Nevro (NVRO) Reports Prelim Q4 Results

Nevro Corp. (NYSE: NVRO), a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, today announced its preliminary, unaudited fourth quarter and full-year 2021 revenue results and expects to exceed the high end of its previously provided fourth quarter 2021 non-GAAP adjusted EBITDA guidance.

Fourth Quarter 2021

Preliminary, unaudited fourth quarter 2021 worldwide revenue is expected to be approximately $102.5 million, compared to $109.7 million in the fourth quarter in the prior year period and $114.4 million in the fourth quarter of 2019. Worldwide revenue for the fourth quarter 2021 includes approximately $4.0 million of revenue for painful diabetic neuropathy (PDN) indication.

Preliminary, unaudited fourth quarter 2021 U.S. revenue is expected to be approximately $88.2 million, compared to $94.6 million in the prior year period and $97.9 million in the fourth quarter of 2019. Fourth quarter U.S. trial procedures were up approximately 3% versus prior year. In addition, both trial and permanent implant rates in the U.S. steadily improved in the second half of 2021 and were approaching pre-COVID 2019 levels. Fourth quarter U.S. PDN trial procedures represented approximately 7% of total U.S. trial volume and grew approximately 92% sequentially over the previous quarter.

Preliminary, unaudited fourth quarter 2021 international revenue is expected to be approximately $14.3 million, compared to $15.1 million in the prior year period and $16.5 million in the fourth quarter of 2019.

Although the company is not providing preliminary, unaudited fourth quarter 2021 non-GAAP adjusted EBITDA results at this time, the company expects to exceed the high end of its previously provided fourth quarter 2021 non-GAAP adjusted EBITDA guidance range of approximately negative $10 million to negative $13 million.

Full-Year 2021

Nevro's preliminary, unaudited full-year 2021 worldwide revenue is expected to be approximately $386.6 million, compared to $362.0 million for full-year 2020 and $390.3 million for full-year 2019. Worldwide revenue for 2021 includes approximately $5.7 million of revenue for PDN indication since the July 2021 FDA approval. Preliminary, unaudited full-year U.S. revenue is expected to be approximately $326.0 million, compared to $311.9 million in the prior year period and $326.0 million in 2019. Preliminary, unaudited full-year international revenue is expected to be approximately $60.6 million, compared to $50.2 million in the prior year period and $64.3 million in 2019.

"I am extremely proud of the significant efforts of the Nevro team to serve our customers and patients, and execute on our plans throughout a difficult environment in 2021," said D. Keith Grossman, Chairman, CEO and President of Nevro. "Even with the pandemic challenges throughout the year, we continued to capture share in the core lower back and leg pain market with our best-in-class SCS technology, superior clinical data and focused commercial execution. We saw continued progress in our core SCS business in the fourth quarter, as evidenced by the steady pick-up in trial activity that continued to improve from last quarter, as well as the ongoing improvement in permanent implant volumes. Our PDN launch is off to a great start, and as the only company to provide an FDA-approved SCS treatment option for PDN patients, we are looking forward to continuing to develop this exciting growth platform in 2022 and beyond. We continue to believe we are very well positioned for attractive growth when the impact and uncertainties of COVID on our market subsides."

Nevro plans to report its full financial results and provide more detail for its fourth quarter and full-year 2021 financial results, as well as its forward-looking financial guidance, after the market closes on Wednesday, February 23, 2022, to be followed by its quarterly conference call at 1:30 pm Pacific Time that day.

Nevro to Present Today at J.P. Morgan Healthcare Conference

D. Keith Grossman, Chairman, CEO and President of Nevro, will present at the J.P. Morgan Healthcare Conference today at 4:30 pm Eastern Time. A live webcast of this virtual event, as well as an archived recording, will be available in the Investors section of Nevro's website at www.nevro.com.

Nevro's J.P. Morgan Healthcare investor presentation is available in the Investors section of Nevro's website at www.nevro.com on the "Events and Presentations" page.

Internet Posting of Information

Nevro routinely posts information that may be important to investors in the "Investor Relations" section of its website at www.nevro.com. The company encourages investors and potential investors to consult the Nevro website regularly for important information about Nevro.

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