Nevro downgraded to Market Perform from Outperform at JMP Securities

JMP Securities analyst David Turkaly downgraded Nevro to Market Perform from Outperform without a price target following the Q2 report. The company’s sales came in below expectations and the full year guidance was cut, the analyst tells investors in a research note. The firm says this is despite the fairly recent addition of newer spinal cord stimulation indications, a new platform launch and the Vyrsa SI joint therapy acquisition, which likely means that declines in Nevro’s legacy chronic leg and back pain business are more than offsetting these sales contributions.