$NVRO
NEVRO CORP

2013 Q4 Form 10-K Financial Statement

#000119312515097120 Filed on March 18, 2015

View on sec.gov

Income Statement

Concept 2013 Q4 2013 Q3 2013 Q2
Revenue $6.196M $6.198M $5.699M
YoY Change
Cost Of Revenue $2.600M $2.470M $2.300M
YoY Change
Gross Profit $3.644M $3.728M $3.382M
YoY Change
Gross Profit Margin 58.81% 60.15% 59.34%
Selling, General & Admin $5.500M $4.504M $4.700M
YoY Change
% of Gross Profit 150.93% 120.82% 138.97%
Research & Development $4.600M $4.586M $4.900M
YoY Change
% of Gross Profit 126.23% 123.02% 144.88%
Depreciation & Amortization $20.00K $10.00K $10.00K
YoY Change
% of Gross Profit 0.55% 0.27% 0.3%
Operating Expenses $10.10M $9.090M $9.600M
YoY Change
Operating Profit -$6.535M -$5.362M -$6.191M
YoY Change
Interest Expense $0.00 $0.00 $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$200.0K $436.0K -$700.0K
YoY Change
Pretax Income -$6.700M -$4.885M -$6.800M
YoY Change
Income Tax $100.0K $131.0K $100.0K
% Of Pretax Income
Net Earnings -$6.740M -$5.016M -$6.889M
YoY Change
Net Earnings / Revenue -108.78% -80.93% -120.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$287.6K -$219.3K -$302.6K
COMMON SHARES
Basic Shares Outstanding 1.093M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2013 Q4 2013 Q3 2013 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.53M
YoY Change
Cash & Equivalents $12.41M $10.97M
Short-Term Investments $44.12M
Other Short-Term Assets $1.500M
YoY Change
Inventory $10.12M
Prepaid Expenses
Receivables $6.605M
Other Receivables $0.00
Total Short-Term Assets $74.77M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $117.0K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $220.0K
YoY Change
Total Long-Term Assets $637.0K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $74.77M
Total Long-Term Assets $637.0K
Total Assets $75.41M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.177M
YoY Change
Accrued Expenses $4.536M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.904M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00
YoY Change
Other Long-Term Liabilities $62.00K
YoY Change
Total Long-Term Liabilities $62.00K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $7.904M
Total Long-Term Liabilities $62.00K
Total Liabilities $7.966M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$91.15M
YoY Change
Common Stock $5.332M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$85.79M
YoY Change
Total Liabilities & Shareholders Equity $75.41M
YoY Change

Cashflow Statement

Concept 2013 Q4 2013 Q3 2013 Q2
OPERATING ACTIVITIES
Net Income -$6.740M -$5.016M -$6.889M
YoY Change
Depreciation, Depletion And Amortization $20.00K $10.00K $10.00K
YoY Change
Cash From Operating Activities -$4.860M -$4.160M -$5.220M
YoY Change
INVESTING ACTIVITIES
Capital Expenditures -$60.00K $0.00 $0.00
YoY Change
Acquisitions
YoY Change
Other Investing Activities $6.280M $4.420M -$3.290M
YoY Change
Cash From Investing Activities $6.220M $4.420M -$3.290M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 10.00K 20.00K
YoY Change
NET CHANGE
Cash From Operating Activities -4.860M -4.160M -5.220M
Cash From Investing Activities 6.220M 4.420M -3.290M
Cash From Financing Activities 80.00K 10.00K 20.00K
Net Change In Cash 1.440M 270.0K -8.490M
YoY Change
FREE CASH FLOW
Cash From Operating Activities -$4.860M -$4.160M -$5.220M
Capital Expenditures -$60.00K $0.00 $0.00
Free Cash Flow -$4.800M -$4.160M -$5.220M
YoY Change

Facts In Submission

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CY2014 dei Document Type
DocumentType
10-K
CY2014 dei Entity Registrant Name
EntityRegistrantName
NEVRO CORP
CY2014 dei Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
No
CY2014 dei Trading Symbol
TradingSymbol
NVRO
CY2014 us-gaap Other Information Pertaining To Income Taxes
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The Company records uncertain tax positions on the basis of a two-step process whereby (1) a determination is made as to whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (2) for those tax positions that meet the more-likely-than-not recognition threshold, the Company recognizes the largest amount of tax benefit that is greater than 50% likely to be realized upon ultimate settlement with the related tax authority.
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CY2014 dei Entity Filer Category
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Non-accelerated Filer
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No
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CY2014 us-gaap Standard Product Warranty Description
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant accounting estimates and management judgments reflected in the consolidated financial statements include items such as allowances for doubtful accounts; clinical accruals; stock-based compensation; depreciation and amortization lives; inventory valuation; valuation of investments and deferred tax assets, including valuation allowances. 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.</p> </div>
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2014-12-31
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false
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--12-31
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2014
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0001444380
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FY
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<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Concentration of Credit Risk and Other Risks and Uncertainties</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt; TEXT-INDENT: 4%"> Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash, cash equivalents and investments. The majority of the Company&#x2019;s cash is held by one financial institution in the United States of America in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the year ended December&#xA0;31, 2014 and 2013 and held cash in foreign banks of approximately $4.3 million and $5.7 million at December&#xA0;31, 2014 and 2013, respectively, that was not federally insured. The Company has not experienced any losses on its deposits of cash and cash equivalents.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> All of the Company&#x2019;s revenue has been derived from sales of its products in international markets, principally Australia and Europe. In the international markets in which the Company participates, the Company uses both a direct sales force and distributors to sell its products. The Company performs ongoing credit evaluation of its direct customers and distributors, does not require collateral, and maintains allowances for potential credit losses on customer accounts when deemed necessary.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> During the year ended December&#xA0;31, 2014, no customers accounted for more than 10% of our revenues or the Company&#x2019;s accounts receivable balance as of December&#xA0;31, 2014. During the year ended December&#xA0;31, 2013, no customers accounted for more than 10% of the Company&#x2019;s revenue. As of December&#xA0;31, 2013, one customer accounted for 11% of our accounts receivable balance. During the year ended December&#xA0;31, 2012, two customers accounted for 11% and 11%, respectively, of the Company&#x2019;s revenue.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company is subject to risks common to early-stage medical device companies including, but not limited to, new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations, product liability, uncertainty of market acceptance of products, and the need to obtain additional financing. The Company is dependent on third party manufacturers and suppliers, in some cases sole- or single-source suppliers.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> There can be no assurance that the Company&#x2019;s products or services will continue to be accepted in the marketplace, nor can there be any assurance that any future products or services can be developed or manufactured at an acceptable cost and with appropriate performance characteristics, or that such products or services will be successfully marketed, if at all.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company&#x2019;s products require approval from the U.S. Food and Drug Administration prior to commencing commercial sales in the U.S. There can be no assurance that the Company&#x2019;s products will receive all of the required approvals. If the Company is denied such approvals or such approvals are delayed, it may have a material adverse impact on the Company&#x2019;s results of operations, financial position and liquidity.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt; TEXT-INDENT: 4%"> The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing. There can be no assurance that such financing will be available or will be at terms acceptable by the Company.</p> </div>
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