The Redwood City, Calif.-based company posted losses of $44.1 million, or $1.45 per share, on sales of $82.1 million for the three months ended March 31, seeing losses grow 148.8% while sales shrunk 6.3% when compared to the same period during the previous year.
Losses per share were more than double the -67¢ consensus on Wall Street, where analysts expected to see sales of approximately $87.5 million, which the company also missed.
“The Nevro team is intently focused on improving our commercial execution to better position the company to deliver growth, consistent financial performance and long-term shareholder value. The company enjoys differentiated products based on solid clinical evidence, a robust clinical pipeline and smart, dedicated people. In addition, the spinal cord stimulation market is still underpenetrated and we believe it offers continued growth opportunities for Nevro’s existing product offerings, as well as new products and indications to help more patients who live with chronic pain,” prez & CEO D. Keith Grossman said in a prepared statement.
Nevro provided limited second quarter 2019 financial guidance, expecting to see sales of between $87 million and $89 million.
Shares in Nevro are down approximately 10.9% in after-hours trading, at $55.90 as of 5:43 p.m. EDT.
In March, Nevro said that it named former Thoratec CEO Keith Grossman to replace president & CEO Rami Elghandour after striking a deal with one of its investors, Broadfin Capital.