NuVasive Inc. (NUVA, Financial) filed Quarterly Report for the period ended 2010-03-31.
Nuvasive Inc. has a market cap of $1.51 billion; its shares were traded at around $38.96 with a P/E ratio of 92.76 and P/S ratio of 4.08. NUVA is in the portfolios of Steven Cohen of SAC Capital Advisors.
Expenses related to ongoing clinical trial and study related activities increased $1.1 million for the three months ended March 31, 2010 compared to the same period in 2009. In addition, compensation and other shareowner related expenses increased $0.6 million for the three months ended March 31, 2010 primarily due to increased headcount to support our product development and enhancement efforts. In addition, expenses increased $0.4 million during the three months ended March 31, 2010 as compared to 2009 as a result of expenses incurred in connection with a supply agreement related to the bone graft product being developed by Progentix. We expect research and development costs to continue to increase in absolute dollars for the foreseeable future in support of our ongoing development and planned clinical trial activities.
Cash provided by operating activities was $9.1 million for the three months ended March 31, 2010, as compared to $4.6 million for the same period in 2009. As compared to the prior year, our profitability for the three months ended March 31, 2010 and the use of $12.9 million less cash to build inventory, offset by higher payments to shareowners and vendors, contributed to the increase in cash provided by operating activities for the three months ended March 31, 2010.
Cash provided by investing activities was $0.1 million for the three months ended March 31, 2010, as compared to $6.7 million for
the same period in 2009. As compared to the prior year, the decrease in cash provided by investing activities primarily reflects the $23.8 million reduction of cash provided from the sale of marketable securities, offset by cash of $20.0 million paid in connection with the acquisition of the Osteocel product line from Osiris and the investment in Progentix in 2009.
Cash provided by financing activities was $3.1 million for the three months ended March 31, 2010, compared to $1.2 million for the same period in 2009. As compared to the prior year, the increase in cash provided by financing activities primarily reflects increased proceeds from the exercise of stock option awards, partially offset by an increase in long term other assets (cash used as collateral for letters of credit) for the three months ended March 31, 2010.
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Nuvasive Inc. has a market cap of $1.51 billion; its shares were traded at around $38.96 with a P/E ratio of 92.76 and P/S ratio of 4.08. NUVA is in the portfolios of Steven Cohen of SAC Capital Advisors.
Highlight of Business Operations:
We also experienced increased costs as a result of overall Company growth and headcount additions in our marketing and administrative support functions. Marketing and administrative compensation and personnel costs increased $1.9 million for the three months ended March 31, 2010 compared to the same period in 2009. Depreciation expense related to our loaned instrument sets increased $0.8 million for the three months ended March 31, 2010 compared to the same period in 2009 due to higher capital levels of instrument sets used in surgeries. Facility, equipment and computer expenses increased by $1.4 million for the three months ended March 31, 2010 compared to the same period in 2009, primarily as a result of continued headcount growth and increased facility costs to support the increasing number of shareowners (employees).Expenses related to ongoing clinical trial and study related activities increased $1.1 million for the three months ended March 31, 2010 compared to the same period in 2009. In addition, compensation and other shareowner related expenses increased $0.6 million for the three months ended March 31, 2010 primarily due to increased headcount to support our product development and enhancement efforts. In addition, expenses increased $0.4 million during the three months ended March 31, 2010 as compared to 2009 as a result of expenses incurred in connection with a supply agreement related to the bone graft product being developed by Progentix. We expect research and development costs to continue to increase in absolute dollars for the foreseeable future in support of our ongoing development and planned clinical trial activities.
Cash provided by operating activities was $9.1 million for the three months ended March 31, 2010, as compared to $4.6 million for the same period in 2009. As compared to the prior year, our profitability for the three months ended March 31, 2010 and the use of $12.9 million less cash to build inventory, offset by higher payments to shareowners and vendors, contributed to the increase in cash provided by operating activities for the three months ended March 31, 2010.
Cash provided by investing activities was $0.1 million for the three months ended March 31, 2010, as compared to $6.7 million for
the same period in 2009. As compared to the prior year, the decrease in cash provided by investing activities primarily reflects the $23.8 million reduction of cash provided from the sale of marketable securities, offset by cash of $20.0 million paid in connection with the acquisition of the Osteocel product line from Osiris and the investment in Progentix in 2009.
Cash provided by financing activities was $3.1 million for the three months ended March 31, 2010, compared to $1.2 million for the same period in 2009. As compared to the prior year, the increase in cash provided by financing activities primarily reflects increased proceeds from the exercise of stock option awards, partially offset by an increase in long term other assets (cash used as collateral for letters of credit) for the three months ended March 31, 2010.
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