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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), a global medical device company focused on chronic pain treatment solutions, has announced new employee inducement grants. On August 7, 2024, the company's Compensation Committee granted restricted stock unit awards covering 10,199 shares of Nevro's common stock to four new non-executive employees. These awards, granted under the Nevro Corp. 2023 Inducement Award Plan, are designed to incentivize new hires and will vest over a three-year period, contingent on continued employment. The grants comply with NYSE Listed Company Manual Rule 303A.08, which allows for inducement awards to attract new talent. Nevro also emphasized its practice of posting important investor information on its website.
Nevro (NYSE: NVRO) reported its second-quarter 2024 financial results with a 4.3% revenue decrease to $104.2 million, driven by softness in the U.S. spinal cord stimulation (SCS) market and competitive pressures. U.S. revenue declined 2.4% to $90.7 million, and international revenue fell 15.0%. The company announced a net loss from operations of $19.6 million and an adjusted EBITDA of $3.0 million. Full-year 2024 revenue guidance was revised to $400-$405 million, while adjusted EBITDA guidance was revised to $(20)-$(18) million. Third-quarter 2024 guidance projects revenue of $92-$94 million and adjusted EBITDA of $(10)-$(9) million. Nevro is also initiating a process to accelerate growth, diversify its product portfolio, and maximize stockholder value. The company aims to navigate the evolving market dynamics by entering diverse markets earlier in the care continuum.
Nevro Corp. (NYSE: NVRO) announced on July 11, 2024, that its Compensation Committee granted inducement restricted stock unit awards on July 7, 2024. These awards cover 69,201 shares of common stock and were given to 17 new non-executive employees as part of the 2023 Inducement Award Plan. The stock units will vest over three years, contingent upon continuous employment. These awards were made under NYSE Rule 303A.08, aiming to attract new talent to the company. Nevro regularly updates its investor relations information on its website.
Nevro, a global medical device company specializing in chronic pain treatment solutions, is set to release its second-quarter 2024 financial results on August 6, 2024, after market close. The company will also hold an earnings conference call that day at 1:30 p.m. PDT (4:30 p.m. EDT) to discuss the financial results. Investors can access the live webcast and replay via the Investor Relations section of Nevro's website. For those without internet access, the call can be joined by dialing specified U.S. domestic or international numbers and providing conference ID 9453183.
Nevro Corp. announced new employee inducement grants under NYSE Rule 303A.08. On June 7, 2024, the company's Compensation Committee allocated restricted stock units (RSUs) covering 56,692 shares to 17 new non-executive employees. These awards, under Nevro's 2023 Inducement Award Plan, vest over three years contingent on continued employment. This move aims to attract and retain talent by providing a material inducement to join Nevro. For more information, Nevro advises checking their 'Investor Relations' section on their website.
Nevro Corp. (NYSE: NVRO), a global medical device company specializing in chronic pain solutions, announced its participation in the Truist Securities MedTech Conference. Key management will join a 'fireside chat' session on June 18, 2024, at 8:40 am EDT. Interested parties can access a live webcast and replay via the company's website. This announcement emphasizes Nevro's commitment to investor engagement and transparency.
Nevro Corp. (NYSE: NVRO), a global medical device company specializing in chronic pain solutions, announced that it has granted inducement restricted stock unit awards to 26 new non-executive employees. These grants, covering a total of 59,460 shares of common stock, were made on May 7, 2024, under the Nevro Corp. 2023 Inducement Award Plan. The awards vest over three years, contingent on the employees' continued service. These inducements were made in compliance with NYSE Rule 303A.08 to attract new talent. Nevro advises investors to check its Investor Relations section for updates.
Nevro Corp. (NYSE: NVRO) will participate in the BofA Securities 2024 Healthcare Conference on May 14, 2024, presenting comprehensive pain treatment solutions. A webcast of the event will be available on the company's website.
Nevro Corp. reported its first-quarter 2024 financial results along with additional restructuring steps to boost profitability. The company raised its adjusted EBITDA guidance, reaffirmed revenue guidance for 2024, and promoted Christofer Christoforou to COO. Revenue grew to $101.9 million, with a net loss from operations of $35.8 million and adjusted EBITDA loss of $9.6 million. The company's improved gross margin, operating expenses, and cash position were highlighted. Full-year revenue guidance stands at $435 million to $445 million, with adjusted EBITDA guidance revised to a range of negative $5 million to positive $2 million for 2024.
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