$NVRO
NEVRO CORP

2020 Q1 Form 10-Q Financial Statement

#000156459020021316 Filed on May 05, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $87.47M $82.15M
YoY Change 6.47% -6.26%
Cost Of Revenue $26.90M $28.94M
YoY Change -7.05% 12.89%
Gross Profit $60.55M $53.21M
YoY Change 13.79% -14.18%
Gross Profit Margin 69.22% 64.77%
Selling, General & Admin $71.40M $81.33M
YoY Change -12.2% 22.08%
% of Gross Profit 117.93% 152.85%
Research & Development $12.21M $14.14M
YoY Change -13.6% 27.34%
% of Gross Profit 20.17% 26.57%
Depreciation & Amortization $1.296M $1.085M
YoY Change 19.45% 33.13%
% of Gross Profit 2.14% 2.04%
Operating Expenses $83.61M $95.46M
YoY Change -12.41% 22.86%
Operating Profit -$23.07M -$42.25M
YoY Change -45.41% 169.1%
Interest Expense $2.826M $2.688M
YoY Change 5.13% 5.08%
% of Operating Profit
Other Income/Expense, Net $47.00K -$343.0K
YoY Change -113.7% 178.86%
Pretax Income -$24.60M -$43.74M
YoY Change -43.75% 151.79%
Income Tax $300.0K $340.0K
% Of Pretax Income
Net Earnings -$24.89M -$44.08M
YoY Change -43.53% 148.83%
Net Earnings / Revenue -28.45% -53.65%
Basic Earnings Per Share
Diluted Earnings Per Share -$783.0K -$1.451M
COMMON SHARES
Basic Shares Outstanding 30.38M
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $247.5M $239.6M
YoY Change 3.3% -7.7%
Cash & Equivalents $137.3M $41.31M
Short-Term Investments $111.2M $198.9M
Other Short-Term Assets $8.400M $8.200M
YoY Change 2.44% 5.13%
Inventory $92.98M $93.10M
Prepaid Expenses
Receivables $64.70M $69.00M
Other Receivables $0.00 $0.00
Total Short-Term Assets $413.6M $410.0M
YoY Change 0.88% -4.09%
LONG-TERM ASSETS
Property, Plant & Equipment $11.16M $36.20M
YoY Change -69.17% 182.81%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.50M $11.39M
YoY Change 27.3% 147.61%
Total Long-Term Assets $46.40M $48.11M
YoY Change -3.56% 178.12%
TOTAL ASSETS
Total Short-Term Assets $413.6M $410.0M
Total Long-Term Assets $46.40M $48.11M
Total Assets $460.0M $458.1M
YoY Change 0.41% 2.99%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $19.90M $23.07M
YoY Change -13.76% 3.94%
Accrued Expenses $37.34M $39.12M
YoY Change -4.57% 38.25%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $60.90M $65.04M
YoY Change -6.37% 21.57%
LONG-TERM LIABILITIES
Long-Term Debt $162.4M $154.3M
YoY Change 5.23% 5.13%
Other Long-Term Liabilities $2.050M $24.60M
YoY Change -91.67% 1194.74%
Total Long-Term Liabilities $2.050M $154.3M
YoY Change -98.67% 3.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $60.90M $65.04M
Total Long-Term Liabilities $2.050M $154.3M
Total Liabilities $244.9M $219.4M
YoY Change 11.63% 8.49%
SHAREHOLDERS EQUITY
Retained Earnings -$434.7M
YoY Change
Common Stock $651.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $215.1M $214.1M
YoY Change
Total Liabilities & Shareholders Equity $460.0M $458.1M
YoY Change 0.41% 2.99%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$24.89M -$44.08M
YoY Change -43.53% 148.83%
Depreciation, Depletion And Amortization $1.296M $1.085M
YoY Change 19.45% 33.13%
Cash From Operating Activities -$5.181M -$21.71M
YoY Change -76.13% 247.98%
INVESTING ACTIVITIES
Capital Expenditures $830.0K $580.0K
YoY Change 43.1% -88.44%
Acquisitions
YoY Change
Other Investing Activities $61.12M $9.920M
YoY Change 516.13% -271.03%
Cash From Investing Activities $60.29M $9.341M
YoY Change 545.48% -186.35%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 16.18M 1.774M
YoY Change 811.95% 2.78%
NET CHANGE
Cash From Operating Activities -5.181M -21.71M
Cash From Investing Activities 60.29M 9.341M
Cash From Financing Activities 16.18M 1.774M
Net Change In Cash 70.92M -10.56M
YoY Change -771.49% -30.49%
FREE CASH FLOW
Cash From Operating Activities -$5.181M -$21.71M
Capital Expenditures $830.0K $580.0K
Free Cash Flow -$6.011M -$22.29M
YoY Change -73.03% 98.04%

Facts In Submission

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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>
CY2020Q1 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</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’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, 2020 and December 31, 2019.  The Company also held cash in foreign banks of approximately $8.4 million at March 31, 2020 and $12.1 million at December 31, 2019 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’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.  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, 2020 and 2019, no single customer accounted for <span>10%</span> or more of the Company’s revenue. As of March 31, 2020 and December 31, 2019, no single customer accounted for <span>10%</span> or more of the accounts receivable balance.</p>
CY2020Q1 us-gaap Cash Uninsured Amount
CashUninsuredAmount
8400000
CY2019Q4 us-gaap Cash Uninsured Amount
CashUninsuredAmount
12100000
CY2020Q1 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
55400000
CY2019Q4 us-gaap Money Market Funds At Carrying Value
MoneyMarketFundsAtCarryingValue
52400000
CY2020Q1 nvro Inventory Write Down Cash And Non Cash
InventoryWriteDownCashAndNonCash
400000
CY2019Q1 nvro Inventory Write Down Cash And Non Cash
InventoryWriteDownCashAndNonCash
200000
CY2020Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
600000
CY2020Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
limited one- to five-year warranty
CY2020Q1 us-gaap Asset Impairment Charges
AssetImpairmentCharges
0
CY2020Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2019Q1 us-gaap Income Tax Examination Penalties And Interest Expense
IncomeTaxExaminationPenaltiesAndInterestExpense
0
CY2018Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
119000
CY2018Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
2825000
CY2020Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y21D
CY2019Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5Y3M21D
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2019Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.070
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
3713000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
5073000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
5258000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
5522000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
5688000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
2399000
CY2020Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
27653000
CY2020Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4512000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23141000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1234000
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
1274000
CY2020Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
20707000
CY2019Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
21533000
CY2020Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3590000
CY2019Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
3498000
CY2020Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
19551000
CY2019Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
20445000
CY2020Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
23141000
CY2019Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
23943000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
1210000
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
915000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
145000
CY2020Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
153000
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
170473000
CY2019Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
172222000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
211000
CY2019Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
4000
CY2019Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
172429000
CY2019Q4 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2353000
CY2020Q1 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
1716000
CY2019Q4 nvro Accrued Clinical And Research Expenses Current
AccruedClinicalAndResearchExpensesCurrent
2157000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1296000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1085000
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
170481000
CY2020Q1 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
170473000
CY2020Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
170481000
CY2020Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
170473000
CY2020Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
22751000
CY2019Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
26354000
CY2020Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
70232000
CY2019Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
65225000
CY2020Q1 us-gaap Inventory Net
InventoryNet
92983000
CY2019Q4 us-gaap Inventory Net
InventoryNet
91579000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
25435000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
24772000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
14274000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
13006000
CY2020Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11161000
CY2019Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
11766000
CY2020Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
22738000
CY2019Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
36056000
CY2020Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2041000
CY2019Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
1633000
CY2020Q1 us-gaap Accrued Income Taxes Current
AccruedIncomeTaxesCurrent
2117000
CY2020Q1 us-gaap Interest Payable Current
InterestPayableCurrent
998000
CY2019Q4 us-gaap Interest Payable Current
InterestPayableCurrent
243000
CY2020Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1192000
CY2019Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1178000
CY2020Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
6535000
CY2019Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
7346000
CY2020Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
37337000
CY2019Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
50966000
CY2020Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
limited one- to five-year warranty
CY2019Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1178000
CY2018Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1236000
CY2020Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
432000
CY2019Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
465000
CY2020Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
418000
CY2019Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
394000
CY2020Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1192000
CY2019Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
1307000
CY2020Q1 nvro Contingent Consideration Payment Secured By Convertible Notes
ContingentConsiderationPaymentSecuredByConvertibleNotes
8500000
CY2020Q1 nvro Additional Contingent Consideration Payment Secured By Convertible Notes
AdditionalContingentConsiderationPaymentSecuredByConvertibleNotes
3000000.0
CY2020Q1 nvro Secured Convertible Note Receivable Measured At Amortized Cost
SecuredConvertibleNoteReceivableMeasuredAtAmortizedCost
8000000.0
CY2020Q1 nvro Value Of Certain Rights Measured At Cost
ValueOfCertainRightsMeasuredAtCost
1000000.0
CY2020Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2019Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
0
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-24888000
CY2019Q1 us-gaap Net Income Loss
NetIncomeLoss
-44076000
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
31839812
CY2019Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
30363623
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.78
CY2019Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-1.45
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6102632
CY2019Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7027644
CY2020Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2100000
CY2019Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
1500000

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