UPDATE 1-NuVasive posts narrower Q1 loss, ups 2009 view

Wed Apr 22, 2009 11:21pm BST
 
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* Q1 loss $0.12/shr vs. yr-ago loss $0.22/shr

* Q1 revenue up 56 percent to $80 million

* Raises 2009 outlook

* Says to buy Cervitech for initial payment of $47 mln

* Shares up almost 11 pct after the bell

April 22 (Reuters) - Medical device maker NuVasive Inc (NUVA.O) reported a narrower first-quarter loss, helped by a 56 percent jump in revenue, and raised its 2009 outlook.

Separately, the company said it agreed to buy Cervitech Inc for an initial payment of $47 million to accelerate its entry into the mechanical cervical disc replacement market.

Cervitech is a New Jersey-based company focused on clinical approval of the PCM cervical disc system. NuVasive expects to file for marketing approval of the device in the first quarter of 2010.

NuVasive will make an additional contingent payment of $33 million to Cervitech upon FDA approval for the device. For the first quarter, NuVasive reported a net loss of $4.3 million, or 12 cents a share, compared with a net loss of $7.7 million, or 22 cents a share, a year ago.  Continued...

 

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