$NVRO
NEVRO CORP

2015 Form 10-K Financial Statement

#000119312516485541 Filed on February 29, 2016

View on sec.gov

Income Statement

Concept 2015 2014 Q4 2014 Q3
Revenue $69.61M $9.715M $8.668M
YoY Change 113.69% 56.79% 39.85%
Cost Of Revenue $28.12M $3.000M $2.737M
YoY Change 149.33% 15.38% 10.81%
Gross Profit $41.49M $6.695M $5.931M
YoY Change 94.82% 83.73% 59.09%
Gross Profit Margin 59.6% 68.91% 68.42%
Selling, General & Admin $82.47M $9.100M $7.193M
YoY Change 176.96% 65.45% 59.7%
% of Gross Profit 198.79% 135.92% 121.28%
Research & Development $21.38M $4.700M $5.236M
YoY Change 7.86% 2.17% 14.17%
% of Gross Profit 51.54% 70.2% 88.28%
Depreciation & Amortization $614.0K $30.00K $26.00K
YoY Change 539.58% 50.0% 160.0%
% of Gross Profit 1.48% 0.45% 0.44%
Operating Expenses $103.9M $13.80M $12.43M
YoY Change 109.38% 36.63% 36.73%
Operating Profit -$62.37M -$7.106M -$6.498M
YoY Change 120.33% 8.74% 21.19%
Interest Expense $2.732M -$100.0K $0.00
YoY Change 16975.0%
% of Operating Profit
Other Income/Expense, Net -$1.741M -$1.000M -$1.270M
YoY Change -7.39% 400.0% -391.28%
Pretax Income -$66.27M -$8.200M -$7.748M
YoY Change 119.41% 22.39% 58.61%
Income Tax $1.166M $100.0K $137.0K
% Of Pretax Income
Net Earnings -$67.43M -$8.310M -$7.885M
YoY Change 119.79% 23.29% 57.2%
Net Earnings / Revenue -96.88% -85.54% -90.97%
Basic Earnings Per Share
Diluted Earnings Per Share -$2.534M -$333.3K -$318.5K
COMMON SHARES
Basic Shares Outstanding 26.60M 24.84M shares 1.372M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2015 2014 Q4 2014 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $193.7M $176.8M $33.69M
YoY Change 9.56% 212.76%
Cash & Equivalents $87.00M $25.29M $14.48M
Short-Term Investments $106.6M $151.5M $19.22M
Other Short-Term Assets $4.000M $2.900M $2.000M
YoY Change 37.93% 93.33%
Inventory $62.40M $14.86M $12.12M
Prepaid Expenses
Receivables $22.50M $6.610M $5.676M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $282.6M $201.1M $53.48M
YoY Change 40.53% 168.98%
LONG-TERM ASSETS
Property, Plant & Equipment $5.800M $647.0K $289.0K
YoY Change 866.67% 452.99%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.800M $424.0K $2.045M
YoY Change 300.0% 92.73%
Total Long-Term Assets $8.600M $1.371M $2.634M
YoY Change 514.29% 115.23%
TOTAL ASSETS
Total Short-Term Assets $282.6M $201.1M $53.48M
Total Long-Term Assets $8.600M $1.371M $2.634M
Total Assets $291.2M $202.5M $56.11M
YoY Change 43.8% 168.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $21.90M $4.460M $3.496M
YoY Change 386.67% 40.38%
Accrued Expenses $12.30M $6.268M $5.116M
YoY Change 132.08% 38.18%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $36.40M $10.80M $8.689M
YoY Change 237.04% 36.61%
LONG-TERM LIABILITIES
Long-Term Debt $19.70M $19.50M $0.00
YoY Change 1.03%
Other Long-Term Liabilities $500.0K $117.0K $67.00K
YoY Change 400.0% 88.71%
Total Long-Term Liabilities $20.20M $117.0K $67.00K
YoY Change 3.06% 88.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $36.40M $10.80M $8.689M
Total Long-Term Liabilities $20.20M $117.0K $67.00K
Total Liabilities $56.60M $30.43M $8.756M
YoY Change 86.18% 281.95%
SHAREHOLDERS EQUITY
Retained Earnings -$122.0M -$113.7M
YoY Change 33.82%
Common Stock $294.0M $7.662M
YoY Change 5413.32%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $234.6M $172.1M -$106.0M
YoY Change
Total Liabilities & Shareholders Equity $291.2M $202.5M $56.11M
YoY Change 43.8% 168.52%

Cashflow Statement

Concept 2015 2014 Q4 2014 Q3
OPERATING ACTIVITIES
Net Income -$67.43M -$8.310M -$7.885M
YoY Change 119.79% 23.29% 57.2%
Depreciation, Depletion And Amortization $614.0K $30.00K $26.00K
YoY Change 539.58% 50.0% 160.0%
Cash From Operating Activities -$100.4M -$9.150M -$6.920M
YoY Change 222.41% 88.27% 66.35%
INVESTING ACTIVITIES
Capital Expenditures $5.008M -$390.0K -$60.00K
YoY Change 701.28% 550.0%
Acquisitions
YoY Change
Other Investing Activities $44.67M -$132.0M $4.880M
YoY Change -141.58% -2202.23% 10.41%
Cash From Investing Activities $39.66M -$132.4M $4.830M
YoY Change -136.7% -2228.94% 9.28%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $118.4M
YoY Change -10.01%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 122.8M 152.4M -830.0K
YoY Change -19.23% 190362.5% -8400.0%
NET CHANGE
Cash From Operating Activities -100.4M -9.150M -6.920M
Cash From Investing Activities 39.66M -132.4M 4.830M
Cash From Financing Activities 122.8M 152.4M -830.0K
Net Change In Cash 62.06M 10.80M -2.920M
YoY Change 382.21% 650.0% -1181.48%
FREE CASH FLOW
Cash From Operating Activities -$100.4M -$9.150M -$6.920M
Capital Expenditures $5.008M -$390.0K -$60.00K
Free Cash Flow -$105.4M -$8.760M -$6.860M
YoY Change 231.83% 82.5% 64.9%

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<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 in excess of federally insured limits. The Company maintained investments in money market funds that were not federally insured during the years ended December&#xA0;31, 2015 and 2014, and held cash in foreign banks of approximately $5.2 million and $4.3 million at December&#xA0;31, 2015 and 2014, 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%"> Through December&#xA0;31, 2014, all of the Company&#x2019;s revenue had been derived from sales of its products in international markets, principally Australia and Europe. In May 2015, the Company launched sales in the United States upon receiving FDA approval to market and sell its products in the United States. In the international markets in which the Company participates, the Company uses both a direct sales force and distributors to sell its products, while in the United States the Company utilizes a direct sales force. 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%"> There were no customers that accounted for more than 10% of the Company&#x2019;s revenue for each of the years ended December&#xA0;31, 2015, 2014 and 2013. There were no customers that accounted for more than 10% of the Company&#x2019;s accounts receivable balance as of December&#xA0;31, 2015 and 2014. One customer accounted for 11% of the Company&#x2019;s accounts receivable balance as of December&#xA0;31, 2013.</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 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 expects to incur substantial operating losses in the near term and may 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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CY2015 dei Current Fiscal Year End Date
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CY2015 dei Entity Current Reporting Status
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Yes
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FY
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21622 shares
CY2015 dei Document Fiscal Year Focus
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2015
CY2015 dei Amendment Flag
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false
CY2015 dei Entity Registrant Name
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NEVRO CORP
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
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142072 shares
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EarningsPerShareBasicAndDiluted
-2.54
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CY2015 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
Limited one- to five-year warranty
CY2015 dei Entity Voluntary Filers
EntityVoluntaryFilers
No
CY2015 dei Document Type
DocumentType
10-K
CY2015 dei Entity Central Index Key
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2015-12-31
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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; 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>
CY2015 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2015 dei Trading Symbol
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CY2015 us-gaap Payments To Acquire Property Plant And Equipment
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458000
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813000
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21382000
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0
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54000.0
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2767000
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231000
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CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
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CY2015 us-gaap Increase Decrease In Accounts Payable
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CY2015 us-gaap Asset Impairment Charges
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CY2015 us-gaap Depreciation Depletion And Amortization
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614000
CY2015 us-gaap Income Tax Examination Penalties And Interest Expense
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CY2015 us-gaap Provision For Doubtful Accounts
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CY2015 nvro Vesting Of Early Exercised Stock Options
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53000
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