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.
To learn more about Nevro, connect with us
on LinkedIn, Twitter, Facebook and Instagram.
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 | julie.dewey@nevro.com
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SOURCE Nevro Corp.