$NVRO
NEVRO CORP

2015 Q1 Form 10-Q Financial Statement

#000119312515181388 Filed on May 11, 2015

View on sec.gov

Income Statement

Concept 2015 Q1 2014 Q1
Revenue $9.662M $6.664M
YoY Change 44.99% 23.25%
Cost Of Revenue $3.873M $2.999M
YoY Change 29.14% 42.81%
Gross Profit $5.789M $3.665M
YoY Change 57.95% 11.98%
Gross Profit Margin 59.92% 55.0%
Selling, General & Admin $13.13M $6.210M
YoY Change 111.43% 51.46%
% of Gross Profit 226.81% 169.44%
Research & Development $4.998M $4.696M
YoY Change 6.43% -24.26%
% of Gross Profit 86.34% 128.13%
Depreciation & Amortization $46.00K $16.00K
YoY Change 187.5% 60.0%
% of Gross Profit 0.79% 0.44%
Operating Expenses $18.13M $10.91M
YoY Change 66.22% 4.87%
Operating Profit -$12.34M -$7.241M
YoY Change 70.4% 2.52%
Interest Expense $673.0K $0.00
YoY Change
% of Operating Profit
Other Income/Expense, Net -$1.010M $238.0K
YoY Change -524.37% -219.0%
Pretax Income -$13.92M -$6.963M
YoY Change 99.89% -4.62%
Income Tax $142.0K $93.00K
% Of Pretax Income
Net Earnings -$14.06M -$7.056M
YoY Change 99.26% -4.25%
Net Earnings / Revenue -145.52% -105.88%
Basic Earnings Per Share
Diluted Earnings Per Share -$568.5K -$311.4K
COMMON SHARES
Basic Shares Outstanding 24.88M shares 1.124M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 Q1 2014 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $159.2M $48.20M
YoY Change 230.32%
Cash & Equivalents $21.98M $15.41M
Short-Term Investments $137.2M $32.80M
Other Short-Term Assets $3.000M $2.300M
YoY Change 30.43%
Inventory $18.24M $10.10M
Prepaid Expenses
Receivables $7.314M $6.500M
Other Receivables $0.00 $0.00
Total Short-Term Assets $187.8M $67.20M
YoY Change 179.45%
LONG-TERM ASSETS
Property, Plant & Equipment $1.189M $200.0K
YoY Change 494.5%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.333M $500.0K
YoY Change 366.6%
Total Long-Term Assets $4.428M $700.0K
YoY Change 532.57%
TOTAL ASSETS
Total Short-Term Assets $187.8M $67.20M
Total Long-Term Assets $4.428M $700.0K
Total Assets $192.2M $67.90M
YoY Change 183.09%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.151M $3.300M
YoY Change 147.0%
Accrued Expenses $5.218M $2.800M
YoY Change 86.36%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $13.43M $7.000M
YoY Change 91.84%
LONG-TERM LIABILITIES
Long-Term Debt $19.60M $0.00
YoY Change
Other Long-Term Liabilities $104.0K $0.00
YoY Change
Total Long-Term Liabilities $104.0K $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $13.43M $7.000M
Total Long-Term Liabilities $104.0K $0.00
Total Liabilities $33.10M $7.000M
YoY Change 372.89%
SHAREHOLDERS EQUITY
Retained Earnings -$136.0M
YoY Change
Common Stock $295.3M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $159.1M $60.90M
YoY Change
Total Liabilities & Shareholders Equity $192.2M $67.90M
YoY Change 183.09%

Cashflow Statement

Concept 2015 Q1 2014 Q1
OPERATING ACTIVITIES
Net Income -$14.06M -$7.056M
YoY Change 99.26% -4.25%
Depreciation, Depletion And Amortization $46.00K $16.00K
YoY Change 187.5% 60.0%
Cash From Operating Activities -$16.83M -$8.100M
YoY Change 107.78% 18.08%
INVESTING ACTIVITIES
Capital Expenditures $228.0K $109.0K
YoY Change 109.17%
Acquisitions
YoY Change
Other Investing Activities $13.68M $11.18M
YoY Change 22.36% -141.03%
Cash From Investing Activities $13.45M $11.07M
YoY Change 21.5% -140.62%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $79.00K $29.00K
YoY Change 172.41%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 80.00K 30.00K
YoY Change 166.67% -99.94%
NET CHANGE
Cash From Operating Activities -16.83M -8.100M
Cash From Investing Activities 13.45M 11.07M
Cash From Financing Activities 80.00K 30.00K
Net Change In Cash -3.300M 3.000M
YoY Change -210.0% -77.89%
FREE CASH FLOW
Cash From Operating Activities -$16.83M -$8.100M
Capital Expenditures $228.0K $109.0K
Free Cash Flow -$17.06M -$8.209M
YoY Change 107.8% 19.66%

Facts In Submission

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CY2015Q1 dei Document Type
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10-Q
CY2015Q1 dei Entity Registrant Name
EntityRegistrantName
NEVRO CORP
CY2015Q1 dei Trading Symbol
TradingSymbol
NVRO
CY2015Q1 us-gaap Other Information Pertaining To Income Taxes
OtherInformationPertainingToIncomeTaxes
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.
CY2015Q1 dei Entity Filer Category
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CY2015Q1 us-gaap Use Of Estimates
UseOfEstimates
<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 U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements and accompanying notes. Significant accounting estimates and management judgments reflected in the condensed consolidated financial statements include items such as allowances for doubtful accounts; clinical accruals; stock-based compensation; depreciation and amortization periods; 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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CY2015Q1 dei Document Period End Date
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2015-03-31
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CY2015Q1 dei Amendment Flag
AmendmentFlag
false
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CurrentFiscalYearEndDate
--12-31
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2015
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27154 shares
CY2015Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001444380
CY2015Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.57
CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-500000
CY2015Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2015Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3315947 shares
CY2015Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <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 periods ended March&#xA0;31, 2015 and December&#xA0;31, 2014 and held cash in foreign banks of approximately $5.1 million at March&#xA0;31, 2015 and $4.3&#xA0;million at December&#xA0;31, 2014 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 evaluations 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 three-month period ended March&#xA0;31, 2015, no customers accounted for more than 10% of the Company&#x2019;s revenue, and during the three-month period ended March&#xA0;31, 2014, one customer accounted for 14% of the Company&#x2019;s revenue. As of March&#xA0;31, 2015, one customer accounted for 12% of the accounts receivable balance. As of December&#xA0;31, 2014, no customer accounted for more than 10% of the Company&#x2019;s accounts receivable balance.</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, manufacturing quality and scaling, 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; PAGE-BREAK-BEFORE: always; MARGIN-TOP: 0pt"> </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 its existing marketplaces or gain acceptance in the U.S. 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: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt; TEXT-INDENT: 4%"> The Company expects to incur substantial operating losses for the next several years and will need to obtain additional financing in order to launch and commercialize any products or product candidates for which it receives regulatory approval. There can be no assurance that such financing will be available or will be at terms acceptable by the Company.</p> </div>
CY2015Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
24876383 shares
CY2015Q1 us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
3741000
CY2015Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
606000
CY2015Q1 us-gaap Gross Profit
GrossProfit
5789000
CY2015Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-500000
CY2015Q1 us-gaap Accretion Amortization Of Discounts And Premiums Investments
AccretionAmortizationOfDiscountsAndPremiumsInvestments
71000
CY2015Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-202000
CY2015Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-13918000
CY2015Q1 us-gaap Other Comprehensive Income Loss Available For Sale Securities Adjustment Net Of Tax
OtherComprehensiveIncomeLossAvailableForSaleSecuritiesAdjustmentNetOfTax
-79000
CY2015Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
175000
CY2015Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1909000
CY2015Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
3644000
CY2015Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-12339000
CY2015Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-14262000
CY2015Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-1010000
CY2015Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-123000
CY2015Q1 us-gaap Revenues
Revenues
9662000
CY2015Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
228000
CY2015Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-14060000
CY2015Q1 us-gaap Net Income Loss
NetIncomeLoss
-14060000
CY2015Q1 us-gaap Investment Income Interest
InvestmentIncomeInterest
104000
CY2015Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
704000
CY2015Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2015Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2015Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
46000
CY2015Q1 us-gaap Operating Expenses
OperatingExpenses
18128000
CY2015Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4998000
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
13130000
CY2015Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
58000
CY2015Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-13000
CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-3303000
CY2015Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
142000
CY2015Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
200000
CY2015Q1 us-gaap Cost Of Revenue
CostOfRevenue
3873000
CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
79000
CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
79000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1335000
CY2015Q1 us-gaap Inventory Write Down
InventoryWriteDown
264000
CY2015Q1 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
673000
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
13447000
CY2015Q1 us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
360000
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
3496000
CY2015Q1 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
18022000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1218000
CY2015Q1 nvro Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
13000

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