UPDATE: BMO Capital Markets Raises PT on NuVasive on In-Line 4Q12
In a report published Wednesday, BMO Capital Markets reiterated its Market Perform rating on NuVasive (NASDAQ: NUVA), and slightly raised its price target from $17.00 to $18.00.
BMO Capital Markets noted, “NuVasive reported 4Q12 that was in line with the company's January 9, 2013 pre-announcement, delivering revenue of $165.8 million (up 10.4%) and bringing the total for 2012 to $620 million, ahead of management's guidance on its 3Q12 call for $601-$606 million. Key components included: US Lumbar up 6%, US Biologics up 6%, US Cervical up 11%, OUS up 65%, and $9.6 million for Intra-Operative Monitoring (IOM). NonGAAP EPS of $0.34 was ahead of the consensus' $0.21 and our $0.25. Management affirmed 2013 revenue guidance for $655 million, in line with commentary for revenue in 2013 to be up mid-single digits, and provided other guidance metrics: 1) Non-GAAP EPS of $1.00 (versus the consensus' $0.90 and our $0.89), and 2) non-GAAP operating margin of ~14% (this is down from 14.5% in 2012; excluding the medtech tax, guidance would have been 15.5%). Guidance looks reasonable to us, and our sense is that management is working toward the full-year delivery (and not the quarter, so even if it beats in the 1Q, don't expect a full-year raise).”
NuVasive closed on Tuesday at $18.42.
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