Nevro Corp. (NYSE:NVRO) Q2 2019 Earnings Conference Call Transcript

Aug 08, 2019 • 04:30 pm ET

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Nevro Corp. (NYSE:NVRO) Q2 2019 Earnings Conference Call Transcript

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Presentation
Operator
Operator

Good afternoon. My name is Jason, and I will be your conference operator today. At this time, I would like to welcome everyone to the Nevro Second Quarter 2019 Earnings Conference Call. [Operator Instructions] After the speaker's remarks there will be question-and-answer session. [Operator Instructions]

Juliet Cunningham, Vice President of Investor Relations, you may begin your conference.

Executive
Juliet Cunningham

Thank you. Good afternoon. Joining me today are Keith Grossman, Chairman, CEO and President; and Andrew Galligan, Chief Financial Officer. Keith will review the Company's progress over the second quarter, and Andrew will provide detailed financial results and guidance.

Earlier today, Nevro released its financial results for the second quarter, which ended on June 30, 2019. A copy of our earnings press release is available on the Company's Investor Relations website. This call is being broadcast live over the Internet to all interested parties, and an archived copy of this webcast will be available on our IR website. Before we begin, I'd like to remind you that management will make forward-looking statements on this call within the meaning of federal securities laws. All forward-looking statements, including our discussion of operating trends and expectations of future financial performance, as well as full year 2019 guidance, are based upon our current estimates and various assumptions.

These statements involve material risks and uncertainties that could cause actual results or events to differ materially. Accordingly, you should not place undue reliance on these statements. Please review our filings with the SEC, including our quarterly report on Form 10-Q, which we expect to file today, for a full description of risks and uncertainties. Nevro disclaims any intention or obligation, except as required by law, to update or revise any financial projections or forward-looking statements because of new information, future events or otherwise. This conference call contains time-sensitive information and is accurate only as of today, August 8, 2019.

And now, I'd like to turn the call over to Keith Grossman.

Executive
D. Keith Grossman

Thank you, Juliet, and good afternoon, everyone. Today we reported second quarter 2019 revenue of $93.6 million worldwide. That compares to our previous guidance for the quarter of $87 million to $89 million, and this reflects a 14% sequential growth over the first quarter. Last quarter I spent a fair amount of time going through my initial assessment of what led us to the position we were in, and the general areas of my focus going forward, particularly that of improved commercial execution and revenue growth. So let's start with that topic today, though I'll do so a bit more briefly than last quarter.

In my first four months here at Nevro, I've been focused largely on trying to understand and optimize our existing sales and marketing structure, issues and priorities. While we suggest that you should anticipate that many of these initiatives that arise from this process will take a few quarters to bear fruit, let me start by saying that I've been pleasantly surprised with our sales organization's early responsiveness to change and what we're seeing thus