The Redwood City, Calif.-based chronic pain treatment developer posted losses of -$10 million, or -29¢ per share, on sales of $108.5 million for the three months ended Sept. 30, 2020, for a 44.1% bottom-line gain on sales growth of 8.3%.
Adjusted to exclude one-time items, earnings per share were also -29¢, 30¢ ahead of Wall Street, while the company’s revenues came in 4% ahead of analysts’projections.
“We are pleased by the rebound in sales after a difficult second quarter and continue to be encouraged by the month-over-month improvement in trial procedures,” Nevro chairman, CEO & president D. Keith Grossman said in a news release. “With trials recovering, we believe our earlier expectations for roughly flat revenues compared to the prior year is still reasonable. However, increases in COVID activity around the world and any further pressure on facility capacity and patient willingness to seek care could provide some downward pressure to that view.”
Nevro did not offer full-year guidance for 2020. NVRO shares were up 1.7% at $160.81 per share in midday trading.