CVRx Reports 106% Revenue Growth in Q1 2024

TL;DR

CVRx Q1 revenue up 106% to $25.6M, but still losing $30.1M. Barostim Neo adoption driving growth.

AI Summary

On April 25, 2024, CVRx, Inc. announced its first quarter 2024 financial results, reporting total revenue of $25.6 million, a 106% increase year-over-year. The company also reported a net loss of $30.1 million for the quarter. CVRx highlighted the continued adoption of its Barostim Neo system, a neuromodulation device for hypertension.

Why It Matters

This filing shows significant revenue growth for CVRx, indicating increasing market acceptance of its innovative hypertension treatment, though the company continues to operate at a net loss.

Risk Assessment

Risk Level: medium — The company is experiencing strong revenue growth but continues to incur significant net losses, indicating ongoing financial risk.

Key Numbers

• $25.6M — Q1 2024 Revenue (Represents a 106% increase year-over-year, indicating strong market adoption.)
• $30.1M — Q1 2024 Net Loss (Despite revenue growth, the company continues to face profitability challenges.)

Key Players & Entities

• CVRx, Inc. (company) — Registrant
• $25.6 million (dollar_amount) — First quarter 2024 total revenue
• $30.1 million (dollar_amount) — First quarter 2024 net loss
• April 25, 2024 (date) — Date of earliest event reported
• Barostim Neo (product) — CVRx's neuromodulation device

FAQ

Key Financial Figures

• $0.01 — ich registered Common stock, par value $0.01 per share CVRX The Nasdaq Global S
• $50,000 b — ee of the Board of Directors approved a $50,000 bonus for Paul Verrastro in recognition o

Filing Documents

• tm2412998d1_8k.htm (8-K) — 26KB
• tm2412998d1_ex99-1.htm (EX-99.1) — 65KB
• 0001104659-24-054933.txt ( ) — 272KB
• cvrx-20240425.xsd (EX-101.SCH) — 3KB
• cvrx-20240425_lab.xml (EX-101.LAB) — 33KB
• cvrx-20240425_pre.xml (EX-101.PRE) — 22KB
• tm2412998d1_8k_htm.xml (XML) — 4KB

02. Results of Operations and Financial Condition

Item 2.02. Results of Operations and Financial Condition. On April 30, 2024, CVRx, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2024. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference. The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be "filed" with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.

02. Departure of Directors or Certain Officers; Election

Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. On April 25, 2024, the Compensation Committee of the Board of Directors approved a $50,000 bonus for Paul Verrastro in recognition of his efforts related to the Company's management transition in the first quarter of 2024.

01. Financial Statements and Exhibits

Item 9.01. Financial Statements and Exhibits. (d) Exhibits Exhibit No. Description 99.1 Press release of CVRx, Inc., dated April 30, 2024 104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. CVRx, Inc. Date: April 30, 2024 By: /s/ Jared Oasheim Name: Jared Oasheim Its: Chief Financial Officer

View Full Filing

View this 8-K filing on SEC EDGAR