Nevro Q4 2022 Earnings Report
Key Takeaways
Nevro Corp. reported Q4 2022 worldwide revenue of $113.8 million, an 11% increase as reported and a 12% increase on a constant currency basis compared to Q4 2021. The company's PDN indication sales reached approximately $17.3 million, growing 329% compared to Q4 2021. The company's net loss from operations was $19.4 million and non-GAAP adjusted EBITDA loss was $1.4 million.
Worldwide revenue for Q4 2022 reached $113.8 million, an increase of 11% as reported and 12% on a constant currency basis compared to Q4 2021.
PDN indication sales for Q4 2022 were approximately $17.3 million, representing a 329% growth compared to Q4 2021.
U.S. revenue in Q4 2022 grew by 13% to $99.8 million compared to $88.4 million in Q4 2021, with U.S. permanent implant procedures increasing by 13%.
Net loss from operations for Q4 2022 was $19.4 million, while the non-GAAP adjusted EBITDA loss was $1.4 million.
Nevro
Nevro
Forward Guidance
Nevro expects first quarter of 2023 worldwide revenue of approximately $94 million to $96 million and reiterates full-year 2023 worldwide revenue of approximately $445 million to $455 million.
Positive Outlook
- First quarter 2023 revenue guidance of $94 million to $96 million, representing 9% to 11% constant currency growth.
- Full-year 2023 revenue guidance reiterated at $445 million to $455 million, or 10% to 13% constant currency growth over 2022.
- Full-year 2023 guidance includes PDN indication sales of approximately $75 million to $85 million, or 56% to 77% growth over 2022.
- Expects full year 2023 will see steady improvement in provider capacity.
- PDN indication sales in the first quarter of 2023 are expected to be approximately 15% to 20% below the fourth quarter of 2022 and then expected to grow sequentially each quarter for the remainder of 2023.
Challenges Ahead
- First quarter of 2023 non-GAAP adjusted EBITDA guidance of negative $19 million to negative $20 million.
- Full-year 2023 non-GAAP adjusted EBITDA guidance of negative $5 million to negative $10 million.
- First quarter 2023 guidance includes a negative currency impact for the first quarter of 2023 of approximately $1.3 million versus prior year.
- Full-year 2023 guidance includes a negative currency impact for the full year of 2023 of approximately $2.2 million versus prior year.
- Assumes no changes in macro-economic factors that would materially impact a patient’s willingness or ability to seek elective care.