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Here's Why Shares of Nevro Corp. (NVRO) Jumped Today
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Shares of Nevro Corp. (NVRO - Free Report) 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 & 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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Here's Why Shares of Nevro Corp. (NVRO) Jumped Today
Shares of Nevro Corp. (NVRO - Free Report) 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 & 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.’
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation. See Them Free>>