Business
CVRx Reports Fourth Quarter and Full Year 2022 Financial and Operating Results
Fourth Quarter 2022 Revenue of $7.2 million, a 96% Increase Over Prior Year MINNEAPOLIS, Jan. 26, 2023 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) (“CVRx”),
About this update from Cvrx, Inc.
[{"type":"text","content":"Fourth Quarter 2022 Revenue of $7.2 million, a 96% Increase Over Prior Year\nMINNEAPOLIS, Jan. 26, 2023 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) (“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 2022, and provided a 2023 business outlook. Recent Highlights Total revenue for the fourth quarter 2022 was $7.2 million, an increase of 96% over prior year quarterU.S. Heart Failure (HF) revenue for the fourth quarter of 2022 was $6.0 million, an increase of 121% over the prior year quarterTotal revenue for 2022 was $22.5 million, an increase of 72% over the prior yearActive implanting centers increased from 46 to 106 in 2022, an increase of 130%Announcement of BeAT-HF clinical trial results is now expected later in the first quarter of 2023 “The growth of our commercial organization combined with the success of our marketing efforts have continued to deliver increased adoption of Barostim, resulting in the more than doubling of our U.S. heart failure business as compared to 2021. Importantly, patients continued to report a positive and meaningful impact from the therapy,” said Nadim Yared, President and Chief Executive Officer of CVRx. “This has been a fantastic final quarter to a strong year and we are very excited to see these trends continue heading into 2023 as we work to promote further awareness among physicians, hospitals and patients in order to accelerate the adoption of Barostim.” Fourth Quarter 2022 Financial and Operating Results Revenue was $7.2 million for the three months ended December 31, 2022, an increase of $3.5 million, or 96%, over the three months ended December 31, 2021. Revenue generated in the U.S. was $6.0 million for the three months ended December 31, 2022, an increase of $3.1 million, or 109%, over the three months ended December 31, 2021. HF revenue units in the U.S. totaled 193 and 95 for the three months ended December 31, 2022 and 2021, respectively. HF revenue in the U.S. totaled $6.0 million and $2.7 million for the three months ended December 31, 2022 and 2021, respectively. The increase was primarily driven by continued growth in the U.S. heart failure business as a r...