When a back is seriously out of whack, NuVasive has some options. The company makes and markets medical devices for the surgical treatment of spinal disorders. NuVasive's products are primarily used in spinal restoration and fusion surgeries. Its minimally disruptive Maximum Access Surgery (MAS) platform enables surgeons to access the spine from the side of the body instead of from the front or back, and helps them avoid hitting nerves. NuVasive also features a line of biologic bone grafting materials -- both allograft and synthetic -- and has a cervical disc replacement system in development. The company sells its FDA-approved products through a network of exclusive sales agents, supported by an in-house sales team.
NuVasive's goal is to make its products and services part of the standard procedure for minimally invasive surgery up and down the entire spine. Its full product line includes the mesh, plates, screws, and biological implants used with its MAS system. Its Osteocel product is an adult stem-cell bone graft used for bone regeneration in orthopedic procedures and at one point was the only commercially available stem-cell product in the US.
Cervical disc replacement technology -- the holy grail for spinal device makers -- is advancing rapidly. To keep pace, NuVasive has its PCM and XL TDR cervical disc replacement devices in late-stage development.
To further diversify, in 2011 the company acquired Impulse Monitoring which provides outsourcing of intraoperative monitoring services. Surgeons in the operating room can receive additional guidance and supervision from Impulse Monitoring's team of neurophysiologists during spine, cardio, ENT, brain and orthopedic procedures.
NuVasive maintains a facility in California where it trains doctors in the use of its products. It ships its products directly to doctors overnight from a distribution facility in Tennessee. The US accounts for the majority of NuVasive's sales, but it is working to establish its products in Europe and Asia. The first hurdle is obtaining regulatory approval for all of the components in its platform for each country it seeks to enter.
NuVasive's revenues have steadily increased as it has grown through new products and acquisitions. In 2011 these grew 13% to some $540 million. However, that year it lost a legal fight with another device maker, which cost NuVasive some $62.5 million in cash and contributed to its $69 million in net income losses in 2011. The company is appealing another 2011 legal decision that would otherwise cost it approximately $101.2 million.
NuVasive's revenues primarily come from the sale of disposable materials and implants. The full system of software and instruments are loaned to hospitals for free as long as they keep ordering disposables and implants. A small portion of the company's revenues are from the sale of instruments and systems. Revenues from its monitoring services come from hospitals, and are also billed through various payers. – less
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