$2.5 B

NVRO Mkt cap, 22-Jun-2018

$87.6 M

Nevro Corp. Revenue Q1, 2018
Nevro Corp. Gross profit (Q1, 2018)62 M
Nevro Corp. Gross profit margin (Q1, 2018), %70.7%
Nevro Corp. Net income (Q1, 2018)-17.7 M
Nevro Corp. EBIT (Q1, 2018)-15.7 M
Nevro Corp. Cash, 31-Mar-201827.7 M
Nevro Corp. EV2.6 B

Nevro Corp. Financials

Nevro Corp. Income Statement

Annual

USDFY, 2014FY, 2015FY, 2016

Revenue

32.6 m69.6 m228.5 m

Revenue growth, %

114%228%

Cost of goods sold

11.3 m28.1 m75.4 m

Gross profit

21.3 m41.5 m153.1 m

Gross profit Margin, %

65%60%67%

R&D expense

19.8 m21.4 m33.7 m

Operating expense total

19.8 m21.4 m33.7 m

EBIT

(28.3 m)(62.4 m)(23.1 m)

EBIT margin, %

(87%)(90%)(10%)

Interest expense

16 k2.7 m6.4 m

Interest income

16 k575 k1.7 m

Pre tax profit

(30.2 m)(66.3 m)(30.2 m)

Income tax expense

478 k1.2 m1.6 m

Net Income

(30.7 m)(67.4 m)(31.8 m)

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Revenue

8.7 m9.7 m11.4 m15.4 m41.7 m55.4 m60.9 m68.4 m78 m87.6 m

Cost of goods sold

2.7 m3.9 m5.5 m6 m15.7 m18.8 m19.2 m22.1 m24.1 m25.6 m

Gross profit

5.9 m5.8 m5.9 m9.4 m26 m36.6 m41.7 m46.4 m53.9 m62 m

Gross profit Margin, %

68%60%52%61%62%66%68%68%69%71%

R&D expense

5.2 m5 m5.3 m5.2 m6.4 m8.2 m7.9 m8.7 m9.5 m11.1 m

General and administrative expense

66.6 m

Operating expense total

12.4 m18.1 m25.1 m27.1 m35 m42.5 m43.6 m59.4 m63.8 m77.7 m

EBIT

(6.5 m)(12.3 m)(19.2 m)(17.7 m)(9 m)(5.9 m)(1.9 m)(13.1 m)(9.9 m)(15.7 m)

EBIT margin, %

(75%)(128%)(168%)(115%)(22%)(11%)(3%)(19%)(13%)(18%)

Interest expense

673 k681 k739 k642 k972 k2.4 m2.4 m2.5 m2.6 m

Interest income

20 k104 k110 k185 k215 k295 k556 k709 k747 k1 m

Pre tax profit

(7.7 m)(13.9 m)(19.6 m)(19.2 m)(9 m)(8.5 m)(3.4 m)(14.2 m)(11.2 m)(17.4 m)

Income tax expense

(137 k)142 k155 k269 k334 k258 k448 k261 k381 k343 k

Net Income

(7.9 m)(14.1 m)(19.7 m)(19.5 m)(9.3 m)(8.8 m)(3.9 m)(14.5 m)(11.6 m)(17.7 m)

Nevro Corp. Balance Sheet

Annual

USDFY, 2014FY, 2015FY, 2016

Cash

25.3 m87 m41.4 m

Accounts Receivable

22.5 m52.8 m

Inventories

62.4 m85.2 m

Current Assets

201.1 m282.6 m420.3 m

PP&E

647 k5.8 m7.1 m

Total Assets

202.5 m291.2 m430.6 m

Accounts Payable

7.1 m21.9 m16.2 m

Short-term debt

19.5 m19.7 m

Current Liabilities

10.8 m36.4 m42.2 m

Long-term debt

19.5 m19.7 m138.1 m

Total Debt

39 m39.5 m138.1 m

Total Liabilities

181.5 m

Additional Paid-in Capital

293.9 m424.1 m470.9 m

Retained Earnings

(122 m)(189.4 m)(221.2 m)

Total Equity

172.1 m234.6 m249 m

Debt to Equity Ratio

0.2 x0.2 x0.6 x

Debt to Assets Ratio

0.2 x0.1 x0.3 x

Financial Leverage

1.2 x1.2 x1.7 x

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q1, 2018

Cash

14.5 m22 m58.7 m87.6 m48.8 m50.7 m42.7 m19.2 m24.9 m27.7 m

Inventories

12.1 m18.2 m26.4 m42.7 m67.6 m68.1 m73.4 m84.7 m87 m97.5 m

Current Assets

53.5 m187.8 m291.5 m279.2 m265.9 m402.5 m408.9 m407.4 m410.3 m427.5 m

PP&E

289 k1.2 m2.8 m5.7 m5.9 m6.7 m7.6 m7.4 m7.2 m12.8 m

Total Assets

56.1 m192.2 m297.3 m287.7 m274.5 m412.3 m419.9 m417.9 m420.8 m444.8 m

Accounts Payable

3.5 m8.2 m7.3 m12.9 m11.8 m13.1 m13.1 m12.1 m11 m22.2 m

Short-term debt

19.6 m19.6 m19.7 m19.8 m

Current Liabilities

8.7 m13.4 m16 m23.5 m25.4 m30.6 m34.6 m34.2 m37.1 m53.5 m

Long-term debt

19.6 m19.6 m19.7 m19.8 m134.8 m136.5 m139.8 m141.5 m146.8 m

Total Debt

39.1 m39.3 m39.4 m39.6 m134.8 m136.5 m139.8 m141.5 m146.8 m

Total Liabilities

8.8 m33.1 m35.8 m43.3 m45.7 m165.9 m172.1 m175.3 m180 m202.2 m

Additional Paid-in Capital

7.7 m295.3 m417.1 m419.6 m427.8 m454.2 m460 m479.1 m488.9 m518.2 m

Retained Earnings

(113.7 m)(136 m)(155.8 m)(175.2 m)(198.7 m)(207.5 m)(211.4 m)(235.7 m)(247.3 m)(274.6 m)

Total Equity

(106 m)159.1 m261.5 m244.3 m228.8 m246.4 m247.7 m242.5 m240.8 m242.6 m

Financial Leverage

-0.5 x1.2 x1.1 x1.2 x1.2 x1.7 x1.7 x1.7 x1.7 x1.8 x

Nevro Corp. Cash Flow

Annual

USDFY, 2014FY, 2015FY, 2016

Net Income

(30.7 m)(67.4 m)(31.8 m)

Depreciation and Amortization

96 k614 k1.7 m

Accounts Receivable

167 k(16.2 m)(32.2 m)

Inventories

(5.5 m)(49.4 m)(27 m)

Accounts Payable

1.3 m17.1 m(5.6 m)

Cash From Operating Activities

(31.1 m)(100.4 m)(58.5 m)

Purchases of PP&E

(625 k)(5 m)(3.4 m)

Cash From Investing Activities

(108.1 m)39.7 m(131.7 m)

Long-term Borrowings

(19.5 m)

Cash From Financing Activities

152.1 m122.8 m145.2 m

Interest Paid

2.3 m2.5 m

Income Taxes Paid

670 k492 k

Quarterly

USDQ3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

(7.9 m)(14.1 m)(19.7 m)(19.5 m)(9.3 m)(8.8 m)(3.9 m)(14.5 m)(17.7 m)

Depreciation and Amortization

815 k

Accounts Receivable

6.6 m

Inventories

67.6 m68.1 m73.4 m84.7 m765 k

Accounts Payable

3.5 m8.2 m7.3 m12.9 m11.8 m13.1 m13.1 m12.1 m3.8 m

Cash From Operating Activities

(6.2 m)

Purchases of PP&E

(5 m)

Cash From Investing Activities

(10.8 m)

Cash From Financing Activities

1.7 m

Nevro Corp. Ratios

USDY, 2018

EV/EBIT

-166.3 x

EV/CFO

-418.6 x

Financial Leverage

1.8 x
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Nevro Corp. Operating Metrics

FY, 2016

Patents Issued

132

Patents Pending

101

Trademarks

16
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