NuVasive, Inc.

Fourth Quarter and Full Year 2015 Results

February 11, 2016

Exhibit 99.3

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Forward-Looking Statements

NuVasive

cautions

you

that

statements

included

in

this

presentation

that

are

not

a

description

of

historical

facts

are

forward-looking

statements

that

involve

risks,

uncertainties,

assumptions

and

other

factors

which,

if

they

do

not

materialize

or

prove

correct,

could

cause

NuVasive’s

results

to

differ

materially

from

historical

results

or

those

expressed

or

implied

by

such

forward-looking

statements.

In

addition,

this

presentation

contains

selected

financial

results

from

the

fourth

quarter

and

full

year

2015,

as

well

as

projections

for

2016

financial

guidance

and

longer-term

financial

performance

goals.

The

numbers

for

the

fourth

quarter

and

full

year

2015

are

prior

to

the

completion

of

review

and

audit

procedures

by

the

Company’s

external

auditors

and

are

subject

to

adjustment.

In

addition,

the

Company’s

projections

for

2016

financial

guidance

and

longer-term

financial

performance

goals

represent

current

estimates,

including

initial

estimates

of

the

potential

benefits,

synergies

and

cost

savings

associated

with

the

acquisition

of

Ellipse

Technologies,

which

are

subject

to

the

risk

of

being

inaccurate

because

of

the

preliminary

nature

of

the

forecasts,

the

risk

of

further

adjustment,

or

unanticipated

difficulty

in

selling

products

or

generating

expected

profitability.

The

potential

risks

and

uncertainties

that

could

cause

actual

growth

and

results

to

differ

materially

include,

but

are

not

limited

to:

the

risk

that

NuVasive’s

revenue

or

earnings

projections

may

turn

out

to

be

inaccurate

because

of

the

preliminary

nature

of

the

forecasts;

the

risk

of

further

adjustment

to

financial

results

or

future

financial

expectations;

unanticipated

difficulty

in

selling

products,

generating

revenue

or

producing

expected

profitability;

the

risk

that

Ellipse

Technologies

will

not

be

integrated

successfully

or

that

the

benefits

and

synergies

from

the

acquisition

may

not

be

fully

realized

or

may

take

longer

to

realize

than

expected;

and

those

other

risks

and

uncertainties

more

fully

described

in

the

Company’s

news

releases

and

periodic

filings

with

the

Securities

and

Exchange

Commission.

NuVasive’s

public

filings

with

the

Securities

and

Exchange

Commission

are

available

at

www.sec.gov.

The

forward-looking

statements

contained

herein

are

based

on

the

current

expectations

and

assumptions

of

NuVasive

and

not

on

historical

facts.

NuVasive

assumes

no

obligation

to

update

any

forward-looking

statement

to

reflect

events

or

circumstances

arising

after

the

date

on

which

it

was

made.

2

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Non-GAAP Financial Measures

Management

uses

certain

financial

measures

in

this

presentation

that

are

not

calculated

in

accordance

with

GAAP.

Non-GAAP

financial

measures

include

non-GAAP

earnings

per

share,

non-GAAP

net

income,

non-

GAAP

operating

expenses

and

non-GAAP

operating

profit

margin,

which

exclude

amortization

of

intangible

assets,

leasehold

related

charges,

integration

related

expenses

associated

with

acquired

businesses,

one-

time

restructuring

and

acquisition

related

items,

CEO

transition

related

costs,

certain

litigation

charges

and

non-cash

interest

expense

and

or

losses

on

convertible

notes.

Management

also

uses

certain

non-GAAP

measures

which

are

intended

to

exclude

the

impact

of

foreign

exchange

currency

fluctuations.

The

measure

constant

currency

is

the

use

of

an

exchange

rate

that

eliminates

fluctuations

when

calculating

financial

performance

numbers.

The

Company

also

uses

measures

such

as

free

cash

flow,

which

represents

cash

flow

from

operations

less

cash

used

in

the

acquisition

and

disposition

of

capital.

Additionally,

the

Company

uses

an

adjusted

EBITDA

measure

which

represents

earnings

before

interest,

taxes,

depreciation

and

amortization

and

excludes

the

impact

of

stock-based

compensation,

leasehold

related

charges,

integration

related

expenses

associated

with

acquired

businesses,

CEO

transition

related

costs,

certain

litigation

liabilities,

acquisition

related

items

and

other

significant

one-time

items.

Management

calculates

the

non-GAAP

financial

measures

provided

in

this

presentation

excluding

these

costs

and

uses

these

non-GAAP

financial

measures

to

enable

it

to

further

and

more

consistently

analyze

the

period-to-period

financial

performance

of

its

core

business

operations.

Management

believes

that

providing

investors

with

these

non-GAAP

financial

measures

gives

them

additional

information

to

enable

them

to

assess,

in

the

same

way

management

assesses,

the

Company’s

current

and

future

continuing

operations.

These

non-GAAP

financial

measures

are

not

in

accordance

with,

or

an

alternative

for,

GAAP,

and

may

be

different

from

non-GAAP

financial

measures

used

by

other

companies.

For

reconciliations

of

non-GAAP

financial

measures

to

the

comparable

GAAP

financial

measure,

please

visit

the

Investor

Relations

section

of

the

Company’s

corporate

website

at

www.nuvasive.com.

3

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Year dominated by category-focused innovation

2015 Financial Performance Highlights

4

Innovation

Growth

Profitability

•

Biggest launch since XLIF with

introduction of Integrated

Global Alignment (iGA™)

platform to help address proper

alignment

•

Entered adult deformity market

with posterior fixation system

ReLine®

•

Introduced differentiated

Archon® anterior cervical plating

system and posterior cervical

fixation offering VuePoint® II

•

Introduced new products,

including X-Core® Mini Cervical

Corpectomy

System, Propel

DBM biologic, as well as

additional implant and line

extension innovation

•

Delivered 8.2% constant

currency full year 2015 revenue

growth to $811.1 million

•

Strong lumbar performance

following iGA

launch resulting in

sequential quarterly

improvements

•

Resurgence in cervical business

driven by differentiated

offerings

•

Localized improvement plans for

key International markets in

Western Europe showing initial

improved results

•

Delivered record 400 basis

points of profitability expansion

for full year 2015

•

Full year 2015 non-GAAP

operating profit margin of 15.4%

•

Full year 2015 non-GAAP EPS of

$1.31, doubling vs. 2014 and

growing at rate well ahead of

revenue

•

Capturing well-identified

operating efficiencies

•

Optimizing scale and

globalization efforts

•

Acquired facility in West

Carrollton, OH to support ~100%

self-manufacturing goal

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Demonstrating clinical and economic benefit to drive share-taking

Rapidly Evolving, Complex Healthcare Landscape

•

Increasing number of market influencers

•

Ability to clearly demonstrate clinical

and economic value never more relevant

•

Take advantage of the continued lack of

focus from the larger players in spine

•

Strengthen competitive stance with

more dynamic peers

•

Look to partner with customers not only

on technology, but also entire service

continuum

Strategically moving from a vendor focused on transactions to

true partner focused on transformation

Surgeon

Conversion

Service Line

Partnership

Service

Integration and

Expansion

NuVasive’s Differentiated

Commercial Approach

5

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Operational excellence

delivering significant

margin expansion

Driving organic growth

with numerous inorganic

opportunities

Industry disruptor

adding value and

addressing unmet needs

NuVasive’s

Formula

for

Success

Fueling 2016 strategic agenda with proven approach to win

6

Profitability

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Highly scalable platform with exceptional growth prospects

Ellipse Technologies Acquisition Complete

7

Initial addressable market opportunity

of ~$570 million* for the MAGEC

technology alone –incremental upside

with pull-through of NuVasive

hardware

~$700 million* PRECICE market

opportunity with potential

partnerships to drive market share

with highly differentiated orthopedic

technology

Strong full year 2015 Ellipse

Technologies results at ~$44 million in

revenue

Delivering ~$53 million in revenue on

reported basis, and ~$60 million in

revenue on pro forma basis for 2016

MAGEC®

SPINAL BRACING AND DISTRACTION SYSTEM

PRECICE®

LIMB LENGTHENING TECHNOLOGY

Before

After

*Company estimates

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Fourth Quarter 2015 Revenue Highlights

U.S. IMPLANTS & SERVICES

Includes Lumbar, Cervical, NVM5 and Service

Up 9.9% in 4Q15

Key Performance Factors:

Fourth Consecutive Quarter of Growth

& Highest of Year

Strong Lumbar & Cervical Results

Driven by ReLine, Increased

Adoption of iGA

U.S. BIOLOGICS

Down 2.7% in 4Q15

Key Performance Factors:

Challenged by cyclicality

and surgeon trialing in prior

period

INTERNATIONAL

Up 1.9%

*

in 4Q15

Includes Puerto Rico

Key Performance Factors:

Japan, Italy & Australia Remain

Strong Performers

Localized XLIF/MIS Focus Working

Resurgence in Germany

Latin America Weakness

Strong revenue performance in key growth areas

*Constant currency basis

8

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Non-GAAP Measures

4Q15

Actuals

4Q15 YoY

Performance Factors

FY15

Actuals

FY15

YoY

Performance Factors

Gross Margin

76.2%

100 bps driven

by mix,

higher E&O

76.0%

10 bps driven by product

transition costs, non-repeat of

one-time benefits

Sales, Marketing

& Admin.

55.2%

280

bps driven by expense

reduction efforts,  increased

asset efficiencies

56.4%

350 bps driven by asset and

sales force efficiencies

Research & Development

4.0%

60 bps driven by timing of

development projects

4.3%

50 bps driven by timing of

development projects

Operating Profit Margin

17.1%

240 bps driven by better

overall OpEx

management

15.4%

400 bps driven by better

overall OpEx

management

EPS

$0.35

37%

$1.31

95%

Adjusted

EBITDA Margin

25.9%

80 bps

25.2%

330 bps

Operating leverage story continues to play out

Fourth Quarter and Full Year 2015 P&L Performance

9

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Change to better align with the way NuVasive manages business

Revenue Disclosure & Guidance Practices

•

Beginning in 1Q16, refining disclosed revenue grouping to three key areas:

1)  U.S. Spinal Hardware & Other

2)  U.S. Surgical Support & Other

3)  International

Better reflects how NuVasive manages the business and in line with peer practices

Better communicate the underlying performance of the Company

Best structure to incorporate acquisition of Ellipse Technology in revenue disclosure

Provides flexible go-forward reporting structure for integration of future acquisitions

•

Two-Year Recast of Historical Performance to New Revenue Grouping:

10

Q114 A

Q214 A

Q314 A

Q414 A

2014 FY A

Q115 A

Q215 A

Q315 A

Q415 A

2015 FY A

% Growth

U.S. Spinal Hardware & Other

104,363

108,697

107,039

115,710

435,809

110,248

116,456

116,180

126,376

469,260

8%

U.S. Surgical Support & Other

52,111

56,057

55,936

59,705

223,809

57,533

58,612

58,082

62,299

236,526

6%

International (inc.

Puerto Rico)

21,022

25,923

26,943

28,909

102,797

24,602

27,842

26,276

26,607

105,327

2%

Total Revenue

177,496

190,677

189,918

204,324

762,415

192,383

202,910

200,538

215,282

811,113

6%

($ in thousands)

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

FY16 Guidance

Performance

Drivers

Revenues

•

As reported

•

Full year

pro forma

~$923.0M, ~14%

YoY

growth^

$930M, ~9% growth

~$53M Ellipse Technologies contribution; ~$2M currency impact

$~870 core business revenue; ~$60M Ellipse Technologies revenue

•

U.S. Spinal Hardware & Other

•

U.S. Surgical

Support & Other

•

International

~14% YoY

growth

~3% YoY

growth

~36% YoY

growth

Strong expected lumbar, cervical and Ellipse product performance

Slower growth expectations for biologics and services

~38% excluding currency impact; comprised

of core NuVasive

growth

of ~20%,

Ellipse product growth of ~18%

Non-GAAP

Gross Margin

~76.9%

~90 bps increase due to 2-year suspension of medical device tax,

favorable product mix from lumbar and cervical portfolios

Non-GAAP Sales, Marketing

&

Admin.

~55.5%

~90 bps improvement driven

by core NuVasive asset and

sales force

efficiencies,

support function management, International scale

Non-GAAP Research &

Development

~5.6%

~130 bps increase in

organic and inorganic investment in innovation

Non-GAAP Operating Profit

Margin

~15.8%

~140 bps

of core NuVasive margin improvement,

primarily offset by

increase in R&D investments

Non-GAAP Earnings Per Share

~$1.48

~13% YoY

growth

Adjusted

EBITDA Margin

~25.4%

~20 bps

increase

Non-GAAP Effective Tax Rate

~41.0%

Benefited from discrete items that drove rate lower in 2015 & well

ahead of expectations, which will not repeat in 2016

Includes Ellipse Technologies acquisition and reflects new revenue groupings

Full Year 2016 Financial Performance Guidance*

11

*NuVasive financial performance guidance as of February 11, 2016; ^Constant currency as reported

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Performance expectations for modeling purposes

First Quarter 2016 Performance Guidance*

•

Providing

guidance

for

first

quarter

of

2016

as

it

will

include

a

partial

quarter

of

results

from

the

Ellipse

Technologies

acquisition

•

Expect revenue

to approximate $205 million for the first quarter of 2016,

inclusive of Ellipse Technologies revenue

•

Expect non-GAAP operating profit margin for the first quarter 2016 to be in

line with the prior year at approximately 12.6%

•

Focused on quickly integrating Ellipse Technologies acquisition

12

*NuVasive financial performance guidance as of February 11, 2016

©2016 NuVasive®, Inc.

©2016 NuVasive®, Inc.

Relentless focus on driving shareholder value

Why Invest in NuVasive

13

Industry-leading innovation and

integrated procedural solutions

enables share-taking and

premium pricing

Drive surgeon conversion,

increase service line

partnerships and expand

services integration

Double International revenue

contribution in coming years

Competitively positioned in large and growing global spine market with

favorable transformative dynamics playing to NuVasive strengths

Grow revenues at

multiples of

market in high

single-digit

range*

Achieve ~25%

long-term non-

GAAP operating

profit margin and

~32% adjusted

EBITDA goals*

Optimize tax

structure to help

drive EPS growth

2x the rate of

revenue growth*

Disciplined capital

deployment for

strategic M&A

and partnerships

Set to generate

significant

increases in free

cash flow

*NuVasive financial performance guidance as of February 11, 2016