Intrinsic value of NuVasive - NUVA

Previous Close

$70.03

  Intrinsic Value

$26.52

stock screener

  Rating & Target

str. sell

-62%

Previous close

$70.03

 
Intrinsic value

$26.52

 
Up/down potential

-62%

 
Rating

str. sell

We calculate the intrinsic value of NUVA stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 3.6

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  8.50
  8.15
  7.83
  7.55
  7.30
  7.07
  6.86
  6.67
  6.51
  6.36
  6.22
  6.10
  5.99
  5.89
  5.80
  5.72
  5.65
  5.58
  5.53
  5.47
  5.43
  5.38
  5.34
  5.31
  5.28
  5.25
  5.23
  5.20
  5.18
  5.16
Revenue, $m
  1,117
  1,208
  1,303
  1,401
  1,503
  1,610
  1,720
  1,835
  1,954
  2,078
  2,208
  2,342
  2,483
  2,629
  2,781
  2,940
  3,106
  3,280
  3,461
  3,651
  3,849
  4,056
  4,273
  4,499
  4,737
  4,986
  5,246
  5,519
  5,805
  6,105
Variable operating expenses, $m
  967
  1,039
  1,114
  1,192
  1,273
  1,357
  1,445
  1,536
  1,631
  1,729
  1,750
  1,856
  1,968
  2,083
  2,204
  2,330
  2,462
  2,600
  2,743
  2,893
  3,050
  3,214
  3,386
  3,566
  3,754
  3,952
  4,158
  4,374
  4,601
  4,839
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  967
  1,039
  1,114
  1,192
  1,273
  1,357
  1,445
  1,536
  1,631
  1,729
  1,750
  1,856
  1,968
  2,083
  2,204
  2,330
  2,462
  2,600
  2,743
  2,893
  3,050
  3,214
  3,386
  3,566
  3,754
  3,952
  4,158
  4,374
  4,601
  4,839
Operating income, $m
  150
  169
  188
  209
  230
  252
  275
  299
  324
  349
  458
  486
  515
  545
  577
  610
  644
  680
  718
  757
  798
  841
  886
  933
  983
  1,034
  1,088
  1,145
  1,204
  1,266
EBITDA, $m
  311
  336
  362
  390
  418
  448
  478
  510
  544
  578
  614
  652
  691
  731
  774
  818
  864
  912
  963
  1,015
  1,071
  1,128
  1,188
  1,252
  1,318
  1,387
  1,459
  1,535
  1,615
  1,698
Interest expense (income), $m
  13
  37
  41
  46
  51
  56
  61
  67
  72
  78
  84
  91
  98
  105
  112
  119
  127
  135
  144
  153
  162
  172
  182
  193
  204
  216
  228
  241
  255
  269
  283
Earnings before tax, $m
  113
  128
  143
  158
  174
  191
  208
  226
  245
  265
  367
  388
  410
  433
  458
  483
  509
  536
  565
  595
  626
  659
  693
  729
  767
  806
  847
  890
  936
  983
Tax expense, $m
  31
  34
  38
  43
  47
  52
  56
  61
  66
  72
  99
  105
  111
  117
  124
  130
  137
  145
  153
  161
  169
  178
  187
  197
  207
  218
  229
  240
  253
  265
Net income, $m
  83
  93
  104
  115
  127
  139
  152
  165
  179
  193
  268
  283
  300
  316
  334
  352
  372
  392
  412
  434
  457
  481
  506
  532
  560
  588
  618
  650
  683
  718

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  1,779
  1,924
  2,074
  2,231
  2,394
  2,563
  2,739
  2,922
  3,112
  3,309
  3,515
  3,730
  3,953
  4,186
  4,429
  4,682
  4,947
  5,223
  5,511
  5,813
  6,128
  6,458
  6,803
  7,165
  7,543
  7,939
  8,354
  8,789
  9,244
  9,722
Adjusted assets (=assets-cash), $m
  1,779
  1,924
  2,074
  2,231
  2,394
  2,563
  2,739
  2,922
  3,112
  3,309
  3,515
  3,730
  3,953
  4,186
  4,429
  4,682
  4,947
  5,223
  5,511
  5,813
  6,128
  6,458
  6,803
  7,165
  7,543
  7,939
  8,354
  8,789
  9,244
  9,722
Revenue / Adjusted assets
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
  0.628
Average production assets, $m
  648
  701
  756
  813
  872
  934
  998
  1,064
  1,133
  1,205
  1,280
  1,359
  1,440
  1,525
  1,613
  1,705
  1,802
  1,902
  2,007
  2,117
  2,232
  2,352
  2,478
  2,610
  2,747
  2,892
  3,043
  3,201
  3,367
  3,541
Working capital, $m
  347
  376
  405
  436
  468
  501
  535
  571
  608
  646
  687
  728
  772
  818
  865
  914
  966
  1,020
  1,076
  1,135
  1,197
  1,261
  1,329
  1,399
  1,473
  1,551
  1,632
  1,716
  1,805
  1,899
Total debt, $m
  654
  729
  807
  887
  971
  1,058
  1,149
  1,243
  1,341
  1,443
  1,549
  1,659
  1,774
  1,894
  2,019
  2,150
  2,286
  2,428
  2,577
  2,732
  2,894
  3,064
  3,242
  3,428
  3,623
  3,827
  4,041
  4,264
  4,499
  4,745
Total liabilities, $m
  916
  991
  1,068
  1,149
  1,233
  1,320
  1,410
  1,505
  1,603
  1,704
  1,810
  1,921
  2,036
  2,156
  2,281
  2,411
  2,547
  2,690
  2,838
  2,994
  3,156
  3,326
  3,504
  3,690
  3,885
  4,089
  4,302
  4,526
  4,761
  5,007
Total equity, $m
  863
  933
  1,006
  1,082
  1,161
  1,243
  1,328
  1,417
  1,509
  1,605
  1,705
  1,809
  1,917
  2,030
  2,148
  2,271
  2,399
  2,533
  2,673
  2,819
  2,972
  3,132
  3,300
  3,475
  3,658
  3,850
  4,052
  4,262
  4,483
  4,715
Total liabilities and equity, $m
  1,779
  1,924
  2,074
  2,231
  2,394
  2,563
  2,738
  2,922
  3,112
  3,309
  3,515
  3,730
  3,953
  4,186
  4,429
  4,682
  4,946
  5,223
  5,511
  5,813
  6,128
  6,458
  6,804
  7,165
  7,543
  7,939
  8,354
  8,788
  9,244
  9,722
Debt-to-equity ratio
  0.760
  0.780
  0.800
  0.820
  0.840
  0.850
  0.860
  0.880
  0.890
  0.900
  0.910
  0.920
  0.930
  0.930
  0.940
  0.950
  0.950
  0.960
  0.960
  0.970
  0.970
  0.980
  0.980
  0.990
  0.990
  0.990
  1.000
  1.000
  1.000
  1.010
Adjusted equity ratio
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485
  0.485

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  83
  93
  104
  115
  127
  139
  152
  165
  179
  193
  268
  283
  300
  316
  334
  352
  372
  392
  412
  434
  457
  481
  506
  532
  560
  588
  618
  650
  683
  718
Depreciation, amort., depletion, $m
  161
  167
  174
  181
  188
  196
  203
  212
  220
  229
  156
  166
  176
  186
  197
  208
  220
  232
  245
  258
  272
  287
  302
  318
  335
  353
  371
  390
  411
  432
Funds from operations, $m
  243
  260
  278
  296
  315
  335
  356
  377
  399
  422
  424
  449
  475
  502
  531
  560
  591
  624
  657
  692
  729
  768
  808
  850
  895
  941
  989
  1,040
  1,094
  1,149
Change in working capital, $m
  27
  28
  29
  31
  32
  33
  34
  36
  37
  39
  40
  42
  44
  45
  47
  49
  52
  54
  56
  59
  62
  64
  67
  71
  74
  77
  81
  85
  89
  93
Cash from operations, $m
  216
  232
  249
  266
  283
  302
  321
  341
  362
  383
  384
  407
  432
  457
  483
  511
  540
  570
  601
  634
  668
  703
  741
  780
  821
  864
  908
  955
  1,005
  1,056
Maintenance CAPEX, $m
  -73
  -79
  -85
  -92
  -99
  -106
  -114
  -122
  -130
  -138
  -147
  -156
  -166
  -176
  -186
  -197
  -208
  -220
  -232
  -245
  -258
  -272
  -287
  -302
  -318
  -335
  -353
  -371
  -390
  -411
New CAPEX, $m
  -51
  -53
  -55
  -57
  -59
  -62
  -64
  -67
  -69
  -72
  -75
  -78
  -81
  -85
  -88
  -92
  -96
  -101
  -105
  -110
  -115
  -120
  -126
  -132
  -138
  -144
  -151
  -158
  -166
  -174
Cash from investing activities, $m
  -124
  -132
  -140
  -149
  -158
  -168
  -178
  -189
  -199
  -210
  -222
  -234
  -247
  -261
  -274
  -289
  -304
  -321
  -337
  -355
  -373
  -392
  -413
  -434
  -456
  -479
  -504
  -529
  -556
  -585
Free cash flow, $m
  93
  100
  108
  116
  125
  134
  143
  153
  163
  173
  162
  173
  185
  197
  209
  222
  235
  249
  264
  279
  295
  311
  328
  346
  365
  384
  405
  426
  448
  472
Issuance/(repayment) of debt, $m
  71
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  149
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  246
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  71
  75
  78
  81
  84
  87
  91
  94
  98
  102
  106
  110
  115
  120
  125
  130
  136
  142
  149
  155
  162
  170
  178
  186
  195
  204
  214
  224
  235
  246
Total cash flow (excl. dividends), $m
  164
  175
  186
  197
  209
  221
  234
  247
  261
  275
  268
  283
  300
  316
  334
  352
  371
  391
  412
  434
  457
  481
  506
  532
  560
  588
  618
  650
  683
  717
Retained Cash Flow (-), $m
  -67
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -167
  -175
  -183
  -192
  -201
  -211
  -221
  -232
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  97
  105
  113
  121
  130
  139
  149
  158
  169
  179
  168
  179
  191
  204
  216
  229
  243
  258
  272
  288
  304
  321
  339
  357
  376
  396
  417
  439
  462
  486
Discount rate, %
  5.70
  5.99
  6.28
  6.60
  6.93
  7.27
  7.64
  8.02
  8.42
  8.84
  9.28
  9.75
  10.24
  10.75
  11.29
  11.85
  12.44
  13.06
  13.72
  14.40
  15.12
  15.88
  16.67
  17.51
  18.38
  19.30
  20.27
  21.28
  22.34
  23.46
PV of cash for distribution, $m
  92
  93
  94
  94
  93
  91
  89
  85
  81
  77
  63
  59
  54
  49
  43
  38
  33
  28
  24
  20
  16
  13
  10
  7
  6
  4
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Nuvasive, Inc. is a medical device company. The Company focuses on developing minimally-disruptive surgical products and procedurally-integrated solutions for the spine surgery. Its product portfolio focuses on applications for spine fusion surgery, including biologics used to aid in the spinal fusion process. Its principal product offering includes a minimally-disruptive surgical platform called Maximum Access Surgery (MAS). The platform includes its software-driven nerve detection and avoidance systems, including NVM5, and intraoperative monitoring services and support; MaXcess, an integrated split-blade retractor system, and a range of implants and biologics. The platform combines three product categories: its MaXcess retractors, specialized implants and fixation products, and nerve monitoring systems and service offerings that collectively enable surgeons to detect and navigate around nerves, while directing customized access to the spine for implant delivery.

FINANCIAL RATIOS  of  NuVasive (NUVA)

Valuation Ratios
P/E Ratio 95.4
Price to Sales 3.7
Price to Book 5.1
Price to Tangible Book
Price to Cash Flow 22.6
Price to Free Cash Flow 57
Growth Rates
Sales Growth Rate 18.6%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -13%
Cap. Spend. - 3 Yr. Gr. Rate 14.4%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 81.2%
Total Debt to Equity 90.1%
Interest Coverage 6
Management Effectiveness
Return On Assets 3.1%
Ret/ On Assets - 3 Yr. Avg. 2.9%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 2.6%
Return On Equity 5.3%
Return On Equity - 3 Yr. Avg. 4.1%
Asset Turnover 0.7
Profitability Ratios
Gross Margin 75.1%
Gross Margin - 3 Yr. Avg. 75.7%
EBITDA Margin 18.8%
EBITDA Margin - 3 Yr. Avg. 16.9%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 10.8%
Pre-Tax Margin 6.8%
Pre-Tax Margin - 3 Yr. Avg. 6.4%
Net Profit Margin 3.8%
Net Profit Margin - 3 Yr. Avg. 3.3%
Effective Tax Rate 46.2%
Eff/ Tax Rate - 3 Yr. Avg. 8.2%
Payout Ratio 0%

NUVA stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the NUVA stock intrinsic value calculation we used $1029.52 million for the last fiscal year's total revenue generated by NuVasive. The default revenue input number comes from 0001 income statement of NuVasive. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our NUVA stock valuation model: a) initial revenue growth rate of 8.5% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.7%, whose default value for NUVA is calculated based on our internal credit rating of NuVasive, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of NuVasive.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of NUVA stock the variable cost ratio is equal to 87.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for NUVA stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 6.3% for NuVasive.

Corporate tax rate of 27% is the nominal tax rate for NuVasive. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the NUVA stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for NUVA are equal to 58%.

Life of production assets of 8.2 years is the average useful life of capital assets used in NuVasive operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for NUVA is equal to 31.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $795.571 million for NuVasive - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 51.422 million for NuVasive is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of NuVasive at the current share price and the inputted number of shares is $3.6 billion.

RELATED COMPANIES Price Int.Val. Rating
ZBH Zimmer Biomet 129.84 87.03  sell
GMED Globus Medical 52.43 28.58  sell
OFIX Orthofix Inter 53.41 32.95  sell
KTWO K2M Group Hold 27.27 0.61  str.sell
RTIX RTI Surgical 4.35 0.44  str.sell
SYK Stryker 173.53 100.38  sell
SPNE SeaSpine Holdi 15.25 1.20  str.sell

COMPANY NEWS

▶ What You Must Know About NuVasive Incs (NASDAQ:NUVA) 5.4% ROE   [Sep-07-18 11:06AM  Simply Wall St.]
▶ Why This Healthcare Innovator Sees a Brighter Future   [Aug-03-18 11:45AM  Motley Fool]
▶ Why NuVasive, Inc. Stock Jumped Today   [Aug-01-18 04:35PM  Motley Fool]
▶ NuVasive (NUVA) Q2 Earnings Match Estimates   [Jul-31-18 06:10PM  Zacks]
▶ NuVasive: 2Q Earnings Snapshot   [05:08PM  Associated Press]
▶ NuVasive, Inc. to Host Earnings Call   [02:30PM  ACCESSWIRE]
▶ 3 Stocks to Tap the Minimally-Invasive Surgery Market Boom   [Jun-28-18 02:20PM  InvestorPlace]
▶ A Look At The Fair Value Of NuVasive Inc (NASDAQ:NUVA)   [Jun-21-18 10:47AM  Simply Wall St.]
▶ NuVasive Announces Key Finance Appointments   [Jun-11-18 08:30AM  PR Newswire]
▶ NuVasive: 1Q Earnings Snapshot   [May-01-18 04:14PM  Associated Press]
▶ NuVasive to Participate in Investor Events in March 2018   [Mar-05-18 04:02PM  PR Newswire]
▶ NuVasive Sees a Stronger 2018   [Feb-26-18 05:45PM  Motley Fool]
▶ NuVasive meets 4Q profit forecasts   [04:39PM  Associated Press]
▶ NuVasive, Inc. to Host Earnings Call   [12:15PM  ACCESSWIRE]
▶ John DeFord To Join NuVasive Board Of Directors   [Feb-08-18 04:05PM  PR Newswire]
▶ Why Mizuho Securities Upgraded Teva Pharmaceutical to a Buy   [Jan-12-18 09:45AM  Market Realist]
▶ Here's What Pressured NuVasive, Inc. Stock Today   [Jan-08-18 02:26PM  Motley Fool]
▶ Medtech Player Bounds On Upgrade Amid Tax Reform, Acquisitions   [Jan-04-18 04:31PM  Investor's Business Daily]
▶ ETFs with exposure to NuVasive, Inc. : December 28, 2017   [Dec-28-17 12:31PM  Capital Cube]
▶ Medical device maker says savings from new tax law to fuel innovation and growth   [Dec-21-17 01:46PM  American City Business Journals]
▶ NuVasive To Acquire SafePassage   [Dec-12-17 04:02PM  PR Newswire]

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