Nuvectra™ Announces Preliminary Unaudited Fourth Quarter and Full Year 2017 Revenue
January 08 2018 - 8:00AM
Nuvectra Corporation (NASDAQ:NVTR), a neurostimulation medical
device company, today announced preliminary unaudited revenue for
the fourth quarter and full year ended December 31, 2017.
Preliminary unaudited fourth quarter consolidated revenue is
expected to be in the range of $11.5 to $12.0 million, compared to
$4.2 million in the fourth quarter of 2016. Preliminary unaudited
Algovita revenue for the fourth quarter of 2017 is expected to be
in the range of $10.0 to $10.5 million, compared to $2.0
million in the fourth quarter of 2016.
Nuvectra’s preliminary unaudited full year 2017 consolidated
revenue is expected to be in the range of $31.5 to $32.0 million,
compared to $12.5 million for full year 2016.
The preliminary unaudited revenue results included in this press
release are prior to the completion of review and audit procedures
by the Company’s independent registered public accounting firm and
are therefore subject to adjustment. The Company plans to release
its fourth quarter and full year 2017 financial results in early
March 2018.
About Nuvectra Corporation
NuvectraTM is a neurostimulation company committed to helping
physicians improve the lives of people with chronic conditions. The
Algovita® Spinal Cord Stimulation (SCS) System is our first
commercial offering and is CE marked and FDA approved for the
treatment of chronic intractable pain of the trunk and/or limbs.
Our innovative technology platform also has capabilities under
development to support other indications such as sacral
neuromodulation (SNM) for the treatment of overactive bladder, and
deep brain stimulation (DBS) for the treatment of Parkinson’s
Disease. In addition, our NeuroNexus subsidiary designs,
manufactures and markets leading-edge neural-interface technologies
for the neuroscience clinical research market. Visit the Nuvectra
website at www.nuvectramed.com.
Cautionary Note Regarding Forward-Looking
Statements
This press release contains "forward-looking
statements," including statements we make regarding the outlook
for Nuvectra as an independent publicly-traded company.
Forward-looking statements are based only on our current beliefs,
expectations and assumptions regarding the future of our business,
future plans and strategies, projections, anticipated events and
trends, the economy and other future conditions, and therefore they
are subject to inherent uncertainties, risks and changes in
circumstances that are difficult to predict and may be outside of
our control. Our actual performance may differ materially from
those indicated in the forward-looking statements. Therefore, you
should not rely on any of these forward-looking statements. Any
forward-looking statement made by us is based only on information
currently available to us and speaks only as of the date on which
it is made. Important factors that could cause our actual
results to differ materially from those indicated in the
forward-looking statements include: (i) our ability to successfully
commercialize Algovita and to develop, complete and commercialize
enhancements or improvements to Algovita; (ii) our ability to
successfully compete with our current SCS competitors and the
ability of our U.S. sales representatives to successfully establish
market share and acceptance of Algovita, (iii) the uncertainty of
obtaining regulatory approvals in the United States and Europe for
our Virtis SNM system, (iv) our ability to successfully launch and
commercialize the Virtis SNM system if it receives regulatory
approval (v) our ability to demonstrate the features, perceived
benefits and capabilities of Algovita to physicians and patients in
competition with similar products already well established and sold
in the SCS market; (vi) our ability to anticipate and satisfy
customer needs and preferences and to develop, introduce and
commercialize new products or advancements and improvements to
Algovita in order to successfully meet our customers’ expectations;
(vii) the outcome of our development plans for our neurostimulation
technology platform, including our ability to identify additional
indications or conditions for which we may develop neurostimulation
medical devices or therapies and seek regulatory approval thereof;
(viii) our ability to identify business development and growth
opportunities and to successfully execute on our strategy,
including our ability to seek and develop strategic partnerships
with third parties to, among other things, fund clinical and
development costs for new product offerings; (ix) the performance
by our development partners, including Aleva
Neurotherapeutics, S.A., of their obligations under their
agreements with us; (x) the scope of protection for our
intellectual property rights covering Algovita and other products
using our neurostimulation technology platform, along with any
product enhancements or improvements; (xi) our ability to
successfully build, attract and maintain an effective commercial
infrastructure and qualified sales force in the United States;
(xii) our compliance with all regulatory and legal requirements
regarding implantable medical devices and interactions with
healthcare professionals; (xiii) any supplier shortages related to
Algovita or its components and any manufacturing disruptions which
may impact our inventory supply as we expand our business, (xiv)
any product recalls, or the receipt of any warning letters,
mandatory corrections or fines from any governmental or regulatory
agency; (xv) our ability to satisfy the conditions and covenants,
including trailing six month revenue milestones, of our Credit
Facility; and (xvi) our ability to raise capital through means
other than or in addition to the Credit Facility should it become
necessary to do so, through a public offering of our common stock,
private equity or debt financings, strategic partnerships, or other
sources. Please see the section entitled “Risk Factors” in
Nuvectra’s Annual Report on Form 10-K and in our other quarterly
and periodic filings for a description of these and other risks and
uncertainties. We undertake no obligation to publicly update
any forward-looking statement, whether written or oral, that may be
made from time to time, whether as a result of new information,
future developments or otherwise.
Company Contacts:
Nuvectra Corporation
Walter Berger, COO & CFO
(214) 474-3102wberger@nuvectramed.com
Investor
Contacts: The
Ruth Group Tram
Bui / Brian Johnston (646) 536-7035 / 7028
investors@nuvectramed.com
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