RTTNews | Jul 20, 2020 04:19PM EDT

16:19 Monday, July 20, 2020 (RTTNews.com) - NuVasive, Inc. (NUVA) said it will record an operating loss in the second quarter in a range of $35 million to $40 million on a GAAP basis and an operating loss of $17 million to $23 million on a non-GAAP basis. The company noted that it will record incremental charges, primarily resulting from pandemic impacts, which collectively are estimated to be in the range of $20 million to $25 million. Based on preliminary results, the company estimates net sales to be in the range of $202 million to $205 million, a decline of approximately 30% from previous year.

"For the second quarter 2020, case volumes decreased significantly in April, followed by an uptick in May and continued acceleration in June as lockdown restrictions eased and elective surgeries began to resume. Although uncertainty remains around the COVID-19 pandemic, we saw positive signs of recovery and increased demand for elective procedures at the end of the quarter," said Christopher Barry, CEO of NuVasive.

As of June 30, 2020, the company had cash, cash equivalents and short-term investments on hand of more than $920 million, and a revolving credit facility of $550 million.

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