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Model developed by Steve Castellano -- updated July 26, 2016 prior to market close

Ascendere Associates LLC -- financial modeling and valuation consulting


steve@ascenderellc.com
0

Base Case
Quarterly Income Statement Forecast

1Q14
$ 177,496
11.3%

190.047
2Q14
$ 190,047
14.7%

189.918
3Q14
$ 189,918
12.3%

204.324
4Q14
$ 204,324
7.1%

Cost of goods sold (ex amortization)


Gross profit
Gross margin

43,294
134,202
75.6%

44,836
145,211
76.4%

47,719
142,199
74.9%

46,509
157,815
77.2%

182,358
579,427
76.1%

45,664
146,719
76.3%

48,415
154,495
76.1%

49,167
151,371
75.5%

51,233
164,049
76.2%

194,479
616,634
76.0%

Sales, marketing and administrative


Research and development
Amortization, income statement
EBIT

118,104
9,455
3,998
2,645

116,970
10,067
3,473
14,701

113,746
9,068
3,071
16,314

120,828
9,396
3,030
24,561

469,648
37,986
13,572
58,221

116,096
9,264
2,996
18,363

115,317
8,782
2,974
27,422

111,384
9,199
3,067
27,721

121,733
8,606
3,479
30,231

464,530
35,851
12,516
103,737

66.5%
5.3%
2.3%
1.5%

61.5%
5.3%
1.8%
7.7%

59.9%
4.8%
1.6%
8.6%

59.1%
4.6%
1.5%
12.0%

60.3%
4.8%
1.6%
9.5%

D&A, cash flow statement


EBITDA
EBITDA margin

15,363
18,008
10.1%

15,680
30,381
16.0%

15,478
31,792
16.7%

19,316
43,877
21.5%

61.7%
5.0%
1.8%
7.6%
8.6%
65,837
124,058
16.3%

16,051
34,414
17.9%

56.8%
4.3%
1.5%
13.5%
8.2%
16,579
44,001
21.7%

55.5%
4.6%
1.5%
13.8%
8.5%
16,376
44,097
22.0%

56.5%
4.0%
1.6%
14.0%
8.5%
16,909
47,140
21.9%

57.3%
4.4%
1.5%
12.8%
8.1%
65,915
169,652
20.9%

Impairment of intangible assets


Litigation liability (gain) loss
Business transition costs
Other expense (income)
Other nonrecurring items, total

30,000
(375)
29,625

10,708
205
10,913

2,489
2,489

93
93

10,708
30,000
2,412
43,120

(42,575)
5,373
(424)
(37,626)

568
991
281
1,840

(500)
110
(387)
(777)

681
6
105
792

(41,826)
6,480
(425)
(35,771)

Interest income
Interest expense
Net interest expense

217
(6,865)
(6,648)

233
(6,979)
(6,746)

241
(6,965)
(6,724)

277
(7,102)
(6,825)

968
(27,911)
(26,943)

419
(7,126)
(6,707)

344
(7,242)
(6,898)

362
(7,307)
(6,945)

464
(7,403)
(6,939)

1,589
(29,078)
(27,489)

Pretax income
Pretax margin

(33,628)
-18.9%

(2,958)
-1.6%

7,101
3.7%

17,643
8.6%

(11,842)
-1.6%

49,282
25.6%

18,684
9.2%

21,553
10.7%

22,500
10.5%

112,019
13.8%

Effective tax rate


Tax benefit (expense)
Aftertax income

44.9%
15,095
(18,533)

nmf
(1,942)
(4,900)

128.0%
(9,088)
(1,987)

58.7%
(10,351)
7,292

nmf
(6,286)
(18,128)

36.3%
(17,885)
31,397

46.3%
(8,644)
10,040

40.8%
(8,803)
12,750

50.7%
(11,397)
11,103

41.7%
(46,729)
65,290

Minority interest income (loss)


Net income

(257)
(18,276)

(182)
(4,718)

(157)
(1,830)

(181)
7,473

(777)
(17,351)

(163)
31,560

(228)
10,268

(210)
12,960

(400)
11,503

(1,001)
66,291

Recurring net income

11,349

6,195

659

7,566

25,769

(6,066)

12,108

12,183

12,295

45,024

Basic shares, weighted average outstanding


Diluted shares, weighted average outstandin

45,798
45,798

46,832
46,832

46,990
46,990

47,249
50,621

46,715
46,715

47,989
51,716

48,545
51,681

48,993
53,199

49,025
53,086

48,638
52,421

NuVasive, Inc. (NasdaqGS:NUVA)


Revenue
Annual growth

SM&A margin
R&D margin
Amortization margin
EBIT margin

EPS, basic
EPS, fully diluted
EPS, recurring, fully diluted

$
$
$

Source: Company reports and Ascendere Associates LLC estimates

(0.40) $
(0.40) $
0.25 $

(0.10) $
(0.10) $
0.13 $

(0.04) $
(0.04) $
0.01 $

761.785
192.383
202.91
2014
1Q15
2Q15
$ 761,785 $ 192,383 $ 202,910
6.8%
11.2%
8.4%

0.16 $
0.15 $
0.15 $

(0.37) $
(0.37) $
0.55 $

0.66 $
0.61 $
(0.12) $

0.21 $
0.20 $
0.23 $

200.538
215.282
811.113
3Q15
4Q15
2015
$ 200,538 $ 215,282 $ 811,113
5.6%
5.4%
6.5%

0.26 $
0.24 $
0.23 $

0.23 $
0.22 $
0.23 $

1.36
1.26
0.86

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
Base Case
Quarterly Income Statement Adjustments Forecast
Nuvasive, Inc. (NasdaqGS:NUVA)
Company Defined Operating Profit I
GAAP Gross Profit
Gross profit adjustments
Non-GAAP Gross Profit
Non-GAAP Gross Margin

1Q14
134,202
134,202
75.6%

2Q14
145,211
145,211
76.4%

3Q14
142,199
142,199
74.9%

4Q14
157,815
157,815
77.2%

2014
579,427
579,427
76.1%

1Q15
146,719
146,719
76.3%

2Q15
154,495
154,495
76.1%

3Q15
151,371
151,371
75.5%

4Q15
164,049
164,049
76.2%

2015
616,634
616,634
76.0%

GAAP SM&A
Leasehold related charges
SM&A one-time and acquisition related item
Non-GAAP SM&A
Non-GAAP SM&A margin

118,104
6,408
744
110,952
62.5%

116,970
524
147
116,299
61.2%

113,746
2,232
575
110,939
58.4%

120,828
1,511
879
118,438
58.0%

469,648
10,675
2,345
456,628
59.9%

116,096
2,881
6
113,209
58.8%

115,317
159
486
114,672
56.5%

111,384
(5)
835
110,554
55.1%

121,733
677
2,219
118,837
55.2%

464,530
3,712
3,546
457,272
56.4%

9,455
500
8,955
5.0%

10,067
1,000
9,067
4.8%

9,068
9,068
4.8%

9,396
9,396
4.6%

37,986
1,500
36,486
4.8%

9,264
9,264
4.8%

8,782
8,782
4.3%

9,199
1,010
8,189
4.1%

8,606
100
8,506
4.0%

35,851
1,110
34,741
4.3%

Non-GAAP Operating Profit


Non-GAAP Operating Margin

14,295
8.1%

19,845
10.4%

22,192
11.7%

29,981
14.7%

86,313
11.3%

24,246
12.6%

31,041
15.3%

32,628
16.3%

36,706
17.1%

124,621
15.4%

Company Defined Operating Profit II


EBIT
Leasehold related charges
SM&A one-time and acquisition related
R&D one-time and acquisition related items
Amortization, income statement
Operating Profit
Operating Margin

2,645
6,408
744
500
3,998
14,295
8.1%

14,701
524
147
1,000
3,473
19,845
10.4%

16,314
2,232
575
3,071
22,192
11.7%

24,561
1,511
879
3,030
29,981
14.7%

58,221
10,675
2,345
1,500
13,572
86,313
11.3%

18,363
2,881
6
2,996
24,246
12.6%

27,422
159
486
2,974
31,041
15.3%

27,721
(5)
835
1,010
3,067
32,628
16.3%

30,231
677
2,219
100
3,479
36,706
17.1%

103,737
3,712
3,546
1,110
12,516
124,621
15.4%

GAAP R&D
R&D one-time and acquisition related items
Non-GAAP R&D
Non-GAAP R&D margin

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
NuVasive, Inc. (NasdaqGS:NUVA)
Company Defined EBITDA and Adjusted
EBITDA
Net income
Net interest expense
Loss on extinguishment of debt
Taxes
D&A, ex accelerated leasehold dep
EBITDA
EBITDA Margin
Stock based compensation
Leasehold related charges
Litigation liability
One-time and acquisition-related items
Intangible asset impairment charge
Non-cash purchase accounting related charg
CEO transition related costs
Adjustd EBITDA
Adjusted EBITDA margin
SBC as % of SMA

1Q14

2Q14

3Q14

4Q14

2014

1Q15

2Q15

3Q15

4Q15

2015

(18,276)
6,648

(4,718)
6,746

(1,830)
6,724

7,473
6,825

(17,351)
26,943

31,560
6,707

10,268
6,898

12,960
6,945

11,503
6,939

66,291
27,489

(15,095)
15,377
(11,346)
-6.4%

1,942
15,147
19,117
10.1%

9,088
15,477
29,459
15.5%

10,351
15,281
39,930
19.5%

6,286
61,282
77,160
10.1%

17,885
16,077
72,229
37.5%

8,644
16,553
42,363
20.9%

8,803
16,375
45,083
22.5%

11,397
16,588
46,427
21.6%

46,729
65,593
206,102
25.4%

7,764
6,408
30,000
1,244
34,070
19.2%

8,858
524
1,074
10,708
40,281
21.2%

8,231
2,232
575
40,497
21.3%

8,907
1,511
879
51,227
25.1%

33,760
10,675
30,000
3,772
10,708
166,075
21.8%

6,378
2,881
(42,575)
2,019
3,360
44,292
23.0%

5,883
159
568
1,366
110
50,449
24.9%

7,076
(5)
(500)
1,862
93
53,609
26.7%

5,633
677
681
2,325
55,743
25.9%

24,970
3,712
(41,826)
7,572
3,563
204,093
25.2%

6.6%

7.6%

7.2%

7.4%

7.2%

5.5%

5.1%

6.4%

4.6%

5.4%

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
Company Defined EPS
NuVasive, Inc. (NasdaqGS:NUVA)
1Q14
Amortization of intangible assets
3,998
Leasehold related charges
6,408
CEO transition costs
1x and acquisition related items
1,244
Loss on extinguishment of debt
Non-cash purchase accounting adjustments on acquisitions
Non-cash interest exp on convertible notes
3,572
Intangible asset impairment charge
Royalty True Up for Periods Q311 -Q113
Litigation Liability
30,000
Sub-total Exclusions for Non-GAAP
45,222

2Q14
3,473
524
1,147

3Q14
3,071
2,232
575

4Q14
3,030
1,511
879

2014
13,572
10,675
3,845

1Q15
2,996
2,881
3,360
2,019

2Q15
2,974
159
110
1,366

3Q15
3,067
(5)
93
1,862

4Q15
3,157
677
2,325

2015
12,194
3,712
3,563
7,572

3,638
10,708
19,490

3,704
9,582

3,773
9,193

14,687
10,708
30,000
83,487

3,842
(42,575)
(27,477)

3,912
568
9,089

3,984
(500)
8,501

4,057
681
10,897

15,795
(41,826)
1,010

Tax Rate Applied to Non-GAAP Add Backs


Tax Related to Exclusions
Tax Affected Exclusions for Non-GAAP

40.0%
18,089
27,133

40.0%
7,796
11,694

40.0%
3,833
5,749

40.0%
3,677
5,516

40.0%
33,395
50,092

40.0%
(10,991)
(16,486)

40.0%
3,636
5,453

40.0%
3,400
5,101

40.0%
4,359
6,538

40.0%
404
606

GAAP Net Income


Non-GAAP Net Income

(18,276)
8,857

(4,718)
6,976

(1,830)
3,919

7,473
12,989

(17,351)
32,741

31,560
15,074

10,268
15,721

12,960
18,061

11,503
18,041

66,291
66,897

Non-GAAP weighted average shares outstan


Non-GAAP EPS
$

48,996
0.18 $

49,301
0.14 $

49,796
0.08 $

50,621
0.26 $

49,676
50,825
50,740
0.66 $
0.30 $
0.31 $

Source: company reports and Ascendere Associates estimates.

51,434
51,428
51,107
0.35 $
0.35 $
1.31
Note: Revenue

See Aug 31, 2015 report "NuVasive, Inc. - A 'Super GARP' Stock With A $65 Price Target" http://seekingalpha.com/article/3478396-nuvasive-inc-a-super-gap-stock-with-a-65-pr

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
Quarterly Income Statement Forec
NuVasive, Inc. (NasdaqGS:NUVA)
Revenue
Annual growth

215.104 233.85968 232.11248 248.70351 929.77967 242.74804 253.92802 252.08554 270.27824 1019.039841
4Q16E
1Q16
2Q16E
3Q16E
2016E
1Q17E
2Q17E
3Q17E
4Q17E
2017E
$ 215,104 $ 233,860 $ 232,112 $ 248,704 $ 929,780 $ 242,748 $ 253,928 $ 252,086 $ 270,278 $ 1,019,040
8.6%
11.8%
15.3%
15.7%
15.5%
14.6%
12.9%
8.6%
8.7%
9.6%

Cost of goods sold (ex amortization)


Gross profit
Gross margin

54,226
160,878
74.8%

59,634
174,225
74.5%

58,028
174,084
75.0%

62,176
186,528
75.0%

234,064
695,715
74.8%

60,687
182,061
75.0%

63,482
190,446
75.0%

63,021
189,064
75.0%

67,570
202,709
75.0%

254,760
764,280
75.0%

Sales, marketing and administrative


Research and development
Amortization, income statement
EBIT

130,195
10,629
7,871
12,183

126,284
11,693
10,945
25,304

125,341
11,606
10,863
26,275

134,300
12,435
11,639
28,153

516,120
46,363
41,318
91,915

128,656
12,137
11,361
29,907

134,582
12,696
11,884
31,284

133,605
12,604
11,798
31,057

140,545
13,514
12,649
36,001

537,388
50,952
47,691
128,248

D&A, cash flow statement


EBITDA
EBITDA margin

60.5%
4.9%
3.7%
5.7%
9.9%
21,224
33,407
15.5%

54.0%
5.0%
4.7%
13.5%
9.9%
23,075
48,378
20.7%

54.0%
5.0%
4.7%
13.5%
9.9%
22,902
49,177
21.2%

54.0%
5.0%
4.7%
13.5%
9.9%
24,539
52,692
21.2%

55.5%
5.0%
4.4%
9.9%
9.9%
91,740
183,655
19.8%

53.0%
5.0%
4.7%
13.5%
9.9%
23,952
53,858
22.2%

53.0%
5.0%
4.7%
13.5%
9.9%
25,055
56,339
22.2%

53.0%
5.0%
4.7%
13.5%
9.9%
24,873
55,930
22.2%

52.0%
5.0%
4.7%
13.5%
9.9%
26,668
62,669
23.2%

52.7%
5.0%
4.7%
12.6%
9.9%
100,547
228,796
22.5%

Impairment of intangible assets


Litigation liability (gain) loss
Business transition costs
Other expense (income)
Other nonrecurring items, total

(50)
17,394
17,344

Interest income
Interest expense
Net interest expense

328
(8,472)
(8,144)

328
(10,100)
(9,772)

328
(10,100)
(9,772)

328
(10,100)
(9,772)

(50)
17,394
17,344
56,116
1,312
(38,772)
(37,460)

328
(10,100)
(9,772)

328
(10,100)
(9,772)

328
(10,100)
(9,772)

328
(10,100)
(9,772)

1,312
(40,400)
(39,088)

(13,305)
-6.2%

15,532
6.6%

16,503
7.1%

18,381
7.4%

37,111
4.0%

20,135
8.3%

21,512
8.5%

21,285
8.4%

26,229
9.7%

89,160
8.7%

Effective tax rate


Tax benefit (expense)
Aftertax income

nmf
3,962
(9,343)

57%
(8,853)
6,679

57%
(9,407)
7,096

57%
(10,477)
7,904

66.8%
(24,775)
12,336

45%
(9,061)
11,074

45%
(9,680)
11,832

45%
(9,578)
11,707

45%
(11,803)
14,426

45.0%
(40,122)
49,038

Minority interest income (loss)


Net income

(457)
(8,886)

(400)
7,079

(400)
7,496

(400)
8,304

(1,657)
13,993

(400)
11,474

(400)
12,232

(400)
12,107

(400)
14,826

(1,600)
50,638

Recurring net income

8,458

6,851

7,268

8,076

18,652

11,294

12,052

11,927

14,646

49,918

49,617
49,617

50,106
52,394

50,106
52,394

50,106
52,394

49,984
51,700

50,106
52,394

50,106
52,394

50,106
52,394

50,106
52,394

50,106
52,394

SM&A margin
R&D margin
Amortization margin
EBIT margin

Pretax income
Pretax margin

Basic shares, weighted average outstanding


Diluted shares, weighted average outstandin
EPS, basic
EPS, fully diluted
EPS, recurring, fully diluted
Source: Company reports and Ascendere Associates LLC estim

$
$
$

(0.18) $
(0.18) $
0.17 $

0.14 $
0.14 $
0.13 $

0.15 $
0.14 $
0.14 $

0.17 $
0.16 $
0.15 $

0.28 $
0.27 $
0.36 $

0.23 $
0.22 $
0.22 $

0.24 $
0.23 $
0.23 $

0.24 $
0.23 $
0.23 $

0.30 $
0.28 $
0.28 $

1.01
0.97
0.95

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
Base Case
Quarterly Income Statement Adjus
Nuvasive, Inc. (NasdaqGS:NUVA)
Company Defined Operating Profit I
GAAP Gross Profit
Gross profit adjustments
Non-GAAP Gross Profit
Non-GAAP Gross Margin

1Q16
160,878
4,916
165,794
77.1%

2Q16E
174,225
174,225
74.5%

3Q16E
174,084
174,084
75.0%

4Q16E
186,528
186,528
75.0%

2016E
695,715
4,916
700,631
75.4%

1Q17E
182,061
182,061
75.0%

2Q17E
190,446
190,446
75.0%

3Q17E
189,064
189,064
75.0%

4Q17E
202,709
202,709
75.0%

2017E
764,280
764,280
75.0%

GAAP SM&A
Leasehold related charges
SM&A one-time and acquisition related item
Non-GAAP SM&A
Non-GAAP SM&A margin

130,195
50
5,307
124,838
58.0%

126,284
1,650
124,634
53.3%

125,341
1,650
123,691
53.3%

134,300
1,650
132,650
53.3%

516,120
50
10,257
505,813
54.4%

128,656
128,656
53.0%

134,582
134,582
53.0%

133,605
133,605
53.0%

140,545
140,545
52.0%

537,388
537,388
52.7%

GAAP R&D
R&D one-time and acquisition related items
Non-GAAP R&D
Non-GAAP R&D margin

10,629
10,629
4.9%

11,693
11,693
5.0%

11,606
11,606
5.0%

12,435
12,435
5.0%

46,363
46,363
5.0%

12,137
12,137
5.0%

12,696
12,696
5.0%

12,604
12,604
5.0%

13,514
13,514
5.0%

50,952
50,952
5.0%

Non-GAAP Operating Profit


Non-GAAP Operating Margin

30,327
14.1%

37,898
16.2%

38,788
16.7%

41,443
16.7%

148,456
16.0%

41,267
17.0%

43,168
17.0%

42,855
17.0%

48,650
18.0%

175,940
17.3%

Company Defined Operating Profit II


EBIT
Leasehold related charges
SM&A one-time and acquisition related
R&D one-time and acquisition related items
Amortization, income statement
Operating Profit
Operating Margin

12,183
50
5,307
7,871
25,411
11.8%

25,304
1,650
10,945
37,898
16.2%

26,275
1,650
10,863
38,788
16.7%

28,153
1,650
11,639
41,443
16.7%

91,915
50
10,257
41,318
143,540
15.4%

29,907
11,361
41,267
17.0%

31,284
11,884
43,168
17.0%

31,057
11,798
42,855
17.0%

36,001
12,649
48,650
18.0%

128,248
47,691
175,940
17.3%

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
NuVasive, Inc. (NasdaqGS:NUVA)
Company Defined EBITDA and Adjusted
EBITDA
Net income
Net interest expense
Loss on extinguishment of debt
Taxes
D&A, ex accelerated leasehold dep
EBITDA
EBITDA Margin

1Q16

2Q16E

3Q16E

4Q16E

2016E

1Q17E

2Q17E

3Q17E

4Q17E

2017E

(8,886)
8,144
17,444
(3,962)
20,894
33,634
15.6%

7,079
9,772
8,853
22,745
48,448
20.7%

7,496
9,772
9,407
22,572
49,247
21.2%

8,304
9,772
10,477
24,209
52,762
21.2%

13,993
37,460
17,444
24,775
90,420
184,092
19.8%

11,474
9,772
9,061
22,632
52,938
21.8%

12,232
9,772
9,680
23,735
55,419
21.8%

12,107
9,772
9,578
23,553
55,010
21.8%

14,826
9,772
11,803
25,348
61,749
22.8%

50,638
39,088
40,122
95,267
225,116
22.1%

Stock based compensation


Leasehold related charges
Litigation liability
One-time and acquisition-related items
Intangible asset impairment charge
Non-cash purchase accounting related charg
CEO transition related costs
Adjustd EBITDA
Adjusted EBITDA margin

4,492
50
5,257
4,916
48,349
22.5%

4,357
1,600
3,000
57,405
24.5%

4,325
1,600
3,000
58,172
25.1%

4,634
1,600
3,000
61,996
24.9%

17,807
50
10,057
13,916
225,922
24.3%

4,439
57,377
23.6%

4,643
60,062
23.7%

4,610
59,620
23.7%

4,849
66,598
24.6%

18,541
243,657
23.9%

3.5%

3.5%

3.5%

3.5%

3.5%

3.5%

3.5%

3.5%

3.5%

3.5%

SBC as % of SMA

Model developed by Steve Castellano -- updated July 26, 2016 prior to market close
Ascendere Associates LLC -- financial modeling and valuation consulting
steve@ascenderellc.com
0

Base Case
Company Defined EPS
NuVasive, Inc. (NasdaqGS:NUVA)
Amortization of intangible assets
Leasehold related charges
CEO transition costs
1x and acquisition related items
Loss on extinguishment of debt
Non-cash purchase accounting adjustments
Non-cash interest exp on convertible notes
Intangible asset impairment charge
Royalty True Up for Periods Q311 -Q113
Litigation Liability
Sub-total Exclusions for Non-GAAP

1Q16
7,549
50
5,257
17,444
4,916
4,310
39,526

2Q16E
10,595
1,600
3,000
4,710
19,905

3Q16E
10,513
1,600
3,000
5,110
20,223

4Q16E
11,289
1,600
3,000
5,510
21,399

2016E
39,946
50
10,057
17,444
24,775
19,640
101,053

1Q17E
11,039
5,910
16,949

2Q17E
11,562
6,310
17,872

3Q17E
11,476
6,710
18,186

4Q17E
12,327
7,110
19,437

2017E
46,403
40,122
26,040
72,443

Tax Rate Applied to Non-GAAP Add Backs


Tax Related to Exclusions
Tax Affected Exclusions for Non-GAAP

36.9%
14,595
24,931

40.0%
7,962
11,943

40.0%
8,089
12,134

40.0%
8,560
12,840

39.2%
39,206
61,847

40.0%
6,779
10,169

40.0%
7,149
10,723

40.0%
7,274
10,911

40.0%
7,775
11,662

40.0%
28,977
43,466

GAAP Net Income


Non-GAAP Net Income

(8,886)
16,045

7,079
19,021

7,496
19,630

8,304
21,144

13,993
75,840

11,474
21,643

12,232
22,955

12,107
23,018

14,826
26,488

50,638
94,104

Non-GAAP weighted average shares outstan


50,974
51,428
51,428
51,428
51,315
51,428
51,428
51,428
51,428
Non-GAAP EPS
$
0.31 $
0.37 $
0.38 $
0.41 $
1.48 $
0.42 $
0.45 $
0.45 $
0.52 $
Source: company reports and Ascendere Associat

$ 215,104

See Aug 31, 2015 report "NuVasive, Inc. - A 'S


rice-target

$ 233,860

$ 232,112

$ 248,704

$ 929,780

$ 242,748

$ 253,928

$ 252,086

$ 270,278

51,428
1.83

$ 1,019,040