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Mar 31, 2021
Nevro Q1 2021 Earnings Report
Nevro's financial performance for Q1 2021 was reported, with revenue showing a slight increase and updated guidance provided for the full year.
Key Takeaways
Nevro reported a 1% increase in worldwide revenue for Q1 2021 compared to the previous year, reaching $88.6 million. The company updated its full-year revenue guidance to $440 million to $450 million and non-GAAP adjusted EBITDA guidance to $5 million to $15 million.
Worldwide revenue increased by 1% year-over-year to $88.6 million.
U.S. revenue decreased slightly by 1% year-over-year to $74.7 million.
Net loss from operations improved by 2% year-over-year to $22.5 million.
Full year 2021 revenue guidance updated to $440 million to $450 million.
Nevro
Nevro
Forward Guidance
Nevro anticipates second quarter 2021 worldwide revenue of approximately $104 million to $106 million and full year 2021 worldwide revenue of approximately $440 million to $450 million. The company expects second quarter of 2021 non-GAAP adjusted EBITDA to be approximately negative $2 million to negative $4 million and updates its full year 2021 non-GAAP adjusted EBITDA to be in the range of $5 million to $15 million.
Positive Outlook
- Decreasing COVID headwinds
- More normalized case scheduling
- More normalized elective procedure levels beginning in the second quarter of 2021
- FDA approval of PDN at the beginning of the third quarter of 2021
- Mid-single digit million revenue contribution from PDN in 2021
Challenges Ahead
- Guidance is highly sensitive to the company’s COVID recovery assumptions
- Ongoing and steady recovery in the U.S. and key international geographies leading to more normalized case scheduling and elective procedure levels beginning in the second quarter of 2021
- Impact from COVID will diminish with each sequential quarter this year as vaccine availability improves
- Patients begin to again seek elective care at typical levels
- Company may need to change or withdraw this guidance in the future if these assumptions differ from the actual pace of COVID recovery and its impact on the company’s markets