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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) has received FDA approval for its Senza® System to treat Painful Diabetic Neuropathy (PDN) using 10 kHz spinal cord stimulation. This makes it the only FDA-approved spinal cord stimulation system specifically indicated for PDN. The company will launch this therapy in the U.S. under the HFX™ branding. Nevro anticipates a mid-single digit million revenue contribution from PDN in 2021, primarily in Q4, with higher revenue expected in future years. The company also announced preliminary Q2 2021 revenue of approximately $102.3 million.
Nevro Corp. (NYSE: NVRO) has announced it will report its Q2 2021 financial results on August 4, 2021, after market close. A conference call to discuss these results will take place at 1:30 pm PT / 4:30 pm ET on the same day. Interested investors can join by phone or via a live webcast on Nevro's website. The company focuses on innovative solutions for treating chronic pain, highlighted by its proprietary 10 kHz Therapy, which has shown efficacy in reducing opioid use in many patients.
Nevro Corp. (NYSE: NVRO) announced data from the SENZA Non-Surgical Refractory Back Pain (NSRBP) Randomized Controlled Trial (RCT) will be presented at the ASIPP annual meeting from June 24-26, 2021. The study compares Nevro's 10 kHz spinal cord stimulation (SCS) plus Conventional Medical Management to CMM alone in 159 patients. Previous 3-month results indicated superior pain relief for the 10 kHz SCS cohort. The 6-month results will be shared by Dr. Kapural on June 25, with plans to publish findings in a peer-reviewed journal and follow participants for 24 months. An investor briefing will also take place on June 25.
Nevro Corp. (NYSE: NVRO) announced data from the SENZA Painful Diabetic Neuropathy (PDN) Randomized Controlled Trial will be presented at the American Diabetes Association (ADA) 81st Scientific Sessions from June 25-29, 2021. The study compares Nevro's 10 kHz spinal cord stimulation (SCS) to conventional medical management in 216 patients. Initial results showed significant pain relief and improved quality of life. CEO D. Keith Grossman emphasized the potential for FDA approval and market expansion, aiming to address a $3.5 to $5 billion market for PDN treatment.
Nevro Corp. (NYSE: NVRO) announced it will host an analyst and investor briefing on June 25, 2021, during the American Diabetes Association's 81st Scientific Sessions. The event, led by Chairman and CEO D. Keith Grossman, will provide updates on the SENZA-PDN and SENZA-NSRBP clinical studies, along with a Q&A session. Participants can join via conference call or through a live audio webcast. For more details, visit Nevro's website. Nevro specializes in innovative solutions for chronic pain management, notably through its proprietary 10 kHz therapy.
Nevro Corp. (NVRO) reported Q1 2021 revenue of $88.6 million, a 1% increase from the prior year. The net loss from operations was $22.5 million, with non-GAAP adjusted EBITDA of negative $6.6 million. The company updated its full-year revenue guidance to $440 million to $450 million, reflecting anticipated growth of 22% to 24% compared to 2020. Notable advancements include FDA approval for the Omnia upgrade and positive clinical trial results published in JAMA Neurology, indicating improved outcomes for patients.
Nevro Corp. (NYSE: NVRO), a leading medical device company specializing in chronic pain solutions, announced that its Chairman and CEO, D. Keith Grossman, will present at the UBS Global Healthcare Virtual Conference on May 24, 2021, at 4:00 pm ET. The event will be accessible via a live webcast and archived recording on Nevro's website.
Nevro is known for its innovative Senza spinal cord stimulation system, which has shown positive outcomes, including opioid reduction in over 65% of patients in clinical studies. For more information, visit www.nevro.com.
Nevro Corp. (NYSE: NVRO) has launched its new HFX brand and updated website aimed at enhancing the experience for physicians and patients in chronic pain treatment. The HFX brand consolidates Nevro's offerings, including the U.S. launch of the Omnia upgrade powered by HFX Connect, which facilitates remote therapy optimization through dedicated HFX Coaches. This system leverages data from over 70,000 patient outcomes and includes features like remote diagnostics and real-time patient care tracking. The company anticipates expanding its HFX Connect upgrade to Australia and Europe shortly.
Nevro Corp. announced the appointment of Jon Shear as the new Vice President of Corporate Development, effective immediately. Shear, who has extensive experience in the medical technologies sector, will lead Nevro's strategic planning and business development initiatives. He previously founded Westward Medtech and held significant roles at Thoratec Corporation and St. Jude Medical. This leadership change may enhance Nevro's strategic alignment and long-term growth trajectory, critical for improving shareholder value.
On April 13, 2021, Nevro Corp. (NYSE: NVRO), a leader in innovative solutions for chronic pain treatment, announced that Keith Grossman, Chairman and CEO, will present at the BofA Securities 2021 Virtual Health Care Conference on May 11, 2021, at 2:00 PM ET. A live webcast will be available on Nevro's website, alongside archived recordings for investors. Nevro is renowned for its Senza spinal cord stimulation systems, which utilize HF10 therapy to significantly reduce opioid dependency in patients.
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