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CVRx, a commercial-stage medical device company, announced the addition of three key executives to its senior leadership team. Dr. Philip B. Adamson will join as Chief Medical Officer, Bonnie Handke as Senior Vice President of Patient Access, Reimbursement, and Healthcare Economics, and Jennifer E. Englund as Senior Vice President of Global Clinical Affairs. These new roles aim to drive the adoption of CVRx's Barostim™ therapy and expand patient access. Dr. Adamson brings nearly three decades of experience in heart failure from Abbott Laboratories, Bonnie Handke comes with extensive experience from Medtronic, and Jennifer Englund has a strong background in leading clinical strategies in the medical device industry. The new hires will focus on making Barostim therapy a standard of care for heart failure patients.
CVRx reported solid financial and operating results for the first quarter of 2024, with total revenue reaching $10.8 million, a 35% increase over the prior year. U.S. Heart Failure revenue grew by 43%, active implanting centers in the U.S. increased by 56%, and gross profit rose by 38%. However, there was a significant increase in SG&A expenses, leading to a net loss of $22.2 million. The company's CEO is addressing commercial execution challenges to scale the business effectively.