Local medical device maker NuVasive Inc. reported strong financial performance for 2016, indicating good times are ahead for 2017.
The company reported record revenue of $962.1 million for 2016, a bump of 18.6 percent over the prior year’s revenue. Net income was $37.1 million for the full year, down from $66.3 million in 2015.
"By all measures, the company had a tremendous year executing against our market-share taking initiatives, delivering strong revenue growth, including a return to 20 percent year-over-year growth in our core international markets," said CEO Greg Lucier in a statement.
The company also forecasted full year revenue for 2017, expecting to finally cross the billion-dollar threshold to $1.065 billion. This has been a goal of Lucier’s since he stepped into the role of CEO in 2015.
NuVasive ended the year with $153.6 million in cash, cash equivalents, and securities.