Nevro (NYSE:NVRO) today posted second-quarter results that beat the earnings consensus on Wall Street but missed revenue estimates.
The Redwood City, Calif.–based company reported losses of -$21.6 million, or -62¢ per share, on sales of $102.3 million for the three months ended June 30 for a sales growth of 81.47% compared with Q2 2020.
Earnings per share were -62¢, 11¢ ahead of The Street, where analysts were looking for sales of $102.7 million.
“The recovery of procedural volumes in the pain market generally and the SCS market specifically has been slower than we anticipated, impacting not only second-quarter revenues, but in the case of lower trial procedures, revenue in future months as well,” CEO and president Keith Grossman said in a news release. “In light of the lack of visibility around COVID-related recovery trends and timelines, the company is providing third quarter guidance only. While the slower COVID recovery environment remains a near-term issue, we continue to believe we are very well positioned for longer-term attractive growth when the full impact and uncertainties of COVID on our market subsides.”
Nevro last month announced FDA approval for its Senza system for treating chronic pain associated with PDN.
“Our recent FDA approval marks one of our most significant achievements that demonstrates the strength of our clinical data and provides a proven, new breakthrough SCS treatment option for PDN patients who are struggling with debilitating pain and who are unable to find relief with currently available pharmacologic options,” Grossman said. “We are thrilled to have begun commercial launch activities in the U.S. The early levels of interest among referring physicians and patients has exceeded our expectations.”
Nevro expects third-quarter revenue to be in the range of $90 million to $93 million.
Shares in NVRO were down more than –24% to $110.86 apiece in morning trading. MassDevice‘s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down slightly.