Nevro Reports Fourth-Quarter and Full-Year 2024 Financial Results

Core Insights - Nevro Corp. reported its fourth-quarter and full-year 2024 financial results, highlighting a focus on restructuring and collaboration with Globus Medical to enhance chronic pain treatment solutions [2][9]. Financial Performance - Fourth-quarter 2024 worldwide revenue was $105.5 million, a decrease of 9.1% from$ 116.2 million in Q4 2023 [4]. - U.S. revenue for Q4 2024 was $91.4 million, down 9.9% from$ 101.5 million in the same period last year [5]. - International revenue in Q4 2024 was $14.1 million, a decrease of 3.8% compared to$ 14.7 million in Q4 2023 [6]. - Gross profit for Q4 2024 was $65.9 million, with a gross margin of 62.5%, down from$ 81.5 million and 70.1% in Q4 2023 [6]. - Operating expenses for Q4 2024 were $117.3 million, including a$ 38.2 million goodwill impairment charge [7]. - Net loss from operations for Q4 2024 was $51.4 million, compared to a loss of$ 11.8 million in Q4 2023 [8]. - Adjusted EBITDA for Q4 2024 was negative $5.2 million, down from positive$ 8.4 million in Q4 2023 [10]. Full-Year Results - Full-year 2024 worldwide revenue was $408.5 million, a decrease of 3.9% from$ 425.2 million in 2023 [12]. - U.S. revenue for 2024 was approximately $353.1 million, down 3.7% from$ 366.6 million in 2023 [12]. - International revenue for 2024 was $55.4 million, a decrease of 5.4% compared to$ 58.6 million in the prior year [13]. - Gross profit for 2024 was $269.5 million, with a gross margin of 66.0%, down from$ 290.1 million and 68.2% in 2023 [14]. - Net loss from operations for 2024 was $126.2 million, compared to a loss of$ 99.3 million in 2023 [14]. - Full-year 2024 adjusted EBITDA was negative $13.6 million, an improvement from negative$ 17.7 million in 2023 [14]. Strategic Developments - Nevro and Globus Medical announced a definitive agreement for Globus Medical to acquire all shares of Nevro for approximately $250 million, expected to close in Q2 2025 [9]. - The company launched the full market release of HFX iQ™ with HFX AdaptivAI™ in November 2024, aimed at enhancing pain management [9]. - New data published in the Journal of Pain Research indicated significant pain relief and reductions in hemoglobin A1c and weight for patients receiving Nevro's therapy [9].