Cash, Cash Equivalents and Short-Term
Investments Increased Approximately $15.5 million in the Fourth Quarter of
2024
REDWOOD
CITY, Calif., Jan. 13,
2025 /PRNewswire/ -- Nevro Corp. (NYSE: NVRO), a
global medical device company that is delivering comprehensive,
life-changing solutions for the treatment of chronic pain, today
announced its preliminary, unaudited fourth-quarter and full-year
2024 revenue and other financial results.
Preliminary, Unaudited Financial Highlights
- Fourth-quarter 2024 worldwide revenue is expected to be
approximately $105 million to
$106 million, representing a decrease
of 9% to 10% on a reported and constant currency basis compared
with the fourth quarter of 2023; fourth-quarter 2024 U.S. revenue
is expected to be approximately $91
million to $92 million,
representing a decrease of 9% to 10% compared with the fourth
quarter of 2023.
- Full-year 2024 worldwide revenue is expected to be
approximately $408 million to
$409 million, representing a
year-over-year decrease of approximately 4% on a reported and
constant currency basis compared with the full-year 2023; full-year
2024 U.S. revenue is expected to be approximately $352.5 million to $353.5
million, or an approximately 4% decrease compared with
full-year 2023. Full-year 2024 worldwide revenue is higher than the
guidance the company provided in November
2024 primarily due to the impact of greater-than-anticipated
spinal cord stimulation (SCS) device replacement procedures in the
fourth quarter of 2024.
- Cash, cash equivalents and short-term investments are expected
to total approximately $292.5 million
as of December 31, 2024, an increase
of approximately $15.5 million from
September 30, 2024.
"We are pleased that our full-year 2024 worldwide revenue is
coming in ahead of our expectations," said Kevin Thornal, Nevro's CEO and president. "Also,
as we previously communicated, we reallocated investments to our
direct-to-consumer (DTC) advertising efforts in the third quarter
of 2024, and we continue to see patient interest and response as a
result. We anticipate that the benefit from our DTC advertising
will ramp throughout 2025, with a more meaningful impact in the
second half of the year. Importantly, our balance sheet remains
strong, reflecting our continued focus on working capital
management and the benefits from our 2024 restructurings."
The company expects to report its fourth-quarter and full-year
2024 financial results and provide full-year 2025 guidance on its
fourth-quarter 2024 earnings call in early March 2025.
Strategic Review Process
As previously announced, Nevro remains in ongoing discussions as
it continues to explore strategic options to accelerate its growth,
diversify its product portfolio and deliver shareholder value. The
company will not provide any further comment or update on this
process at this time.
Internet Posting of Information
Nevro routinely posts information that may be important to
investors in the "Investor Relations" section of its website at
www.nevro.com. The company encourages investors and potential
investors to consult the Nevro website regularly for important
information about Nevro.
About Nevro
Headquartered in Redwood City,
California, Nevro is a global medical device company focused
on delivering comprehensive, life-changing solutions that continue
to set the standard for enduring patient outcomes in chronic pain
treatment. The company started with a simple mission to help more
patients suffering from debilitating pain and developed its
proprietary 10 kHz Therapy™, an evidence-based, non-pharmacologic
innovation that has impacted the lives of more than 115,000
patients globally. Nevro's comprehensive HFX™ spinal cord
stimulation (SCS) platform includes the Senza® SCS
system and support services for the treatment of chronic pain of
the trunk and limb and painful diabetic neuropathy.
Nevro also provides minimally invasive treatment options for
patients suffering from chronic sacroiliac joint ("SI joint") pain
and offers the most comprehensive portfolio of products in the SI
joint fusion space, designed to meet the preferences of physicians
and varying patient needs in order to improve outcomes and quality
of life for patients.
Senza®, Senza II®, Senza Omnia™, and HFX iQ are the
only SCS systems that deliver Nevro's proprietary 10 kHz Therapy.
Nevro's unique support services provide every patient with an HFX
Coach™ throughout their pain relief journey and every physician
with Nevrocloud™ insights for enhanced patient and practice
management.
SENZA, SENZA II, SENZA OMNIA, OMNIA, HF10, the HF10 logo, 10 kHz
Therapy, HFX, the HFX logo, HFX iQ, the HFX iQ logo, HFX Algorithm,
HFX CONNECT, the HFX Connect logo, HFX ACCESS, the HFX Access logo,
HFX COACH, the HFX Coach logo, Nevrocloud, RELIEF MULTIPLIED, HFX
AdaptivAI, the X logo, NEVRO, and the NEVRO logo are trademarks or
registered trademarks of Nevro Corp. Patents covering Senza HFX iQ
and other Nevro products are listed at Nevro.com/patents.
Bluetooth® and the Bluetooth symbol are registered
trademarks of their respective owners.
To learn more about Nevro, connect with us on LinkedIn, X,
Facebook, and Instagram.
Forward-Looking Statements
In addition to historical information, this press release
contains forward-looking statements reflecting the current beliefs
and expectations of the company's management, made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995, including: expected fourth quarter 2024 U.S. and
worldwide revenue; expected full-year 2024 U.S. and worldwide
revenue; expected cash, cash equivalents and short-term
investments; the impact of SCS device replacement procedures; the
impact of our DTC advertising efforts; our belief that the actions
we have taken and intend to take will further position us for
growth, success, profitability and value creation; our belief that
evaluating and/or engaging in strategic opportunities will help us
diversify and grow our business, which we believe may position us
to accelerate our goals of profitability and maximizing shareholder
value; and our beliefs with regards to the SCS market and factors
impacting our results, including the duration in which those
factors will continue to impact our results. These forward-looking
statements are based upon information that is currently available
to us or our current expectations, speak only as of the date
hereof, and are subject to numerous risks and uncertainties,
including our ability to successfully commercialize our products;
our ability to manufacture our products to meet demand; the level
and availability of third-party payor reimbursement for our
products; our ability to effectively manage our anticipated growth
and the costs and expenses of operating our business; our ability
to protect our intellectual property rights and proprietary
technologies; our ability to operate our business without
infringing the intellectual property rights and proprietary
technology of third parties; competition in our industry;
additional capital and credit availability; our ability to
successfully integrate any additive acquisitions we may make,
including our acquisition of Vyrsa™ Technologies; our ability
to attract and retain qualified personnel; our ability to
accurately forecast financial and operating results; our ability to
successfully evaluate and execute on potential strategic
opportunities; and product liability claims. These factors,
together with those that are described in greater detail in our
Annual Report on Form 10-K filed on February
23, 2024, as well as any reports that we may file with the
Securities and Exchange Commission in the future, may cause our
actual results, performance or achievements to differ materially
and adversely from those anticipated or implied by our
forward-looking statements. We expressly disclaim any obligation,
except as required by law, or undertaking to update or revise any
such forward-looking statements. Nevro's operating results for the
period ending December 31, 2024, are
not necessarily indicative of the company's operating results for
any future periods.
Investor and Media Contact:
Angie McCabe
Vice President, Investor Relations & Corporate
Communications
angeline.mccabe@nevro.com
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SOURCE Nevro Corp.