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Jun 30, 2022
Nevro Q2 2022 Earnings Report
Nevro's financial results for Q2 2022 were reported, along with Q3 2022 guidance and updated full-year 2022 guidance.
Key Takeaways
Nevro reported a 2% increase in worldwide revenue compared to the prior year, with U.S. revenue increasing by 5%. The company reached a settlement agreement in intellectual property litigations with Boston Scientific and saw positive payer coverage updates for Painful Diabetic Neuropathy (PDN).
Second Quarter 2022 Worldwide Revenue was $104.2 Million, representing 2% As Reported growth compared to prior year.
Painful Diabetic Neuropathy (PDN) represented approximately $11.0 Million in Revenue in Second Quarter 2022.
Second Quarter 2022 U.S. Trial Procedures Increased 14% Compared to Prior Year.
Second Quarter 2022 Net Loss from Operations was $23.8 Million.
Forward Guidance
Nevro expects third quarter of 2022 worldwide revenue of approximately $97 million to $101 million and full-year 2022 worldwide revenue of approximately $400 million to $410 million.
Positive Outlook
- The company expects third quarter of 2022 worldwide revenue of approximately $97 million to $101 million, or growth of 4% to 8% over prior year.
- Assuming foreign currency exchange rates hold at current levels, this guidance includes a negative currency impact of approximately $1 million or growth of 6% to 10% on a constant currency basis.
- This guidance range assumes that the recovery will continue to steadily improve in the quarter.
- Nevro now expects full-year 2022 worldwide revenue of approximately $400 million to $410 million, or growth of 3% to 6% over prior year.
- This full-year 2022 guidance also includes approximately $42 million to $45 million of PDN revenue, an increase from previous guidance of $27 million to $32 million.
Challenges Ahead
- The company expects third quarter of 2022 non-GAAP adjusted EBITDA to be a loss of approximately $6 million to $9 million.
- Nevro now expects full-year 2022 non-GAAP adjusted EBITDA to be a loss of approximately $19 million to $25 million, compared to previous guidance of a loss of $8 million to $18 million and a non-GAAP adjusted EBITDA loss of $17.2 million in 2021.
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