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CVRx, Inc. (NASDAQ: CVRX) is a commercial-stage medical device company headquartered in Minneapolis, Minnesota. The company specializes in developing, manufacturing, and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases. Its flagship product, Barostim, leverages proprietary technology to treat high blood pressure and heart failure by utilizing the body's natural blood flow regulation system.
Barostim is an implantable device that delivers electrical pulses to the baroreceptors located in the wall of the carotid artery. These pulses activate the baroreflex, which in turn restores balance to the autonomic nervous system, reducing heart failure symptoms. Barostim is FDA-approved for heart failure patients in the U.S. and has also received the CE Mark for heart failure and resistant hypertension in the European Economic Area. The device can be tailored to meet individual patient therapy needs.
The majority of CVRx's revenue is generated from the U.S. market. The company has seen significant growth, particularly in its U.S. heart failure business, which recorded nearly 120% revenue growth compared to the previous year. As of June 30, 2023, CVRx operates with 140 active implanting centers in the U.S., up from 122 as of March 31, 2023. The company's revenue for the second quarter of 2023 was $9.5 million, marking an 89% increase over the same period in 2022.
CVRx continues to expand its reach with a growing number of implanting centers and sales territories. In Europe, the company generated $1.2 million in revenue for the second quarter of 2023, a 10% increase over the previous year. Despite facing competition, CVRx remains focused on establishing and maintaining strong sales and marketing capabilities to promote the merits of Barostim.
In recent news, CVRx announced the reassignment of Barostim to a higher-paying code by the Centers for Medicare & Medicaid Services (CMS), which will facilitate increased access to the therapy by offering hospitals sufficient reimbursement. The company also reported preliminary unaudited revenue results for the fourth quarter and full year of 2023, showing continued growth. Total revenue for the fourth quarter of 2023 is expected to be between $11.2 million and $11.3 million, representing a 56-58% increase over the fourth quarter of 2022.
As CVRx looks toward the future, the company is optimistic about further expanding the adoption of Barostim. A strong foundation, exceptional leadership, and consistent execution of its strategy position CVRx well for future commercial growth. The company is actively seeking a successor for its retiring CEO, Nadim Yared, ensuring a seamless transition and continued focus on improving patients' lives.
CVRx, Inc. (NASDAQ: CVRX), a commercial-stage medical device company, has announced its plans to release second quarter 2024 financial and operating results after market close on Monday, July 29th, 2024. The company, which focuses on developing and commercializing Barostim™, an innovative extravascular implantable neuromodulation device for cardiovascular diseases, will host a conference call to review its results at 4:30pm Eastern Time on the same day.
Investors and interested parties can access the live webcast of the conference call on the investor relations page of CVRx's website at ir.cvrx.com. For those preferring to listen via telephone, the call-in numbers are 1-877-704-4453 for U.S. callers and 1-201-389-0920 for international callers. It is recommended to dial in approximately ten minutes prior to the start time.
CVRx has appointed Robert John as Chief Revenue Officer, effective June 27. John will lead the US sales team to maximize the impact of Barostim therapy on heart failure patients and establish it as the standard of care in the US. Robert John brings over 25 years of experience in the medical device industry, having previously held significant leadership roles at Abbott and St. Jude Medical. His latest role was Divisional Vice President and General Manager of Cardiac Rhythm Management EMEA at Abbott. John's extensive expertise in building high-performing sales teams and launching heart failure therapies is expected to accelerate CVRx's commercial momentum. John is excited to contribute to CVRx's mission and expand the reach of Barostim therapy.
CVRx, a commercial-stage medical device company, announced that its management team will present at the William Blair 44th Annual Growth Stock Conference on June 5, 2024. The presentation is scheduled for 8:40am Central Time and will be available via live audio webcast on the company's investor relations page.
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.
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