Nevro Corp Inc. (NASDAQ: NVRO) stock declined by 2.19% at last close while the NVRO stock price plunge by 18.86% in the after-market. Nevro is a global medical device business based in Redwood City, California, dedicated to developing new solutions that enhance the quality of life for people suffering from terrible chronic pain.
NVRO stock, Financial Results
Nevro announced its second-quarter 2021 financial outcomes. Here is the summary:
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- NVRO generated a worldwide Revenue of $102.3 million in the second quarter of 2021 which is a rise of 81 percent over the prior year and 9% over 2019.
- The company has calculated its net loss from operations as $15.8 million in the second quarter of 2021 however the Non-GAAP Adjusted EBITDA of $3.0 million in the second quarter of 2021.
- As of June 30, 2021, cash, cash equivalents, and short-term investments were $397.5 million, down $178.9 million from the previous quarter. The primary reason for the drop was the planned $172.5 million payment of the June 2021 convertible notes.
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Nevro also provided business updates during the second quarter which are stated below:
- The company has received FDA Approval of 10 kHz High-Frequency Spinal Cord Stimulation Therapy used for treating Chronic Pain in Diabetic Neuropathy Patients (PDN).
- Omnia Powered by HFX Connect and a New Trial Stimulator Module are now available in the United States.
- At the American Diabetes Association’s 81st Scientific Sessions, the Landmark SENZA-PDN Randomized Controlled Trial presented positive 12-month follow-up results and 6-month crossover patient data.
- At the American Society of Interventional Pain Physicians’ 23rd Annual Meeting, the company presented its successful result of SENZA-NSRBP RCT.
NVRO Stock Q3 outlook
Because of the COVID concerns, the firm is removing the full-year forecast for 2021 and only giving a third-quarter projection at this time. This third-quarter forecast is largely dependent on the rate of COVID recovery and patient desire to seek elective treatment, both of which are difficult to estimate, according to the firm.
- Expected Revenue for the third quarter of 2021 is $90 million to $93 million.
- Non-GAAP Adjusted EBITDA is anticipated to be around negative $10 million to negative $12 million for the third quarter of 2021.