Nevro Corp (NVRO) Q3 2023 Earnings: 3% Revenue Growth and $25.6M Net Loss from Operations
Third Quarter 2023 Worldwide Revenue of $103.9 Million, a 3% growth compared to Q3 2022
Painful Diabetic Neuropathy (PDN) Indication Sales of Approximately $20.8 Million, a 56% growth compared to Q3 2022
Net Loss from Operations of $25.6 Million in Q3 2023
Fourth Quarter 2023 Revenue Guidance of $108 Million to $110 Million
On November 1, 2023, Nevro Corp (NYSE:NVRO), a global medical device company, released its third quarter 2023 financial results. The company reported a 3% growth in worldwide revenue, reaching $103.9 million. PDN Indication Sales saw a significant surge, growing by 56% compared to the third quarter of 2022. However, the company reported a net loss from operations of $25.6 million.
Financial Performance and Highlights
Nevro Corp (NYSE:NVRO) reported a 3% increase in worldwide revenue for the third quarter of 2023, amounting to $103.9 million. This growth was mirrored in both reported and constant currency terms. PDN indication sales represented approximately $20.8 million and 20% of worldwide permanent implant procedures in the third quarter of 2023.
U.S. revenue in the third quarter of 2023 was $89.8 million, reflecting a growth of 4% over the same period in 2022. U.S. permanent implant procedures increased 7% compared to the third quarter of 2022, while U.S. trial procedures increased 4% over the same period.
However, international revenue in the third quarter of 2023 decreased by 2% as reported or a decrease of 6% on a constant currency basis, amounting to $14.1 million.
Commentary from the Management
I am very pleased with our third quarter results. The changes and processes we put in place over the past five months are well underway, and we are beginning to experience the positive results from them," said Kevin Thornal, Nevro's CEO and President. "While we are encouraged by the early momentum we are experiencing, we know it will take several quarters for our financial results to fully reflect the positive changes we have made throughout the Company. We are excited about the opportunities ahead and delivering on our three core pillars: commercial execution, market penetration, and profit progress."
Financial Outlook
For the fourth quarter of 2023, Nevro expects worldwide revenue of approximately $108 million to $110 million. The company also updated its full-year 2023 revenue guidance to $417 million to $419 million, representing a 3% growth over 2022 on both an as reported and constant currency basis.
The company expects fourth quarter of 2023 non-GAAP adjusted EBITDA to be a gain of approximately $1 million to $2 million. For the full-year 2023, the company expects non-GAAP adjusted EBITDA to be a loss of approximately $24 million to $25 million.
Explore the complete 8-K earnings release (here) from Nevro Corp for further details.
This article first appeared on GuruFocus.
