Nevro Corp. (NVRO - Free Report) recently announced that it has received CE mark approval for the Senza Omnia Spinal Cord Stimulation (SCS) system. This is a next-generation SCS system, which has been created and developed in close consultation with customers to offer a comprehensive solution to manage chronic pain. This approval is likely to aid Nevro in strengthening its already solid international presence.
Notably, Senza — Nevro’s flagship platform — has been developed and commercialized for the treatment of chronic pain. The system delivers paresthesia-free HF10 therapy, a superior one over traditional low-frequency spinal cord stimulation for the treatment of chronic back and leg pain.
Significance of the Approval
The approval comes after a successful launch in the United States in late 2019 and Nevro is excited about introducing Omnia to physicians across Europe once the conditions in the marketplace improve.
While the versatility of Omnia will enable patients to have access to a full range of SCS solutions, physicians will be able to achieve the best possible outcomes for their patients when they implant the system.
Notably, Omnia provides Nevro’s proprietary HF10 therapy in addition to the other available frequencies between 2-10,000 Hz..
Senza Omnia gained traction during first-quarter 2020. Omnia, which is the only SCS platform that can offer high frequency, plus lower frequencies and paired waveforms, received an earlier-than-expected approval in Australia during the first quarter.
Per a report by Market Data Forecast, the global SCS market was worth $1.87 billion in 2019 and is anticipated to reach $2.83 billion by the end of 2024, witnessing a CAGR of 8.6% during the 2019-2024 period.
Continued increase in number of patients affected with chronic pain and neuropathic pain in arms, foot, and legs due to injuries and trauma after going through the spinal surgeries is a key catalyst driving this market. Other factors include growing adoption of technologically advanced SCS devices and increasing adoption rate of SCS due to non-invasive nature, effective reduction of targeted pains and minimal or no side effects.
Hence, the approval is a well-timed one for Nevro.
Shares of this Zacks Rank #3 (Hold) stock gained 95.9% in a year’s time, outperforming the industry’s growth of 8%.
Some better-ranked stocks from the broader medical space include Aphria Inc. (APHA - Free Report) , HMS Holdings Corp. (HMSY - Free Report) and West Pharmaceutical Services, Inc. (WST - Free Report) , each currently carrying a Zacks Rank #2 (Buy).You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Aphria has an estimated long-term earnings growth rate of 24.6%.
HMS Holdings has an estimated long-term earnings growth rate of 11%.
West Pharmaceutical has a projected long-term earnings growth rate of 9.2%.
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