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EX - 99.1 2 nvro - ex991_36.htm EX - 99.1 Exhibit 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 NEVSO Nevro Reports Third Quarter 2021 Financial Results and Provides Fourth Quarter Guidance REDWOOD CITY , California , November 8 , 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 third quarter ended September 30 , 2021 and provided fourth quarter of 2021 guidance . Third Quarter Updates , Recent Highlights and Guidance • • • Late July FDA Approval of 10 kHz High Frequency Spinal Cord Stimulation Therapy for Treatment of Chronic Pain Associated with Painful Diabetic Neuropathy ( PDN ) Third Quarter 2021 Worldwide Revenue of $ 93.2 Million ; Decrease of 14 % Compared to Prior Year and Decrease of 7 % Compared to 2019 Third Quarter 2021 Worldwide Revenue Includes Approximately $ 1.7 Million of Revenue for PDN Indication Third Quarter 2021 Net Loss from Operations of $ 46.4 Million , or $ 26.4 Million excluding $ 20 Million Patent Litigation Judgement ; Third Quarter 2021 Non - GAAP Adjusted EBITDA of Negative $ 6.0 Million Provides Fourth Quarter 2021 Revenue Guidance of $ 94 Million to $ 98 Million Provides Fourth Quarter 2021 Non - GAAP Adjusted EBITDA Guidance of Negative $ 10 Million to Negative $ 13 Million Submitted PMA Supplement to FDA for Non - Surgical Refractory Back Pain ( NSRBP ) Indication Third Quarter 2021 Financial Overview Worldwide revenue for the third quarter of 2021 was $ 93.2 million , a decrease of 14 % compared to $ 108.5 million in the prior year period and a decrease of 7 % compared to $ 100.2 million in the third quarter of 2019. Worldwide revenue includes approximately $ 1.7 million of revenue for PDN indication . U.S. revenue in the third quarter of 2021 was $ 78.1 million , a decrease of 14 % compared to $ 90.9 million in the prior year period and a decrease of 7 % compared to $ 84.2 million in the third quarter of 2019. Compared to prior year , third quarter of 2021 total U.S. permanent implant procedures decreased 14 % , while trial procedures decreased 7 % . However , monthly trial and permanent implant procedures improved steadily over the course of Q3 of 2021. The prior year period also included an approximately $ 14 million benefit due to a rapid recovery of cancelled cases from the initial COVID shutdowns in April of 2020. Compared to the third quarter of 2019 , U.S. permanent implant procedures decreased 8 % , and trial procedures decreased 9 % . Trial and permanent implant volumes were impacted by a continued reluctance of new patients to seek interventional therapies for chronic pain in numbers comparable to pre - COVID levels , as well as scheduled case cancellations due to COVID concerns , customer capacity and labor constraints . International revenue in the third quarter of 2021 was $ 15.2 million , a decrease of 14 % as reported or 16 % constant currency , compared to $ 17.5 million in the prior year period , and a decrease of 5 % as reported or 12 % constant currency , compared to $ 15.9 million in the third quarter of 2019. International revenues continued to be impacted by COVID - related issues as well , including both patient behavior regarding elective procedures and healthcare facility restrictions . " The impact of increased COVID case volumes and related staffing shortages and capacity limitations at some hospitals and surgery - centers was seen in new patient volumes and scheduled case cancellations during the third quarter , ” said D. Keith Grossman , Chairman , Chief Executive Officer and President of Nevro . " Despite these impacts Page | 1