NEW YORK (AP) — Shares of NuVasive jumped in morning trading Wednesday after the spinal device company forecast fourth-quarter and 2014 results that were better than analysts expected.
The San Diego company said it will report about $189 million in revenue for the fourth quarter, up 14 percent from the year-ago period. For the full year it said revenue grew 10 percent to about $683 million, and it expects sales to rise to $725 million in 2014.
FactSet says analysts were projecting $176.4 million in revenue in the fourth quarter and $711.6 million in the new year.
NuVasive Inc. makes devices used in minimally invasive spinal surgeries.
Its shares rose $3.14, or 9.3 percent, to $36.92 in morning trading Wednesday after rising as high as $37.25 earlier in the session, its highest level in more than three years.
NuVasive said its profit margins were better than expected in 2013 and it expects improved margins in 2014. It also expects to gain market share and said the U.S. spinal device market will be more stable.
The company is scheduled to report its fourth-quarter results after the market closes on March 3.