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Nevro Corp. (NVRO+6.41%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenue to $96.9 million from $103.9 million in the same quarter the previous year. The decrease is attributed to a reduction in trial and permanent implant volumes.
Cost of revenue for the quarter was $32.3 million, representing 33% of sales, compared to 33% in the same quarter of the previous year.
The company reported a gross profit of $64.6 million for the quarter, compared to $69.5 million in the previous year.
Research and development expenses decreased to $10.6 million from $13.9 million, primarily due to reduced personnel expenses.
Selling, general, and administrative expenses decreased to $68.5 million from $81.2 million, primarily due to lower legal and personnel expenses.
Net loss for the quarter was $15.3 million, compared to $23.5 million in the previous year.
Cash used in operating activities was $38.0 million for the nine months ended September 30, 2024, compared to $49.9 million for the same period in 2023.
Nevro had cash, cash equivalents, and short-term investments of $277.0 million as of September 30, 2024.
The filing also details the company's restructuring efforts, including a reduction in workforce and associated costs.
Nevro continues to focus on expanding its product offerings and increasing market penetration for its spinal cord stimulation therapies.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Nevro Corp. quarterly 10-Q report dated November 12, 2024. To report an error, please email earnings@qz.com.