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Sep 30, 2022
Nevro Q3 2022 Earnings Report
Nevro reported financial results, narrowed full-year 2022 guidance, and raised revenue contribution from painful diabetic neuropathy.
Key Takeaways
Nevro's Q3 2022 worldwide revenue reached $100.5 million, an 8% increase as reported and a 10% increase on a constant currency basis compared to Q3 2021. The company saw encouraging signs of recovery with U.S. trial activity growing by 16% year-over-year and PDN revenue contributing $13.4 million.
Worldwide revenue for Q3 2022 was $100.5 million, representing an 8% increase as reported and a 10% increase on a constant currency basis compared to Q3 2021.
PDN revenue reached approximately $13.4 million in Q3 2022, compared to $2.0 million in Q3 2021.
U.S. trial procedures increased by 16% compared to Q3 2021, with U.S. PDN trial procedures growing to 18% of total U.S. trials in the quarter.
The FDA approved the HFX iQ™ Spinal Cord Stimulation System powered by Artificial Intelligence and new manufacturing operations in Costa Rica.
Nevro
Nevro
Forward Guidance
Nevro expects full-year 2022 worldwide revenue of approximately $403 million to $407 million and non-GAAP adjusted EBITDA to be a loss of approximately $20 million to $22 million.
Positive Outlook
- Steady recovery in the fourth quarter of 2022.
- No significant business impact from new COVID variants or waves.
- Near-term improvement in healthcare facility restrictions.
- Steady improvement in healthcare facility staffing limitations.
- Full-year 2022 PDN revenue is expected to be approximately $45 million to $47 million.
Challenges Ahead
- Guidance is highly sensitive to the company’s assumptions regarding the pace and sustainability of COVID recovery.
- Related impacts on patient willingness to seek elective care.
- Healthcare facility restrictions.
- Healthcare facility staffing limitations.
- Negative currency impact for the fourth quarter of 2022 of approximately $1.9 million versus prior year.