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Mar 31, 2022
Nevro Q1 2022 Earnings Report
Nevro's financial performance decreased slightly compared to the prior year but increased over 2019, with PDN contributing $6.0 million to revenue.
Key Takeaways
Nevro reported a slight decrease in worldwide revenue compared to the previous year, but an increase compared to 2019. The company is optimistic about future growth, particularly with positive payer coverage updates and FDA approval for NSRBP patients.
Worldwide revenue for Q1 2022 was $87.8 million, a decrease of 1% compared to the prior year.
U.S. revenue in Q1 2022 was $73.2 million, a decrease of 2% compared to the prior year.
PDN represented 7% of worldwide permanent implant procedures, resulting in approximately $6.0 million in revenue.
Net loss from operations for Q1 2022 was $32.8 million; Non-GAAP adjusted EBITDA loss was $14.0 million.
Nevro
Nevro
Forward Guidance
Nevro expects second quarter worldwide revenue between $103 million and $106 million and full-year worldwide revenue between $415 million and $430 million. Second quarter non-GAAP adjusted EBITDA is expected to be a loss of $7 million to $9 million, and full-year non-GAAP adjusted EBITDA is expected to be a loss of $8 million to $18 million.
Positive Outlook
- Second quarter 2022 revenue is expected to be between $103 million and $106 million.
- Full-year 2022 revenue is expected to be between $415 million and $430 million.
- Full-year 2022 PDN revenue is expected to be approximately $27 million to $32 million.
- Second quarter 2022 non-GAAP adjusted EBITDA is expected to be a loss of $7 million to $9 million.
- Full-year 2022 non-GAAP adjusted EBITDA is expected to be a loss of $8 million to $18 million.
Challenges Ahead
- Revenue in the second quarter is expected to be adversely impacted by less than 1% due to foreign currency exchange rates.
- Full-year revenue is expected to be adversely impacted by less than 1% due to foreign currency exchange rates.
- Guidance is highly sensitive to assumptions regarding the pace and sustainability of COVID recovery.
- Guidance assumes no significant business impact from new COVID variants or waves.
- Guidance assumes near-term improvement in healthcare facility restrictions and steady improvement in healthcare facility staffing limitations throughout the year.