Dive Brief:
- Nevro named Greg Siller as chief commercial officer, less than two months after bringing in a new CEO.
- Siller comes from Stryker, where he spent 17 years, serving most recently as general manager of its interventional spine business.
- The Redwood City, Calif.-based maker of spinal cord stimulation devices also lowered its revenue forecast for the second quarter on Monday and now expects a range of $106 million to $108 million in sales, down from its previous guidance of $110 million to $112 million.
Dive Insight:
Nevro didn’t give details on the forecast cut, but said it plans to provide more information in its earnings call on Aug 1. J.P. Morgan analyst Robbie Marcus wrote in a research note that he wouldn’t be surprised if the company lowered its 2023 forecast “to de-risk the outlook and provide a clean slate for new CEO Kevin Thornal to beat and raise off of.”
Marcus added that while Nevro’s new CEO and chief commercial officer bring a “considerable amount of experience, with continued challenges to the company’s core market (going back to 2019, pre-COVID), we believe it’s prudent to remain on the sidelines until we see more consistent signs of improved execution.”
Thornal said in a statement that Siller’s track record should help Nevro accelerate its revenue growth and expand to new markets such as painful diabetic neuropathy and non-surgical back pain.
Current chief commercial officer, Niamh Pellegrini, will leave the company on Friday after working for Nevro for four years.
Nevro’s spinal cord stimulation device currently is approved in the U.S. to be used for chronic pain, painful diabetic neuropathy and non-surgical refractory back pain. It faces competition from Medtronic, Abbott and Boston Scientific, who are also looking to expand their neuromodulation businesses.
