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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) will host a virtual investor briefing on January 15, 2021, at 4:00 PM PST during the 2021 North American Neuromodulation Society (NANS) Virtual Conference. Chairman and CEO D. Keith Grossman will provide updates on the company's developments, alongside CFO Rod MacLeod and CMO Dr. David Caraway. Key presentations include findings from the SENZA-Painful Diabetic Neuropathy (PDN) trial, the largest RCT of spinal cord stimulation completed, and the Non-Surgical Refractory Back Pain (NSRBP) study. Webcast details can be found on Nevro's website.
Nevro Corp. (NYSE: NVRO), a leader in chronic pain solutions, announced that D. Keith Grossman, Chairman and CEO, will present at the 39th Annual J.P. Morgan Healthcare Conference on January 12, 2021, at 4:30 PM ET. This event can be accessed via a live webcast available in the Investors section of Nevro's website. Nevro specializes in innovative medical devices, including the Senza spinal cord stimulation system, known for its HF10 therapy that significantly reduces opioid dependency in over 65% of patients.
Nevro Corp. (NYSE: NVRO) announced the dismissal of its patent litigation against Boston Scientific regarding high frequency spinal cord stimulation therapy. This agreement follows Boston Scientific's assurances in July 2018 about not planning to launch a competing system. After a favorable ruling from the U.S. Court of Appeals in April 2020, both parties agreed to drop the remaining claims in California. Ongoing patent cases will continue in Delaware and at the Patent Office for different spinal cord stimulation technologies.
Nevro Corp. (NYSE: NVRO) announced the appointment of Susan E. Siegel to its Board of Directors, effective December 2, 2020, succeeding Wilfred Jaeger. Ms. Siegel brings over thirty years of experience in the life sciences and healthcare sectors, including leadership roles in innovative technology at General Electric and Mohr Davidow Ventures. CEO D. Keith Grossman expressed gratitude to Jaeger for his contributions and welcomed Siegel, highlighting her potential impact on Nevro's growth in chronic pain management products, notably the Senza spinal cord stimulation system.
Nevro Corp. (NYSE: NVRO) has appointed Julie Dewey as the new Vice President of Investor Relations and Corporate Communications, effective immediately. With over 25 years of experience in investor relations and corporate communications within the medical technology sector, Dewey will enhance Nevro's communication strategies with investors and analysts. CFO Rod MacLeod highlighted her extensive background as beneficial for sustainable growth and financial performance. Dewey previously held senior roles at Wright Medical Group and other healthcare technology firms.
Nevro Corp. (NYSE: NVRO), a leader in innovative medical devices for chronic pain, announced that CEO D. Keith Grossman will participate in Citi Bank's Head Shoulders Knees and Toes Conference Call Series on November 30, 2020, at 2 pm ET. Investors can join the call by dialing (856) 344-9142 with Conference ID: 3168278. Nevro's Senza spinal cord stimulation system has shown success in reducing opioid use in over 65% of patients, highlighting its effectiveness in chronic pain treatment. For more details, visit www.nevro.com.
Nevro Corp. (NYSE: NVRO) announced the acceptance of data abstracts for Painful Diabetic Neuropathy (PDN) and Non-Surgical Refractory Back Pain (NSRBP) at the NANS 2021 conference, scheduled for January 15, 2021. The PDN trial, the largest randomized controlled trial of spinal cord stimulation (SCS) treatment, will feature 216 subjects and reveal new 12-month pain relief data. The NSRBP study includes 159 participants, presenting its primary endpoint results. Nevro's CEO D. Keith Grossman will hold a virtual investor briefing for updates and Q&A following the presentations.
Nevro Corp. (NVRO) reported Q3 2020 financial results with worldwide revenue of $108.5 million, marking an 8% increase year-over-year and a 92% sequential increase from Q2 2020. U.S. revenue also rose by 8% to $90.9 million. Gross profit improved by 9% to $76.1 million, with a gross margin of 70.1%. Operating expenses decreased by 7% to $79.6 million. The net loss narrowed significantly to $3.5 million, an 78% improvement year-over-year. Nevro is advancing its clinical studies in diabetic neuropathy and back pain, with submissions planned for the FDA.
Nevro Corp. (NYSE: NVRO), a leader in chronic pain treatment, will announce its Q3 financial results on November 5, 2020, after market close. The results will be discussed in a conference call at 1:30 PM PT/4:30 PM ET, accessible via dial-in or webcast. Nevro's Senza spinal cord stimulation system offers innovative non-drug therapies, significantly reducing or eliminating opioid use in over 65% of patients. This event is critical for investors monitoring Nevro's financial performance and future outlook.
Nevro Corp. (NYSE: NVRO) announced plans to establish global manufacturing operations in Costa Rica to enhance growth. The company has secured a 10-year lease for a 35,000 square foot facility, with projected capital expenditures of approximately $11 million from 2020-2023, alongside an additional $10 million in implementation costs. This initiative aims to optimize their cost structure and improve gross margins following validation in 2022. CEO Keith Grossman emphasized the shift from outsourced manufacturing to in-sourcing for increased efficiency.
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