The Redwood City, Calif.-based neuromodulation company yesterday posted losses of -$17.5 million, or -59¢ per share, on sales of $87.6 million for the three months ended March 31, increasing its losses by 19.1% on sales growth of 28.0%. Analysts on The Street were looking for losses of -32¢ on sales of $89.5 million.
“Reflecting on our first quarter, I’m confident in the fundamentals of our business and in our ability to achieve market leadership by continuing to deliver unique value to patients, physicians and payers. As we expected at our scale, our first quarter was marked by seasonality within the range of industry trends resulting in a sequential decline in revenue relative to our fourth quarter,” president & CEO Rami Elghandour told analysts during a conference call yesterday.
Although Nevro said it still expects to put up sales of $400 million to $410 million this year, investors reacted by sending NVRO shares down -13.1% to $80.18 apiece today in mid-morning trading.