Nevro (NYSE:NVRO) shares ticked up today on fourth-quarter results that beat the consensus revenue forecast.
The Redwood City, California-based company posted losses of $30.1 million, or -86¢ per share, on sales of $102.8 million for the three months ended Dec. 31, 2021, for a large bottom-line slide deeper into the red on a sales decline of 6.4%.
Nevro, a developer of spinal cord stimulation technology, saw its losses per share of 86¢ fall in line with projections on Wall Street, where analysts were looking for sales of $100.7 million.
“We were really encouraged by the progress in our core SCS business through most of the fourth quarter, as evidenced by the steady pick-up in trial activity that continued to improve from last quarter, as well as the ongoing improvement in permanent implant volumes,” Nevro Chairman, CEO and President D. Keith Grossman said in a news release. “We saw an increase in the COVID impact on our volumes beginning in mid-December along with the Omicron surge. This impact carried into the current quarter and appears to have peaked in late January.
Nevro projects full-year 2022 revenues to range between approximately $415 million and $430 million for growth between 7% and 11% from 2021.
NVRO shares were up 4.9% at $67.59 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down 0.5%.