Piper Jaffray Remains Bullish on Nevro (NVRO) Following 2Q Beat and Raise
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Piper Jaffray reiterated an Overweight rating on Nevro Corp (NYSE: NVRO), and raised the price target to $112.00 (from $98.00), following the company's 2Q earnings report. 2Q16 revenues were $55.4 million, primarily due to the ongoing launch of HF10 therapy in the United States. Full-year 2016 revenue guidance was raised by $35M to $210-220M from prior $175-185M.
Analyst Brooks West commented, "Nevro reported 2Q16 revenue of $55.4M (+385%) on a 33% sequential increase in US revenue to $40.6M. Management estimates that its HF10 therapy now has 13% global market share and 10% US market share, respectively, as it completes its first full year of US launch of the HF10 therapy. International revenue also remained strong at +33% cc. Full-year 2016 revenue guidance was raised by $35M to $210-220M from prior $175-185M. Sales rep hiring continues at a torrid pace with NVRO adding 27 reps in the quarter to bring its total to 140. Importantly, management lowered its expectation for reps reaching their full productivity range of $1.3-1.5M to 12-15 months from prior 18-24 months as productivity continues to be positively impacted by rapid uptake from early adopter accounts. Reiterate OW rating and raising PT to $112."
Shares of Nevro Corp closed at $80.94 yesterday.
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Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change
Related EntitiesPiper Jaffray, Earnings, Brooks West
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