$NVRO
NEVRO CORP

2022 Q1 Form 10-Q Financial Statement

#000156459022017891 Filed on May 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1
Revenue $87.84M $88.61M
YoY Change -0.87% 1.31%
Cost Of Revenue $28.75M $26.30M
YoY Change 9.32% -2.23%
Gross Profit $59.09M $62.30M
YoY Change -5.15% 2.9%
Gross Profit Margin 67.27% 70.31%
Selling, General & Admin $79.33M $73.27M
YoY Change 8.26% 2.62%
% of Gross Profit 134.24% 117.61%
Research & Development $12.54M $11.53M
YoY Change 8.69% -5.55%
% of Gross Profit 21.21% 18.51%
Depreciation & Amortization $1.495M $1.101M
YoY Change 35.79% -15.05%
% of Gross Profit 2.53% 1.77%
Operating Expenses $91.86M $84.81M
YoY Change 8.32% 1.43%
Operating Profit -$32.77M -$22.51M
YoY Change 45.56% -2.41%
Interest Expense -$1.460M $6.547M
YoY Change -122.3% 131.67%
% of Operating Profit
Other Income/Expense, Net $85.00K -$457.0K
YoY Change -118.6% -1072.34%
Pretax Income -$34.14M -$29.20M
YoY Change 16.93% 18.7%
Income Tax $181.0K $300.0K
% Of Pretax Income
Net Earnings -$34.33M -$29.56M
YoY Change 16.12% 18.78%
Net Earnings / Revenue -39.08% -33.36%
Basic Earnings Per Share -$0.98
Diluted Earnings Per Share -$978.6K -$855.5K
COMMON SHARES
Basic Shares Outstanding 35.07M
Diluted Shares Outstanding 35.07M

Balance Sheet

Concept 2022 Q1 2021 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $323.6M $576.4M
YoY Change -43.85% 132.89%
Cash & Equivalents $50.08M $87.14M
Short-Term Investments $274.2M $489.9M
Other Short-Term Assets $13.10M $10.30M
YoY Change 27.14% 22.62%
Inventory $90.59M $85.81M
Prepaid Expenses
Receivables $63.05M $66.10M
Other Receivables $0.00 $0.00
Total Short-Term Assets $490.4M $738.7M
YoY Change -33.62% 78.6%
LONG-TERM ASSETS
Property, Plant & Equipment $20.84M $15.31M
YoY Change 36.15% 37.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $5.094M $4.400M
YoY Change 15.77% -69.66%
Total Long-Term Assets $42.50M $37.00M
YoY Change 14.86% -20.26%
TOTAL ASSETS
Total Short-Term Assets $490.4M $738.7M
Total Long-Term Assets $42.50M $37.00M
Total Assets $532.9M $775.7M
YoY Change -31.3% 68.63%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $27.14M $29.10M
YoY Change -6.75% 46.23%
Accrued Expenses $38.33M $42.24M
YoY Change -9.26% 13.13%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $171.0M
YoY Change -100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $70.32M $246.4M
YoY Change -71.46% 304.6%
LONG-TERM LIABILITIES
Long-Term Debt $186.0M $144.0M
YoY Change 29.13% -11.33%
Other Long-Term Liabilities $36.22M $19.10M
YoY Change 89.61% 831.71%
Total Long-Term Liabilities $222.2M $163.1M
YoY Change 36.22% 7856.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $70.32M $246.4M
Total Long-Term Liabilities $222.2M $163.1M
Total Liabilities $292.5M $409.5M
YoY Change -28.57% 67.22%
SHAREHOLDERS EQUITY
Retained Earnings -$522.4M
YoY Change 20.17%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $240.4M $366.2M
YoY Change
Total Liabilities & Shareholders Equity $532.9M $775.7M
YoY Change -31.3% 68.64%

Cashflow Statement

Concept 2022 Q1 2021 Q1
OPERATING ACTIVITIES
Net Income -$34.33M -$29.56M
YoY Change 16.12% 18.78%
Depreciation, Depletion And Amortization $1.495M $1.101M
YoY Change 35.79% -15.05%
Cash From Operating Activities -$28.42M -$6.871M
YoY Change 313.59% 32.62%
INVESTING ACTIVITIES
Capital Expenditures $1.607M $2.555M
YoY Change -37.1% 207.83%
Acquisitions
YoY Change
Other Investing Activities $51.67M $52.90M
YoY Change -2.32% -13.45%
Cash From Investing Activities $50.07M $50.34M
YoY Change -0.55% -16.51%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.753M -1.470M
YoY Change 359.39% -109.09%
NET CHANGE
Cash From Operating Activities -28.42M -6.871M
Cash From Investing Activities 50.07M 50.34M
Cash From Financing Activities -6.753M -1.470M
Net Change In Cash 14.76M 41.94M
YoY Change -64.8% -40.87%
FREE CASH FLOW
Cash From Operating Activities -$28.42M -$6.871M
Capital Expenditures $1.607M $2.555M
Free Cash Flow -$30.03M -$9.426M
YoY Change 218.53% 56.81%

Facts In Submission

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CY2022Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
452000
CY2021Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
664000
CY2022Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
3961000
CY2021Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
4665000
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
2900000
CY2021Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
2900000
CY2022Q1 us-gaap Standard Product Warranty Description
StandardProductWarrantyDescription
limited one- to five-year warranty
CY2021Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
664000
CY2020Q4 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
699000
CY2022Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
715000
CY2021Q1 us-gaap Standard Product Warranty Accrual Warranties Issued
StandardProductWarrantyAccrualWarrantiesIssued
695000
CY2022Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
927000
CY2021Q1 us-gaap Standard Product Warranty Accrual Payments
StandardProductWarrantyAccrualPayments
543000
CY2022Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
452000
CY2021Q1 us-gaap Standard Product Warranty Accrual Current
StandardProductWarrantyAccrualCurrent
851000
CY2021Q3 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
20000000.0
CY2021Q4 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
20000000.0
CY2022Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
20000000.0
CY2021Q4 nvro Other Loss Contingency Accrual At Carrying Value
OtherLossContingencyAccrualAtCarryingValue
0
CY2022Q1 nvro Other Loss Contingency Accrual At Carrying Value
OtherLossContingencyAccrualAtCarryingValue
0
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-34325000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-29561000
CY2022Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
35073862
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
34633749
CY2022Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.98
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.85
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5994757
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9156363
CY2022Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2300000
CY2021Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
2200000

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