Shares of Nevro Corp. (NYSE:NVRO) climbed 10% in midday trading Wednesday after the company reported preliminary sales numbers for the second quarter of fiscal year 2017.
Nevro, a medical device company that serves patients living with chronic pain, said it expects to post revenues of $77.5 million to $78.0 million for Q2 of 2017. Of this, it expects its unaudited U.S. revenue to be between $62.7 million and $63.0 million while international revenue is expected in the range of $14.8 to $15.0 million.
The company’s Q2 earnings would be a 40% increase from the $55.4 million it reported for the same period last year. It also expects its full year 2017 revenue to be between $310 and $320 million, increasing 36% from its full year 2016 revenue of $228.5 million.
Nevro also announced that Michael Enxing, Vice President of Sales, is no longer with the company. He joined Nevro in 2012.
This report comes after JP Morgan Chase (NYSE:JPM) & Co. reaffirmed their overweight rating on Nevro Corp. in a research report released on Monday. They currently have a $102 target price on the company’s stock.
NVRO remains a Zacks Rank #5 (Strong Sell). The stock has jumped to a month and a half high, but has a VGM score of ‘F.’
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