Litigation-related legal expenses were $3.8 million for the first quarter of 2023, compared to $3.7 million in the first quarter of 2022. The increase in operating expenses was primarily related to personnel-related costs and travel, conference and meeting expenses. Operating expenses for the first quarter of 2023 were $100.9 million, compared to $91.9 million in the first quarter of 2022. “The full market release of the HFX iQ system continues to progress well, and the company anticipates a meaningful shift in mix to the HFX iQ product throughout 2023, which combined with the ramp-up of our Costa Rica facility, is expected to benefit gross margin beginning in the fourth quarter of this year,” added Rod MacLeod, Chief Financial Officer. ![]() Gross margin was 67.1% in the first quarter of 2023, compared to 67.3% in the first quarter of 2022. Gross profit for the first quarter of 2023 was $64.6 million, compared to $59.1 million in the first quarter of 2022. My top priority will be to build on the progress the company has made, driving growth and taking advantage of the meaningful leverage opportunities we have to drive toward profitability and deliver shareholder value.” “We also initiated the full market launch of our new HFX iQ system, the first powered by artificial intelligence and the only SCS system that gets smarter over time by learning from patient responses. “Our PDN progress with referring clinicians, payers and clinical societies continues to move at a brisk pace, and we are looking forward to further developing this exciting growth platform,” stated Kevin Thornal, Nevro’s CEO and President. “I’m very pleased with the progress that we’ve made over the last few years, and believe that the company is stronger and better positioned for attractive growth and leverage going forward, particularly as the core SCS market returns to growth throughout this year and next.” Keith Grossman, Executive Chairman of Nevro. “We continued to move our business forward in the first quarter, as evidenced by trial activity that improved throughout the quarter, as well as ongoing improvement in permanent implant volumes,” said D. International revenue in the first quarter of 2023 was $14.0 million, compared to $14.6 million in the first quarter of 2022, a decrease of 4% as reported or an increase of 1% on a constant currency basis. trial volume and grew approximately 88% over the first quarter of 2022. PDN trial procedures represented approximately 19% of total U.S. ![]() trial procedures increased 9% compared to first quarter of 2022. permanent implant procedures increased 19% compared to first quarter of 2022, while U.S. revenue in the first quarter of 2023 was $82.3 million, reflecting growth of 12% over $73.2 million in the first quarter of 2022. PDN indication sales represented approximately $15.6 million and 16% of worldwide permanent implant procedures in the first quarter of 2023. Worldwide revenue for the first quarter of 2023 was $96.3 million, an increase of 10% as reported and 11% on a constant currency basis, compared to $87.8 million in the first quarter of 2022. Provides Second Quarter of 2023 Non-GAAP Adjusted EBITDA Guidance of Negative $4 Million to Negative $5 Million Reiterates Full-Year 2023 Non-GAAP Adjusted EBITDA Guidance of Negative $5 Million to Negative $10 Million.Provides Second Quarter 2023 Revenue Guidance of $110 Million to $112 Million Reiterates Full-Year 2023 Revenue Guidance of $445 Million to $455 Million, or 10% to 12% Constant Currency Growth Over 2022 Full-Year Guidance Includes PDN Indication Sales of Approximately $75 Million to $85 Million, or 56% to 77% Growth Over 2022.Initiated Full Launch of HFX iQ™ Spinal Cord Stimulation System in the U.S., the First Powered by Artificial Intelligence.Keith Grossman Appointed Executive Chairman ![]() Kevin Thornal Appointed Nevro’s New Chief Executive Officer and President D.First Quarter 2023 Net Loss from Operations of $36.3 Million First Quarter 2023 Non-GAAP Adjusted EBITDA Loss of $17.1 Million.PDN Trial Procedures Represented 19% of Total U.S. Trial Procedures Increased 9% Compared to First Quarter 2022, while U.S. Painful Diabetic Neuropathy (PDN) Indication Sales of Approximately $15.6 Million Grew 160% Compared to First Quarter 2022.First Quarter 2023 Worldwide Revenue of $96.3 Million Grew 10% As Reported and 11% Constant Currency Compared to First Quarter 2022.The company also provided second quarter guidance and reiterated its full-year 2023 guidance. ( NYSE: NVRO), a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, today reported its first quarter 2023 financial results. REDWOOD CITY, Calif., Ap/PRNewswire/ - Nevro Corp.
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