$NVRO
NEVRO CORP

2022 Q3 Form 10-Q Financial Statement

#000095017022014306 Filed on August 03, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $100.5M $104.2M $87.84M
YoY Change 7.79% 1.84% -0.87%
Cost Of Revenue $31.16M $31.48M $28.75M
YoY Change 9.06% -2.67% 9.32%
Gross Profit $69.30M $72.73M $59.09M
YoY Change 7.23% 3.93% -5.15%
Gross Profit Margin 68.98% 69.79% 67.27%
Selling, General & Admin $78.19M $83.97M $79.33M
YoY Change -1.67% 13.66% 8.26%
% of Gross Profit 112.83% 115.45% 134.24%
Research & Development $14.03M $12.55M $12.54M
YoY Change 21.44% 5.75% 8.69%
% of Gross Profit 20.24% 17.26% 21.21%
Depreciation & Amortization $1.602M $1.561M $1.495M
YoY Change 31.31% 35.86% 35.79%
% of Gross Profit 2.31% 2.15% 2.53%
Operating Expenses -$12.78M $96.53M $91.86M
YoY Change -114.03% 12.57% 8.32%
Operating Profit $82.08M -$23.79M -$32.77M
YoY Change -410.4% 50.93% 45.56%
Interest Expense $1.608M $1.608M -$1.460M
YoY Change -144.8% -71.81% -122.3%
% of Operating Profit 1.96%
Other Income/Expense, Net $391.0K $368.0K $85.00K
YoY Change 1203.33% -518.18% -118.6%
Pretax Income $81.99M -$24.75M -$34.14M
YoY Change -263.98% 15.69% 16.93%
Income Tax $485.0K $241.0K $181.0K
% Of Pretax Income 0.59%
Net Earnings $81.51M -$24.99M -$34.33M
YoY Change -262.77% 15.75% 16.12%
Net Earnings / Revenue 81.13% -23.98% -39.08%
Basic Earnings Per Share $2.30 -$0.71 -$0.98
Diluted Earnings Per Share $2.22 -$0.71 -$978.6K
COMMON SHARES
Basic Shares Outstanding 35.39M 35.32M 35.07M
Diluted Shares Outstanding 37.34M 35.32M 35.07M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $386.9M $310.8M $323.6M
YoY Change 2.74% -21.81% -43.85%
Cash & Equivalents $130.8M $109.0M $50.08M
Short-Term Investments $256.1M $201.8M $274.2M
Other Short-Term Assets $11.08M $12.06M $13.10M
YoY Change 57.48% 48.86% 27.14%
Inventory $98.53M $93.52M $90.59M
Prepaid Expenses
Receivables $69.57M $66.90M $63.05M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $566.1M $483.3M $490.4M
YoY Change 5.05% -13.18% -33.62%
LONG-TERM ASSETS
Property, Plant & Equipment $21.17M $20.79M $20.84M
YoY Change 4.29% 10.51% 36.15%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $3.163M $3.675M $5.094M
YoY Change -37.51% -24.75% 15.77%
Total Long-Term Assets $39.44M $40.61M $42.50M
YoY Change -9.46% -5.24% 14.86%
TOTAL ASSETS
Total Short-Term Assets $566.1M $483.3M $490.4M
Total Long-Term Assets $39.44M $40.61M $42.50M
Total Assets $605.5M $523.9M $532.9M
YoY Change 3.96% -12.61% -31.3%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.84M $31.30M $27.14M
YoY Change -2.8% 0.87% -6.75%
Accrued Expenses $43.39M $36.42M $38.33M
YoY Change 15.29% -5.6% -9.26%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $80.30M $72.67M $70.32M
YoY Change 7.28% -1.71% -71.46%
LONG-TERM LIABILITIES
Long-Term Debt $186.6M $186.3M $186.0M
YoY Change 25.37% 27.2% 29.13%
Other Long-Term Liabilities $2.096M $22.08M $36.22M
YoY Change -94.7% 6.08% 89.61%
Total Long-Term Liabilities $188.7M $208.3M $222.2M
YoY Change 0.15% 24.58% 36.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $80.30M $72.67M $70.32M
Total Long-Term Liabilities $188.7M $208.3M $222.2M
Total Liabilities $280.6M $293.9M $292.5M
YoY Change 6.59% 21.88% -28.57%
SHAREHOLDERS EQUITY
Retained Earnings -$588.0M -$669.5M
YoY Change -1.03% 23.07%
Common Stock $918.0M $902.7M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $324.9M $230.0M $240.4M
YoY Change
Total Liabilities & Shareholders Equity $605.5M $523.9M $532.9M
YoY Change 3.96% -12.61% -31.3%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $81.51M -$24.99M -$34.33M
YoY Change -262.77% 15.75% 16.12%
Depreciation, Depletion And Amortization $1.602M $1.561M $1.495M
YoY Change 31.31% 35.86% 35.79%
Cash From Operating Activities $79.35M -$12.83M -$28.42M
YoY Change -616.53% 185.84% 313.59%
INVESTING ACTIVITIES
Capital Expenditures -$2.113M -$1.435M $1.607M
YoY Change -42.5% -67.2% -37.1%
Acquisitions
YoY Change
Other Investing Activities -$54.39M $71.70M $51.67M
YoY Change 22.2% -69.89% -2.32%
Cash From Investing Activities -$56.50M $70.27M $50.07M
YoY Change 17.26% -69.94% -0.55%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 37.00K 2.885M -6.753M
YoY Change -102.79% -101.7% 359.39%
NET CHANGE
Cash From Operating Activities 79.35M -12.83M -28.42M
Cash From Investing Activities -56.50M 70.27M 50.07M
Cash From Financing Activities 37.00K 2.885M -6.753M
Net Change In Cash 22.88M 60.32M 14.76M
YoY Change -135.27% 1.48% -64.8%
FREE CASH FLOW
Cash From Operating Activities $79.35M -$12.83M -$28.42M
Capital Expenditures -$2.113M -$1.435M $1.607M
Free Cash Flow $81.46M -$11.40M -$30.03M
YoY Change -797.04% 9812.17% 218.53%

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us-gaap Use Of Estimates
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Estimates are based on historical experience, where applicable, and other assumptions believed to be reasonable by the management. Actual results may differ from those estimates under different assumptions or conditions.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The COVID-19 pandemic has negatively impacted, and may continue to negatively impact the Company’s operations and revenues and overall financial condition. Due to the COVID-19 pandemic, there has been uncertainty and disruption in the global economy and financial markets which could impact the Company’s estimates and assumptions. Changes in the Company’s assessment about the length and severity of the pandemic, as well as other factors, could result in actual results differing from estimates.</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p>
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CY2021Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
851000
CY2021Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
664000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-24990000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-21590000
us-gaap Net Income Loss
NetIncomeLoss
-59315000
us-gaap Net Income Loss
NetIncomeLoss
-51151000
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35317766
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35317766
CY2021Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34808389
CY2021Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34808389
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
35196488
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
35196488
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34721551
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34721551
CY2022Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2022Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
CY2021Q2 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.62
CY2021Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.62
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.69
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.69
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.47
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.47
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5922518
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7212105
CY2022Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
600000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2900000
CY2021Q2 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
400000
us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2600000
nvro Employee Stock Purchase Plan Offering Period
EmployeeStockPurchasePlanOfferingPeriod
P6M

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