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CVRx, Inc. develops, manufactures and commercializes neuromodulation medical devices for cardiovascular disease. Its Barostim therapy is an implantable system that delivers electrical pulses to carotid baroreceptors to rebalance autonomic nervous system signaling and improve symptoms in heart failure patients.
Company updates commonly cover Barostim commercialization in the United States and Europe, FDA approval and Breakthrough Device history, CE Mark status for heart failure and resistant hypertension in the European Economic Area, clinical data from heart failure studies, reimbursement and coding developments, quarterly operating results, financing activity and board governance matters.
CVRx reported preliminary fourth quarter 2021 revenues of approximately $3.6 million to $3.7 million, a 71% to 77% increase from Q4 2020. Full year 2021 revenue is projected at $13.0 million to $13.1 million, reflecting a 113% to 116% growth from 2020. The company had 46 active implanting centers and reported cash and equivalents of $142 million. For 2022, CVRx anticipates total revenue between $20 million and $23 million with operating expenses of $55 million to $61 million. Despite challenges in Europe, the U.S. heart failure sector shows resilience.
CVRx, a medical device company specializing in neuromodulation solutions for cardiovascular diseases, will present at the 40th Annual J.P. Morgan Healthcare Conference on January 11, 2022, at 3:45 pm ET. The presentation will be available via a live audio webcast on the company’s investor relations page, with a replay accessible for 90 days. CVRx is known for its FDA-approved Barostim device that alleviates symptoms of heart failure through electrical pulses to baroreceptors, receiving both FDA Breakthrough Device designation and CE Mark approval.
CVRx, a medical device company specializing in innovative neuromodulation solutions for cardiovascular diseases, will participate in the Piper Sandler 33rd Annual Virtual Healthcare Conference. The management team's pre-recorded fireside chat is scheduled for November 22, 2021, at 10:00 a.m. ET, accessible via their investor relations page at ir.cvrx.com.
CVRx is known for Barostim™, the first FDA-approved device using neuromodulation to alleviate heart failure symptoms, receiving both the FDA Breakthrough Device designation and CE Mark for its effectiveness.
CVRx reported Q3 2021 revenue of $3.4 million, a notable 241% increase year-over-year. U.S. heart failure revenue surged to $2.5 million from $0.1 million in the prior year. The company successfully closed its IPO in July 2021, raising net proceeds of approximately $133.2 million, and has since fully repaid a $20 million loan. The outlook for 2021 remains positive, with projected revenue between $13.3 million and $13.9 million. Additionally, CVRx filed three PMA Supplement applications with the FDA to enhance its Barostim platform.
CVRx, a medical device company, will release its third quarter financial results on November 4, 2021, after market close. A conference call to discuss these results is scheduled for 5:30 p.m. Eastern Time the same day. U.S. callers can dial (833) 730-3980, while international callers should use +1 (720) 405-2140, referencing conference code 6038756. CVRx is known for developing Barostim™, an FDA-approved neuromodulation device that helps heart failure patients by restoring balance to the autonomic nervous system.
CVRx, a commercial-stage medical device company, announced its inclusion in the Russell 2000® and 3000® Indexes, effective September 20, 2021. This addition, shortly after their IPO, highlights the company's progress in advancing the commercial adoption of Barostim™, a neuromodulation solution for heart failure. CEO Nadim Yared expressed optimism about the increased visibility and awareness for their therapy resulting from this inclusion in widely used Russell indexes, which manage approximately $10.6 trillion in assets.
CVRx reported a 150% increase in revenue for Q2 2021, totaling $3.1 million. U.S. heart failure revenue surged to $2.0 million from $65,000 year-over-year. The company successfully closed its IPO on July 2, 2021, raising $133.3 million. Gross profit rose to $2.2 million, yet gross margin fell to 70.8%. Notably, net loss expanded to $17.7 million, driven by increased expenses related to stock warrants. The company anticipates full-year revenue between $13.3 million and $13.9 million.
CVRx announced its participation in the Canaccord Genuity 41st Annual Growth Conference scheduled for August 12, 2021 at 11:00 am ET. The management team will present via a live audio webcast accessible on the company's investor relations webpage. The presentation will also be archived for 90 days. CVRx focuses on minimally invasive solutions for cardiovascular diseases, notably the Barostim, which is FDA-approved for treating heart failure.
CVRx, a medical device company specializing in neuromodulation solutions for cardiovascular diseases, will release its second quarter financial results on August 4, 2021, after market close. A conference call to discuss the results is scheduled for 5:30 p.m. ET the same day. Participants can join via telephone or listen to a live webcast available on the CVRx investor website. CVRx's Barostim device, which treats heart failure by sending electrical pulses to baroreceptors, has received FDA approval and Breakthrough Device designation.
CVRx, a medical device company specializing in neuromodulation solutions for cardiovascular diseases, announced the appointment of Martha Shadan to its Board of Directors. Shadan brings over 30 years of leadership experience in the life sciences sector, having held key positions at various notable firms, including Miach Orthopaedics and Smith & Nephew. She expressed her commitment to advancing CVRx's innovative therapies, particularly the FDA-approved Barostim device for heart failure patients, which aims to enhance cardiovascular health.