Loading...
•
Dec 31, 2022
Nevro Q4 2022 Earnings Report
Nevro's Q4 2022 financial results were announced, showing revenue growth and progress in PDN sales and U.S. trial procedures.
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.