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Nuvasive (NUVA) Soars After Upbeat Revenue Outlook

 January 09, 2013 10:29 AM
 


(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.

[Related -Stocks Close Higher On Earnings Optimism; Facebook (FB) Jumps]

"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.

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