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Private company

NEVRO CORP

In its 2025 annual report the company says: “We are 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. We developed and commercialized our HFX™ SCS platform, which includes the Senza® SCS system, an evidence-based neuromodulation system for the treatment of chronic pain, with the Senza® HFX iQ™ platform being our latest addition to the Senza family of products.”4 It is headquartered in Redwood City, California.1

Last updated Oct 21, 2026.

Overview

  • IndustrySurgical & Medical Instruments & Apparatus1
  • HeadquartersRedwood City, California1
  • Business address1800 Bridge Parkway, Redwood City, Ca 940652
  • Filer categoryAccelerated filer2

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We are 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. Our product portfolio includes both spinal cord stimulation (SCS) treatment therapy for certain forms of neuropathic pain as well as minimally invasive treatment options for patients suffering from chronic sacroiliac (SI) joint pain.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2024

66.0%Gross margin5
-30.9%Operating margin5
-27.8%Net margin5
-3.9%Revenue growth, 20245
-49.1%Return on equity5
0.81×Debt to equity5
-$29.2MFree cash flow5

Where the money goes

Where each dollar of revenue went, fiscal 2024

  • Cost of revenue28¢$139.0M
  • Research and development10¢$51.5M
  • Selling, general and admin62¢$309.8M
  • Income tax0¢$1.1M

Out of $408.5M in revenue.5 The company lost money this year.

Financial statements

Revenue67895$408.5M in 2024+5% since 2018
0$200.0M$400.0M$600.0M2018: $387.3M$387.3M20182019: $390.3M$390.3M2019+1%2020: $362.0M$362.0M2020−7%2021: $386.9M$386.9M2021+7%2022: $406.4M$406.4M2022+5%2023: $425.2M$425.2M2023+5%2024: $408.5M$408.5M2024−4%
Gross profit67895$269.5M in 2024−1% since 2018
0$100.0M$200.0M$300.0M2018: $273.3M$273.3M20182019: $268.4M$268.4M2019−2%2020: $249.9M$249.9M2020−7%2021: $266.0M$266.0M2021+6%2022: $276.4M$276.4M2022+4%2023: $290.1M$290.1M2023+5%2024: $269.5M$269.5M2024−7%
Operating income67895-$126.2M in 2024+202% since 2018
-$150.0M-$100.0M-$50.0M0$50.0M2018: -$41.7M-$41.7M20182019: -$96.5M-$96.5M2019+131%2020: -$62.9M-$62.9M2020−35%2021: -$110.9M-$110.9M2021+77%2022: $6.2M$6.2M20222023: -$99.3M-$99.3M20232024: -$126.2M-$126.2M2024+27%
Net income67895-$113.4M in 2024+131% since 2018
-$150.0M-$100.0M-$50.0M0$50.0M2018: -$49.2M-$49.2M20182019: -$103.7M-$103.7M2019+111%2020: -$83.1M-$83.1M2020−20%2021: -$131.4M-$131.4M2021+58%2022: $3.0M$3.0M20222023: -$92.2M-$92.2M20232024: -$113.4M-$113.4M2024+23%
Fiscal year2018201920202021202220232024
Revenue$387.3M6$390.3M7$362.0M8$386.9M9$406.4M5$425.2M5$408.5M5
Cost of revenue$114.0M6$121.9M7$112.1M8$120.9M9$130.0M5$135.1M5$139.0M5
Gross profit$273.3M6$268.4M7$249.9M8$266.0M9$276.4M5$290.1M5$269.5M5
Research and development$48.5M6$59.0M7$45.6M8$47.7M9$53.1M5$54.4M5$51.5M5
Selling, general and admin$266.6M6$305.8M7$267.2M8$309.3M9$322.1M5$334.7M5$309.8M5
Operating expenses$377.0M9$270.2M5$389.4M5$395.8M5
Operating income-$41.7M6-$96.5M7-$62.9M8-$110.9M9$6.2M5-$99.3M5-$126.2M5
Interest$10.4M6$10.9M7$21.8M8$19.7M9$6.4M9$8.0M9
Income before tax-$130.8M9$4.3M5-$97.9M5-$112.3M5
Income tax$768.0K6$1.6M7$868.0K8$534.0K9$1.3M5-$5.6M5$1.1M5
Net income-$49.2M6-$103.7M7-$83.1M8-$131.4M9$3.0M5-$92.2M5-$113.4M5
Earnings per share-$2.478-$3.779$0.085-$2.565-$3.065
Earnings per share (diluted)-$2.478-$3.779$0.085-$2.565-$3.065
Shares (weighted, basic)34.8M shares935.3M shares536.0M shares537.1M shares5
Shares (weighted, diluted)34.8M shares935.5M shares536.0M shares537.1M shares5

Compare NEVRO CORP with another company

Corporate structure

NEVRO CORP sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of NEVRO CORP

  • Beryl Capital Management LLC Filed SCHEDULE 13G/A on NEVRO CORP, latest Aug 14, 2025 (2 filings since Mar 10, 2025)
  • Goldman Sachs Filed SCHEDULE 13G/A on NEVRO CORP, latest Aug 13, 2025 (2 filings since May 13, 2025)
  • ArrowMark Colorado Holdings LLC Filed SCHEDULE 13G/A on NEVRO CORP, latest May 15, 2025 (3 filings since Feb 14, 2024)
  • GAMCO Investors Filed SCHEDULE 13D/A on NEVRO CORP, latest Apr 4, 2025 (2 filings since Mar 27, 2025)
  • ARMISTICE CAPITAL, LLC Filed SCHEDULE 13G/A on NEVRO CORP, latest Feb 14, 2025 (3 filings since Feb 14, 2024)
  • Shay Capital LLC Filed SCHEDULE 13G/A on NEVRO CORP, latest Feb 14, 2025 (2 filings since Dec 4, 2024)
  • Engaged Capital LLC Filed SC 13D/A on NEVRO CORP, latest Nov 14, 2024 (3 filings since Dec 11, 2023)
  • BlackRock Filed SC 13G/A on NEVRO CORP, latest Nov 8, 2024 (7 filings since Jan 26, 2022)
  • ALGER ASSOCIATES INC Filed SC 13G/A on NEVRO CORP, latest Sep 10, 2024 (2 filings since Feb 14, 2024)
  • VANGUARD GROUP INC Filed SC 13G/A on NEVRO CORP, latest Sep 10, 2024 (5 filings since Feb 10, 2022)
  • FMR LLC Filed SC 13G/A on NEVRO CORP, latest Sep 11, 2023 (4 filings since Sep 12, 2022)
  • PRICE T ROWE ASSOCIATES INC /MD/ Filed SC 13G/A on NEVRO CORP, latest Feb 14, 2023 (2 filings since Jan 10, 2022)
  • NEVRO CORP Redwood City, California
    • Nevro Germany GmbH Subsidiary · Germany
    • Nevro Medical Limited Subsidiary · United Kingdom
    • Nevro Medical, S.R.L. Subsidiary · Costa Rica

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What NEVRO CORP reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$69.1M5 Dec 31, 2024$60.2M5 Dec 31, 2023+14.8%
Accumulated depreciation$42.6M5 Dec 31, 2024$35.7M5 Dec 31, 2023+19.3%
Property and equipment, net$26.6M5 Dec 31, 2024$24.6M5 Dec 31, 2023+8.1%
Operating-lease assets (leased space)$21.2M5 Dec 31, 2024$8.9M5 Dec 31, 2023+136.9%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$94.5M5 Dec 31, 2024$104.2M5 Dec 31, 2023−9.3%
Marketable securities, current$198.0M5 Dec 31, 2024$218.5M5 Dec 31, 2023−9.4%
Debt securities available for sale$218.5M9 Dec 31, 2023$254.0M9 Dec 31, 2022−14.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$05 Dec 31, 2024$38.2M5 Dec 31, 2023−100.0%
Intangible assets, net (excluding goodwill)$24.4M5 Dec 31, 2024$27.4M5 Dec 31, 2023−10.8%
Finite-lived intangibles, gross$27.6M5 Dec 31, 2024$27.6M5 Dec 31, 20230%
Accumulated amortization$3.2M5 Dec 31, 2024$246.0K5 Dec 31, 2023+1197.6%
Finite-lived intangibles, net$24.4M5 Dec 31, 2024$27.4M5 Dec 31, 2023−10.8%

Inventory

ItemLatestA year beforeChange
Inventory, total$103.3M5 Dec 31, 2024$118.7M5 Dec 31, 2023−13.0%
Raw materials$48.8M5 Dec 31, 2024$65.0M5 Dec 31, 2023−24.9%
Work in process$6.1M5 Dec 31, 2024$2.1M5 Dec 31, 2023+182.4%
Finished goods$48.4M5 Dec 31, 2024$51.6M5 Dec 31, 2023−6.1%

Properties, in its own words

Our corporate headquarters and R&D facilities are located in Redwood City, California, where we originally leased and occupied approximately 50,740 square feet of office and laboratory space. In December 2016, we amended the original lease for our corporate headquarters in order to increase the space we occupy by approximately 49,980 square feet of office space adjacent to our corporate headquarters. Our obligations under the amended lease for the new space commenced on June 1, 2018. The term of the lease for our corporate headquarters and the new adjacent space originally ended on May 31, 2025. In April 2024, we entered into a second amendment to our original lease for our corporate headquarters, which reduced our total office space to approximately 77,620 square feet, beginning on June 1, 2024 and ending on December 31, 2031. We believe our current headquarters, together with our additional adjacent space, is sufficient for our current and foreseeable business needs. In September 2024, we entered into a lease for 13,623 square feet of office space located in Plymouth Meeting, Pennsylvania to commence on the completion of the landlord's building improvements, estimated in March 2025. The lease is through February 2033. We also lease a small storage facility in Australia and a small amount of warehouse space in San Carlos, California. In August 2020, we entered into a lease for approximately 35,411 square feet of manufacturing space to begin in April 2021 and to last through June 2031 at a facility in Costa Rica. We use this facility to build-out certain manufacturing capabilities to vertically integrate the assembly of IPG’s, peripherals and various other manufacturing related activities for products that we currently purchase from third-parties.

For additional information, see Note 7, Commitments and Contingencies, of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report.

Item 2 of the 10-K filed Mar 4, 2025.4

Leadership

Who has led NEVRO CORP, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Michael F. Demane2014–2016
  2. Rami Elghandour2016–2019
  3. D. Keith Grossman2019–2023
  4. Kevin R. Thornal2023–2025

Chair

  1. D. Keith Grossman2020–2023

President

  1. Rami Elghandour2014–2019
  2. D. Keith Grossman2019–2023
  3. Kevin R. Thornal2023–2025

Chief financial officer

  1. Andrew H. Galligan2014–2020

Chief operating officer

  1. Christofer Christoforou2024–2025
201520202025
Board members and other officers (28)

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Nevro Germany GmbH Germany3
  • Nevro Medical Limited United Kingdom3
  • Nevro Medical Pty Ltd. Australia3
  • Nevro Medical Sarl Switzerland3
  • Nevro Medical, S.R.L. Costa Rica3

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Timeline

  1. Apr 3, 20258-K Ended a material agreement; Completed an acquisition or sale; Listing notice or transfer46
  2. Apr 2, 20258-K Shareholder vote47
  3. Mar 4, 20258-K Results of operations48
  4. Feb 6, 20258-K Entered a material agreement; Regulation FD disclosure; Other events49
  5. Jan 14, 20258-K Results of operations50
  6. Nov 14, 20248-K Results of operations; Regulation FD disclosure51
  7. Aug 6, 20248-K Results of operations52
  8. May 29, 20248-K Shareholder vote53
  9. May 9, 20248-K Executive or director change54
  10. May 7, 20248-K Results of operations55
  11. Apr 25, 20248-K Executive or director change56
  12. Feb 21, 20248-K Results of operations57
  13. Apr 26, 2023New chief executive Kevin R. Thornal becomes CEO13
  14. Mar 21, 2019New chief executive D. Keith Grossman becomes CEO14
  15. Jun 10, 2016New chief executive Rami Elghandour becomes CEO15
  16. Nov 5, 2014New chief executive Michael F. Demane becomes CEO16

Calendar

When it reported results

  1. Mar 4, 2025Reported quarterly or annual results48
  2. Jan 14, 2025Reported quarterly or annual results50
  3. Nov 14, 2024Reported quarterly or annual results51
  4. Aug 6, 2024Reported quarterly or annual results52
  5. May 7, 2024Reported quarterly or annual results55
  6. Feb 21, 2024Reported quarterly or annual results57
  7. Jan 9, 2024Reported quarterly or annual results58
  8. Nov 1, 2023Reported quarterly or annual results59

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

360 filings to the SEC since October 2021: 4 annual reports, 10 quarterly reports, 33 major events, 232 insider forms, 41 large holders, 40 other. The latest 20:

  1. Aug 14, 2025SCHEDULE 13G/A EDGAR
  2. Aug 13, 2025SCHEDULE 13G/A EDGAR
  3. May 15, 2025SCHEDULE 13G/A EDGAR
  4. May 13, 2025SCHEDULE 13G EDGAR
  5. Apr 14, 202515-12G EDGAR
  6. Apr 7, 2025EFFECT EDGAR
  7. Apr 4, 2025SCHEDULE 13D/A EDGAR
  8. Apr 3, 2025S-8 POS EDGAR
  9. Apr 3, 2025S-8 POS EDGAR
  10. Apr 3, 2025S-8 POS EDGAR
  11. Apr 3, 2025S-8 POS EDGAR
  12. Apr 3, 2025S-8 POS EDGAR
  13. Apr 3, 2025S-8 POS EDGAR
  14. Apr 3, 2025S-8 POS EDGAR
  15. Apr 3, 2025S-8 POS EDGAR
  16. Apr 3, 2025S-8 POS EDGAR
  17. Apr 3, 2025S-8 POS EDGAR
  18. Apr 3, 2025S-8 POS EDGAR
  19. Apr 3, 2025S-8 POS EDGAR
  20. Apr 3, 2025S-8 POS EDGAR

The 360 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

7 open-market trades by officers, directors and large owners since October 2021: 7 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Jun 7, 2023McCormick ShawnDirectorBuy7,500$22.88$171.6KForm 4
May 9, 2022Rashid KashifSVP, Corp Dev and CLOBuy2,250$44.50$100.1KForm 4
Mar 11, 2022Rashid KashifSVP, Corp Dev and CLOBuy1,500$64.04$96.1KForm 4
Mar 8, 2022GROSSMAN D KEITHDirectorBuy3,200$63.59$203.5KForm 4
Dec 14, 2021OBOYLE KEVIN CDirectorBuy2,400$83.78$201.1KForm 4
Nov 22, 2021WEATHERMAN ELIZABETH HDirectorBuy20,000$85.33$1.7MForm 4
Nov 11, 2021Rashid KashifSVP, Corp Dev and CLOBuy2,000$101.05$202.1KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How NEVRO CORP is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARNEVRO CORP1
  • CIK0001444380
  • Employer ID (EIN)56-25680574
  • Filer statusAccelerated filer not an emerging growth company; not a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1800 Bridge Parkway, Redwood City, CA 940651
  • Phone650-251-00051
  • Shares outstanding37,878,565 shares as of Feb 27, 20254
  • Public float$305.0M as of Jun 30, 20244
  • AuditorPricewaterhouseCoopers LLP, San Jose, California PCAOB ID 238; it also attests to the company’s internal control over financial reporting4
  • On EDGAR sinceAug 29, 20081
  • Filings966 in all: 4 (541), 8-K (107), SC 13G/A (68), 3 (37), SC 13G (33), 10-Q (31), DEFA14A (13), S-8 (13)1
    All 49 form types

    S-8 POS (13), 10-K (11), DEF 14A (10), SD (8), CORRESP (7), 424B5 (6), CT ORDER (6), FWP (5), S-1/A (5), SCHEDULE 13G/A (5), 5 (4), EFFECT (4), UPLOAD (4), 424B4 (2), D (2), S-1 (2), S-1MEF (2), S-3ASR (2), SC 13D/A (2), SCHEDULE 13G (2), 10-K/A (1), 15-12G (1), 25-NSE (1), 4/A (1), 424B3 (1), 8-A12B (1), 8-K/A (1), CERTNYS (1), DEFM14A (1), DRS (1), DRS/A (1), DRSLTR (1), POS AM (1), PRE 14A (1), PREM14A (1), REGDEX (1), REGDEX/A (1), S-3 (1), SC 13D (1), SCHEDULE 13D (1), SCHEDULE 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 4, 2025
    Quarterly report (10-Q) Nov 12, 2024
    Proxy statement (DEF 14A) Apr 12, 2024
    Latest 8-K (8-K) Apr 3, 2025

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001 per shareNVRONew York Stock Exchange

From the cover page of the 10-K filed Mar 4, 2025 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks NEVRO CORP names in Item 1A of its 10-K filed Mar 4, 2025: 64 risks under these headings, as written.4

  • Risks Related to the Merger
  • The conditions under the Merger Agreement to Globus Medical’s consummation of the Merger may not be satisfied at all or in the anticipated timeframe.
  • The announcement of, or a failure to consummate, the Merger could negatively impact our business, financial condition, results of operations or our stock price.
  • The Merger Agreement contains provisions that could make it difficult for a third party to acquire us prior to the completion of the Merger.
  • Risks Related to our Business
  • Unfavorable global economic conditions, including any adverse macroeconomic conditions or geopolitical events have affected and could further adversely affect our business, financial condition, results of operations or liquidity, either directly or through adverse impacts on certain of the third parties on which we rely to conduct certain aspects of our preclinical studies or clinical studies.
  • We are dependent on continued market acceptance in the United States for our 10 kHz Therapy, and the failure of our 10 kHz Therapy to continue to gain market acceptance would negatively impact our business.
  • We may not be successful in our efforts to educate physicians and demonstrate to them the merits of our 10 kHz Therapy compared to those of our competitors.
  • Our competitors are large, well-established companies with substantially greater resources than we have and have a long history of competing in the SCS market.
  • If our competitors are better able to develop and market neuromodulation products that are safer, more effective, less costly, easier to use or otherwise more attractive than our Senza systems, our business will be adversely impacted.
  • We have a history of significant losses. If we do not achieve and sustain profitability, our financial condition could suffer.
  • Our ability to achieve profitability will depend, in part, on our ability to reduce the per unit manufacturing cost of our products.
The other 54 risks
  • If third-party payors do not provide adequate coverage and reimbursement for the use of our products, our revenue will be negatively impacted.
  • We are currently, and may in the future become, involved in lawsuits to protect or enforce our intellectual property, which are expensive and time consuming, and ultimately unsuccessful, and could result in the diversion of significant resources, thereby hindering our ability to effectively grow sales of our Senza systems or commercialize future products, if any. If we are unable to obtain, maintain, protect, and enforce our intellectual property, our business will be negatively affected.
  • If we fail to develop and retain an effective direct sales force in the United States, our business could suffer.
  • If we fail to maintain FDA approval or foreign approval or certification to market and sell our products, or if such approval or certification is impacted in the future, we will be unable to commercially distribute and our products in the United States and abroad. Further, we may not be able to obtain required regulatory approvals or certifications to expand the indications for which we may market and sell our products.
  • Modifications to our products may require us to obtain marketing authorizations or certifications and if we market modified products without obtaining necessary marketing authorizations or certifications, we may be required to cease marketing or recall the modified products until required marketing authorizations or certifications are obtained.
  • Our growth and success depends on physicians’ use of our 10 kHz Therapy to treat chronic back pain, as well as the development and success in the PDN and NSBP markets.
  • Our international operations subject us to certain operating risks, which could adversely impact our results of operations and financial condition.
  • Although we have developed internal manufacturing capabilities for our products, we expect to remain dependent upon third-party manufacturers and suppliers, in some cases sole- or single-source suppliers, making us vulnerable to supply shortages and problems and price fluctuations, which could harm our business.
  • We rely upon third-party, single-source, and in certain cases sole-source, suppliers for many of the components and materials used in our products, and for critical manufacturing and packaging services, and the loss of any of these suppliers could harm our business.
  • If we fail to properly manage our anticipated growth, our business could suffer.
  • We may not realize the benefits of assets that we have acquired, or will acquire in the future, or other strategic transactions that we have or will consummate.
  • If we fail to receive access to hospital facilities, our sales may decrease.
  • We rely in part on a small group of third-party distributors to effectively distribute our products in certain geographies.
  • We may face product liability claims that could result in costly litigation and significant liabilities.
  • If clinical studies for future indications do not produce results necessary to support regulatory clearance, approval or certification in the United States or elsewhere, we will be unable to commercialize our products for these indications.
  • Even though we may generate positive data to support the use of our therapy and products for market expansion opportunities, and receive approval or certification to expand our indications for use to include additional indications, internal and external factors may make it more difficult for these additional indications and market expansion opportunities, or any other indications or other market expansion opportunities we may pursue in the future, to be commercially successful.
  • If we fail to retain our key executives or recruit and hire new employees, our operations and financial results may be adversely affected while we attract other highly qualified personnel.
  • Risks Related to Intellectual Property
  • We currently are, and may in the future become, involved in lawsuits to defend ourselves against intellectual property disputes, which could be expensive and time consuming, and ultimately unsuccessful, and could result in the diversion of significant resources, and hinder our ability to commercialize our existing or future products.
  • Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our existing and future products.
  • We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our competitors or are in breach of non-competition or non-solicitation agreements with our competitors.
  • If we are unable to protect the confidentiality of our trade secrets, our business and competitive position may be harmed.
  • Risks Related to our Financial and Operating Results
  • Our operating results may vary significantly from quarter to quarter, which may negatively impact our stock price in the future.
  • We may choose, or need, to obtain additional funds in the future, and these funds may not be available on acceptable terms or at all.
  • Covenants in our loan documents may restrict our business and operations and if we do not effectively manage our covenants, our financial condition and results of operations could be adversely affected..
  • We are required to maintain high levels of inventory, which could consume a significant amount of our resources, reduce our cash flows and lead to inventory impairment charges.
  • The seasonality of our business creates variance in our quarterly revenue, which makes it difficult to compare or forecast our financial results.
  • We are subject to risks associated with currency fluctuations, and changes in foreign currency exchange rates could impact our results of operations.
  • Our ability to use our net operating losses and tax credits to offset future taxable income and taxes may be subject to certain limitations.
  • Risks Related to Regulation of our Industry
  • Our products are subject to extensive governmental regulation, and our failure to comply with applicable requirements could cause our business to suffer.
  • Our products are subject to extensive governmental regulation in foreign jurisdictions, such as Europe, and our failure to comply with applicable requirements could cause our business to suffer.
  • The misuse or off-label use of our product may harm our image in the marketplace, result in injuries that lead to product liability suits, which could be costly to our business, or result in costly investigations and sanctions from the FDA and other regulatory bodies if we are deemed to have engaged in off-label promotion.
  • Our products may in the future be subject to notifications, recalls, or voluntary market withdrawals that could harm our reputation, business and financial results.
  • We are required to report certain malfunctions, deaths, and serious injuries associated with our products, which can result in voluntary corrective actions or agency enforcement actions.
  • A recall of our products, either voluntarily or at the direction of the FDA or another governmental authority, or the discovery of serious safety issues with our products, could have a significant adverse impact on us.
  • We may be subject to federal, state and foreign healthcare, data privacy, and security laws and regulations, and a finding of failure to comply with such laws and regulations could have a material adverse effect on our business.
  • The regulatory framework for machine learning technology, artificial intelligence and automated decision making is evolving and our failure to comply with such laws and regulations could have a material adverse effect on our business.
  • Healthcare legislative reform measures may have a material adverse effect on us.
  • Our future success depends on our ability to develop, receive regulatory clearance, approval or certification for, additional chronic pain indications for our products and introduce new products or product enhancements that will be accepted by the market in a timely manner.
  • Risks Related to Our Securities
  • Our stock price has experienced significant volatility and may continue to be volatile. As a result, our stockholders may not be able to resell shares of our common stock at or above the price they paid. Such volatility may also adversely impact the value of the 2025 Notes and Braidwell Warrants.
  • Servicing our debt requires a significant amount of cash, and we may not have sufficient cash flow from our business to pay our substantial debt.
  • The terms of our credit facility place restrictions on our operating and financial flexibility, and we may not have cash available to us in an amount sufficient to enable us to make interest or principal payments on our indebtedness when due.
  • We may incur substantially more debt or take other actions which would intensify the risks discussed above.
  • If we are unable to maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock and the value of the 2025 Notes and/or Braidwell Warrants could be adversely affected.
  • If we sell shares of our common stock in future financings, stockholders may experience immediate dilution and, as a result, our stock price and the value of the 2025 Notes may decline.
  • Sales of a substantial number of shares of our common stock in the public market could cause our stock price and the value of our public securities to fall.
  • Claims for indemnification by our directors and officers may reduce our available funds to satisfy successful third-party claims against us and may reduce the amount of money available to us.
  • We do not currently intend to pay dividends on our common stock, and, consequently, our stockholders’ ability to achieve a return on their investment will depend on appreciation in the price of our common stock.
  • General Risk Factors
  • Changes in tax laws, tax rulings or trade policies may have a material adverse effect on our business, financial condition and results of operations.
  • Failure to protect our information technology infrastructure, and those of our third-party service providers, against cyberattacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations, adversely affect our business and operating results, and subject us to costly litigation.
  • Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
  • We may not be able to adequately protect our intellectual property rights throughout the world.
  • If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
  • If securities or industry analysts issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
  • We incur significantly increased costs and devote substantial management time as a result of operating as a public company.

Legal proceedings

The legal proceedings information set forth in Note 7, Commitments and Contingencies, of Notes to Consolidated Financial Statements in Part II, Item 8 of this Annual Report is incorporated herein by reference.

The opening of Item 3, Legal Proceedings.4

Sources

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