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Nevro Corp. (NYSE: NVRO), headquartered in Redwood City, California, is a pioneering global medical device company dedicated to improving the lives of patients suffering from chronic pain through innovative products. The company's flagship product, the Senza® Spinal Cord Stimulation (SCS) System, is an evidence-based neuromodulation platform designed to treat chronic pain. This system features Nevro's proprietary HF10 therapy, which is known for its high-frequency, paresthesia-free stimulation, approved by the FDA in 2015, and commercially available in the U.S., Europe, and Australia.
Nevro's comprehensive product portfolio includes the HFX™ Spinal Cord Stimulation (SCS) Platform, comprising Senza®, Senza II®, Senza Omnia®, and HFX iQ™ systems. These devices offer patients a non-pharmacologic solution to manage chronic pain and painful diabetic neuropathy, providing sustainable pain relief and improved quality of life. The HFX platform also includes support services such as HFX Coach™ for patients and HFX Cloud™ for physicians, ensuring enhanced patient management and outcomes.
In November 2023, Nevro expanded its portfolio by acquiring Vyrsa Technologies, a company specializing in minimally invasive sacroiliac joint (SI joint) fusion devices. This strategic move allows Nevro to address a broader range of chronic pain conditions, particularly chronic SI joint pain. Vyrsa's innovative implants and proprietary technologies complement Nevro's existing offerings, positioning the company for significant market penetration and growth.
Financially, Nevro has shown resilience and adaptability. For the full year of 2023, the company reported worldwide revenues of $425.2 million, reflecting a 5% increase from the previous year. Despite challenges, Nevro's solid performance is attributed to its continuous focus on commercial execution, market penetration, and profitability. The company recently secured a $200 million term loan credit facility to refinance its 2025 convertible notes and ensure long-term financial stability.
Nevro's commitment to innovation is further evidenced by the recent FDA clearance of its sacroiliac joint fusion device, Nevro1, which is designed to enhance the stability and fusion of the SI joint using proprietary transfixing technology and bone-growth enhancing materials. This product, alongside the existing portfolio, reinforces Nevro's leadership in the chronic pain management market.
The company also maintains strong strategic partnerships and collaborations, ensuring that its solutions reach a wide patient base. Recent policy updates, such as the expansion of coverage for spinal cord stimulation for painful diabetic neuropathy by Carelon Healthcare, have significantly increased access to Nevro's therapies, benefiting millions of patients across the United States.
Going forward, Nevro remains dedicated to its mission of delivering life-changing solutions for chronic pain, continuously advancing its product offerings, and maintaining its commitment to improving patient outcomes globally.
Nevro Corp. (NYSE: NVRO) announced that three abstracts related to Painful Diabetic Neuropathy (PDN) and Non-Surgical Refractory Back Pain (NSRBP) have been accepted for podium presentations at the NANS 2022 Annual Meeting on January 15, 2022. The presentations will showcase critical results from the largest randomized controlled trial of spinal cord stimulation for PDN, involving 216 subjects, and 12-month outcomes from a similar trial for NSRBP with 159 participants. A focus will also be on the cost-effectiveness of their 10 kHz spinal cord stimulation.
Nevro Corp. (NYSE: NVRO), a leader in innovative medical devices for chronic pain, announced its participation in the 40th Annual J.P. Morgan Healthcare Conference. D. Keith Grossman, Chairman, CEO, and President, will present on January 10, 2022, at 7:30 am PT in San Francisco, CA. A live webcast will be accessible on Nevro's website. The company focuses on the Senza spinal cord stimulation system, which offers evidence-based, non-pharmacologic pain management solutions.
Nevro Corp. (NYSE: NVRO) announced two poster presentations at ISPOR Europe 2021, focusing on health economic results from the SENZA-PDN trial. The first study showed a trend towards reduced hospitalization rates and shorter stays for patients receiving 10 kHz spinal cord stimulation (SCS) combined with conventional medical management compared to those on conventional management alone. The second study revealed that patients receiving SCS therapy earlier incurred nearly €8,000 less in costs than those starting therapy later. Both studies aim to enhance physician referral decisions and expand payer coverage for diabetic neuropathy treatments.
Nevro Corp. (NYSE: NVRO) announced three significant clinical publications for treating Painful Diabetic Neuropathy (PDN) with 10 kHz Therapy, including 12-month results from the SENZA-PDN Randomized Controlled Trial. Published findings highlight the effectiveness of high-frequency spinal cord stimulation (SCS) in providing significant pain relief and neurological improvements. Notably, 86% of participants reported over 50% pain relief at 12 months. Nevro's 10 kHz SCS is currently the only FDA-approved device for PDN, aiming to expand payer coverage policies for broader access.
Nevro Corp. (NVRO) reported its Q3 financial results for 2021, revealing worldwide revenue of $93.2 million, down 14% year-over-year. Net loss from operations reached $46.4 million, influenced heavily by a $20 million patent litigation judgment. The gross profit decreased to $64.6 million, with a margin of 69.3%. The company provided Q4 revenue guidance of $94 million to $98 million, indicating an 11% to 14% decline compared to the previous year. The quarter's performance was impacted by COVID, affecting patient procedures, but the FDA approval of 10 kHz SCS Therapy for PDN offers a potential growth avenue.
Nevro Corp. (NYSE: NVRO) announced a jury verdict finding it in infringement of two Boston Scientific patents regarding spinal cord stimulation leads, resulting in a $20 million award to Boston Scientific. Despite this outcome, Nevro asserts that there are no commercial implications for current or future products. The company plans to appeal the decision, emphasizing that the lawsuit is a retaliatory action from Boston Scientific stemming from a prior lawsuit filed by Nevro. Nevro continues to maintain its position in the market as the exclusive provider of its patented 10 kHz Therapy.
Nevro Corp. (NYSE: NVRO), a leading medical device company specializing in chronic pain solutions, announced that CEO D. Keith Grossman will present at the Piper Sandler 33rd Annual Virtual Healthcare Conference. The presentation will be accessible starting November 22, 2021, at 10:00 am ET. Investors can find a webcast and archived recording on Nevro's website. Nevro is known for its innovative Senza spinal cord stimulation system, which offers non-pharmacologic treatment options for chronic pain, aiming to enhance the quality of life for patients.
Nevro Corp. (NYSE: NVRO) has announced that it will report its third quarter financial results for the period ending September 30, 2021, after market close on November 8, 2021. A conference call will be held on the same day at 1:30 PM PT to discuss these results. Investors can participate by dialing in or accessing a live webcast available on Nevro's website. Nevro specializes in innovative medical devices for chronic pain treatment, notably through its proprietary 10 kHz Therapy that has shown significant efficacy in reducing opioids usage among patients.
Nevro Corp. (NYSE: NVRO) announced the appointment of Sri Kosaraju to its Board of Directors, effective August 31, 2021. Kosaraju brings extensive experience in life sciences and medical technology, having served as CEO of Inscripta and former President of Penumbra. His vast background in healthcare positions him to support Nevro's growth and product development. Nevro is known for its innovative spinal cord stimulation systems aimed at improving chronic pain treatment, with its proprietary 10 kHz Therapy showing significant efficacy in clinical studies.
Nevro Corp. (NYSE: NVRO), a leader in medical devices aimed at chronic pain treatment, announced that its Chairman and CEO, D. Keith Grossman, will present at the Baird 2021 Global Healthcare Conference on September 15, 2021, at 10:50 AM ET. A live webcast and archived recording will be accessible on Nevro's website. The company specializes in innovative spinal cord stimulation (SCS) systems, including the Senza® platform, delivering proprietary 10 kHz Therapy.
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