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Nevro(NVRO) - 2021 Q3 - Earnings Call Presentation

Q3 2021 Financial Performance - Worldwide revenue reached $93.2 million, a decrease of 14% year-over-year and 7% compared to Q3 2019[5] - U S revenue was $78.1 million, also down 14% year-over-year and 7% from Q3 2019[5] - International revenue amounted to $15.2 million, a 14% decrease as reported or 16% decrease in constant currency compared to the previous year, and a 5% decrease as reported or 12% decrease in constant currency compared to Q3 2019[5] - Gross margin was 69 3%, a decrease of 0 8% year-over-year and 0 5% compared to Q3 2019[5] - Operating expenses totaled $91.1 million, a 14% increase year-over-year and 6% increase compared to Q3 2019, excluding a $20 million patent litigation judgement[5] - Adjusted EBITDA was negative $6 0 million, a 144% decrease year-over-year and 201% decrease compared to Q3 2019[5] Q4 2021 Guidance - Revenue is projected to be between $94 million and $98 million, representing an 11% to 14% decrease compared to Q4 2020, and a 14% to 18% decrease compared to Q4 2019[16] - Non-GAAP adjusted EBITDA is expected to be negative $10 million to negative $13 million[16] Peripheral Neuropathy (PDN) Opportunity - The annual total addressable market (TAM) for PDN is estimated to be approximately $3 5 billion to $5 0 billion[23] - Nevro is the only company with a specific on-label indication from the FDA for treating PDN[27] Non-Surgical Refractory Back Pain (NSRBP) Opportunity - The total addressable market for NSRBP is $7 5 billion, with current market penetration at only 4%, representing a $300 million market[29, 30]