Business
CVRx Reports Preliminary Fourth Quarter and Fiscal Year 2021 Financial Results
MINNEAPOLIS, Jan. 10, 2022 (GLOBE NEWSWIRE) -- CVRx, Inc. (“CVRx”), a commercial-stage medical device company focused on developing, manufacturing and
About this update from Cvrx, Inc.
[{"type":"text","content":"MINNEAPOLIS, Jan. 10, 2022 (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 certain preliminary unaudited fourth quarter and full year 2021 revenue results, and provided a 2022 business outlook. Fourth Quarter 2021 Total revenue for the fourth quarter of 2021 is expected to be in the range of approximately $3.6 million to $3.7 million, representing an increase of approximately 71% to 77% over fourth quarter 2020 revenue of $2.1 million. Total revenue generated in the fourth quarter of 2021 is expected to be made up of approximately $2.7 million in U.S. heart failure revenue, $0.8 million in European revenue and $0.16 million in U.S. legacy revenue. Full Year 2021 Total revenue for full year 2021 is expected to be in the range of approximately $13.0 million to $13.1 million, representing an increase of approximately 113% to 116% over full year 2020 revenue of $6.1 million. Total revenue generated in full year 2021 is expected to be made up of approximately $8.4 million in U.S. heart failure revenue, $3.9 million in European revenue and $0.7 million in U.S. legacy revenue. As of December 31, 2021, the Company had a total of 46 active implanting centers, as compared to 38 as of September 30, 2021. The number of sales territories in the U.S. increased by three to a total of fourteen during the three months ended December 31, 2021. As of December 31, 2021, cash and cash equivalents were $142 million. Net cash used in operating and investing activities was $29 million for the twelve months ended December 31, 2021. “We are very proud of our accomplishments during 2021 considering the material pandemic headwinds that our entire global organization faced. We more than doubled our revenue as a result of the launch of Barostim for heart failure in the U.S. and the expansion of our commercial organization, and we progressed our product innovation roadmap that includes product enhancements as well as our new ultrasound-guided implant toolkit,” said Nadim Yared, President and Chief Executive Officer of CVRx. “While our fourth quarter results were below our expectations due to material challenges in our international business as a result of widespread lockdown...