REDWOOD CITY, Calif., May 8, 2017 /PRNewswire/ -- Nevro Corp. (NYSE: NVRO), a global medical device company that is providing innovative evidence-based solutions for the treatment of chronic pain, today reported financial results for the three months ended March 31, 2017.
First Quarter Highlights:
- Achieved revenue of $68.4 million in the first quarter of 2017, an increase of 64% as reported, over the same period of the prior year
- U.S. revenue of $53.1 million in the first quarter of 2017, an increase of 80% over the prior year
- International revenue of $15.3 million in the first quarter of 2017, an increase of 30% in constant currency and 26% on an as-reported basis, both over the same period of the prior year
- Initiated controlled commercial launch of Surpass surgical leads for the Senza® Spinal Cord Stimulation (SCS) System
- Presented on clinical and scientific progress at the 2017 North American Neuromodulation Society (NANS) meeting
First Quarter Financial Results
Revenue for the three months ended March 31, 2017 was $68.4 million versus $41.7 million during the same period of the prior year, representing 64% growth as reported. U.S. revenue for the three months ended March 31, 2017 was $53.1 million, representing 80% growth as reported. International revenue was $15.3 million, representing growth of 30% in constant currency and 26% on an as-reported basis. The increase in revenue was primarily attributable to the continued adoption of the Senza system.
Gross profit for the three months ended March 31, 2017 was $46.4 million, representing a 68% gross margin, up from $26.0 million, representing a 62% gross margin, in the same period of the prior year.
Operating expenses for the three months ended March 31, 2017 were $59.4 million compared to $35.0 million in the same period of the prior year, representing an increase of 70%. The increase in operating expenses was driven primarily by increased headcount and related personnel costs.
Loss from operations for the first quarter of 2017 was $13.1 million compared to $9.0 million for the same period of the prior year.
Revenue Guidance for Full Year 2017
Nevro reiterates its expectations for worldwide revenue for 2017 to be in the range of $310 to $320 million.
Webcast and Conference Call Information
Management will host a conference call today beginning at 1:30 p.m. PT / 4:30 p.m. ET. Individuals interested in listening to the conference call may dial (877) 201-0168 for domestic callers, or (647) 788-4901 for international callers (Conference ID: 6073641), or access the webcast on the “Investors” section of the company’s web site at: www.nevro.com/investors.
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