Nevro (NVRO) Delivers 5th Consecutive Earnings Beat; Leerink Partners Raises Price Target to $68

Leerink Partners reiterated an Outperform rating on Nevro Corp (NYSE: NVRO), and raised the price target to $68.00 (from $60.00), following the company's 3Q15 earnings report. NVRO delivered its 5th consecutive quarterly outperformance as a public company delivering a solid $4.5M in U.S. sales for a total of $15.4M sales, beating the Street at $12.4M.

Analyst Danielle Antalffy commented, "After the market close yesterday, NVRO delivered its 5th consecutive quarterly outperformance as a public company -- delivering a solid $4.5M in U.S. sales for a total of $15.4M (+110% ex FX) sales. This performance comes in above both us at $10.8M and the Street at $12.4M, supportive of our belief that Senza is rapidly being adopted in the U.S. while also continuing to both expand the market and grow share internationally. Now with one full quarter of sales post FDA approval of Senza in hand, NVRO is clearly on the cusp of meaningful market share gains in this ~$1.2B U.S. spinal cord stimulation (SCS) market. We also view the differentiated Senza high frequency (HF10) therapy as a likely market growth stimulator, with adoption in predominant back pain -- patients largely untreated previously due to lack of efficacy -- likely to accelerate now with Senza commercially available given its proven efficacy in this patient population. Ultimately, we believe NVRO is clearly on the path to deliver consistent quarterly outperformance, with still more potential upside to shares from here as investors continue to gain further clarity on the timing and extent of the U.S. adoption ramp."

For an analyst ratings summary and ratings history on Nevro Corp click here. For more ratings news on Nevro Corp click here.

Shares of Nevro Corp closed at $47.34 yesterday.

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