Nevro Corp. (NVRO): History, Ownership, Mission, How It Works & Makes Money

Is Nevro Corp. (NVRO) still the independent high-flyer pioneering high-frequency spinal cord stimulation (SCS) therapy, or has its market position fundamentally changed in 2025?

The clear answer is a strategic pivot: the company was acquired by Globus Medical, Inc. in April 2025 for an all-cash transaction valued at approximately $250 million, a definitive move that re-shapes the chronic pain device landscape.

This acquisition validates the power of Nevro Corp.'s proprietary 10 kHz Therapy™ and the Senza system, which drove 2024 worldwide revenue of $408.5 million, and now positions Globus Medical, Inc. to unlock a massive $2.5 billion market opportunity in the neuromodulation space.

To understand the full history, ownership structure, and how this life-changing technology defintely generates revenue under its new parent, you need to look past the stock ticker and into the core financials.

Nevro Corp. (NVRO) History

You're looking for the bedrock of Nevro Corp., the story of how a chronic pain disruptor was built and then acquired. The direct takeaway is this: Nevro Corp. was founded in 2006 on the promise of high-frequency spinal cord stimulation (SCS) and, after a transformative decade of clinical validation and commercial growth, its journey as an independent public entity culminated in a 2025 acquisition by Globus Medical.

Nevro Corp.'s Founding Timeline

The company's story starts with a clear goal: to redefine the treatment landscape for chronic pain using advanced neuromodulation, specifically their unique high-frequency (10,000 Hz) therapy. This was a bold move against traditional, lower-frequency SCS devices.

Year established

2006

Original location

Menlo Park, California, USA. The headquarters later moved to Redwood City, California.

Founding team members

Dr. Konstantinos Alataris is widely recognized as the key founder, bringing the vision for a novel, paresthesia-free spinal cord stimulation approach.

Initial capital/funding

Early rounds, like the Series A around 2007, secured approximately $10 million, powering the initial research and development. The company raised a total of $154 million in funding before its IPO.

Nevro Corp.'s Evolution Milestones

From a concept to a publicly traded medical device company, the path involved key regulatory and commercial steps that validated the high-frequency approach. This is the quick math of their ascent.

Nevro Corp.'s Transformative Moments

Two decisions fundamentally shaped Nevro Corp.: the unwavering commitment to a novel technology and the strategic decision to sell in 2025. The development of the 10 kHz Therapy-the core of the Senza system-was defintely the first game-changer.

The creation and validation of the 10 kHz therapy, which provides pain relief without the tingling sensation (paresthesia) associated with traditional SCS, was revolutionary. This innovation was the foundation of their market differentiation and growth. The pivotal SENZA-RCT study, completed in March 2014, was the first prospective randomized controlled pivotal study in SCS history, providing the clinical evidence needed for subsequent FDA approval.

The second, and most recent, transformative moment was the acquisition by Globus Medical. Announced on February 6, 2025, and completed on April 3, 2025, the all-cash transaction was valued at approximately $250 million, or $5.85 per share.

• The acquisition unlocked a potential $2.5 billion market opportunity for the combined entity in the musculoskeletal and neuromodulation space.
• This move integrated Nevro's high-frequency technology into a larger, more diversified musculoskeletal technology company.
• The pending acquisition meant that Nevro Corp. did not issue full-year 2025 financial guidance.

This strategic exit positions Nevro's technology to accelerate market penetration under a new umbrella, a clear action for maximizing shareholder value after years of R&D investment. If you want to dive deeper into the financial mechanics of this transition, you should check out Breaking Down Nevro Corp. (NVRO) Financial Health: Key Insights for Investors.

Nevro Corp. (NVRO) Ownership Structure

Nevro Corp. is no longer a publicly traded company; it is a wholly owned subsidiary of Globus Medical, Inc. (NYSE: GMED) following a definitive all-cash merger agreement completed on April 3, 2025. This means 100% of Nevro's equity is now held by the parent company, Globus Medical, fundamentally changing its governance and stakeholder interests.

Nevro Corp.'s Current Status

The company transitioned from being a publicly-listed entity on the New York Stock Exchange (NYSE: NVRO) to a private subsidiary of Globus Medical in the first half of the 2025 fiscal year. The acquisition was valued at an approximate total equity of $250 million, with Nevro stockholders receiving $5.85 in cash for each outstanding share. This strategic move by Globus Medical was intended to integrate Nevro's differentiated high-frequency spinal cord stimulation (SCS) technology, unlocking an estimated $2.5 billion market opportunity in the musculoskeletal space. The integration is defintely ahead of plan, with the Nevro unit achieving an estimated EBITDA margin of 16% and sales approximately $35 million higher than initial estimates for year-end 2025.

If you're looking to understand the financial mechanics that made Nevro an attractive acquisition target, you should check out Breaking Down Nevro Corp. (NVRO) Financial Health: Key Insights for Investors.

Nevro Corp.'s Ownership Breakdown

As of November 2025, Nevro Corp. is entirely owned by Globus Medical. To appreciate the shift, consider the structure just prior to the April 2025 acquisition, where public shareholders held the equity. Here's the quick math on the current and former structure:

Nevro Corp.'s Leadership

Upon the completion of the merger, the entire Nevro Corp. Board of Directors resigned, and the company's governance was absorbed into the Globus Medical structure. The strategic direction and operational oversight for the Nevro business unit now fall under the executive leadership of the parent company, which is a common post-acquisition reality.

The key executives at Globus Medical steering the combined entity's strategy as of November 2025 are:

• Keith Pfeil: President and Chief Executive Officer of Globus Medical, appointed in July 2025.
• Kyle Kline: Senior Vice President and Chief Financial Officer of Globus Medical, appointed in July 2025.
• The Nevro unit's success is now a direct reflection of the parent company's ability to execute its integration plan, which has been successful so far.

This means decisions for the former Nevro product lines (like the HFX™ platform) are now made within the broader context of Globus Medical's musculoskeletal technology portfolio.

Nevro Corp. (NVRO) Mission and Values

Nevro Corp.'s core purpose transcends device sales; it is about delivering comprehensive, life-changing solutions that set a new standard for enduring patient outcomes in chronic pain treatment. This mission, now integrated with Globus Medical post-acquisition, guides their innovation in neuromodulation and patient care.

Nevro Corp.'s Core Purpose

As a global medical device company, Nevro was founded on a simple, yet profound, idea: help more patients suffering from debilitating pain find lasting relief. Their focus is on chronic pain of the trunk and limb, plus painful diabetic neuropathy, which is a massive, underserved market.

Official mission statement

The company's mission is centered on being a leader in chronic pain treatment by consistently providing comprehensive, life-changing solutions. This is defintely a high bar to set, but their proprietary 10 kHz Therapy, which has impacted over 115,000 patients globally, shows they are executing.

• Deliver comprehensive, life-changing solutions for chronic pain treatment.
• Set the standard for enduring patient outcomes in neuromodulation.
• Help more patients suffering from debilitating pain achieve lasting relief.

Vision statement

Nevro's vision is less a formal sentence and more a commitment to market disruption and patient-centric care, especially as they integrate with Globus Medical. The goal is to accelerate market penetration of their high-frequency technology and 'free patients from the burden of chronic pain.'

• Be the most comprehensive spinal cord stimulation (SCS) solution provider.
• Push the boundaries of digital healthcare with AI-driven technology like HFX iQ™ with HFX AdaptivAI™.
• Transform the standard of care in the neuromodulation space and beyond.

Here's the quick math: the acquisition by Globus Medical for approximately $250 million, which closed in April 2025, underscores the perceived strategic value of Nevro's platform and its future growth potential in this space.

Nevro Corp. slogan/tagline

The company's messaging is direct and focuses on the ultimate result for the patient and provider.

• The Chronic Pain Solution.
• Freeing patients from the burden of chronic pain.

Their cultural DNA is built on a few key values that drive this mission, including challenging conventional wisdom-which is exactly what their 10 kHz, paresthesia-free therapy did to the traditional SCS market. They also emphasize acting with integrity, seeking to better patient care in all decisions, and operating as 'One Team' through cross-functional collaboration. You can see how these values translate into the market by Exploring Nevro Corp. (NVRO) Investor Profile: Who's Buying and Why?

Nevro Corp. (NVRO) How It Works

Nevro Corp., now a key business unit within Globus Medical following the April 2025 acquisition, delivers value by developing and commercializing advanced neurostimulation and minimally invasive orthopedic devices for chronic pain management. The company's core technology, the proprietary 10 kHz Therapy, provides superior, paresthesia-free pain relief, generating revenue through the sale of implantable pulse generators and related system components to hospitals and pain specialists globally.

Given Company's Product/Service Portfolio

Given Company's Operational Framework

The Nevro unit's operational framework is built on a specialized medical device model, now integrated into Globus Medical's larger musculoskeletal technology platform, which is projected to have 2025 net sales between $2.80 billion and $2.90 billion.

• R&D and Clinical Evidence: Continuously invests in clinical trials to expand indications, like the successful data showing 10 kHz SCS therapy's benefits for painful diabetic neuropathy (PDN) and Type 2 diabetes patients, driving new market access.
• Manufacturing and Supply Chain: Value creation is enhanced by streamlining operations, including shifting manufacturing to the Costa Rica facility, which is expected to improve gross margins for the product lines.
• Sales and Distribution: Utilizes a direct sales force in the U.S. and a mix of agents and distributors internationally to drive adoption of the high-frequency SCS technology.
• Revenue Model: Primary revenue comes from the sale of implantable SCS systems, including the implantable pulse generators (IPGs) and leads, with a focus on both initial procedures and replacement procedures. The last reported standalone worldwide revenue for the Nevro business was $408.5 million for the full-year 2024.

The integration with Globus Medical is designed to accelerate market penetration and optimize financial performance. Mission Statement, Vision, & Core Values of Nevro Corp. (NVRO).

Given Company's Strategic Advantages

Nevro's competitive edge comes from its differentiated technology and the strategic benefits of being part of a larger, diversified medical device company. Honestly, being acquired by Globus Medical for approximately $250 million was a major inflection point in 2025.

• Proprietary 10 kHz Therapy: This technology is the cornerstone, offering superior pain relief without paresthesia (a tingling sensation common with traditional low-frequency SCS), which is a defintely strong patient-centric differentiator.
• AI-Powered Personalization: The HFX iQ™ system with HFX AdaptivAI™ allows for personalized, responsive pain management, moving the technology beyond fixed settings and into intelligent neuromodulation.
• Expanded Market Opportunity: The acquisition by Globus Medical unlocks a larger musculoskeletal market opportunity, estimated at $2.5 billion, by combining Nevro's neurostimulation leadership with Globus Medical's expertise in spine and orthopedic trauma.
• Strong Clinical Data: A robust evidence base, including data for the treatment of painful diabetic neuropathy (PDN), supports premium pricing and drives physician adoption, positioning the device for chronic disease management beyond just pain.

Here's the quick math: Nevro's high-margin technology, combined with Globus Medical's scale and operational discipline, is expected to make the Nevro business accretive to Globus Medical's earnings in the second year post-acquisition.

Nevro Corp. (NVRO) How It Makes Money

Nevro Corp. primarily generates revenue through the sale of its high-frequency spinal cord stimulation (SCS) systems, specifically the HFX platform, which treats chronic pain without the tingling sensation (paresthesia) common in older technologies. The company operates on a razor/razor-blade model where the initial sale of the implantable pulse generator (IPG) and leads is the major revenue driver, followed by replacement procedures for the rechargeable devices over time.

Nevro Corp.'s Revenue Breakdown

As of early 2025, just prior to its acquisition by Globus Medical, Nevro Corp.'s revenue was heavily concentrated in the U.S. market. The company's latest full-year financial data from 2024 provides the clearest picture of its revenue split, which was experiencing a slight contraction due to market competition and execution challenges. Worldwide revenue for full-year 2024 was $408.5 million.

Here's the quick math: U.S. revenue of $353.1 million made up the vast majority of sales, while International revenue was $55.4 million. Both segments showed a decreasing trend year-over-year in 2024, with worldwide revenue declining by 3.9%. The company was defintely banking on the 2025 launch of its HFX iQ™ system in Europe and the new sacroiliac (SI) joint fusion product from the Vyrsa acquisition to reverse this trend.

Business Economics

The core economics of Nevro Corp.'s business model are defined by high upfront product cost, a strong gross margin, and substantial ongoing investment in research, development, and commercialization. The high cost of the implantable medical device leads to a significant gross profit, but this is then largely consumed by operating expenses, a common profile for medical device innovators.

• High Gross Margin: The full-year 2024 gross margin was a solid 66.0%, though this was a drop from the prior year's 68.2%. This margin reflects the premium pricing of its proprietary 10 kHz high-frequency therapy.
• Cost of Goods Sold (COGS) Advantage: The company's manufacturing shift to its Costa Rica facility was a strategic move to lower labor and material costs, which was expected to expand gross margins over time.
• Pricing Power: Nevro Corp. holds pricing power due to its differentiated, evidence-based therapy, which has demonstrated superior outcomes in clinical trials compared to traditional SCS. The HFX iQ system, with its artificial intelligence (AI)-driven platform, further justifies a premium price point in the highly competitive neuromodulation market.
• New Market Entry: The late 2023 acquisition of Vyrsa Technologies, focused on SI joint fusion, was a planned diversification into the orthopedic space, targeting a U.S. market valued at approximately $2 billion. This move was an attempt to add a second, non-neuromodulation revenue stream.

Nevro Corp.'s Financial Performance

The independent Nevro Corp.'s financial story in 2025 is a tale of strategic transition culminating in an acquisition. The company's last reported full-year financials showed a company still in a growth-investment phase, not yet reaching sustainable net profitability.

• Revenue Trend: The last estimated quarterly revenue for Q1 2025 was approximately $90.5 million. This is a crucial near-term number to consider.
• Profitability: For the full year 2024, the company reported a Net Loss from operations of $126.2 million, which was a significant increase from the $99.3 million loss in 2023. This net loss highlights the high operating expenses (Sales, General & Administrative, and R&D) required to compete in the medical device sector.
• Adjusted EBITDA: The Adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for full-year 2024 was a loss of $13.6 million, an improvement from the $17.7 million loss in 2023, showing some progress on operational efficiency.
• Liquidity: The balance sheet remained relatively strong, with cash, cash equivalents, and short-term investments totaling $292.5 million as of December 31, 2024. This liquidity was a key factor in its ability to navigate market challenges and ultimately, its acquisition by Globus Medical in April 2025.

For a deeper dive into the foundational principles driving these financial decisions, you can read the Mission Statement, Vision, & Core Values of Nevro Corp. (NVRO).

Nevro Corp. (NVRO) Market Position & Future Outlook

Nevro Corp.'s future trajectory is defined by its April 3, 2025, acquisition by Globus Medical for approximately $250 million, transitioning its high-frequency Spinal Cord Stimulation (SCS) platform from a standalone challenger into a key growth engine within a larger musculoskeletal technology portfolio. This move immediately expands Globus Medical's total addressable market by unlocking a $2.5 billion opportunity in the chronic pain space, positioning Nevro's technology for accelerated market penetration through a much larger sales and distribution network.

Competitive Landscape

The global Spinal Cord Stimulation (SCS) market is estimated at approximately $3.38 billion in 2025, with the landscape dominated by three major players. Nevro, now operating as a platform under Globus Medical, holds a smaller but technologically differentiated share, anchored by its proprietary 10 kHz Therapy. The table below reflects the approximate market positioning as of the 2025 fiscal year, based on industry estimates and known company revenues.

Nevro's core competitive advantage is its 10 kHz Therapy, which delivers pain relief without the tingling sensation (paresthesia) common in traditional SCS systems, plus the HFX iQ system, the first and only SCS system with artificial intelligence technology.

Opportunities & Challenges

The integration into Globus Medical creates a clear set of near-term opportunities and risks. The goal is to leverage Nevro's innovative technology with Globus's scale, but execution risk is defintely present in any large merger.

Industry Position

As of November 2025, Nevro's HFX platform holds a strong, differentiated position in the high-growth neuromodulation segment of the medical device industry, now fortified by Globus Medical's resources. The global SCS market is projected to grow at a Compound Annual Growth Rate (CAGR) of 7.88% through 2033, driven by the shift away from opioid reliance and technological advancements like AI-enabled systems.

• Technology Leader: Nevro's 10 kHz Therapy is a high-growth segment, projected to advance at a 10.7% CAGR over 2025-2030, outpacing the overall market.
• Financial Scale: The acquisition is immediately accretive to Globus Medical's top line, contributing to an expected 2025 net sales range of $2.80 billion to $2.90 billion.
• Market Differentiation: The combination of paresthesia-free high-frequency therapy and the personalized, data-driven HFX iQ system provides a strong clinical defense against competitors' closed-loop and multi-waveform devices.

To understand the full financial context of this strategic shift, you should read Breaking Down Nevro Corp. (NVRO) Financial Health: Key Insights for Investors.