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Mar 31, 2024
Nevro Q1 2024 Earnings Report
Nevro's first quarter performance demonstrated a focus on commercial execution, market penetration, and profit progress.
Key Takeaways
Nevro reported a 5.8% increase in worldwide revenue, reaching $101.9 million. The company is raising its adjusted EBITDA guidance to a range of a loss of $5 million to positive $2 million and reaffirming its revenue guidance of $435 million to $445 million for the full-year 2024.
Worldwide revenue grew to $101.9 million, a 5.8% increase as reported and 5.6% on a constant currency basis.
U.S. trial procedures decreased by approximately 5.1%.
Net loss from operations was $35.8 million, while adjusted EBITDA was a loss of $9.6 million.
Christofer Christoforou was promoted to Chief Operating Officer.
Nevro
Nevro
Forward Guidance
Nevro continues to expect its full-year 2024 worldwide revenue to be in the range of approximately $435 million to $445 million. Nevro is raising its adjusted EBITDA guidance for the full-year 2024 to a range of negative $5 million to positive $2 million.
Positive Outlook
- Full-year 2024 worldwide revenue expected to be in the range of approximately $435 million to $445 million.
- Adjusted EBITDA guidance for the full-year 2024 raised to a range of negative $5 million to positive $2 million.
- Revised expectations reflect better-than-anticipated adjusted EBITDA in the first quarter of 2024.
- Approximately $10 million in incremental savings in 2024 as a result of the restructuring.
- Worldwide revenue for the second quarter of 2024, the company expects worldwide revenue to be in the range of approximately $106 million to $108 million.
Challenges Ahead
- The company expects $4 million to $5 million in restructuring charges in the second quarter of 2024.
- Adjusted EBITDA to be in the range of negative $3.5 million to negative $2.5 million for Q2 2024.
- U.S. trial procedures decreased approximately 5.1%, largely in line with the company’s expectations.
- Reported a first quarter 2024 net loss from operations of $35.8 million.
- First quarter 2024 adjusted EBITDA was a loss of $9.6 million.