(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.
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"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.