Nevro Q4 2021 Earnings Report
Key Takeaways
Nevro reported a decrease in worldwide revenue for Q4 2021, with $102.8 million, a 6% decrease compared to the prior year. The company's net loss from operations was $26.2 million, and non-GAAP adjusted EBITDA was negative $7.5 million. Despite the challenges, Nevro saw progress in its core SCS business and PDN launch initiatives and received FDA approval for 10 kHz High-Frequency Spinal Cord Stimulation Therapy for Non-Surgical Refractory Back Pain.
Worldwide revenue for Q4 2021 was $102.8 million, a decrease of 6% compared to the prior year.
U.S. revenue in Q4 2021 was $88.4 million, a decrease of 7% compared to the prior year.
Net loss from operations for Q4 2021 was $26.2 million.
Non-GAAP adjusted EBITDA for Q4 2021 was negative $7.5 million.
Nevro
Nevro
Nevro Revenue by Geographic Location
Forward Guidance
Nevro expects first quarter 2022 worldwide revenue of approximately $85 million to $87 million and full-year 2022 worldwide revenue of approximately $415 million to $430 million. The company expects first quarter of 2022 non-GAAP adjusted EBITDA to be approximately negative $19 million to negative $20 million and full-year 2022 non-GAAP adjusted EBITDA of negative $8 million to negative $18 million.
Positive Outlook
- Full-year 2022 revenue guidance includes approximately $25 million to $30 million of PDN revenue.
- Expects steady recovery throughout 2022, with no new significant COVID variants or waves.
- Anticipates near-term improvement in healthcare facility restrictions.
- Expects steady improvement in healthcare facility staffing limitations throughout the year.
- Most of the annual growth is expected to be driven by the second half of 2022.
Challenges Ahead
- First quarter of 2022 will be strongly impacted by Omicron and COVID-related issues.
- First quarter of 2022 will experience the typical seasonal decrease from the fourth quarter.
- Guidance is highly sensitive to assumptions regarding the pace and sustainability of COVID recovery.
- Guidance is sensitive to COVID-related impacts on patient willingness to seek elective care.
- Guidance is sensitive to COVID-related impacts on healthcare facility restrictions and staffing limitations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income