Nevro Expects Q4 Revenues To Grow 4%, To Lay Off 5% Of Workforce

(RTTNews) - Nevro Corp. (NVRO), announced its preliminary fourth-quarter and full-year 2023 revenue results. The company also announced a restructuring, including laying off 5% of its workforce, that will be substantially complete by the end of the first quarter of 2024.

The vast majority of layoffs affected internally focused employees and not customer-facing personnel in the field.

For the fourth quarter 2023, the company now expects worldwide revenue of about $116.0 million, up 2% as reported and 1% constant currency compared with fourth-quarter 2022.

For the full year 2023, worldwide revenue are expected to be about $425.0 million, representing 5% growth reported and 4.5% on a constant currency basis.

Painful Diabetic Neuropathy indication (PDN) fourth quarter sales are expect eo be about $22.4 million, up 29% over 2022, bringing full-year 2023 PDN sales to $77.9 million and 63% growth over full-year 2022.

Nevro's preliminary, unaudited full-year 2023 worldwide revenue is expected to be approximately $425.0 million, an increase of 5% as reported, or an increase of 4.5% on a constant currency basis, compared with $406.4 million for full-year 2022.