NVRO - Earnings call 3 2023

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Operator

Hello. My name is Chris, and I'll be your conference operator today. At this time, I'd like to welcome everyone to the Nevro Third Quarter 2023 Financial Results Conference Call.[Operator Instructions] Thank you. Ian Tolle, you may begin.

Ian Tolle

Good afternoon, and welcome to Nevro's Third Quarter 2023 Earnings Conference Call. Kevin Officer. & are MacLeod, and today Financial Chief me Thornal, President CEO Rod With call, will and in Relations today's note Nevro's will section. open On third Kevin Presentations the the there conclude and business up on available with Events Rod are results, quarter also and detailed related for performance website financials call guidance slides we discuss before questions.Please third to quarter Investor their XX, XXXX. today, third September Earlier released quarter results its the for Nevro financial ended we A earnings on the like the website Internet comments of begin, everyone that being of the the archived parties copy call statements Relations at today's remind Investor an over and interested I'd on copy live be will website.Before this to made is on of webcast on available include securities is laws. meaning available release within XXXX, November call section forward the may federal Nevro of all broadcast looking Relations X, Nevro's to nevro.com.This Investor Results result of could and implied as risks those a from uncertainties. differ certain or expressed materially annual Nevro's a presentation its February filings, risks. including XX, Form detailed on Please refer filed to XXXX, XX-K, SEC for report of on call to company help as statements.In investors understand update used speak in today, ongoing and will of refer performance. the management addition, The statements revise any forward-looking a EBITDA, undertakes measure non-GAAP this to obligation these no only or of to business adjusted Nevro's stock-based litigation items non-cash charges. adjustments as charges as other taxes, compensation, and expenses, and credits, such interest, excludes such EBITDA adjusted and amortization, depreciation Non-GAAP litigation-related certain restructuring over pleasure earnings non-GAAP to within my release.And it's the to to to GAAP the refer tables Kevin. Please turn the call now, reconciliation

Kevin Thornal

of to our call, to commercial Rod the revenue to overall forward call We X will market good joining guidance. the XXXX appreciate and to discussed first and growth, improving and Commercial level.Starting mid-June, turn given details us. I SCS our the QX on discuss On productivity, call, commercial quarter afternoon, essential with we Officer results, during penetration I'd financials.As appointed our Vice progress our today's business on focusing was our you we growth, of President and discuss over market, updated quarter Siller the of pillars Senior second is Thanks, earnings of our of In profit Chief believe execution. then our pillar mandate execution, third everyone. Greg increasing like progress maximizing the to physician opportunity and the our education, and Nevro. was next growth moving sales Ian,

physician dictate that deserve patients physician we training align multiple happen quickly territories, best-in-class programs. including: specifically sales expanded ongoing and Greg pain our sales changes, implanting Greg the his superior ground the and education focus has high-frequency, our don't in driving both despite marketing, is new we focus Greg to culture.During and differentiated. guided continually move of for points their therapy, Best and force and of of plan a portfolio.Another leverage and perspective; the training, compensation chronic changes dynamic rightsizing paresthesia-free and department.While both are team and area third at quarter, level. realigning customer force sales to talent, approach the filling and best-in-class, and the our focus technology. are improve execution introductions needle for the that the business practice educate why All from areas product touch and the sales third our the rep our enhancing will overnight, hit growth and be increase current running marketing of mark, In physician performance, to on will commercial turned instance, strategy essential, it's to has fellowship the implemented several on by quarter, must changes philosophy While having made the his the and key indications

trained of fellows in the system.These past and their X our more Lab, technologically we held the why fellowship over Cadaver the XXX Skill and physicians iQ about areas implementation unique iQ XX on of in allow program different learn it country, SCS the capabilities other HFX of days, to is to -- the X superior HFX Over system implantation benefits our offerings. of use

training In to second sessions, ways. of penetration. many can targeted Nevro to to our knowledge additional local we addition held training pillar physicians growth, the in these to market events provide several nationwide.Moving expand market and

CMM from coverage intractable PDN This health we the as almost market PDN.The for suffer to of chronic apart with which the study, were our prospective and stands limb Using In pain. implementation.These competition, relief high-frequency Sensory and mechanism durable quality PDN data through demonstrated in XX about XX important to are lower significant critical enrollment rate significant Scientific of SCS XX-kilohertz data technology.Regarding example, that changes SCS for increase We're treating a associated our Painful in pain XXX specifically from pain in a the data in Practice. paresthesia best-in-class RCT and patient this as at pain received with us responder using new also medical lives numbness, demonstrates PDN set robust pain the XX.X% large announced numbness shows a life patients Diabetes high-frequency alone, Diabetes management PDN the efficacy Research mask neurological technology of who Diabetic expand portion how improvements both now as is because paresthesia. conventional our human-related RCT without gives and PDN in XX-kilohertz randomized excited therapy action at post may with controlled months it Clinical to data, robust XX-month publication first of excellent CMM, during SENZA and XXrd sleep experienced improvements over presented combined its compared trial, and relief implant a durable Nevro our Sessions Association refractory our These from of For the American the These opportunity the XX-kilohertz very long-term patients. products high-frequency an August, indication. and PDN; patients already is evaluate which experiences. so overall million function designed patients SCS with competitors study plan PDN. from is data, Neuropathy,

through enrollment think how potential about many We keep I'd the We've the updated so will questions opportunities. a product on we received on strategic potential acquisition. you mentioned this clinical trial.Last augmenting important we briefly of quarter, progression portfolio expand of our topic, to like this

are interacts we one, and three, those relationships; leverage We call we our potential bag to believe path have and to physicians, we sales growth; a to: with large points global field can our our and therapy that our adds only that physician strengthen treating are increase many best-in-class accretive we expend profitability.There all accelerate force margin currently our evaluating to will to target potential with synergies of advantage if our SCS that a but will criteria. take be and as be our of our thoughtful we capital meets growth, the will opportunities explore two,

will profit a progress. We disciplined finally, be buyer.And

in of Costa as in plant towards profitability. at in initiatives quarter efficiencies.Turning Rica our improve additional drive as our to Rica manufacturing now were looking invest for our manufacturing continue XX% our other our our continue The ramp ways third have we and is volumes results. We we and Costa operational plant ongoing plant our processes, Costa Rica to to manufactured to iQ QX, internal evaluate proceeding

basis constant XX, X both currency the XXXX, of a For revenue ending and on September of X% million, reported year reported prior $XXX.X compared months Nevro results. an increase to

we this this for quarter, the revenue Our HFX for pain roughly permanent to confident we our technology third to and combination trend X% as very is provider was we the high-frequency PDN obviously to our points our are our obligation previous will and quarter, superior receive last in by iQ continues quarter, quarter, basis X,XXX continue. enable increasing ability implant iQ new feedback for had relief expect permanent the implants XX% not HFX content to only world. XX% patients and win are held we algorithm from moral our of to in to HFX the be up it compared we relief us strong growth paresthesia-free the procedure positive, year-over-year year.In pain deliver high-frequency, another believe superior of to and SCS procedures, outpace share the and competitors.While over its that personalized The SCS accounted

to direct-to-consumer approximately U.S. resulting came leads and PDN total to in that PDN program. Additionally, an words few updated debilitating growth.Turning trial recovery the imperative U.S. growth for represented about sales.In of the our and with would of PDN total trial Among confident X PDN represented road consistent procedures, physician our say suffer XX% approximately from of trials a patient in our diabetic of proven year. awareness of is from patients indication approximately $XX our painful from business,. increase PDN worldwide QX QX, our reported for benefits continues permanent We implant having education of now of that procedures, like the XX% the remain last players XX% marketing procedures believe volume, showing million leading our the from clinical SCS on now drive to to guidance. XX% now market we generated quarter, that neuropathy.I

expectations, our First, we can growth. while QX know our we we accelerate line exceeded top

time the for these our past we to Nevro. commercial several a changes changes believe these last to we many meaningful in made results.The translate have significant, months lead and take culture the stronger months, been have and financial We to over will positive over will driven have our enhancements changes X into it and marketing teams

for therapies towards business. thoughts is have We people that will taking GLP-Xs opportunities why the AXc.This GLP-Xs our with population, executing target patients turning call PDN a and forward are And the PDN obesity and strategies, years been impact GLP-Xs of acknowledge glucose the our of reduce our and control advantage symptoms.In Many were even fact, medical to taking confident patients or I how adversely is on never included drive therapy.PDN explain profitability and address these the SCS with responded of devices. and has these not to to not their we for our Rod, of normal experience years, AXc patients would lot our lower weight, patients to, been patient never will their lose suffered proactively a deliver been were driving look PDM from direction the patient's were can SENZA its levels We level. over similar leverage or There many not current with of neuropathy. shown weight still intended diabetes to help already regarding diabetic do importantly, and PDN. a in meaningful number drugs our very for incidence however, GLP-Xs of simply like briefly have GLP-Xs severity market painful or of nor of these our a patients their high-frequency unfortunately, to affect and large have discuss value.Before PDN. and study AXc in types they using the BMI noise and These PDN therapies to to shareholder company controlled drugs growth well that result

PDN provide We refractory around and results rates addressable to that third continue market very low believe to to million penetration patients, X the million that, guidance. call Rod that and with details are our there today.And I'll X to quarter pass on a in large remains further over market

Roderick MacLeod

XXXX, for and worldwide, revenue PDN indication of PDN in of Thanks, constant quarter approximately in as resulting begin worldwide and the currency of implant our afternoon. Kevin, compared third the to sales third a increased basis reported permanent quarter in represented million $XX quarter good the third XXXX. of I'll XXXX. XX% on which procedures with X%

quarter capturing XX% quarter of system on detail currency the below on uplift some of was full to a in selling X% of X% compared International day margin reported $XX.X to million, our pricing the of continues XX.X% HFX of of constant the third are This XXXX.U.S. million, in was and 'XX. in market line. included of third XXXX The moving an product. of to the on was third the XXXX. X top quarter well, and HFX 'XX than down down revenue revenue third quarter XXXX progress in quarter a increase basis.Now, QX the the Gross $XX.X less quarter third iQ as release compared to X% we iQ

higher mix, cost and us Our to continue represent legacy erosion.This products, our volumes, cause off still our delays which with pricing contract along of continue pricing regulatory XX% iQ second from to sell over of the iQ in half manufacturers. selling experience into products to reduction on guidance pressure Europe sourced

our Uses $XXX third to the quarter to pricing litigation quarter were excluding EBITDA $X.X related margin of quarter third for loss litigation optimistic third XXXX. $XX.X decrease line business certain operations a credits XXXX $XX.X our million $X.X in quarter with million. total offset the XXXX of Rica the still third stable.Looking September projections. due of compensation. the million million the million XXXX are long-run and products, of cash as the was as costs, expenses compared of the a investments the cash of the equivalents for of operating We well $X.X adjusted on quarter in a sourced third expenses, to XXXX. to in million XXXX were normal quarter opportunities This third in XXXX, was was third decrease partially and represents at remains Cash, of XXXX. stock-based of assuming short-term primarily Costa as compared loss increase of compared our legal a expansion by in $X.X million The during of of in for of million the million XXXX.Non-GAAP in quarter quarter with Litigation OpEx of $XXX.X third totaled $X.X XX, personnel-related

fourth We Please continue with measures note outlook very balance operations.Turning sheet guidance. now our important fund to working our financial be business. capital to that quarter reconciliations.We on using describe and the revenue of to our will are non-GAAP to $XXX to we constant to press decrease for million, which manage $XXX basis. GAAP issued non-GAAP see our for It's comfortable today approximately of expect X% a the to financial worldwide represents a million to in tables X% currency release

for quarter non-GAAP million, of to XXXX an approximately adjusted $XXX million fourth both basis. revenue $X be of XXXX $XXX as-reported expect prior constant and to full expect We worldwide an million.We a year approximately EBITDA to on $X X% of over million currency of year increase gain

$XX We year negative expect growth to good closing, be adjusted negative loss business the of scale which in make to of $XX XXXX million in remain the years compares million, we adjusted on progress $XX.X our drive non-GAAP XXXX.In range and continue EBITDA core full to to track non-GAAP and in profitably a in EBITDA million ahead. to

market. are and SCS our technologies. positioned with we And changes expand making commercial overall expect to functions, and strategically are our best-in-class the outpace we competitors We with marketing to the

moderate Our is it's plan now execute in our Ian prepared call place, the time to back strategic concludes over and session. Q&A it.That to remarks. I'll turn the to

Ian Tolle

to In take question limit can, to question. as and related queue Rod. Thanks, ask we order the through follow-up you question we one get yourself brief please as many questions efficiently that and a

You are take Q&A can if then time the will instructions. rejoin allows, we queue, we questions.Operator, ready additional and for

Operator

Shagun [Operator Instructions] from Singh Capital. first Our question is RBC with

Shagun Singh Chadha

Should X% trajectory guidance. what then of would your the can for does Perhaps XXXX? if helpful. can the of that competition, uptake revenue looks slightly on on to implies I rather you to down it X%. be to sales help also, as conservative, it's you market would with share since touch you frame have recovery, just be and that more consensus, view imply we rate And us a PDN; SCS indicated broadly you beat-and-raise? QX below wanted It view like it just us really XXXX, exit

Kevin Thornal

for at you the the I take and first to there, Rod for crack it part. questions second I'll Thank then Yes. over ones, the hand a

from that right underway for coming still of in our there's lot to and make down going right sure We're now. the a obviously, organization, and and continue we Greg for the need us so, commercial guidance, on level transition the with our things we macro decisions make to set we business future. changes in to the a up world the So, of also want in for

fourth albeit couple of our market reported so, X those of -- have lower in for the now do or just guidance into things in what growth, us few weeks player and the standpoint, fourth on have SCS the all a a a will now play reported low-single-digits, report. from our see competitor we a competitive X And and bit little through in QX.Also, thinking here from we'll us

COVID. so, this prior players multiple confident And We shown the to still some growth where feel that all quarters we yes, the feel have that levels but were to good recovery. now but on growth where X quarter didn't, X is player or not pretty consistent X definitely we now,

so as talk And that rates turn plays Rod any and other guidance. to well.And about into it I'll that exit over to

Roderick MacLeod

rates.Kevin QX. And has optimistic direction. exit QX provide next is lot where well. not of a right as and guidance growth the whole to which so in X typical we're Yes. Shagun, remain QX trending generally that rate on more add in granular into sort bit got just we normally on the color But don't terms little from been the providing sequential is the in over there, to there's year. up be thanks that and this not generally -- last quarters, what showing performing at going will don't for spoke that, ramp We've our point, XXXX built of market about QX a question. into seasonality exit our beyond We then, we get the

Operator

is from Anthony Petrone with question The Securities. next Mizuho

Bradley Bowers

Great.

the one for This follow-up on guide. is here, way, of Anthony. Just XQ Brad, kind on by the

I saw of trend least of kind the the revenue looking is business, guess, when guess, I looking from the what quarters business. core one first of at I falling guidance, in fourth the XXXX, core it back -- actually in core since guess, Nevro seems worst, we're half implying per the Just at, at you're kind of we the quarter,

process guess, business I of seeing, that kind the trend. the on you're wanted What just within practices. thought what to at those So was hear core

Kevin Thornal

we've I'm my Again, all right at Brad. starting device and what I of X Thanks, going the with off watching companies, right? environment, colleagues medical macro on got mean, saying now, now. right they're wars other

want this a happen from we're we itself, again, posted as obviously, growth. sure a macro X% market in core through could environment thinking so, to level.As that And that anything make far trend the

X% new through. probably replacement core an not that's the our market, of growth to one and was outlier competitors had X% talked then we and of as batteries One patients in

the overhang, cautiously market than affecting it with be on macro So there? we but add probably would are little bit bit it's little a But also a a environment to capital anything where markets to about this to world.Rod, little back wanted optimistic returning was obviously, implants, bit for what's in it before. going with the more cautious we

Roderick MacLeod

Yes.

to to Just room to of changes commercial one time them them the time on in thing business. a of little that the way give they of bit XXXX in implement -- and are and the reiterate to we is side think is maneuver set up do us to the this still bit We right a early have little beyond. for give and the

Kevin Thornal

Rod ever our classes of add X through come largest the just over last training into I'll Redwood is Yes, quarter. had that we that here City in

able there the are do field, coming the in out those then getting salespeople and out back being get to in for and in additional So field training getting best. what out do to reps back

Bradley Bowers

Okay, here. then just great. quick And one follow-up

competitors recently. the approval one the getting all final in with the have, now I their You market PDN guess, of

to about So once to the going worry just you now don't what's give to those wanted happen are we in have competitors market. opportunity, the

are those continuing how PDN how Nevro going and the conversations the salesforce to conversations. is win So with

Kevin Thornal

they all physicians, for our to the are on want endocrinologists goal are in to why whole option implanting their we XX-kilohertz ambulating is they're better resonates the is enough more now on No action, do weight, because, walk only patients know that one obviously, market, one for up we've right?So, can SCS those around, we walk we experiencing clinical Yes, and data you which get and sense to their implanted reduce Brad. SCS it that player have frequency. results the physicians to with has only no free can walk we you around, even they around. that, to and and of And their have weight would obviously, data AXc Thanks, frequency, patients would high their and to that pain-free paresthesia else feet have still And numbness implanting problem. people and results And patients with No and body the we that's and patients the so know already along, high paresthesia-free when method of -- but desire get in paresthesia-free makes to clinical do then the showing that going get our the that add they AXc. in showing and don't market. sure as do refer better. it do kind else said up do the lowering frequency high Yes. legs,

right? when feel of awareness all, years, very also for patients that I as still to in market help that increased physicians type XX happen optimistic players think over the in for the for having well. educate do any rising implanting and do to we So tides companies I'll more that have that good good is and been So, to we're win in well continue for going well I've all medical say there.Now, devices

Operator

is question William Plovanic Genuity. next The from Canaccord with

Caitlin Cronin

for Caitlin on quarter. Hi, a Cronin Plovanic. good on Bill this is Congrats

broadly, what Just gains to competition market. extent private the wondering, the losses or you're and share seeing from more in increased competitors

Kevin Thornal

look high-frequency are expected not see We're that are We competitors at We that some and the the frequency Yes. explaining path we out studies going seeing results a out SCS. couple do the on obviously We only still do player the believe that paresthesia-free, are much. other of do really that are market. of they're have of to superiority that the the the in using models I continue some the of there. there. we show clinical high-frequency probably our after there.And low that of

it in losing any And there, we held obviously, thinking doesn't or of we few not So, we're we're cases that share a losing we're those mean believe the smaller but share quarter. here players. to not

Operator

next is Adam The Piper with question Sandler. from Maeder

Simran Kaur

on Rod. just I on This a that Kevin. launch. the Simran guys on for comment start made you Hi, Adam. off HFX Hi, iQ is wanted to

I X said over the of said in would represent And months X it X XX% XX% implants take iQ iQ the months the to mix. think you think had for now the represented I launch. QX. of launch previously, into XX% team We're to to

So, just that the any field? color on relative further from you how in your learnings trended expectations? has that reps share launch can Any to

Roderick MacLeod

it Yes, hi, impact folks Simran. mentioned, This selling in to impacted some ones is we're only internationally had sales iQ and open training that the Rod. to And some the bit Yes, that should of with from that as things that point. saying BSI before, contract so territories little Kevin launch. the But we we're we That little of see changes results thought that's approval, to are just But that we we ramp. well this a been probably right. some that. did a -- as on have would them couple trained. of with go then, touch we in some And longer continue where force mix into mentioned some terms to us BSI I there the that. going bit delayed larger slowed had -- not we bigger behind large But to have speed, We the successes making that are delays see have had that new that we out those launch, those, start be. have up QX took continuing would also on of be experienced the of the curve as of had we've that we entering said, the bit the the and a in is had -- think certainly still but we're where But trajectory a I we're good iQ a areas thought we get a into that bring little we would class. up to we still at be although get there.Some we pretty an maybe down thought of the contracts a within up of we would the as

Simran Kaur

a here And implemented digested? have open guys then, completely follow-up territories Or the understand, are should kind And year very remainder rightsize? and we to productivity? you XXXX the of that do you just and on terms size there think force force. regarding want Okay, sales to of that initiatives helpful. guess have those I in initiatives and some the I just still quick implemented you in the sales need how of the over about fully and

Kevin Thornal

last Yes, been pretty much ] much the courses of of of -- Pretty training quarters. thanks here. and for that open as couple We have onesie-twosies out said, [ are the territories most in those point. filled those questions. And this their at I they've been

as implementation the finish of all done. reps into the plan the head that end us behind out everything initiatives in of the is and tweak have comp the everything that they're marching the and hard large, in running their to we continue team numbers are The the XXXX. we'll enhancement absorbed, obviously, up year But as to good.The and head we that's year. So was big field. is towards And into the

Operator

next The J.P. is question Marcus from Morgan. with Robbie

Unknown Analyst

Hey, Robbie. [ actually Rohan ] on this is for

softer the more assumption a longer pricing for from given talk I quarter the the all year expansion margin is you the HFX puts in reasonable and next what HFX Rica? question legacy ramp in term, of for on in and fourth takes a just your and in expectations was a came gross quarter, and about It light Just bit could hoping margin. Costa

Roderick MacLeod

question. Thanks Yes. the And Rod. you're this is for hitting the --

big X the hitting You're things.

little to into our quarter, legacy QX, past, on BSI launch to also continuing a Rica. ramps, bit quarters the products our continue behind have We in pricing we products have a we and mix. as would reported bit over have into rate continue a that to about XX% Europe, one transfer don't are still we some pressure in this we've to which of as are we products. have the legacy And answered as couple at lower, anticipated. a also and we've questions means And previous talked sell pricing over as to have of confluence we of iQ curve in Costa higher a of little approval have represented iQ than pressure manufactured as manufacturing contract there.Similarly, through last and the of that our an And sell volumes

which of should as the better. X should kind So noted. obviously QX, That -- you those some on happening in things margins, get we the of have confluence put pressures we

into QX, iQ will Going mix our improve. on

QX. we We of but will contract a Costa of time, that more -- It's price that over there to products, more products guidance mid we're we've talked manufactured sourced providing a sell would for in time, in bit do XXs little take to getting anticipate a will to perspective. and have help a transitioning and that expect the we XXXX, margins.I have not we of both do that just us of about. certainly over that still going But and from pathway some our anticipate to still cost Rica time kind terms

Unknown Analyst

for market pressures apologies helpful. on as super if competitive this, are I have have well PDN. XXXX And you next your touched you thoughts was expectations quick but someone already on just follow-up specifically? the any year? as and qualitative competition And on Great. may seeing had That a here do any

Kevin Thornal

Yes.

but one, competitors PDN all just our the again. do indications. it answer have know Yes, did of that I'll we up wrap we So

FDA However, approval. that's obviously

win, paresthesia-free.And show are to that our still means that them out PDN to RCT need that's has company best and to in there. we the we large You clinical been the paresthesia continue that's to said And just about good where experiencing maintain proven already legs? obligation high-frequency, when about and tingling that, into doctors that's therapy that every get shows would moral to the leadership we we our have of earlier the numbness continually confident try So, before, we words word you day. I in want because put the who that to only or a leadership we their patient to use studies a PDN, feel very in I is convince benefits there moral it the like space.So, know obligation we'll and why clinically there feel patients talk

-- have with rising it tide, benefit all course. a rise to space are in competitors of this We the other boats is because

from an teams our XXXX, And we and that we're for need XXXX. belt just provide education more our help commercial standpoint. a get into -- anything underneath before a with transition we the we're months on few month So will QX, the so to

guidance this we're So time. going to not provide any at

Operator

Truist question The from is Newitter next Richard with Securities.

Samuel Brodovsky

This on Sam for is Rich.

there. margin gross not on to there with follow-up to yet. directionally, I know just getting resolved, just Can could a one, than going basis, a be better for guidance And 'XX year? is parts to, speak point quick forward way margin we're on those 'XX basically provide But Just all you should XQ XQ? and moving taking off quarter-to-quarter hopefully going any gross next margin gross see for

Roderick MacLeod

Costa Rica point. pricing iQ we let year, 'XX help drive and we're that this as that margins. with excited we've alone coming the increases. will that do Appreciate to are down, the for move quarters I I from that say, we that pathway for like of forward, costs guidance our receive the What out about Yes. we those plant, to to we And into be question, product and continue should is full but a as believe providing not mix though, anticipate costs benefit said, got we'll good that our continue at

at than more granular going we but lot So, of at that's time. not point, this to provide that color whole sort a this can the get that

Samuel Brodovsky

that's Great, one. qualitative then just a And more helpful.

of think what turnover the of Can us as was to structure opposed any sales realigned some you look force. give about where as those having some color just the ones commercial like in we maybe there where versus to more for disruption? the the the XQ was regions regions in As more performance will

Kevin Thornal

been And for be so, typical XX%. that that obviously, organization in closest our is the this a the responsibilities only I to the XX% is extremely do not I what and expectations days. going. thought.So, think be about we to closer that enhanced really for alignment to position, high. not to territory, who's -- and get bar teams turnover management the have customer, say, we pockets, get did here someone great single definitely territory And XX extremely ensuring we're of customer, comp we'll expectations we victory, that's XX every general, by in we're our The years the extremely device range like quarter, in Yes. the competitive giving to A+ would I'll highly bringing high.And we closer With to power declaring we're at in The but continue expectations once than would or in here, Greg with have better previously. customer plan, med seeing the sales into that's occurring just those we for high. to don't the we're talent we together but where -- have our whether working while are with feel that

some but Greg be another to have I what this changes, success, they've as also but for for of his into quarter, really only up able done We to here we quarter team absorbing that and about is not these XXXX. feel set and head good us

Operator

are more from time. do the We'll presenters. have this no Securities. turn question JMP to Turkaly at apologies, we further back with one questions Dave My There it

David Turkaly

open want a say, stay areas, are to the or M&A think medicine little pain side. you Kevin, I arena? in let's might the just Do on on core bioelectronic press you neuromod to or other markets you'd bit the focused

Kevin Thornal

Great question. Dave. thanks, Yes,

force. thing is ensure biggest As more And do asset don't that is organization, they we the last go have in we to outside already call our I to where them they technology, we on headed our places biggest add to sales do keep in wanted our the have what same today.The doctors we to want alluded focused remarks, points new of they're is expense prepared to the this know.

whenever it little the physician's they in locations between be a to morning have car lunch morning. and and going the bit the I'll with doing a great all time to the and say, on is next spend versus they're more you already then "Boy, staff XYZ each SCS of at front relationships in to this procedures a focus office bag say what in I'll at have mean, up something front another I those would show just those right? reps, sales at case to then they're great our be can windshield, leverage has they sales of windshield on been or of into force they is be and doctor not with can customer that the dropping and time bouncing of physician.I'd place," the our one a front morning, doctor, of each a clearly, the from more patient. head look we'll So a in before when spending next getting you, in

the is looking the And force targets sales and the something priority that we're have to so dropping already call at. point leveraging the #X they and

David Turkaly

that Got it. I I in provide like that on think could I heard mean sounds and correctly? patients did follow-up the the expect that your on of trial you you and it is quick you And I mean, many already that hear impact And X like and literally percent -- were one a there? or that half GLP. said I like that it.

Kevin Thornal

Yes.

the I will of drugs. of -- in were the about provide study it's -- the less already on than X/X So, PDN patients yes, little a class X/X GLP-Xs or

new I met they the on been drugs. had and they those that it's inclusion meant on neuropathy mean, taking despite been drug, years. they painful so those so, have diabetic for they've criteria; still And obviously not for years, a those

in the to of the mean, million as mean, we're that's math. million little what very the can patients. X you I probably gives launch in do we in reiterate well, very us still full PDN with X innings. And We're obviously, the are penetration. in the So very, remarks then, prepared confidence.And I'll very, early batting I practice

a to the that ability still go patients had for are in our confidence world portion were the our our but away, So, long who group. even of results, still period we're study in only great of well really if of already grow the the opinion not a big the talked to market that is PDN benefit with happened time.But endocrinologists we part that leading key top of also, and obviously some KOL, had leader within

so take day. experts them well the the they're as And guidance from the because patients see every to we

Operator

is from open. Newitter next line Truist. your with Rich The is Rich question Truist, Newitter with

for it closing Okay, that there remarks. no I'll any it questions. presenters are further appears the turn back to

Kevin Thornal

Talk it. I Thank operator. and us on everyone, you, And Thank forward on look to today, our our call. everyone right. All soon. to next progress you. joining reporting thanks, Appreciate for

Operator

concludes conference you this today's Thank for Ladies participating. gentlemen, and call.

now may You disconnect.

Nevro (NVRO) 1 Nov 232023 Q3 Earnings call transcript