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EX - 99.1 2 nvro - ex991_86.htm EX - 99.1 FOR IMMEDIATE RELEASE Investors and Media : Julie Dewey , IRC Nevro Corp. Vice President , Investor Relations & Corp Communications 650-433-3247 | julie.dewey@nevro.com Exhibit 99.1 nevro Nevro Reports First Quarter 2021 Financial Results and Updates 2021 Guidance REDWOOD CITY , California , May 5 , 2021 - Nevro Corp. ( NYSE : NVRO ) , a global medical device company that is providing innovative , evidence - based solutions for the treatment of chronic pain , today reported its financial results for the first quarter ended March 31 , 2021 and provided updated 2021 guidance . First Quarter and Recent Highlights • First Quarter 2021 Worldwide Revenue of $ 88.6 Million ; Increase of 1 % Compared to Prior Year and Increase of 8 % Compared to 2019 First Quarter 2021 Net Loss from Operations of $ 22.5 Million ; First Quarter 2021 Non - GAAP Adjusted EBITDA of Negative $ 6.6 Million Updates Full Year 2021 Revenue Guidance to $ 440 Million to $ 450 Million • Updates Full Year 2021 Non - GAAP Adjusted EBITDA Guidance to $ 5 Million to $ 15 Million FDA Approval for First Major Omnia Upgrade and New Trial Stimulator Module Publication of Landmark SENZA - Painful Diabetic Neuropathy ( PDN ) Clinical Trial Results In JAMA Neurology Demonstrated Significantly Improved and Sustained Outcomes with 10 kHz Spinal Cord Stimulation Introduction of HFX , a Comprehensive New Brand Identity Combining Nevro's Innovative Technologies , Advanced Therapies and End - to - End Patient Support First Quarter 2021 Financial Overview Worldwide revenue for the first quarter of 2021 was $ 88.6 million , an increase of 1 % compared to $ 87.5 million in the prior year period and an increase of 8 % compared to the first quarter of 2019 . U.S. revenue in the first quarter of 2021 was $ 74.7 million , a decrease of 1 % compared to $ 75.3 million in the prior year period and an increase of 14 % compared to the first quarter of 2019. Compared to prior year , Q1 total U.S. permanent implant procedures stayed flat , while trial procedures declined 4 % . However , there was progressive improvement in trialing activity over the course of the quarter . Approximately 134 scheduled U.S. permanent implant procedures were cancelled during the quarter due to COVID and roughly 60 % of these procedures were still unrecovered at the end of the first quarter , a significant sequential improvement compared to the fourth quarter of 2020. The majority of these cancellations occurred in the month of January . Trial and permanent implant volumes were impacted by a combination of patient reluctance to move forward due to COVID - related issues and facility constraints on elective procedures due to COVID resurgence in specific geographies . International revenue was $ 13.9 million , an increase of 14 % as reported or 4 % constant currency , compared to $ 12.2 million in the prior year period , and a decrease of 15 % as reported or 21 % constant currency , compared to the first quarter of 2019. Both U.S. and international revenue continued to be impacted by COVID - related issues , although this impact lessened as the quarter progressed . " We were pleased with how our revenue increased as the first quarter progressed , driven by a steadily improving COVID - impacted environment , ” said D. Keith Grossman , Chairman , CEO and President of Nevro . “ Encouragingly , we are starting to see some early signs that demand is coming back into SCS therapy and expect this improvement to gradually continue as COVID infection rates decline , vaccine availability improves and the market reverts to normalcy . Although it is still early in the recovery , our best - in - class technology , recently upgraded Omnia platform , now powered by HFX Page | 1