Medical device company Nevro Corp. (NYSE:NVRO) stock is trading higher on Tuesday after it announced receiving CE Mark Certification in Europe for its HFX iQ spinal cord stimulation (SCS) system.
The company says HFX iQ is the first and only SCS system with artificial intelligence (AI) technology that combines high-frequency (10 kHz) therapy built on landmark evidence that uses ongoing cloud data insights to deliver personalized pain relief.
HFX iQ starts patients on the program most likely to provide pain relief, based on the HFX Algorithm, built from over 20 million data points and 80,000 implanted patients.
HFX iQ combines clinical inputs, such as pain relief and pain score, along with Quality of Life inputs, such as pain medication and activity level changes, to provide an individualized program setting for each patient.
HFX iQ can program low frequency and Nevro's proprietary 10 kHz Therapy, representing the widest range of frequencies of any SCS system on the market.
The Senza HFX iQ system includes the HFX iQ Implantable Pulse Generator (IPG), HFX Trial Stimulator, and HFX App.
In addition to receiving CE marking, HFX iQ received FDA approval in 2022.
Nevro will offer the HFX iQ system in select European countries starting in the first quarter of 2025.
Nevro reported an EPS loss of $(0.41), beating the consensus of $(0.76). Sales were $96.91 million, surpassing the consensus of $93.1 million.
Guidance: Nevro expects 2024 revenue of $400 million-$405 million compared to the consensus of $402.6 million.
The company raised its full-year 2024 adjusted EBITDA loss guidance to $18 million-$16 million from its previous loss guidance of $20 million-$18 million.
Analyst Reaction:
- Piper Sandler maintains Nevro with an Underweight rating, lowering the price target from $7 to $6.
- Baird reaffirms Nevro with a Neutral and raises the price target from $5 to $6.
- RBC Capital reiterates Nevro with a Sector Perform and maintains a price target of $7.
Price Action: NVRO stock is up 8.46% at $5.77 at last check Tuesday.
- AstraZeneca Lifts 2024 Forecast On Better Than Expected Q3 Performance, Says It Takes China Investigations 'Very Seriously'
Photo: Gorodenkoff/Shutterstock.com
