The Redwood City, Calif.-based neuromodulation firm reported losses of -$11.2 million, or -37¢ per share, on sales of $95.6 million for the three months ended Sept. 30, widening its losses by 84.3% on 16.3% sales growth compared with Q3 2017.
Analysts on Wall Street were looking for losses of -29¢ per share on sales of $94.3 million. Nevro makes a neurostim device for treating chronic back pain using high-frequency electrical pulses it calls HF10.
“We are continuing to drive global adoption of HF10, as we broadened access to our innovative therapy and advanced our development pipeline in clinical trials. On the commercial side in the U.S., we are continuing to manage through some near term headwinds,” president & CEO Rami Elghandour told analysts during a conference call yesterday. “Over the past three months, we’ve been able to better evaluate and take the necessary steps to continue to scale our commercial organization following the transition of our head of sales. This has been a critical year as we were launching a new product, Senza II, expanding our regional and area of sales management team and continuing to hire to cover the broader U.S. market in a competitive environment, where two of our three major competitors have had their first platform product launches since 2013.”
Nevro said it expects its full-year revenues to come in at the low end of its $385.0 million to $390.0 million guidance.
NVTO shares closed down -3.8% at $45.88 apiece yesterday.