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Jun 30, 2023
Nevro Q2 2023 Earnings Report
Nevro's financial performance for Q2 2023 was reported, with revenue growth and strategic steps to improve commercial execution highlighted.
Key Takeaways
Nevro Corp. reported a 4% increase in worldwide revenue, reaching $108.8 million in Q2 2023, driven by growth in PDN indication sales. The company is taking proactive steps to improve commercial execution and maximize growth opportunities, including optimizing field teams and focusing on patient trial growth and referral physician education.
Worldwide revenue for Q2 2023 reached $108.8 million, a 4% increase as reported and in constant currency compared to Q2 2022.
Painful Diabetic Neuropathy (PDN) indication sales totaled approximately $19.0 million, representing a 73% increase compared to Q2 2022.
U.S. trial procedures increased by 4% compared to Q2 2022, with U.S. PDN trial procedures accounting for 23% of total U.S. trials in the quarter.
Net loss from operations for Q2 2023 was $25.6 million, while the non-GAAP adjusted EBITDA loss was $3.1 million.
Nevro
Nevro
Forward Guidance
Nevro expects Q3 2023 worldwide revenue between $95 million and $97 million, and updates full-year 2023 revenue guidance to between $410 million and $415 million. The company anticipates a Q3 2023 non-GAAP adjusted EBITDA loss between $8 million and $10 million, and updates the full-year 2023 non-GAAP adjusted EBITDA loss to between $25 million and $28 million.
Positive Outlook
- Moving quickly to ensure top talent at every position to increase sales productivity and improve physician engagement.
- Optimizing field teams to enable greater ownership, accountability, and speed to maximize growth opportunities.
- Focusing on increasing market penetration by expanding indications and launching HFX line extensions, such as HFX iQ.
- Vigorously pursuing a robust R&D pipeline and strong clinical evidence.
- Potentially adding to our product portfolio through strategic opportunities.
Challenges Ahead
- Changes will require some time to take full effect.
- Non-linear recovery in the SCS market.
- Adjusted revenue guidance.
- Changes will require some time to take full effect.
- Non-linear recovery in the SCS market.