NuVasive Shares Drop After Announced COO, CFO Departures

NuVasive Inc. shares fell in the extended session Thursday after the spine surgery products maker said its chief operating officer and chief financial officer were departing and reported quarterly results. NuVasive shares fell 13% to $66.75 after hours. The company said Jason Hannon, president and COO, was stepping down to pursue other interests, while CFO Quentin Blackford resigned, effective Aug. 25. The company reported second-quarter net income of $12.7 million, or 22 cents a share, compared to $30.2 million, or 57 cents a share, in the year-ago period. Adjusted earnings were 46 cents a share. Revenue rose to $260.6 million from $236.2 million in the year ago period. Analysts surveyed by FactSet had estimated 44 cents a share on revenue of $262.2 million. For the full year, NuVasive estimates adjusted earnings of $2 a share on revenue of $1.07 billion. Analysts expect $2.01 a share on $1.07 billion.