CVRx Reports Fourth Quarter and Full Year 2024 Financial and Operating Results
Rhea-AI Summary
CVRx reported strong financial results for Q4 and full year 2024. Q4 revenue reached $15.3 million, up 36% year-over-year, driven by a 41% increase in U.S. Heart Failure revenue to $14.3 million. Full-year 2024 revenue was $51.3 million, showing 31% growth from 2023.
Active implanting centers increased 25% to 223, and U.S. sales territories expanded to 48. Despite revenue growth, the company reported a Q4 net loss of $10.7 million ($0.43 per share) and a full-year net loss of $60.0 million ($2.65 per share). The company raised $33.8 million through share offerings in 2024.
Looking ahead to 2025, CVRx projects total revenue between $63.0-65.0 million, with gross margins of 83-84%. Q1 2025 revenue is expected between $14.5-15.0 million.
Positive
- Q4 revenue increased 36% YoY to $15.3 million
- U.S. Heart Failure revenue grew 41% YoY to $14.3 million
- Full-year revenue up 31% to $51.3 million
- Active implanting centers increased 25% to 223
- U.S. sales territories expanded from 38 to 48
Negative
- Q4 net loss increased to $10.7 million from $9.2 million YoY
- Full-year net loss widened to $60.0 million from $41.2 million
- Gross margin decreased to 83% from 85% in Q4
- European revenue units decreased to 41 from 52 in Q4
- SG&A expenses increased 42% to $91.3 million for full-year
News Market Reaction 1 Alert
On the day this news was published, CVRX declined 7.20%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
MINNEAPOLIS, Feb. 04, 2025 (GLOBE NEWSWIRE) -- CVRx, Inc. ("CVRx"), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases, today announced its financial and operating results for the fourth quarter and full year of 2024.
Recent Highlights
- Total revenue for the fourth quarter of 2024 was
$15.3 million , an increase of36% over the prior year quarter - U.S. Heart Failure (HF) revenue for the fourth quarter of 2024 was
$14.3 million , an increase of41% over the prior year quarter - Total revenue for 2024 was
$51.3 million , an increase of31% over the prior year - Active implanting centers for 2024 increased to 223, a
25% increase since December 31, 2023
"We capped off a very strong 2024 with a solid fourth quarter, which included
Fourth Quarter 2024 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of December 31, 2024, the Company had a total of 223 active implanting centers, as compared to 208 as of September 30, 2024. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months. The number of sales territories in the U.S. increased by three to a total of 48 during the three months ended December 31, 2024.
Revenue generated in Europe was
Gross profit was
R&D expenses increased
SG&A expenses increased
Interest expense increased
Other income, net was
Net loss was
For the three months ended December 31, 2024, the Company issued 869,059 shares of common stock for gross proceeds of
Full Year 2024 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of December 31, 2024, the Company had a total of 223 active implanting centers, as compared to 178 as of December 31, 2023. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months. As of December 31, 2024, we had 48 sales territories in the U.S. as compared to 38 sales territories as of December 31, 2023.
Revenue generated in Europe was
Gross profit was
R&D expenses decreased
SG&A expenses increased
Interest expense increased
Other income, net was
Net loss was
For the year ended December 31, 2024, the Company issued 3,251,198 shares of common stock for gross proceeds of
As of December 31, 2024, cash and cash equivalents were
Business Outlook
For the full year of 2025, the Company continues to expect:
- Total revenue between
$63.0 million and$65.0 million ; - Gross margin between
83% and84% ; and - Operating expenses between
$100.0 million and$104.0 million .
For the first quarter of 2025, the Company expects to report total revenue between
Webcast and Conference Call Information
The Company will host a conference call to review its results at 4:30 p.m. Eastern Time today. A live webcast of the investor conference call will be available online at the investor relations page of the Company’s website at ir.cvrx.com. To listen to the conference call on your telephone, please dial 1-877-704-4453 for U.S. callers, or 1-201-389-0920 for international callers, approximately ten minutes prior to the start time.
About CVRx, Inc.
CVRx is focused on the development and commercialization of the Barostim™ System, the first medical technology approved by FDA that uses neuromodulation to improve the symptoms of heart failure. Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. Baroreceptors activate the body's baroreflex, which in turn triggers an autonomic response to the heart. The therapy is designed to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the U.S. It has also received the CE Mark for heart failure and resistant hypertension in the European Economic Area. To learn more about Barostim, visit www.cvrx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding our future financial performance (including our financial guidance regarding full year and first quarter 2025 results), our anticipated growth strategies, anticipated trends in our industry, our business prospects and our opportunities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “outlook,” “guidance,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single product, Barostim; our limited commercial sales experience marketing and selling Barostim; our ability to demonstrate to physicians and patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim; our competitors’ success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise more attractive than Barostim; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide; product liability claims; future lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and ultimately unsuccessful; any failure to retain our key executives or recruit and hire new employees; impacts on adoption and regulatory approvals resulting from additional long-term clinical data about our product; and other important factors that could cause actual results, performance or achievements to differ materially from those that are found in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 2024, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Investor Contact:
Mark Klausner or Mike Vallie
ICR Healthcare
443-213-0501
ir@cvrx.com
Media Contact:
Emily Meyers
CVRx, Inc.
651-338-6204
emeyers@cvrx.com
| CVRx, INC. Consolidated Balance Sheets (In thousands, except share and per share data) | ||||||||
| December 31, | December 31, | |||||||
| 2024 | 2023 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 105,933 | $ | 90,569 | ||||
| Accounts receivable, net of allowances of | 9,268 | 7,551 | ||||||
| Inventory | 12,107 | 10,983 | ||||||
| Prepaid expenses and other current assets | 2,505 | 2,987 | ||||||
| Total current assets | 129,813 | 112,090 | ||||||
| Property and equipment, net | 2,505 | 1,763 | ||||||
| Operating lease right-of-use asset | 1,069 | 1,349 | ||||||
| Other non-current assets | 27 | 27 | ||||||
| Total assets | $ | 133,414 | $ | 115,229 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,582 | $ | 1,884 | ||||
| Accrued expenses | 8,180 | 5,980 | ||||||
| Total current liabilities | 10,762 | 7,864 | ||||||
| Long-term debt | 49,273 | 29,222 | ||||||
| Operating lease liability, non-current portion | 877 | 1,160 | ||||||
| Other long-term liabilities | 1,447 | 1,036 | ||||||
| Total liabilities | 62,359 | 39,282 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, | 253 | 209 | ||||||
| Additional paid-in capital | 608,354 | 553,326 | ||||||
| Accumulated deficit | (537,346 | ) | (477,381 | ) | ||||
| Accumulated other comprehensive loss | (206 | ) | (207 | ) | ||||
| Total stockholders’ equity | 71,055 | 75,947 | ||||||
| Total liabilities and stockholders’ equity | $ | 133,414 | $ | 115,229 | ||||
| CVRx, INC. Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) | ||||||||||||||||
| Three months ended | Year ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||||||
| Revenue | $ | 15,342 | $ | 11,305 | $ | 51,292 | $ | 39,295 | ||||||||
| Cost of goods sold | 2,571 | 1,720 | 8,334 | 6,256 | ||||||||||||
| Gross profit | 12,771 | 9,585 | 42,958 | 33,039 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 2,805 | 2,241 | 11,131 | 11,633 | ||||||||||||
| Selling, general and administrative | 20,240 | 17,005 | 91,317 | 64,509 | ||||||||||||
| Total operating expenses | 23,045 | 19,246 | 102,448 | 76,142 | ||||||||||||
| Loss from operations | (10,274 | ) | (9,661 | ) | (59,490 | ) | (43,103 | ) | ||||||||
| Interest expense | (1,520 | ) | (579 | ) | (4,397 | ) | (1,799 | ) | ||||||||
| Other income, net | 1,072 | 1,116 | 3,977 | 3,850 | ||||||||||||
| Loss before income taxes | (10,722 | ) | (9,124 | ) | (59,910 | ) | (41,052 | ) | ||||||||
| Provision for income taxes | 71 | (39 | ) | (55 | ) | (147 | ) | |||||||||
| Net loss | (10,651 | ) | (9,163 | ) | (59,965 | ) | (41,199 | ) | ||||||||
| Cumulative translation adjustment | 2 | 1 | 1 | — | ||||||||||||
| Comprehensive loss | $ | (10,649 | ) | $ | (9,162 | ) | $ | (59,964 | ) | $ | (41,199 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.43 | ) | $ | (0.44 | ) | $ | (2.65 | ) | $ | (1.99 | ) | ||||
| Weighted-average common shares used to compute net loss per share, basic and diluted | 24,715,681 | 20,826,634 | 22,596,229 | 20,754,375 | ||||||||||||
FAQ
What was CVRx's revenue growth in Q4 2024?
How many active implanting centers does CVRX have as of December 2024?
What is CVRX's revenue guidance for 2025?
How much capital did CVRX raise through its at-the-market offering in 2024?
What was CVRX's net loss per share for full-year 2024?
