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Mar 31, 2023
Nevro Q1 2023 Earnings Report
Reported first quarter 2023 financial results, provided second quarter guidance and reiterated full-year 2023 guidance.
Key Takeaways
Nevro Corp. reported a 10% increase in worldwide revenue for Q1 2023, reaching $96.3 million, with Painful Diabetic Neuropathy (PDN) indication sales growing by 160% compared to Q1 2022. The company also initiated the full launch of the HFX iQ™ Spinal Cord Stimulation System in the U.S.
Worldwide revenue for Q1 2023 reached $96.3 million, a 10% increase as reported and 11% in constant currency compared to Q1 2022.
PDN indication sales for Q1 2023 were approximately $15.6 million, a 160% increase compared to Q1 2022.
U.S. trial procedures increased by 9% compared to Q1 2022, with U.S. PDN trial procedures representing 19% of total U.S. trials in the quarter.
Net loss from operations for Q1 2023 was $36.3 million; non-GAAP adjusted EBITDA loss for Q1 2023 was $17.1 million.
Nevro
Nevro
Forward Guidance
Nevro expects second quarter of 2023 worldwide revenue of approximately $110 million to $112 million, or growth of 6% to 8% over prior year on a constant currency basis. The company expects second quarter of 2023 non-GAAP adjusted EBITDA to be a loss of approximately $4 million to $5 million. The company continues to expect full-year 2023 worldwide revenue of approximately $445 million to $455 million, an increase of 10% to 12% over prior year on both an as reported and constant currency basis. This full-year 2023 guidance includes approximately $75 million to $85 million of PDN indication sales, an increase of 56% to 77% over prior year. The company continues to expect full-year 2023 non-GAAP adjusted EBITDA to be a loss of approximately $5 million to $10 million, which compares to a non-GAAP adjusted EBITDA loss of $23.8 million in 2022.
Positive Outlook
- Second Quarter 2023 Revenue Guidance of $110 Million to $112 Million
- Full-Year 2023 Revenue Guidance of $445 Million to $455 Million, or 10% to 12% Constant Currency Growth Over 2022
- Full-Year Guidance Includes PDN Indication Sales of Approximately $75 Million to $85 Million, or 56% to 77% Growth Over 2022
- The full market release of the HFX iQ system continues to progress well
- The company anticipates a meaningful shift in mix to the HFX iQ product throughout 2023, which combined with the ramp-up of our Costa Rica facility, is expected to benefit gross margin beginning in the fourth quarter of this year
Challenges Ahead
- Second Quarter of 2023 Non-GAAP Adjusted EBITDA Guidance of Negative $4 Million to Negative $5 Million
- Full-Year 2023 Non-GAAP Adjusted EBITDA Guidance of Negative $5 Million to Negative $10 Million
- First Quarter 2023 Net Loss from Operations of $36.3 Million
- First Quarter 2023 Non-GAAP Adjusted EBITDA Loss of $17.1 Million
- Cash, cash equivalents and short-term investments totaled $341.8 million as of March 31, 2023, a decrease of $32.6 million from December 31, 2022.