Q2 2024 Nevro Corp Earnings Call Transcript
Key Points
- Nevro Corp (NVRO) reported a positive adjusted EBITDA of $3 million, a significant improvement from a loss of $3.1 million in the same quarter last year.
- The company ended the quarter with over $270 million in cash and investments, providing a strong financial position to fund future growth initiatives.
- Nevro Corp (NVRO) has initiated a strategic review to explore potential partnerships, mergers, or even a sale of the company to accelerate growth and shareholder value.
- The acquisition of Vyrsa Technologies has allowed Nevro Corp (NVRO) to diversify its product portfolio and enter the sacroiliac joint fusion market, which is expected to contribute more meaningfully to growth next year.
- The company is optimistic about the long-term potential of the painful diabetic neuropathy market, which remains underpenetrated at less than 1%, and is focusing on educating physicians and raising patient awareness.
- Worldwide revenue decreased by 4.3% on a reported basis compared to the same quarter last year, indicating a decline in sales.
- US spinal cord stimulation (SCS) trial procedures declined by approximately 9.5%, reflecting ongoing softness in the US SCS market.
- The company revised its full-year 2024 revenue guidance downward to a range of $400 million to $405 million from the previous range of $435 million to $445 million.
- International revenue decreased by 15% as reported, primarily due to negative SCS-related media reports in Australia and healthcare reform in Germany.
- Operating expenses remained high at $92.6 million, although they decreased from $100.1 million in the prior year quarter, indicating ongoing cost management challenges.
Good afternoon. My name is Mark, and I will be your conference operator today. At this time, I would like to welcome everyone to the Nevro Corp., second-quarter 2024 earnings conference call and webcast. Today's conference is being recorded.
(Operator Instructions)
I would now turn the conference call over to Angie McCabe, Nevro's Vice President of Investor Relations and Corporate Communications. Ms. McCabe, please go ahead.
Thank you, Mark. Good afternoon, and welcome to Nevro's second-quarter 2024 earnings conference call. With me today are Kevin Thornal, our CEO and President; and Rod MacLeod, our Chief Financial Officer. Before we get started, please note that our earnings release and the supplemental presentation accompanying this call are available on the Events & Presentations page of the Investors section of our corporate website at nevro.com.
Also, this call is being broadcast live over the Internet to all interested parties and
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