Business
CVRx Reports Third Quarter 2021 Financial and Operating Results
Third Quarter 2021 Revenue of $3.4 million, a 241% Increase Over Prior Year MINNEAPOLIS, Nov. 04, 2021 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) (“CVRx”),
About this update from Cvrx, Inc.
[{"type":"text","content":"Third Quarter 2021 Revenue of $3.4 million, a 241% Increase Over Prior Year\nMINNEAPOLIS, Nov. 04, 2021 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) (“CVRx”), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular diseases, today announced its financial and operating results for the third quarter of 2021. Recent Highlights Total revenue for the third quarter 2021 was $3.4 million, an increase of 241% over prior year quarterU.S. Heart Failure (HF) revenue for the third quarter of 2021 was $2.5 million compared to $0.1 million in the prior year quarterClosed Initial Public Offering (IPO) on July 2, 2021, raising net proceeds of approximately $133.2 millionFiled three PMA Supplement applications related to the innovation of the Company’s product portfolioFully repaid $20 million loan subsequent to quarter end “We are very encouraged by our performance in the quarter. Like other procedure-based companies, we experienced COVID-19 Delta variant related headwinds in the quarter, but were able to navigate through those challenges to deliver for our customers. We are particularly encouraged by the performance of our U.S. heart failure business, which continues to show strong early adoption trends,” said Nadim Yared, President and Chief Executive Officer of CVRx. “Looking ahead, we remain focused on the expansion of our U.S. commercial organization in an effort to drive wide-spread adoption. We will continue to engage with new customers, train surgeons, and onboard new active implanting facilities, in addition to supporting existing customers to grow their utilization of Barostim to bring relief to patients suffering from cardiovascular diseases.” Third Quarter 2021 Financial and Operating Results Revenue by Geography Three months ended September 30, 2021 2020 Amount Amount % Change (dollars in thousands) United States $2,572 $296 769%Europe 823 701 17%Total Revenue $3,395 $997 241% United States Revenue by Product Category Three months ended September 30, 2021 2020 Amount Amount % Change (dollars in thousands) U.S. Heart Failure (HF) $2,468 $140 NM U.S. Legacy Hypertension 104 156 (33)%Total U.S. Revenue $2,572 $296 769% NM – Not meaningful Revenue was $3.4 million for the three months ended September ...