NuVasive Shares Rise On 1Q Results, Outlook

NEW YORK (AP) — Shares of NuVasive Inc. jumped Thursday after the company said its first-quarter loss narrowed as a range of products boosted revenue, prompting the medical device company to increase its full-year outlook.

The stock gained $4.04, or 13.6 percent, to reach $33.84 in afternoon trading. The shares have traded between $24.17 and $58.88 over the last 52 weeks.

The company focuses on surgical products for spine disorders. Last year it expanded its offerings with the purchase of a stem cell bone graft product, which NuVasive acquired when it bought the Osteocel unit from Osiris Therapeutics in the third quarter.

NuVasive is now in the process of buying New Jersey-based Cervitech Inc. for up to $80 million, and will gain a potential disc replacement system.

"In our view, spine fusion surgery has not seen signs of the slowdown as contemplated for other orthopedic markets which are more elective in nature," said Chairman and Chief Executive Alex Lukianov, in a conference call late Wednesday. "We feel strongly that we have a long global runway of growth ahead of us."