$NVRO
NEVRO CORP

2019 Q2 Form 10-Q Financial Statement

#000156459019018079 Filed on May 09, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2019 Q1 2018 Q1
Revenue $93.57M $82.15M $87.64M
YoY Change -2.61% -6.26% 28.05%
Cost Of Revenue $29.60M $28.94M $25.63M
YoY Change 5.12% 12.89% 16.14%
Gross Profit $63.94M $53.21M $62.00M
YoY Change -5.86% -14.18% 33.72%
Gross Profit Margin 68.34% 64.77% 70.75%
Selling, General & Admin $75.60M $81.33M $66.62M
YoY Change 16.85% 22.08% 31.34%
% of Gross Profit 118.23% 152.85% 107.45%
Research & Development $14.90M $14.14M $11.10M
YoY Change 30.7% 27.34% 27.6%
% of Gross Profit 23.3% 26.57% 17.9%
Depreciation & Amortization $1.109M $1.085M $815.0K
YoY Change 16.49% 33.13% 68.04%
% of Gross Profit 1.73% 2.04% 1.31%
Operating Expenses $90.50M $95.46M $77.70M
YoY Change 18.89% 22.86% 30.77%
Operating Profit -$26.56M -$42.25M -$15.70M
YoY Change 223.86% 169.1% 20.31%
Interest Expense $2.710M $2.688M $2.558M
YoY Change 5.08% 5.08% 5.05%
% of Operating Profit
Other Income/Expense, Net $118.0K -$343.0K -$123.0K
YoY Change -119.93% 178.86% -123.16%
Pretax Income -$27.66M -$43.74M -$17.37M
YoY Change 170.23% 151.79% 21.93%
Income Tax $358.0K $340.0K $343.0K
% Of Pretax Income
Net Earnings -$28.02M -$44.08M -$17.71M
YoY Change 163.85% 148.83% 22.1%
Net Earnings / Revenue -29.95% -53.65% -20.21%
Basic Earnings Per Share
Diluted Earnings Per Share -$912.1K -$1.451M -$594.0K
COMMON SHARES
Basic Shares Outstanding 30.52M 30.38M 29.84M
Diluted Shares Outstanding

Balance Sheet

Concept 2019 Q2 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $233.9M $239.6M $259.6M
YoY Change -11.37% -7.7% -1.72%
Cash & Equivalents $63.42M $41.31M $28.46M
Short-Term Investments $171.1M $198.9M $232.0M
Other Short-Term Assets $7.300M $8.200M $7.800M
YoY Change 7.35% 5.13% 1.3%
Inventory $92.35M $93.10M $97.50M
Prepaid Expenses
Receivables $67.10M $69.00M $62.70M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $400.7M $410.0M $427.5M
YoY Change -7.16% -4.09% 4.94%
LONG-TERM ASSETS
Property, Plant & Equipment $11.98M $36.20M $12.80M
YoY Change -11.89% 182.81% 73.21%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $12.20M $11.39M $4.600M
YoY Change 165.22% 147.61% 99.13%
Total Long-Term Assets $47.30M $48.11M $17.30M
YoY Change 158.47% 178.12% 64.67%
TOTAL ASSETS
Total Short-Term Assets $400.7M $410.0M $427.5M
Total Long-Term Assets $47.30M $48.11M $17.30M
Total Assets $448.0M $458.1M $444.8M
YoY Change -0.42% 2.99% 6.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $23.20M $23.07M $22.20M
YoY Change -1.28% 3.94% 83.55%
Accrued Expenses $39.85M $39.12M $28.30M
YoY Change 42.84% 38.25% 28.02%
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 $66.20M $65.04M $53.50M
YoY Change 23.74% 21.57% 56.41%
LONG-TERM LIABILITIES
Long-Term Debt $156.3M $154.3M $146.8M
YoY Change 5.18% 5.13% 4.99%
Other Long-Term Liabilities $23.90M $24.60M $1.900M
YoY Change 1038.1% 1194.74% 45.37%
Total Long-Term Liabilities $180.2M $154.3M $148.7M
YoY Change 19.58% 3.78% 5.37%
TOTAL LIABILITIES
Total Short-Term Liabilities $66.20M $65.04M $53.50M
Total Long-Term Liabilities $180.2M $154.3M $148.7M
Total Liabilities $246.5M $219.4M $202.2M
YoY Change 20.66% 8.49% 15.32%
SHAREHOLDERS EQUITY
Retained Earnings -$378.2M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $201.5M $214.1M $242.6M
YoY Change
Total Liabilities & Shareholders Equity $448.0M $458.1M $444.8M
YoY Change -0.42% 2.99% 6.45%

Cashflow Statement

Concept 2019 Q2 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$28.02M -$44.08M -$17.71M
YoY Change 163.85% 148.83% 22.1%
Depreciation, Depletion And Amortization $1.109M $1.085M $815.0K
YoY Change 16.49% 33.13% 68.04%
Cash From Operating Activities -$11.67M -$21.71M -$6.238M
YoY Change -1132.74% 247.98% -54.7%
INVESTING ACTIVITIES
Capital Expenditures -$800.0K $580.0K $5.016M
YoY Change -44.44% -88.44% 605.49%
Acquisitions
YoY Change
Other Investing Activities $28.68M $9.920M -$5.800M
YoY Change 204.78% -271.03% -41.47%
Cash From Investing Activities $27.88M $9.341M -$10.82M
YoY Change 249.37% -186.35% 1.85%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 5.930M 1.774M 1.726M
YoY Change 37.59% 2.78% -18.2%
NET CHANGE
Cash From Operating Activities -11.67M -21.71M -6.238M
Cash From Investing Activities 27.88M 9.341M -10.82M
Cash From Financing Activities 5.930M 1.774M 1.726M
Net Change In Cash 22.14M -10.56M -15.20M
YoY Change 64.98% -30.49% -31.58%
FREE CASH FLOW
Cash From Operating Activities -$11.67M -$21.71M -$6.238M
Capital Expenditures -$800.0K $580.0K $5.016M
Free Cash Flow -$10.87M -$22.29M -$11.25M
YoY Change -522.96% 98.04% -22.28%

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<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;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 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>
CY2019Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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, 2019 and December&#160;31, 2018.&nbsp;&nbsp;The Company also held cash in foreign banks of approximately $7.3 million at March 31, 2019 and $4.1&#160;million at December&#160;31, 2018 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, 2019 and 2018, no single customer accounted for 10% or more of the Company&#8217;s revenue. As of March 31, 2019 and December 31, 2018, 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>
CY2018 us-gaap Net Income Loss
NetIncomeLoss
-49200000
CY2018 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5700000
CY2019Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
17000
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-473000
CY2019Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
25200000
CY2018Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
15600000
CY2019Q1 nvro Excess Inventory Charges
ExcessInventoryCharges
3600000
CY2019Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
Limited one- to five-year warranty
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P6Y18D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3108000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
4924000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5073000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5258000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5522000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
8086000
CY2019Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
31971000
CY2019Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
6221000
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
25750000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1274000
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2744000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
915000
CY2019Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
198856000
CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
58000
CY2019Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
22000
CY2019Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
198892000
CY2018Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
231344000
CY2018Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
210000
CY2018Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
231134000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
193895000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
4961000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
193927000
CY2019Q1 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
4965000
CY2019Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
33989000
CY2018Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
37453000
CY2019Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
59151000
CY2018Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
54582000
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
22057000
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
21557000
CY2019Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9841000
CY2018Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8756000
CY2019Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
21154000
CY2018Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
26792000
CY2019Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3426000
CY2018Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1595000
CY2019Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2269000
CY2018Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2506000
CY2019Q1 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
1503000
CY2018Q4 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
1105000
CY2019Q1 us-gaap Interest Payable Current
InterestPayableCurrent
998000
CY2018Q4 us-gaap Interest Payable Current
InterestPayableCurrent
243000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1307000
CY2019Q1 nvro Inventory Related Liabilities
InventoryRelatedLiabilities
4417000
CY2018Q4 nvro Inventory Related Liabilities
InventoryRelatedLiabilities
790000
CY2019Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4050000
CY2018Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4523000
CY2017Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
708000
CY2019Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
465000
CY2018Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
500000
CY2019Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
394000
CY2018Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
388000
CY2018Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
820000
CY2019Q1 nvro Expectation Period For First Obligation
ExpectationPeriodForFirstObligation
P12M
CY2019Q1 nvro Fair Value Of Secured Convertible Note
FairValueOfSecuredConvertibleNote
6500000
CY2019Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2018Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7027644
CY2018Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6698969
CY2018Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1500000
CY2019Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1900000

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