Nevro (NVRO) IPO Surges Higher Upon Debut

Today's IPO for Nevro Corp. (NYSE: NVRO) opened for trading at $23.40 after pricing 7,000,000 shares of its common stock at a public offering price of $18 per share, above the expected range $15-$17 range. Shares have continued higher to $25.24, or up 40%.

J.P. Morgan and Morgan Stanley are acting as joint book-running managers for the offering. Leerink Partners and JMP Securities are acting as co-managers.

Headquartered in Menlo Park, California, Nevro Corp. is a medical device company focused on providing innovative products that enhance patient lives. Nevro has developed and commercialized the Senza® spinal cord stimulation (SCS) system, an evidence-based neuromodulation platform for the treatment of chronic pain. The Senza system is the only SCS system that delivers Nevro's proprietary HF10™ therapy. In the United States, the Senza system is limited by federal law to investigational use only. Senza, HF10, Nevro and the Nevro logo are trademarks of Nevro Corp.

Revenue has increased from $18.2 million for the year ended December 31, 2012 to $23.5 million for the year ended December 31, 2013, with a net loss of $19.0 million and $26.0 million in these periods, respectively.

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