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Nevro
🇺🇸 NYSE:NVRO
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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.

Total Revenue
$104M
Previous year: $100M
+3.4%
EPS
-$0.65
Previous year: -$0.59
+10.2%
Gross Profit
$69.5M
Previous year: $69.3M
+0.3%
Cash and Equivalents
$65.2M
Previous year: $131M
-50.2%
Free Cash Flow
-$8.03M
Previous year: $77.2M
-110.4%
Total Assets
$562M
Previous year: $606M
-7.3%

Nevro

Nevro

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.
  • Third Quarter 2023 Net Loss from Operations of $25.6 Million
  • Third Quarter 2023 Non-GAAP Adjusted EBITDA Loss of $5.8 Million
  • Decrease of $9.7 million from June 30, 2023, primarily driven by cash used in operations.

Company Overview

Full financial data and analysis

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