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Sep 30, 2023
Nevro Q3 2023 Earnings Report
Nevro's third quarter 2023 financial results were reported, with revenue up 3% year-over-year and PDN indication sales growing significantly.
Key Takeaways
Nevro reported a 3% increase in worldwide revenue, reaching $103.9 million in Q3 2023. The growth was driven by a 56% increase in Painful Diabetic Neuropathy (PDN) indication sales, which accounted for approximately $20.8 million. The company updated its full-year 2023 revenue guidance to $417 million to $419 million and expects a positive Non-GAAP Adjusted EBITDA for Q4 2023.
Worldwide revenue for Q3 2023 was $103.9 million, a 3% increase year-over-year.
PDN indication sales grew 56% compared to Q3 2022, reaching approximately $20.8 million.
U.S. revenue increased by 4% to $89.8 million, with U.S. permanent implant procedures up by 7%.
The company provides Q4 2023 revenue guidance of $108 million to $110 million and updates full-year 2023 revenue guidance to $417 million to $419 million.
Forward Guidance
Nevro expects Q4 2023 worldwide revenue between $108 million and $110 million and anticipates a positive Non-GAAP Adjusted EBITDA between $1 million and $2 million. Full-year 2023 worldwide revenue is expected to be $417 million to $419 million, with a Non-GAAP Adjusted EBITDA loss between $24 million and $25 million.
Positive Outlook
- Fourth Quarter 2023 Revenue Guidance of $108 Million to $110 Million
- Fourth Quarter 2023 Non-GAAP Adjusted EBITDA Guidance of Positive $1 Million to Positive $2 Million
- Full-Year 2023 Revenue Guidance to $417 Million to $419 Million, or 3% Constant Currency Growth Over 2022
- Full-Year 2023 Non-GAAP Adjusted EBITDA Guidance to Negative $24 Million to Negative $25 Million
- Capturing a pricing uplift on our HFX iQ product
Challenges Ahead
- Fourth quarter of 2023 worldwide revenue of approximately $108 million to $110 million, or a decrease of 4% to 6% over prior year on a constant currency basis.
- Legacy product pricing pressures.
Historical Earnings Impact
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