Shares of health technology company Nevro (NVRO) - Get Report soared on Wednesday after the company announced it hired a new CEO.

In a statement, Nevro said that it has appointed Keith Grossman as president and CEO, succeeding Rami Elghandour. Grossman was previously president and CEO of Thoratec, another medical device manufacturer, leading up to its 2015 sale to St. Jude Medical. St. Jude Medical is now owned by Abbott Laboratories.

The Redwood, Calif.-based company also named two new independent directors: Elizabeth Weatherman and Kevin O'Boyle.

Nevro said it has it has suspended revenue guidance until Grossman familiarizes himself with the business and financials.

Shares of Nevro surged more than 34%, rising $15 to $59.77 on the Nasdaq Stock Exchange.

The news follows the company's announcement last week of a fourth-quarter loss and slightly lower guidance.

Nevro last week reported an adjusted per-share loss of 32 cents, wider than the consensus estimate of a loss of 17 cents. For 2019, Nevro said it expects revenue of $400 million to $410 million, the midpoint of analysts' expectations of sales of $405 million.

Nevro manufactures and distributes products that assist in alleviating chronic pain, such as its Senza spinal cord stimulation (SCS) system, which helps reduce back pain without drugs or surgery.

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