$NVRO
NEVRO CORP

2017 Q1 Form 10-Q Financial Statement

#000156459017009430 Filed on May 08, 2017

View on sec.gov

Income Statement

Concept 2017 Q1 2016 Q4 2016 Q1
Revenue $68.44M $70.53M $41.65M
YoY Change 64.32% 112.93% 331.08%
Cost Of Revenue $22.07M $21.70M $15.66M
YoY Change 40.9% 69.53% 304.44%
Gross Profit $46.37M $48.84M $25.99M
YoY Change 78.43% 139.96% 348.9%
Gross Profit Margin 67.75% 69.24% 62.39%
Selling, General & Admin $50.72M $43.80M $28.64M
YoY Change 77.08% 58.7% 118.15%
% of Gross Profit 109.39% 89.68% 110.22%
Research & Development $8.699M $11.30M $6.361M
YoY Change 36.76% 91.53% 27.27%
% of Gross Profit 18.76% 23.14% 24.48%
Depreciation & Amortization $485.0K $490.0K $380.0K
YoY Change 27.63% 53.13% 726.09%
% of Gross Profit 1.05% 1.0% 1.46%
Operating Expenses $59.42M $55.10M $35.00M
YoY Change 69.75% 64.48% 93.09%
Operating Profit -$13.05M -$6.269M -$9.017M
YoY Change 44.74% -52.31% -26.92%
Interest Expense $2.435M -$1.800M $642.0K
YoY Change 279.28% 260.0% -4.61%
% of Operating Profit
Other Income/Expense, Net $531.0K -$1.200M $490.0K
YoY Change 8.37% -148.51%
Pretax Income -$14.25M -$9.200M -$8.954M
YoY Change 59.1% -32.35% -35.67%
Income Tax $261.0K $600.0K $334.0K
% Of Pretax Income
Net Earnings -$14.51M -$9.825M -$9.288M
YoY Change 56.19% -30.77% -33.94%
Net Earnings / Revenue -21.2% -13.93% -22.3%
Basic Earnings Per Share
Diluted Earnings Per Share -$496.6K -$340.3K -$329.8K
COMMON SHARES
Basic Shares Outstanding 29.16M 28.77M 28.21M
Diluted Shares Outstanding

Balance Sheet

Concept 2017 Q1 2016 Q4 2016 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $264.1M $276.4M $163.2M
YoY Change 61.86% 42.69% 2.5%
Cash & Equivalents $19.20M $41.41M $48.76M
Short-Term Investments $245.0M $235.0M $114.4M
Other Short-Term Assets $7.700M $5.900M $6.100M
YoY Change 26.23% 47.5% 103.33%
Inventory $84.74M $85.22M $67.58M
Prepaid Expenses
Receivables $50.82M $52.82M $29.04M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $407.4M $420.3M $265.9M
YoY Change 53.21% 48.71% 41.58%
LONG-TERM ASSETS
Property, Plant & Equipment $7.390M $7.132M $5.862M
YoY Change 26.07% 23.09% 393.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.310M $2.354M $1.802M
YoY Change 28.19% 27.11% -22.76%
Total Long-Term Assets $10.51M $10.29M $8.570M
YoY Change 22.59% 20.35% 93.54%
TOTAL ASSETS
Total Short-Term Assets $407.4M $420.3M $265.9M
Total Long-Term Assets $10.51M $10.29M $8.570M
Total Assets $417.9M $430.6M $274.5M
YoY Change 52.26% 47.87% 42.78%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.10M $16.16M $11.77M
YoY Change 2.73% -26.16% 44.45%
Accrued Expenses $22.11M $26.03M $13.43M
YoY Change 64.6% 80.99% 157.38%
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 $34.20M $42.20M $25.35M
YoY Change 34.92% 15.96% 88.78%
LONG-TERM LIABILITIES
Long-Term Debt $139.8M $138.1M $19.80M
YoY Change 606.16% 601.22% 1.02%
Other Long-Term Liabilities $1.307M $1.211M $518.0K
YoY Change 152.32% 162.12% 398.08%
Total Long-Term Liabilities $141.1M $139.4M $518.0K
YoY Change 27144.59% 30062.55% 398.08%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.20M $42.20M $25.35M
Total Long-Term Liabilities $141.1M $139.4M $518.0K
Total Liabilities $175.3M $181.5M $45.67M
YoY Change 283.91% 220.81% 37.97%
SHAREHOLDERS EQUITY
Retained Earnings -$235.7M -$221.2M -$198.7M
YoY Change 18.62% 16.78% 46.06%
Common Stock $479.1M $470.9M $427.9M
YoY Change 11.97% 11.02% 44.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $242.5M $249.0M $228.8M
YoY Change
Total Liabilities & Shareholders Equity $417.9M $430.6M $274.5M
YoY Change 52.26% 47.87% 42.78%

Cashflow Statement

Concept 2017 Q1 2016 Q4 2016 Q1
OPERATING ACTIVITIES
Net Income -$14.51M -$9.825M -$9.288M
YoY Change 56.19% -30.77% -33.94%
Depreciation, Depletion And Amortization $485.0K $490.0K $380.0K
YoY Change 27.63% 53.13% 726.09%
Cash From Operating Activities -$13.77M -$15.64M -$30.27M
YoY Change -54.51% -48.59% 79.86%
INVESTING ACTIVITIES
Capital Expenditures $711.0K -$960.0K $940.0K
YoY Change -24.36% 37.14% 312.28%
Acquisitions
YoY Change
Other Investing Activities -$9.910M $10.32M -$7.670M
YoY Change 29.2% -63.7% -156.07%
Cash From Investing Activities -$10.62M $9.360M -$8.610M
YoY Change 23.34% -66.25% -164.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.110M 5.070M 630.0K
YoY Change 234.92% 126.34% 687.5%
NET CHANGE
Cash From Operating Activities -13.77M -15.64M -30.27M
Cash From Investing Activities -10.62M 9.360M -8.610M
Cash From Financing Activities 2.110M 5.070M 630.0K
Net Change In Cash -22.21M -1.210M -38.25M
YoY Change -41.93% 168.89% 1059.09%
FREE CASH FLOW
Cash From Operating Activities -$13.77M -$15.64M -$30.27M
Capital Expenditures $711.0K -$960.0K $940.0K
Free Cash Flow -$14.48M -$14.68M -$31.21M
YoY Change -53.6% -50.61% 82.96%

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CY2017Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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; warranty obligations; clinical accruals; stock-based compensation; depreciation and amortization periods; inventory valuation; and 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>
CY2017Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;font-family:Times New Roman;font-size:10pt;font-style:normal;text-transform:none;font-variant: normal;">Concentration of Credit Risk and Other Risks and Uncertainties</p> <p style="margin-top:6pt;margin-bottom:0pt;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;text-indent:4.54%;">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&#8217;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 periods ended March 31, 2017 and December&#160;31, 2016.&nbsp;&nbsp;The Company also held cash in foreign banks of approximately $3.7 million at March 31, 2017 and $3.3&#160;million at December&#160;31, 2016 that was not federally insured. The Company has not experienced any losses on its deposits of cash and cash equivalents.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Through December&#160;31, 2014, all of the Company&#8217;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-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">During the three months ended March 31, 2017 and 2016, no single customer accounted for 10% or more of the Company&#8217;s revenue. As of March 31, 2017 and December 31, 2016, no single customer accounted for 10% or more of the accounts receivable balance.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, manufacturing quality and scaling, continued reimbursement from third-party payors,<font style="color:#1F497D;"> </font>uncertainty of market acceptance of products and the need to obtain additional financing. The Company is dependent on third-party manufacturers and suppliers, which, in some cases, are sole- or single-source suppliers.</p> <p style="margin-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">There can be no assurance that the Company&#8217;s products or services will continue to be accepted in its existing marketplaces, 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-top:12pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company may choose to raise additional funds to further enhance its research and development efforts, for product expansion opportunities or to acquire a new business or products that are complementary to its business. There can be no assurance that such financing will be available or will be at terms acceptable by the Company.</p></div>
CY2016 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-58500000
CY2017Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
850000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-53000
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-261000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
615000
CY2017Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3700000
CY2016Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
3300000
CY2017Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
9800000
CY2016Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
35500000
CY2017Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
Limited one- to five-year warranty
CY2017Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2017Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2016Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2017Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
254771000
CY2016Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
270461000
CY2017Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
245116000
CY2017Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2017Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
173000
CY2017Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
244952000
CY2016Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
235159000
CY2016Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
9000
CY2016Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
217000
CY2016Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
234951000
CY2017Q1 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2016 us-gaap Realized Investment Gains Losses
RealizedInvestmentGainsLosses
0
CY2017Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
242477000
CY2017Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
2639000
CY2017Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
242315000
CY2017Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
2637000
CY2017Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
45594000
CY2016Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
44862000
CY2017Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
39141000
CY2016Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
40359000
CY2017Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
10237000
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
9494000
CY2017Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2847000
CY2016Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
2362000
CY2017Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
13075000
CY2016Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17732000
CY2017Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1968000
CY2016Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1067000
CY2017Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2238000
CY2016Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2110000
CY2017Q1 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
1131000
CY2016Q4 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
1545000
CY2017Q1 us-gaap Interest Payable Current
InterestPayableCurrent
998000
CY2016Q4 us-gaap Interest Payable Current
InterestPayableCurrent
243000
CY2017Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
628000
CY2016Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
645000
CY2017Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2068000
CY2016Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
2686000
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
583000
CY2016Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
600000
CY2015Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
394000
CY2017Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
267000
CY2016Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
179000
CY2017Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
284000
CY2016Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
126000
CY2017Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2016Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29160611
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
28206861
CY2017Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1102
CY2016Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
12404
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3098971
CY2016Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3372877
CY2017Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1000000
CY2017Q1 nvro Employee Stock Purchase Plan Offering Period
EmployeeStockPurchasePlanOfferingPeriod
P6M

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