Nevro Q2 prelims top expectations on The Street


Nevro (NYSE:NVRO) today released preliminary second quarter results, expecting to post sales of $96.1 million, ahead of analyst’s expectations.

The Redwood City, Calif.-based company said that of the $96.1 million, $79.9 million is expected to come from the US, with $16.2 million coming from international sales.

Nevro updated its expectations for the full year as well, expecting to see full year revenue for 2018 of between $385 and $390 million, down from earlier guidance of between $400 million and $410 million, according to a press release.

Despite the lowered guidance, Leerink Partners analyst Danielle Antalffy thought the move was appropriate given the company’s performance in Q1.

“While some investors may be disappointed in the lowered guidance following a Q2 beat, we believe management is being appropriately conservative after the 1Q18 execution misstep, particularly given the fact that a search for a new head of sales is still underway,” Antalffy said in a letter to investors.

Shares in Nevro are down 2.2% so far today, at $56.49 as of 9:47 a.m. EDT.

Earlier this month, a federal judge in California last week tipped his hand in a tentative ruling, indicating that he may invalidate five of the seven Nevro patents at issue in the case but remained unclear about a number of other issues in a case between Nevro and Boston Scientific.

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