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Nevro increases sales in the fourth quarter

Shares of Nevro (NYSE:NVRO) rose today on fourth-quarter results that beat consensus revenue forecasts.

The Redwood City, Calif.-based company posted losses of $30.1 million, or -86¢ per share, on sales of $102.8 million for the three months ended Dec. 31, 2021, for a big drop results deeper in the red on a 6.4% drop in sales.

Nevro, a developer of spinal cord stimulation technology, saw its losses per share drop 86¢ in line with Wall Street projections, where analysts had expected sales of $100.7 million.

“We were really encouraged by the progress of our core SCS business for most of the fourth quarter, as evidenced by the steady pick-up in testing activity which continued to improve from last quarter, as well as continuous improvement in permanent implant volumes,” Nevro Chief Executive Officer and President D. Keith Grossman said in a press release. “We have seen an increase in the impact of COVID on our volumes from mid-December, alongside the ramp-up of Omicron. This impact carried over to the current quarter and appears to have peaked at the end of January.

Nevro expects full-year 2022 revenue to be between approximately $415 million and $430 million for growth of between 7% and 11% from 2021.

NVRO shares rose 4.9% to $67.59 per share by mid-morning today. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, fell 0.5%.