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NVRO Nevro

Headquartered in Redwood City, California, Nevro is a global medical device company focused on providing innovative products that improve the quality of life of patients suffering from debilitating chronic pain. Nevro has developed and commercialized the Senza spinal cord stimulation (SCS) system, an evidence-based, non-pharmacologic neuromodulation platform for the treatment of chronic pain. HF10 therapy has demonstrated the ability to reduce or eliminate opioids in =65% of patients across six peer-reviewed clinical studies. The Senza® System, Senza II™ System, and the Senza® Omnia™ System are the only SCS systems that deliver Nevro's proprietary HF10® therapy. Senza, Senza II, Senza Omnia, HF10, Nevro and the Nevro logo are trademarks of Nevro Corp.

Company profile

Ticker
NVRO
Exchange
Website
CEO
D.Keith Grossman
Employees
Location
Fiscal year end
SEC CIK
Subsidiaries
Nevro Medical Sarl • Nevro Medical Limited • Nevro Medical Pty Ltd. • Nevro Germany GmbH • Nevro Medical, S.R.L. ...

NVRO stock data

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Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

4 Aug 21
24 Oct 21
31 Dec 21
Quarter (USD)
Jun 21 Mar 21 Dec 20 Sep 20
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS
Annual (USD)
Dec 20 Dec 19 Dec 18 Dec 17
Revenue
Cost of revenue
Operating income
Operating margin
Net income
Net profit margin
Cash on hand
Change in cash
Diluted EPS

Financial data from Nevro earnings reports.

Cash burn rate (estimated) Burn method: Change in cash Burn method: Operating income/loss Burn method: FCF (opex + capex)
Last Q Avg 4Q Last Q Avg 4Q Last Q Avg 4Q
Cash on hand (at last report) 146.02M 146.02M 146.02M 146.02M 146.02M 146.02M
Cash burn (monthly) (positive/no burn) 10.87M 7.13M 5.6M 1.5M (positive/no burn)
Cash used (since last report) n/a 41.54M 27.24M 21.4M 5.72M n/a
Cash remaining n/a 104.47M 118.78M 124.62M 140.3M n/a
Runway (months of cash) n/a 9.6 16.7 22.3 93.8 n/a

Beta Read what these cash burn values mean

Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
30 Sep 21 Fischer Frank M Common Stock Grant Acquire A No No 0 143 0 41,062
30 Sep 21 Weatherman Elizabeth H Common Stock Grant Acquire A No No 0 170 0 18,328
30 Sep 21 Demane Michael F Common Stock Grant Acquire A No No 0 225 0 231,660
19 Sep 21 Grossman D Keith Common Stock Payment of exercise Dispose F No No 126.63 4,874 617.19K 120,964

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

13F holders
Current Prev Q Change
Total holders 209 202 +3.5%
Opened positions 39 25 +56.0%
Closed positions 32 52 -38.5%
Increased positions 74 82 -9.8%
Reduced positions 62 74 -16.2%
13F shares
Current Prev Q Change
Total value 6.93B 6.56B +5.7%
Total shares 41.73M 40.74M +2.4%
Total puts 181.7K 86.1K +111.0%
Total calls 191.4K 144.2K +32.7%
Total put/call ratio 0.9 0.6 +59.0%
Largest owners
Shares Value Change
TROW T. Rowe Price 4.67M $774.49M -0.5%
BLK Blackrock 3.97M $657.8M +3.1%
Vanguard 3.35M $555.25M +1.4%
Fred Alger Management 2.47M $410.15M +13.2%
FMR 2.27M $376.15M +14.2%
Alger Associates 2.14M $369.85M 0.0%
Jackson Square Partners 1.48M $245.23M +24.8%
IVZ Invesco 1.42M $235.27M +0.6%
JPM JPMorgan Chase & Co. 1.17M $194.3M -3.5%
D. E. Shaw & Co 1.1M $190.32M 0.0%
Largest transactions
Shares Bought/sold Change
HealthCor Management 376.33K +376.33K NEW
Jackson Square Partners 1.48M +293.51K +24.8%
Fred Alger Management 2.47M +287.91K +13.2%
FMR 2.27M +281.36K +14.2%
Citadel Advisors 0 -277.47K EXIT
Wellington Management 453.09K +246.07K +118.9%
MS Morgan Stanley 384.12K -238.46K -38.3%
GS Goldman Sachs 113.47K -233.92K -67.3%
Balyasny Asset Management 0 -176.99K EXIT
BAC Bank Of America 167.13K -166.83K -50.0%

Financial report summary

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Competition
Nalu MedicalNuvectraNeuSpera Medical
Risks
  • Our business, financial condition, results of operations and growth have been harmed by the effects of the COVID-19 pandemic and the pandemic continues to affect our business.
  • We must continue to educate physicians and demonstrate to them the merits of our 10kHz Therapy compared to those of our competitors.
  • We are currently, and may in the future become, involved in lawsuits to protect or enforce our intellectual property, which are expensive and time consuming, and ultimately unsuccessful, and could result in the diversion of significant resources, thereby hindering our ability to effectively grow sales of our Senza systems or commercialize future products, if any. If we are unable to obtain, maintain, protect, and enforce our intellectual property, our business will be negatively affected.
  • Our competitors are large, well-established companies with substantially greater resources than we have and have a long history of competing in the SCS market.
  • If our competitors are better able to develop and market neuromodulation products that are safer, more effective, less costly, easier to use or otherwise more attractive than our Senza products, our business will be adversely impacted.
  • We have a history of significant losses. If we do not achieve and sustain profitability, our financial condition could suffer.
  • Our ability to achieve profitability will depend, in part, on our ability to reduce the per unit manufacturing cost of our products.
  • If third-party payors do not provide adequate coverage and reimbursement for the use of Senza, our revenue will be negatively impacted.
  • We do not expect our worldwide revenue growth to continue at historic rates.
  • If we fail to develop and retain an effective direct sales force in the United States, our business could suffer.
  • Modifications to our products may require us to obtain new PMA approvals or approvals of a PMA supplement, and if we market modified products without obtaining necessary approvals, we may be required to cease marketing or recall the modified products until required approvals are obtained.
  • Our success depends on physicians’ use of our 10kHz Therapy to treat chronic back pain and PDN.
  • We rely upon third-party, single-source, and in certain cases sole-source, suppliers for many of the components and materials used in our products, and for critical manufacturing and packaging services, and the loss of any of these suppliers could harm our business.
  • We may not be able to establish or strengthen our brand.
  • If we fail to properly manage our anticipated growth, our business could suffer.
  • If we fail to receive access to hospital facilities, our sales may decrease.
  • We rely in part on a small group of third-party distributors to effectively distribute our products in certain countries outside the United States.
  • We may face product liability claims that could result in costly litigation and significant liabilities.
  • Even though we may generate positive data to support the use of our therapy and products for market expansion opportunities, such as NSRBP and PDN, and even if we receive clearance to expand our approved indications of use to include additional indications, internal and external factors may make it more difficult for these additional indications and market expansion opportunities, or any other indications or other market expansion opportunities we may pursue in the future, to be commercially successful.
  • If we fail to retain our key executives or recruit and hire new employees, our operations and financial results may be adversely effected while we attract other highly qualified personnel.
  • Risks Related to Intellectual Property
  • We currently are, and may in the future become, involved in lawsuits to defend ourselves against intellectual property disputes, which could be expensive and time consuming, and ultimately unsuccessful, and could result in the diversion of significant resources, and hinder our ability to commercialize our existing or future products.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our existing and future products.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our competitors or are in breach of non-competition or non-solicitation agreements with our competitors.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position may be harmed.
  • Risks Related to our Financial and Operating Results
  • We may choose, or need, to obtain additional funds in the future, and these funds may not be available on acceptable terms or at all.
  • Our operating results may vary significantly from quarter to quarter, which may negatively impact our stock price in the future.
  • We are required to maintain high levels of inventory, which could consume a significant amount of our resources, reduce our cash flows and lead to inventory impairment charges.
  • The seasonality of our business creates variance in our quarterly revenue, which makes it difficult to compare or forecast our financial results.
  • We are subject to risks associated with currency fluctuations, and changes in foreign currency exchange rates could impact our results of operations.
  • Our ability to use our net operating losses and tax credits to offset future taxable income and taxes may be subject to certain limitations.
  • Senza is subject to extensive governmental regulation, and our failure to comply with applicable requirements could cause our business to suffer.
  • Our business is subject to extensive governmental regulation that could make it more expensive and time consuming for us to expand the potential indications for which Senza is approved or introduce new or improved products.
  • Senza is subject to extensive governmental regulation in foreign jurisdictions, such as Europe, and our failure to comply with applicable requirements could cause our business to suffer.
  • The misuse or off-label use of our product may harm our image in the marketplace, result in injuries that lead to product liability suits, which could be costly to our business, or result in costly investigations and sanctions from the FDA and other regulatory bodies if we are deemed to have engaged in off-label promotion.
  • Our products may in the future be subject to notifications, recalls, or voluntary market withdrawals that could harm our reputation, business and financial results.
  • A recall of our products, either voluntarily or at the direction of the FDA, an EEA Competent Authority or another governmental authority, or the discovery of serious safety issues with our products, could have a significant adverse impact on us.
  • We may be subject to federal, state and foreign healthcare and data privacy and security laws and regulations, and a finding of failure to comply with such laws and regulations could have a material adverse effect on our business.
  • Our future success depends on our ability to develop, receive regulatory clearance or approval for, additional chronic pain indications for Senza and introduce new products or product enhancements that will be accepted by the market in a timely manner.
  • Our stock price may be volatile and as a result our stockholders may not be able to resell shares of our common stock at or above the price they paid and such volatility may also adversely impact the value of the 2025 Notes.
  • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.
  • Regulatory actions and other events may adversely affect the value and liquidity of the 2025 Notes.
  • If we are unable to maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock and the value of the 2025 Notes could be adversely affected.
  • The accounting method for convertible debt securities that may be settled in cash, such as the 2021 Notes and 2025 Notes, could have a material effect on our reported financial results.
  • If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price and the value of the 2025 Notes may decline.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price and the value of the 2025 Notes to fall.
  • Provisions in our charter documents and under Delaware law could discourage a takeover that stockholders may consider favorable and may lead to entrenchment of management.
  • We do not currently intend to pay dividends on our common stock, and, consequently, our stockholders’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.
  • Changes in tax laws, tax rulings or trade policies may have a material adverse effect on our business, financial condition and results of operations.
  • Failure to protect our information technology infrastructure, and those of our third-party service providers, against cyber-based attacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations and adversely affect our business and operating results.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We may not be able to adequately protect our intellectual property rights throughout the world.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • If securities or industry analysts issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
  • We incur significantly increased costs and devote substantial management time as a result of operating as a public company.
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Good
New words: addressing, automatically, bilateral, constitutionality, crossover, height, instructed, intractable, medium, merged, Notably, opportunity, petition, President, reassertion, reconsider, reexamining, Society, unabsorbed, unnecessary, virulent, waiver
Removed: commonly, complying, consolidating, disease, evolving, feature, harbor, inseverable, mandate, maturing, proceed, reclassified, referred, repealing, requested, resolution, responsibility, surfaced, unconstitutional, understanding, unilaterally, Wuhan

Patents

GRANT
Utility
2.4 GHz radio antenna for implanted medical devices, and associated systems and methods
19 Oct 21
The disclosed technology provides systems and methods of communication between implanted medical devices, e.g., implanted pulse generators, and handheld consumer devices, e.g., smartphones, via standard wireless communication protocols, e.g., Bluetooth or Bluetooth Low Energy (BLE) operating in the unlicensed 2.4 GHz frequency band.
APP
Utility
Systems and Methods for Producing Asynchronous Neural Responses to Treat Pain And/or Other Patient Conditions
23 Sep 21
Systems and methods for producing asynchronous neural responses to treat pain and/or other patient conditions are disclosed.
GRANT
Utility
Electrical therapy applied to the brain with increased efficacy and/or decreased undesirable side effects, and associated systems and methods
21 Sep 21
Electrical therapy applied to the brain with increased efficacy and/or decreased undesirable side effects, and associated systems and methods, are disclosed.
GRANT
Utility
Treatment of neurodegenerative disease with high frequency stimulation, and associated systems and methods
21 Sep 21
Systems and methods for treating neurodegenerative disorders with high frequency stimulation are disclosed.
APP
Utility
High Frequency Stimulation for Treating Sensory And/or Motor Deficits In Patients with Spinal Cord Injuries And/or Peripheral Polyneuropathy, and Associated Systems and Methods
9 Sep 21
High frequency stimulation for treating sensory and/or motor deficits in patients with spinal cord injuries and/or peripheral polyneuropathy, and associated systems and methods.