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NuVasive (NUVA) Gregory T. Lucier on Q1 2016 Results - Earnings Call Transcript

Q1 2016 Earnings Call

April 26, 2016 4:30 pm ET

Executives

Carol A. Cox - Executive Vice President, Strategy, Corporate Development and External Affairs

Gregory T. Lucier - Chairman & Chief Executive Officer

Quentin Blackford - Chief Financial Officer & Executive Vice President

Analysts

Matthew O'Brien - Piper Jaffray & Co. (Broker)

Richard Newitter - Leerink Partners LLC

Kaila P. Krum - William Blair & Co. LLC

Kyle Rose - Canaccord Genuity, Inc.

Jeff D. Johnson - Robert W. Baird & Co., Inc. (Broker)

Craig William Bijou - Wells Fargo Securities LLC

Glenn John Novarro - RBC Capital Markets LLC

Joshua Jennings - Cowen & Co. LLC

Jonathan Demchick - Morgan Stanley & Co. LLC

Andrew Ronald Hanover - J.P. Morgan

Operator

Greetings, and welcome to the NuVasive, Inc. First Quarter 2016 Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded.

I would now like to turn the conference over to your host, Carol Cox, Executive Vice President, External Affairs and Corporate Marketing. Thank you. You may begin.

Carol A. Cox - Executive Vice President, Strategy, Corporate Development and External Affairs

Great. Thank you, Dara, and welcome to NuVasive's first quarter 2016 earnings call. The company's earnings release, which we issued earlier this afternoon is posted on our website, as is the investor presentation, both of which have been filed with the Securities and Exchange Commission on Form 8-K. We've also posted supplemental financial information on the Investor Relations website to accompany our discussion. On today's call, we will be covering information that is included in the investor presentation and I encourage all of you to access these materials, so that you can follow along.

Before we begin today, I'd like to remind you that the discussions during today's call will include forward-looking statements, which are based on current expectations and involve risks and uncertainties, assumptions and other factors which, if they do not materialize or prove to be correct, could cause NuVasive's results to differ materially from those expressed or implied by such forward-looking statements.

Additional risks and uncertainties that may affect future results are described in our news release and periodic filings with the SEC. NuVasive assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

This call will also include a discussion of several financial measures that are not calculated in accordance with generally accepted principles (sic) [generally accepted accounting principles] or GAAP. We generally refer to these as non-GAAP financial measures. These measures include our costs of goods sold, gross margin, sales, marketing and administrative expenses, research and development expenses, operating margin, non-GAAP earnings per share, free cash flow and EBITDA. Reconciliations to the most directly comparable GAAP financial measures can be found in the news release and the supplementary financial information, which are accessible from the Investor Relations section of the NuVasive's website.

Joining on today's call are Greg Lucier, our Chairman and Chief Executive Officer; and Quentin Blackford, our Chief Financial Officer.

With that, I will turn the call over to Greg.

Gregory T. Lucier - Chairman & Chief Executive Officer

Thank you, Carol, and good afternoon, everyone. NuVasive is off to a strong start in 2016, as we continue to drive innovation, growth and profitability throughout the business. I'm pleased to report we delivered on each of these strategic elements in the first quarter of 2016. This translated to a total revenue increase of 11.8% or 12.3% on constant currency basis, representing return to double-digit growth and included reaccelerated growth in our key markets Western Europe where we've been investing over the last several quarters.