Organizational Change Designed to Drive Strong Growth and Advance Global Commercial Focus
Company Updates Second Quarter 2023 Revenue Guidance
REDWOOD CITY, Calif., June 5, 2023 /PRNewswire/ -- Nevro Corp. (NYSE:NVRO), a global medical device company that is delivering comprehensive, life-changing solutions for the treatment of chronic pain, today announced that Greg Siller has been appointed Senior Vice President and Chief Commercial Officer of Nevro, effective June 19, 2023. Mr. Siller replaces Niamh Pellegrini, who will be leaving the organization effective June 9. The company also announced that in conjunction with this appointment, it is updating its revenue guidance for the second quarter of 2023 to a range of $106 to $108 million and plans to update its annual guidance when it reports its second quarter 2023 financial results.
"I am delighted to welcome Greg to the Nevro team," said Kevin Thornal, CEO and President of Nevro. "For the last 17 years, Greg has led the development, implementation and execution of successful commercial strategies and programs for several Stryker businesses, including most recently Stryker's Interventional Spine business. His proven track record of success and his passion for building high performing commercial organizations will be instrumental as we continue to focus on accelerating revenue growth, developing underpenetrated markets such as painful diabetic neuropathy and non-surgical back pain, and launching new products, including our new HFX iQ system. I'm confident that Greg's appointment will further bolster our ability to capitalize on the growth opportunities in front of us and accelerate our market performance. I also want to thank Niamh for her contributions over the last four years and wish her success in her future endeavors."
Mr. Siller is an accomplished commercial leader with significant senior management experience, including the last 17 years at Stryker, where he held several positions of increasing responsibility in sales and marketing. He most recently served as Vice President and General Manager of the Stryker Interventional Spine business since January 2020. Under Mr. Siller's leadership, this business had strong double-digit sales growth, and he led the strategy to increase R&D investments in the pain and oncology markets to accelerate long-term growth. Prior to that position, Mr. Siller was Senior Director of Sales at Stryker's Surgical Technologies business from January 2019 to December 2019, where he was responsible for sales that were growing at over twice the market growth rate. He was also part of the core team that successfully divided the Surgical division into two successful business units. Mr. Siller received a BS in Kinesiology from the University of New Hampshire.
"I am thrilled to be joining Nevro, and I look forward to furthering its mission of delivering solutions that continue to set the standard for enduring patient outcomes in chronic pain treatment," said Mr. Siller. "Nevro's 10 kHz Therapy provides a unique and highly differentiated technology for patients and physicians in three large, underpenetrated markets. I look forward to bringing my commercial experience and passion for customers to ensure HFX becomes a standard of care in the treatment of chronic pain."
Second Quarter 2023 Revenue Guidance
The company is updating its revenue guidance for the second quarter of 2023 to a range of $106 million to $108 million from its previous range of $110 million to $112 million.
Mr. Thornal commented, "Given where we now expect to finish the second quarter, we are taking the opportunity to update our second quarter revenue guidance at this time. We will provide a more detailed discussion of our second quarter results and update our full-year 2023 guidance on our upcoming earnings call in August."
Nevro plans to report its full financial results and provide more detail for its second quarter 2023 financial results after the market closes on Tuesday, August 1, 2023, to be followed by its quarterly conference call at 1:30 pm Pacific Time that day.
Internet Posting of Information
Nevro routinely posts information that may be important to investors in the "Investor Relations" section of its website at www.nevro.com. The company encourages investors and potential investors to consult the Nevro website regularly for important information about Nevro.
About Nevro
Headquartered in Redwood City, California, Nevro is a global medical device company focused on delivering comprehensive, life-changing solutions that continue to set the standard for enduring patient outcomes in chronic pain treatment. The company started with a simple mission to help more patients suffering from debilitating pain and developed its proprietary 10 kHz Therapy™, an evidence-based, non-pharmacologic innovation that has impacted the lives of more than 100,000 patients globally. Nevro's comprehensive HFX™ spinal cord stimulation (SCS) platform includes a Senza SCS system and support services for the treatment of chronic pain of the trunk and limb and painful diabetic neuropathy.
Senza®, Senza II®, Senza Omnia™, and HFX iQ™ are the only SCS systems that deliver Nevro's proprietary 10 kHz Therapy™. Nevro's unique support services provide every patient with an HFX Coach™ throughout their pain relief journey and every physician with HFX Cloud™ insights for enhanced patient and practice management.
SENZA, SENZA II, SENZA OMNIA, OMNIA, HF10, the HF10 logo, 10 kHz Therapy, HFX, the HFX logo, HFX iQ, the HFX iQ logo, HFX Algorithm, HFX CONNECT, the HFX Connect logo, HFX ACCESS, the HFX Access logo, HFX COACH, the HFX Coach logo, HFX CLOUD, the HFX Cloud logo, RELIEF MULTIPLIED, the X logo, NEVRO, and the NEVRO logo are trademarks or registered trademarks of Nevro Corp. Patents covering Senza HFX iQ and other Nevro products are listed at Nevro.com/patents.
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Forward-Looking Statements
In addition to historical information, this press release contains forward-looking statements reflecting the company's current beliefs and expectations of management made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to: our updated second quarter 2023 revenue guidance and statements regarding our future growth or potential. These forward-looking statements are based upon information that is currently available to us or our current expectations, speak only as of the date hereof, and are subject to numerous risks and uncertainties, including our ability to successfully commercialize our products; our ability to manufacture our products to meet demand; the level and availability of third-party payor reimbursement for our products; our ability to effectively manage our anticipated growth and the costs and expenses of operating our business; our ability to protect our intellectual property rights and proprietary technologies; our ability to operate our business without infringing the intellectual property rights and proprietary technology of third parties; competition in our industry; additional capital and credit availability; our ability to attract and retain qualified personnel; and product liability claims. These factors, together with those that are described in greater detail in our Annual Report on Form 10-K filed on February 21, 2023, as well as any reports that we may file with the Securities and Exchange Commission in the future, may cause our actual results, performance or achievements to differ materially and adversely from those anticipated or implied by our forward-looking statements. We expressly disclaim any obligation, except as required by law, or undertaking to update or revise any such forward-looking statements.
Investors and Media:
Julie Dewey, IRC
Nevro Corp.
Chief Corp Communications and Investor Relations Officer
650-433-3247 | [email protected]
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SOURCE Nevro Corp.