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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) reported its Q1 2023 financial results, showcasing a worldwide revenue of $96.3 million, up 10% from Q1 2022. Sales for the Painful Diabetic Neuropathy (PDN) indication surged 160% to approximately $15.6 million. U.S. revenue grew 12% to $82.3 million, with U.S. trial procedures up 9%.
However, the company faced a net loss of $36.3 million, compared to a $32.8 million loss in Q1 2022. The company initiated the launch of its AI-powered HFX iQ Spinal Cord Stimulation System and anticipates second quarter revenue guidance of $110 to $112 million. The full-year guidance maintains a revenue expectation of $445 to $455 million, representing 10% to 12% growth.
Nevro Corp. (NYSE: NVRO) announces the enrollment of the first patient in its Painful Diabetic Neuropathy (PDN) Sensory Study, marking a significant step as it is the first prospective randomized controlled trial aimed at assessing neurological function restoration in patients with intractable PDN. The study will include up to 236 patients and compares conventional treatment methods against 10 kHz Therapy combined with conventional management, facilitating optional crossover after 6 months.
The FDA has granted Breakthrough Device Designation, expediting the review for market application and expanding Nevro’s labeling. This designation aims to improve patient access to effective treatment options for debilitating conditions. The trial aims to confirm the benefits of the proprietary 10 kHz Therapy and may support better reimbursement strategies for PDN coverage.
Nevro Corp. (NYSE: NVRO), a leader in chronic pain treatment, has announced its participation in three significant investor conferences in May 2023. On May 10, CEO Kevin Thornal and CFO Rod MacLeod will present at the Bank of America 2023 Health Care Conference in Las Vegas at 5:00 pm PT. Following this, Rod MacLeod will present on May 16 at the JMP Securities Life Sciences Conference in New York at 11:00 am ET, and again on May 17 at the RBC Capital Markets Global Healthcare Conference at 11:30 am ET. Interested investors can access live webcasts and archived recordings from the events via Nevro's website. Nevro specializes in delivering innovative solutions for chronic pain, including the proprietary 10 kHz Therapy™ that benefits over 100,000 patients globally.
Nevro Corp. (NYSE: NVRO) has announced the appointment of Kevin Thornal as the new Chief Executive Officer and President, effective April 24, 2023. He succeeds D. Keith Grossman, who will take on the role of Executive Chairman. The company reported preliminary, unaudited worldwide revenue of approximately $96.3 million for Q1 2023, reflecting a 10% increase year-over-year, with U.S. revenue of $82.3 million, a 12% growth. Sales related to painful diabetic neuropathy (PDN) are expected to be around $15.6 million, up 160% from the previous year. Nevro maintains its full-year revenue guidance of $445 million to $455 million and anticipates a non-GAAP adjusted EBITDA loss of $5 million to $10 million. Nevro plans to release its full financial results on April 26, 2023.
Nevro Corp. (NYSE: NVRO) announced it will report its financial results for Q1 2023 on April 26, 2023, after market close. A conference call is scheduled for 1:30 pm PT (4:30 pm ET) the same day, allowing investors to engage with management regarding the results. The company specializes in medical devices for chronic pain treatment, having developed the proprietary 10 kHz Therapy that has benefitted over 100,000 patients globally. Investors can access the live webcast or archived recording from the company's website.
Nevro Corp. has launched the HFX iQ spinal cord stimulation (SCS) system in the U.S., following a successful limited market release. This advanced system utilizes artificial intelligence to personalize pain relief based on individual patient data, leveraging over 20 million datapoints from 80,000 implanted patients. The HFX iQ system features an upgradeable implantable pulse generator and a mobile app for real-time adjustments. Nevro aims to lead in SCS therapy innovation, with a decade of experience and over 100,000 patients treated. The company is also seeking approvals in Europe and Australia.
Nevro Corp. (NYSE: NVRO), a leader in medical devices for chronic pain management, announced its participation in the Wells Fargo 2023 Medtech Innovation Spotlight Call Series on March 24, 2023, at 2:00 pm Eastern Time. Key executives, including D. Keith Grossman (Chairman, CEO), Rod MacLeod (CFO), and Dr. David Caraway (CMO), will provide insights into the company's advancements and solutions like the proprietary 10 kHz Therapy™, which has benefited over 100,000 patients. An archived webcast will be available on Nevro's website for those interested in learning more about their innovative approaches to chronic pain treatment.
Nevro Corp. (NYSE: NVRO) reported its Q4 and full-year 2022 financial results, revealing a worldwide revenue of $113.8 million, an 11% increase year-over-year. Notably, sales from the Painful Diabetic Neuropathy (PDN) indication soared 329% to $17.3 million in Q4 2022. The company anticipates Q1 2023 revenue between $94 million and $96 million, reflecting a growth of 9% to 11%. Gross profit for Q4 2022 was $75.2 million with a gross margin of 66.1%. However, it also reported a net loss from operations amounting to $19.4 million.
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