$NVRO
NEVRO CORP

2018 Q1 Form 10-Q Financial Statement

#000156459018011287 Filed on May 07, 2018

View on sec.gov

Income Statement

Concept 2018 Q1 2017 Q1
Revenue $87.64M $68.44M
YoY Change 28.05% 64.32%
Cost Of Revenue $25.63M $22.07M
YoY Change 16.14% 40.9%
Gross Profit $62.00M $46.37M
YoY Change 33.72% 78.43%
Gross Profit Margin 70.75% 67.75%
Selling, General & Admin $66.62M $50.72M
YoY Change 31.34% 77.08%
% of Gross Profit 107.45% 109.39%
Research & Development $11.10M $8.699M
YoY Change 27.6% 36.76%
% of Gross Profit 17.9% 18.76%
Depreciation & Amortization $815.0K $485.0K
YoY Change 68.04% 27.63%
% of Gross Profit 1.31% 1.05%
Operating Expenses $77.70M $59.42M
YoY Change 30.77% 69.75%
Operating Profit -$15.70M -$13.05M
YoY Change 20.31% 44.74%
Interest Expense $2.558M $2.435M
YoY Change 5.05% 279.28%
% of Operating Profit
Other Income/Expense, Net -$123.0K $531.0K
YoY Change -123.16% 8.37%
Pretax Income -$17.37M -$14.25M
YoY Change 21.93% 59.1%
Income Tax $343.0K $261.0K
% Of Pretax Income
Net Earnings -$17.71M -$14.51M
YoY Change 22.1% 56.19%
Net Earnings / Revenue -20.21% -21.2%
Basic Earnings Per Share
Diluted Earnings Per Share -$594.0K -$496.6K
COMMON SHARES
Basic Shares Outstanding 29.84M 29.16M
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q1 2017 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $259.6M $264.1M
YoY Change -1.72% 61.86%
Cash & Equivalents $28.46M $19.20M
Short-Term Investments $232.0M $245.0M
Other Short-Term Assets $7.800M $7.700M
YoY Change 1.3% 26.23%
Inventory $97.50M $84.74M
Prepaid Expenses
Receivables $62.70M $50.82M
Other Receivables $0.00 $0.00
Total Short-Term Assets $427.5M $407.4M
YoY Change 4.94% 53.21%
LONG-TERM ASSETS
Property, Plant & Equipment $12.80M $7.390M
YoY Change 73.21% 26.07%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $4.600M $2.310M
YoY Change 99.13% 28.19%
Total Long-Term Assets $17.30M $10.51M
YoY Change 64.67% 22.59%
TOTAL ASSETS
Total Short-Term Assets $427.5M $407.4M
Total Long-Term Assets $17.30M $10.51M
Total Assets $444.8M $417.9M
YoY Change 6.45% 52.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $22.20M $12.10M
YoY Change 83.55% 2.73%
Accrued Expenses $28.30M $22.11M
YoY Change 28.02% 64.6%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $53.50M $34.20M
YoY Change 56.41% 34.92%
LONG-TERM LIABILITIES
Long-Term Debt $146.8M $139.8M
YoY Change 4.99% 606.16%
Other Long-Term Liabilities $1.900M $1.307M
YoY Change 45.37% 152.32%
Total Long-Term Liabilities $148.7M $141.1M
YoY Change 5.37% 27144.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $53.50M $34.20M
Total Long-Term Liabilities $148.7M $141.1M
Total Liabilities $202.2M $175.3M
YoY Change 15.32% 283.91%
SHAREHOLDERS EQUITY
Retained Earnings -$235.7M
YoY Change 18.62%
Common Stock $479.1M
YoY Change 11.97%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $242.6M $242.5M
YoY Change
Total Liabilities & Shareholders Equity $444.8M $417.9M
YoY Change 6.45% 52.26%

Cashflow Statement

Concept 2018 Q1 2017 Q1
OPERATING ACTIVITIES
Net Income -$17.71M -$14.51M
YoY Change 22.1% 56.19%
Depreciation, Depletion And Amortization $815.0K $485.0K
YoY Change 68.04% 27.63%
Cash From Operating Activities -$6.238M -$13.77M
YoY Change -54.7% -54.51%
INVESTING ACTIVITIES
Capital Expenditures $5.016M $711.0K
YoY Change 605.49% -24.36%
Acquisitions
YoY Change
Other Investing Activities -$5.800M -$9.910M
YoY Change -41.47% 29.2%
Cash From Investing Activities -$10.82M -$10.62M
YoY Change 1.85% 23.34%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 1.726M 2.110M
YoY Change -18.2% 234.92%
NET CHANGE
Cash From Operating Activities -6.238M -13.77M
Cash From Investing Activities -10.82M -10.62M
Cash From Financing Activities 1.726M 2.110M
Net Change In Cash -15.20M -22.21M
YoY Change -31.58% -41.93%
FREE CASH FLOW
Cash From Operating Activities -$6.238M -$13.77M
Capital Expenditures $5.016M $711.0K
Free Cash Flow -$11.25M -$14.48M
YoY Change -22.28% -53.6%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2018Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
215000
CY2017Q1 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlansIncludingStockOptions
2109000
CY2017Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
2109000
CY2017Q1 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
72000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15195000
CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-22210000
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
43651000
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42212000
CY2018Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28456000
CY2017Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20002000
CY2018Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
346000
CY2017Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
758000
CY2017Q1 nvro Vesting Of Early Exercised Stock Options
VestingOfEarlyExercisedStockOptions
4000
CY2018Q1 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; valuation of investments; and accounting for income taxes. 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>
CY2018Q1 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 and is 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, 2018 and December&#160;31, 2017.&nbsp;&nbsp;The Company also held cash in foreign banks of approximately $4.4 million at March 31, 2018 and $4.5&#160;million at December&#160;31, 2017 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;">The Company&#8217;s convertible note hedge transactions, entered into in connection with the 2021 Notes, subject the Company to credit risk such that the counterparties may be unable to fulfill the terms of the transactions.&nbsp;&nbsp;The associated risk is mitigated by limiting the counterparties to major financial institutions.</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;">In the international markets in which the Company participates, the Company uses a combination of a direct sales force, sales agents and independent 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, 2018 and 2017, no single customer accounted for 10% or more of the Company&#8217;s revenue. As of March 31, 2018 and December 31, 2017, 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>
CY2017 us-gaap Net Income Loss
NetIncomeLoss
-36700000
CY2017 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-14300000
CY2018Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-473000
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
850000
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
420000
CY2017Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-261000
CY2018Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
4400000
CY2017Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
4500000
CY2018Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
11000000
CY2017Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
30300000
CY2018Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
Limited one- to five-year warranty
CY2018Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2018Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2017Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2018Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2018Q1 nvro Employee Stock Purchase Plan Offering Period
EmployeeStockPurchasePlanOfferingPeriod
P6M
CY2018Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
87635000
CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
68439000
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Explanation
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionExplanation
The Company recognizes revenue upon the transfer of control of the product and there are no future performance obligations upon such transfer. As a result, the Company does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which it recognizes revenue at the amount to which it has the right to invoice for services performed. The Company does not capitalize incremental costs when the amortization period of the asset is less than a year.
CY2018Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod
P1Y
CY2018Q1 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
246907000
CY2017Q4 us-gaap Assets Fair Value Disclosure Recurring
AssetsFairValueDisclosureRecurring
256745000
CY2018Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
236718000
CY2018Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
7000
CY2018Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
770000
CY2018Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
235955000
CY2017Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
226879000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
1000
CY2017Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
413000
CY2017Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
226467000
CY2018Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
236718000
CY2018Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
235955000
CY2018Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
45693000
CY2017Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
51602000
CY2018Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
51804000
CY2017Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
46517000
CY2018Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
18457000
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
13688000
CY2018Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
5684000
CY2017Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
4869000
CY2018Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
17609000
CY2017Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26108000
CY2018Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4635000
CY2017Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
4734000
CY2018Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2794000
CY2017Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2827000
CY2018Q1 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
876000
CY2017Q4 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
1279000
CY2018Q1 us-gaap Interest Payable Current
InterestPayableCurrent
998000
CY2017Q4 us-gaap Interest Payable Current
InterestPayableCurrent
243000
CY2018Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
820000
CY2018Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3407000
CY2017Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3491000
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
654000
CY2017Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
583000
CY2016Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
645000
CY2018Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
500000
CY2017Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
267000
CY2018Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
388000
CY2017Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
284000
CY2017Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
628000
CY2018Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2017Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29836277
CY2017Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
29160611
CY2017Q1 us-gaap Weighted Average Number Of Shares Common Stock Subject To Repurchase Or Cancellation
WeightedAverageNumberOfSharesCommonStockSubjectToRepurchaseOrCancellation
1102
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6698969
CY2017Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6679037
CY2018Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1500000
CY2017Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1000000

Files In Submission

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