Income %: 11% to 13% Earnings per share of $0.02 to $0.04; adjusted for IP litigation and acquisition related costs per the enclosed table First Quarter 2009:
|SOURCE NuVasive, Inc.|
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