Nevro is a medical device company focused on treating chronic pain. Its core product is the Senza spinal cord stimulation (SCS) system, which uses its proprietary 10 kHz Therapy to deliver paresthesia-free pain relief to patients suffering from chronic back and leg pain, non-surgical refractory back pain, and painful diabetic neuropathy. The system works by implanting a small pulse generator under the skin, which sends electrical impulses to the spinal cord through leads placed near the spine. Unlike traditional SCS, which relies on tingling sensations to mask pain and requires complex physician mapping, Nevro's 10 kHz Therapy uses consistent anatomical lead placement, simplifying the procedure. Nevro sells SCS systems — including pulse generators, leads, and trial stimulators — primarily to U.S. hospitals and outpatient surgery centers, which bill Medicare, Medicaid, and private insurers for the procedure. The U.S. represents roughly 85% of total revenue. Nevro's latest platform, HFX AdaptivAI, uses AI to remotely auto-optimize therapy, reducing the need for in-person reprogramming visits and lowering clinical support costs. A growing revenue stream comes from IPG replacements, as devices implanted from 2015 onward approach end-of-battery life. In late 2023, Nevro acquired Vyrsa Technologies to enter the SI joint fusion market, offering three devices with the posterior-approach Nevro1 as the flagship. Nevro is also building a manufacturing facility in Costa Rica, which management expects will expand gross margins to the mid-70% range over time.