(By Balachander) NuVasive Inc. (NASDAQ: NUVA) shares jumped in early trading after the medical device company raised its 2012 revenue forecast and guided 2013 above market expectations.
The California-based company said it expects revenue of roughly $619 million for 2012, up from $601 million to $606 million projected earlier.
Wall Street analysts, on average, expect revenue of $604.4 million for the full year.
For 2013, NuVasive forecasts revenue to be around $655 million, while analysts expect $638.16 million.
The company expects growth in revenue to ramp over the course of the year helped by new product launches and new geographic expansion.
"Based on our preliminary results, we achieved year over year revenue growth of 15% in 2012, ahead of our initial expectations at the start of the year, and well above our most recent fourth quarter guidance following a soft third quarter," said CEO Alex Lukianov.
The company will announce fourth quarter results on February 26, 2013.
Shares soared 10.79 percent to trade at $17.46 on Wednesday. The stock has been trading between $11.62 and $25.99 over the past year.