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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 leader in medical devices for chronic pain treatment, announced participation in a fireside chat at Citi's 2023 Healthcare Services, Medtech, Tools & HCIT Conference on March 1, 2023, at 8:45 am Eastern Time. The chat will feature Keith Grossman, Chairman, CEO, and President, along with Rod MacLeod, CFO, at Citigroup's headquarters in New York, NY. A webcast and archived recording will be available in the investor relations section of Nevro's website. Nevro is known for its 10 kHz Therapy, which has improved the lives of over 100,000 patients.
Nevro Corp. (NYSE: NVRO) will announce its financial results for Q4 and full-year 2022 on February 16, 2023, after market close. The conference call will take place at 1:30 pm PT / 4:30 pm ET to discuss these results. The company aims to improve chronic pain treatment through its innovative 10 kHz Therapy, which has positively impacted over 100,000 patients globally. Investors can access the call via phone or through a live webcast available on Nevro's website. Regular updates regarding investor relations can also be found online.
Nevro Corp. (NYSE: NVRO) announced key data presentations at the 2023 North American Neuromodulation Society Annual Meeting, showcasing its HFX™ 10 kHz Therapy for chronic pain. A total of 18 scientific abstracts, including late-breaking presentations, will be featured. Notable trials include SENZA-PDN, the largest randomized study for painful diabetic neuropathy, and SENZA-NSRBP for non-surgical back pain. Results emphasize the therapy's effectiveness over 24 months. Nevro's commitment to neuromodulation continues, aiming to enhance patient outcomes in underserved populations.
Nevro Corp. (NYSE: NVRO) announced its preliminary, unaudited fourth quarter and full-year 2022 revenue results, indicating a fourth quarter revenue of approximately $113.8 million, growing 11% year-over-year. The company reported a full-year 2022 revenue of about $406.4 million, a 5% increase. For 2023, Nevro forecasts revenue of $445 million to $455 million, representing 10% to 12% growth. CEO D. Keith Grossman plans to retire in 2023 but will stay on as Chairman of the Board. Nevro's Painful Diabetic Neuropathy (PDN) sales surged 332% to $48 million for the year.
Nevro Corp. (NYSE: NVRO) announced its participation in the 41st Annual J.P. Morgan Healthcare Conference, scheduled for January 9, 2023, at 3:45 pm PT / 6:45 pm ET. D. Keith Grossman, the company's Chairman and CEO, will be the presenter. A live webcast and an archived recording will be available on Nevro's website.
Nevro specializes in innovative solutions for chronic pain treatment, notably its proprietary 10 kHz Therapy, enhancing patient outcomes globally.
Nevro Corp. (NYSE: NVRO) announced that two abstracts for its Painful Diabetic Neuropathy (PDN) and Non-Surgical Back Pain (NSBP) clinical trials will be presented at the 2023 North American Neuromodulation Society Annual Meeting on January 13-14, 2023. The SENZA-PDN trial is the largest randomized controlled trial for spinal cord stimulation (SCS) in PDN, involving 216 participants, while the SENZA-NSRBP trial includes 159 participants. Additionally, 10-year real-world efficacy data on 10 kHz Therapy will also be showcased, emphasizing Nevro's commitment to chronic pain management.
Nevro Corp. (NYSE: NVRO) reported third-quarter 2022 worldwide revenue of $100.5 million, reflecting an 8% increase year-over-year. The company narrowed its full-year revenue guidance to $403 million to $407 million and raised its painful diabetic neuropathy (PDN) revenue forecast to $45 million to $47 million. U.S. trial procedures increased by 16%, with PDN trials comprising 18% of total U.S. trials. Recent FDA approvals for the HFX iQ™ system and manufacturing operations in Costa Rica are expected to drive future growth and improve operational efficiency.
Nevro Corp. (NYSE: NVRO) announced FDA approval for its Senza HFX iQ spinal cord stimulation (SCS) system, the first AI-based SCS system designed to optimize pain relief through individualized patient data. This system aims to improve long-term pain management for conditions like chronic back pain and painful diabetic neuropathy. Key features include the HFX Algorithm, which processes over 20 million data points to personalize therapy. A limited U.S. launch is planned for late 2022, with broader availability expected in early 2023. European approval submissions are also underway.
Nevro Corp. (NYSE: NVRO) announced that UnitedHealthcare updated its medical coverage policy on October 1, 2022, stating that spinal cord stimulation (SCS) devices will not be covered for chronic intractable back pain without prior spine surgery effective December 1, 2022. While the company views this as disappointing, it does not expect a material impact on revenue, estimating potential 2023 losses at low to mid-single digit millions. Nevro will continue to advocate for the approval of SCS for patients based on compelling clinical evidence from its SENZA-NSRBP trial.
Nevro Corp. (NYSE: NVRO) will release its third-quarter financial results for 2022 on November 2, 2022, after market close. A conference call to discuss these results is scheduled for the same day at 1:30 pm PT (4:30 pm ET). Investors can access the call by dialing (888) 330-2443 in the U.S. or +1 (240) 789-2728 internationally. Nevro specializes in chronic pain treatment through its proprietary 10 kHz Therapy, impacting over 80,000 patients worldwide. Interested parties can find further details on the Investor Relations section of Nevro's website.
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