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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2020

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                 to                

Commission File Number: 000-50744

 

 

NUVASIVE, INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware

 

33-0768598

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

7475 Lusk Boulevard

San Diego, CA 92121

(Address of principal executive offices)

(858) 909-1800

(Registrant’s telephone number, including area code)

 

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.001 per share

NUVA

The NASDAQ Stock Market LLC

(NASDAQ Global Select Market)

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period than the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of August 2, 2020 there were 51,252,708 shares of the registrant’s common stock (par value $0.001 per share) outstanding.

 

 

2


NuVasive, Inc.

Quarterly Report on Form 10-Q

June 30, 2020

 

PART I. FINANCIAL INFORMATION

Item 1.

Financial Statements

4

 

Consolidated Balance Sheets

4

 

Consolidated Statements of Operations

5

 

Consolidated Statements of Comprehensive (Loss) Income

6

 

Consolidated Statements of Equity

7

 

Consolidated Statements of Cash Flows

9

 

Notes to Unaudited Consolidated Financial Statements

10

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

31

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

42

Item 4.

Controls and Procedures

43

 

PART II. OTHER INFORMATION

Item 1.

Legal Proceedings

43

Item 1A.

Risk Factors

43

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

47

Item 3.

Defaults Upon Senior Securities

47

Item 4.

Mine Safety Disclosures

47

Item 5.

Other Information

47

Item 6.

Exhibits

48

 

SIGNATURES

50

 

 

 

3


Table of Contents

 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements

NUVASIVE, INC.

CONSOLIDATED BALANCE SHEETS

(in thousands, except par values and share amounts)

 

 

June 30, 2020

 

 

December 31, 2019

 

ASSETS

 

(Unaudited)

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

796,773

 

 

$

213,034

 

Short-term marketable securities

 

 

130,054

 

 

 

 

Accounts receivable, net of allowances of $20,057 and $17,019, respectively

 

 

182,135

 

 

 

211,532

 

Inventory, net

 

 

312,205

 

 

 

312,419

 

Prepaid income taxes

 

 

18,655

 

 

 

10,434

 

Prepaid expenses and other current assets

 

 

17,693

 

 

 

16,917

 

Total current assets

 

 

1,457,515

 

 

 

764,336

 

Property and equipment, net

 

 

279,162

 

 

 

266,318

 

Intangible assets, net

 

 

177,607

 

 

 

201,092

 

Goodwill

 

 

559,088

 

 

 

561,064

 

Operating lease right-of-use assets

 

 

105,863

 

 

 

66,932

 

Deferred tax assets

 

 

10,036

 

 

 

9,162

 

Restricted cash and investments

 

 

1,494

 

 

 

1,494

 

Convertible note hedge derivative

 

 

44,936

 

 

 

 

Other assets

 

 

14,268

 

 

 

14,892

 

Total assets

 

$

2,649,969

 

 

$

1,885,290

 

LIABILITIES AND EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

103,821

 

 

$

97,160

 

Contingent consideration liabilities

 

 

5,683

 

 

 

15,727

 

Accrued payroll and related expenses

 

 

41,892

 

 

 

86,458

 

Operating lease liabilities

 

 

7,502

 

 

 

5,567

 

Income tax liabilities

 

 

394

 

 

 

2,005

 

Senior convertible notes

 

 

634,142

 

 

 

 

Total current liabilities

 

 

793,434

 

 

 

206,917

 

Long-term senior convertible notes

 

 

746,719

 

 

 

623,298

 

Embedded conversion derivative

 

 

44,936

 

 

 

 

Deferred and income tax liabilities

 

 

9,657

 

 

 

14,655

 

Operating lease liabilities

 

 

114,881

 

 

 

73,153

 

Other long-term liabilities

 

 

45,452

 

 

 

52,060

 

Commitments and contingencies

 

 

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.001 par value; 5,000,000 shares authorized, none outstanding

 

 

 

 

 

 

Common stock, $0.001 par value; 120,000,000 shares authorized at June 30, 2020 and December 31, 2019, 57,779,397 and 57,524,658 issued and outstanding at June 30, 2020 and December 31, 2019, respectively

 

 

62

 

 

 

62

 

Additional paid-in capital

 

 

1,536,156

 

 

 

1,429,854

 

Accumulated other comprehensive loss

 

 

(12,175

)

 

 

(9,418

)

Retained earnings

 

 

37,758

 

 

 

82,475

 

Treasury stock at cost; 6,528,294 shares and 5,379,536 shares at June 30, 2020 and December 31, 2019, respectively

 

 

(666,911

)

 

 

(587,766

)

Total equity

 

 

894,890

 

 

 

915,207

 

Total liabilities and equity

 

$

2,649,969

 

 

$

1,885,290

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

 

 

4


Table of Contents

 

NUVASIVE, INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(unaudited)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net sales:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

$

183,664

 

 

$

261,381

 

 

$

418,351

 

 

$

505,204

 

Services

 

 

19,948

 

 

 

30,724

 

 

 

45,142

 

 

 

61,677

 

Total net sales

 

 

203,612

 

 

 

292,105

 

 

 

463,493

 

 

 

566,881

 

Cost of sales (excluding below amortization of intangible assets):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Products

 

 

64,373

 

 

 

57,613

 

 

 

116,018

 

 

 

112,099

 

Services

 

 

16,132

 

 

 

19,966

 

 

 

36,352

 

 

 

39,974

 

Total cost of sales

 

 

80,505

 

 

 

77,579

 

 

 

152,370

 

 

 

152,073

 

Gross profit

 

 

123,107

 

 

 

214,526

 

 

 

311,123

 

 

 

414,808

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Selling, general and administrative

 

 

126,444

 

 

 

152,853

 

 

 

256,675

 

 

 

297,929

 

Research and development

 

 

19,406

 

 

 

17,553

 

 

 

37,663

 

 

 

35,128

 

Amortization of intangible assets

 

 

12,675

 

 

 

12,277

 

 

 

25,324

 

 

 

25,902

 

Purchase of in-process research and development

 

 

1,011

 

 

 

 

 

 

1,011

 

 

 

 

Business transition costs

 

 

874

 

 

 

1,646

 

 

 

(566

)

 

 

5,479

 

Total operating expenses

 

 

160,410

 

 

 

184,329

 

 

 

320,107

 

 

 

364,438

 

Interest and other expense, net:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

304

 

 

 

327

 

 

 

1,035

 

 

 

736

 

Interest expense

 

 

(16,524

)

 

 

(9,650

)

 

 

(28,041

)

 

 

(19,163

)

Other (expense) income, net

 

 

(11,662

)

 

 

9

 

 

 

(19,070

)

 

 

(357

)

Total interest and other expense, net

 

 

(27,882

)

 

 

(9,314

)

 

 

(46,076

)

 

 

(18,784

)

(Loss) income before income taxes

 

 

(65,185

)

 

 

20,883

 

 

 

(55,060

)

 

 

31,586

 

Income tax benefit (expense)

 

 

15,170

 

 

 

(5,921

)

 

 

10,343

 

 

 

(7,238

)

Consolidated net (loss) income

 

$

(50,015

)

 

$

14,962

 

 

$

(44,717

)

 

$

24,348

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

(0.98

)

 

$

0.29

 

 

$

(0.87

)

 

$

0.47

 

Diluted

 

$

(0.98

)

 

$

0.29

 

 

$

(0.87

)

 

$

0.46

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

51,224

 

 

 

51,967

 

 

 

51,531

 

 

 

51,822

 

Diluted

 

 

51,224

 

 

 

52,460

 

 

 

51,531

 

 

 

52,471

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

 

 

 

5


Table of Contents

 

NUVASIVE, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in thousands)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

(unaudited)

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Consolidated net (loss) income

 

$

(50,015

)

 

$

14,962

 

 

$

(44,717

)

 

$

24,348

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities, net of tax

 

 

(48

)

 

 

 

 

 

(48

)

 

 

 

Translation adjustments, net of tax

 

 

1,100

 

 

 

570

 

 

 

(2,709

)

 

 

76

 

Other comprehensive income (loss)

 

 

1,052

 

 

 

570

 

 

 

(2,757

)

 

 

76

 

Total consolidated comprehensive (loss) income

 

$

(48,963

)

 

$

15,532

 

 

$

(47,474

)

 

$

24,424

 

 

See accompanying Notes to Unaudited Consolidated Financial Statements.

 

6


Table of Contents

 

 

NUVASIVE, INC.

CONSOLIDATED STATEMENTS OF EQUITY

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additional

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

 

 

 

 

Treasury Stock

 

 

Stockholders'

 

(unaudited)

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss

 

 

Retained Earnings

 

 

Shares

 

 

Amount

 

 

Equity

 

Balance at December 31, 2019

 

 

57,525

 

 

$

62

 

 

$

1,429,854

 

 

$

(9,418

)

 

$

82,475

 

 

 

(5,380

)

 

$

(587,766

)

 

$

915,207

 

Issuance of common stock under employee and director equity option and purchase plans

 

 

167

 

 

 

 

 

 

119

 

 

 

 

 

 

 

 

 

(59

)

 

 

(3,937

)

 

 

(3,818

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

2,786

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,786

 

Tax benefits related to convertible note issuance

 

 

 

 

 

 

 

 

484

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

484

 

Shares repurchased

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,085

)

 

 

(75,000

)

 

 

(75,000

)

Sale of warrants

 

 

 

 

 

 

 

 

47,070

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

47,070

 

Convertible note hedge

 

 

 

 

 

 

 

 

(78,300

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(78,300

)

Equity component of convertible note issuance

 

 

 

 

 

 

 

 

78,268

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

78,268

 

Debt issuance costs attributable to convertible feature

 

 

 

 

 

 

 

 

(1,987

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,987

)

Consolidated net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5,298

 

 

 

 

 

 

 

 

 

5,298

 

Other comprehensive loss

 

 

 

 

 

 

 

 

 

 

 

(3,809

)

 

 

 

 

 

 

 

 

 

 

 

(3,809

)

Balance at March 31, 2020

 

 

57,692

 

 

$

62

 

 

$

1,478,294

 

 

$

(13,227

)

 

$

87,773

 

 

 

(6,524

)

 

$

(666,703

)

 

$

886,199

 

Issuance of common stock under employee and director equity option and purchase plans

 

 

87

 

 

 

 

 

 

3,871

 

 

 

 

 

 

 

 

 

(4

)

 

 

(208

)

 

 

3,663

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

7,081

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

7,081

 

Sale of warrants

 

 

 

 

 

 

 

 

46,845

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,845

 

Debt issuance costs attributable to convertible feature

 

 

 

 

 

 

 

 

65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

65

 

Consolidated net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(50,015

)

 

 

 

 

 

 

 

 

(50,015

)

Other comprehensive income