Nevro Corporation has announced that it has acquired Vyrsa Technologies—a privately held medical technology company focused on a minimally invasive treatment option for patients suffering from chronic sacroiliac (SI) joint pain.
Under the terms of the transaction, which signed and closed on 30 November 2023, Nevro paid US$40 million at closing, and agreed to pay up to an additional US$35 million in cash or stock tied to achievement of certain development and sales milestones, as per a company press release.
The US SI joint fusion market is valued at over US$2 billion and is expected to grow by double digits over the next several years. And, as Nevro’s release also states, Vyrsa—established in 2021—is the only SI joint company that manufactures and supports a complete portfolio of US Food and Drug Administration (FDA)-cleared, state-of-the-art SI joint fusion devices.
“Vyrsa’s comprehensive product suite allows physicians to tailor therapy to specific patient needs,” said Nevro chief medical officer David Caraway. “Their innovative implants provide optimal stability and enhance the opportunity for the SI joint to fuse, providing relief to patients suffering from chronic SI joint pain.”
The Vyrsa portfolio of SI joint devices allows physician utilisation of the established SI joint fusion Category I CPT codes at all approved sites of service for SI joint fusion procedures in the USA, Nevro further claims.
“The acquisition of Vyrsa leverages Nevro’s ability to drive long-term shareholder value by accelerating our key strategic initiatives of commercial execution, market penetration, and profit progress,” added Nevro chief executive officer Kevin Thornal. “Vyrsa offers differentiated implants to our current call point of physicians that will help drive growth. We are ecstatic to be able to bring long-term pain relief to the 15–30% of people suffering with chronic low back pain associated with the SI joint.”
Vyrsa is projected to be accretive to Nevro in 2024 for both revenue, and adjusted earnings before interest, taxes, depreciation and amortisation (AEBITDA), the release adds.
