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.
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NVRO stock, Financial Results
Nevro announced its second-quarter 2021 financial outcomes. Here is the summary:
- 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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Operational Highlights
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.
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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.
