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Dec 31, 2020
Nevro Q4 2020 Earnings Report
Nevro's financial performance decreased slightly due to the impact of COVID-19, but the company believes it continued to capture market share and is well-positioned for future growth.
Key Takeaways
Nevro reported a 4% decrease in worldwide revenue for Q4 2020 compared to the prior year, totaling $109.7 million. The company experienced a net loss from operations of $0.9 million, but achieved a non-GAAP adjusted EBITDA of $15.7 million. Nevro anticipates recovery and growth in 2021, with full-year revenue guidance between $430 million and $450 million.
Worldwide revenue for Q4 2020 was $109.7 million, a decrease of 4% compared to the prior year.
U.S. revenue in Q4 2020 was $94.6 million, a decrease of 3% compared to the prior year.
Net loss from operations for Q4 2020 was $0.9 million, a 93% improvement compared to the prior year.
Non-GAAP adjusted EBITDA for Q4 2020 was $15.7 million, compared to $1.5 million in the prior year.
Forward Guidance
Nevro expects first quarter of 2021 worldwide revenue of approximately $84 million to $86 million. The company expects operating expenses in the first quarter of 2021 of approximately $83 million to $86 million, including litigation expenses and additional investment in PDN market development. Nevro expects full year 2021 worldwide revenue of approximately $430 million to $450 million.
Positive Outlook
- Ongoing and steady recovery in the U.S. and key international geographies leading to more normalized case scheduling and elective procedure levels beginning in the second quarter of 2021.
- Impact from COVID will diminish with each sequential quarter this year as vaccine availability improves and patients begin to again seek elective care in typical levels.
- FDA approval of PDN at the beginning of the third quarter of 2021.
- Mid-single digit million revenue contribution from PDN in 2021, with the majority generated in the fourth quarter.
- Gross margin is expected to be approximately 69%.
Challenges Ahead
- COVID headwinds in the first two months of the first quarter of 2021.
- Operating expenses in the first quarter of 2021 of approximately $83 million to $86 million, including litigation expenses and additional investment in PDN market development.
Historical Earnings Impact
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