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 2024 revenue and other financial results.
Preliminary, Unaudited Financial Highlights
- Fourth-quarter 2024 worldwide revenue is expected to be approximately $105 million to $106 million, representing a decrease of 9% to 10% on a reported and constant currency basis compared with the fourth quarter of 2023; fourth-quarter 2024 U.S. revenue is expected to be approximately $91 million to $92 million, representing a decrease of 9% to 10% compared with the fourth quarter of 2023.
- Full-year 2024 worldwide revenue is expected to be approximately $408 million to $409 million, representing a year-over-year decrease of approximately 4% on a reported and constant currency basis compared with the full-year 2023; full-year 2024 U.S. revenue is expected to be approximately $352.5 million to $353.5 million, or an approximately 4% decrease compared with full-year 2023. Full-year 2024 worldwide revenue is higher than the guidance the company provided in November 2024 primarily due to the impact of greater-than-anticipated spinal cord stimulation (SCS) device replacement procedures in the fourth quarter of 2024.
- Cash, cash equivalents and short-term investments are expected to total approximately $292.5 million as of December 31, 2024, an increase of approximately $15.5 million from September 30, 2024.
"We are pleased that our full-year 2024 worldwide revenue is coming in ahead of our expectations," said Kevin Thornal, Nevro's CEO and president. "Also, as we previously communicated, we reallocated investments to our direct-to-consumer (DTC) advertising efforts in the third quarter of 2024, and we continue to see patient interest and response as a result. We anticipate that the benefit from our DTC advertising will ramp throughout 2025, with a more meaningful impact in the second half of the year. Importantly, our balance sheet remains strong, reflecting our continued focus on working capital management and the benefits from our 2024 restructurings."
The company expects to report its fourth-quarter and full-year 2024 financial results and provide full-year 2025 guidance on its fourth-quarter 2024 earnings call in early March 2025.
Strategic Review Process
As previously announced, Nevro remains in ongoing discussions as it continues to explore strategic options to accelerate its growth, diversify its product portfolio and deliver shareholder value. The company will not provide any further comment or update on this process at this time.
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