CVRx Reports Strong Revenue Growth in Q3 2024
Company Announcements

CVRx Reports Strong Revenue Growth in Q3 2024

Cvrx, Inc. ( (CVRX) ) has realeased its Q3 earnings. Here is a breakdown of the information Cvrx, Inc. presented to its investors.

CVRx, Inc. is a commercial-stage medical device company that specializes in neuromodulation solutions for cardiovascular diseases, with its flagship product Barostim designed to improve heart failure symptoms. The company has reported a strong performance in the third quarter of 2024 with significant revenue growth driven by the adoption of its Barostim therapy. Total revenue for the quarter reached $13.4 million, marking a 27% increase compared to the same period last year.

A notable highlight from CVRx’s report is the 30% revenue growth in the U.S. heart failure segment, underscoring the expanding presence of Barostim in the market. With 208 active implanting centers in the U.S., a 31% increase from the previous year, the company is well-positioned to capitalize on growing demand. Additionally, the reassignment of Barostim to a higher-paying Medicare category and the approval of new procedural codes by the American Medical Association are expected to boost future earnings.

Despite the positive revenue trajectory, CVRx reported a net loss of $13.1 million for the quarter, an increase from the previous year’s $9.0 million. The loss is attributed to higher operating expenses, particularly in selling, general, and administrative costs, which rose by 38% due to increased compensation and advertising. The company’s gross profit improved by 26% to $11.1 million, maintaining a strong gross margin of 83%.

Looking ahead, CVRx remains optimistic about its growth prospects. The company expects its full-year 2024 revenue to be in the range of $50.5 million to $51.5 million, driven by the continued adoption of Barostim. As they focus on enhancing patient access, education, and awareness, CVRx is poised to strengthen its market position in the cardiovascular sector.

Related Articles
TheFlyCVRx price target raised to $20 from $15 at Craig-Hallum
TheFlyCVRx price target raised to $19 from $15 at Lake Street
TheFlyCVRx announces outpatient payment for Barostim procedure in 2025
Looking for investment ideas? Subscribe to our Smart Investor newsletter for weekly expert stock picks!
Get real-time notifications on news & analysis, curated for your stock watchlist. Download the TipRanks app today! Get the App