Nevro Corp. reported its financial results for the three and nine months ended September 30, 2024, revealing a decline in revenue and profitability compared to the previous fiscal period. Total revenue for the third quarter was $96.9 million, down 7% from $103.9 million in Q3 2023. For the nine-month period, revenue decreased to $303.0 million from $309.0 million, reflecting a 2% decline. The U.S. market remains the primary revenue source, contributing $261.6 million for the nine months, a slight decrease from $265.0 million in the prior year.
Gross profit for Q3 2024 was $64.6 million, down from $69.5 million in Q3 2023, while gross margins remained stable at 67%. Operating expenses decreased significantly to $78.5 million from $95.1 million year-over-year, driven by reductions in both research and development (R&D) and sales, general, and administrative (SG&A) expenses. R&D expenses fell to $10.6 million from $13.9 million, and SG&A expenses decreased to $68.5 million from $81.2 million. This led to a reduced loss from operations of $13.9 million in Q3 2024, compared to a loss of $25.6 million in Q3 2023.
Net loss for the third quarter was $15.3 million, an improvement from a net loss of $23.5 million in the same quarter last year. For the nine-month period, the net loss narrowed to $60.3 million from $83.2 million in 2023. The company reported a net loss per share of $(0.41) for Q3 2024, compared to $(0.65) in Q3 2023.
As of September 30, 2024, Nevro's total assets decreased to $595.6 million from $635.7 million at the end of 2023, with total liabilities also declining to $322.0 million from $342.6 million. Cash and cash equivalents fell to $72.6 million from $104.2 million, while total stockholders' equity decreased to $273.6 million from $293.1 million.
Strategically, Nevro continues to focus on expanding its product offerings and market presence. The company acquired Vyrsa Technologies in November 2023, enhancing its portfolio with Sacroiliac Joint Fusion devices. Nevro is also investing in R&D to explore new indications for its products, particularly in the chronic pain market, which is valued at $2.3 billion. The company faces challenges from macroeconomic conditions, including inflation and supply chain issues, which may impact its revenue and operational liquidity.
About NEVRO CORP
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