CVRx, Inc. reported its financial and operating results for the fourth quarter and full year ended December 31, 2024. Fourth-quarter revenue reached $15.3 million, marking a 36% increase over the same period in 2023 and exceeding preliminary estimates. U.S. Heart Failure revenue grew 41% to $14.3 million, driven by 457 unit implants.
For the full year 2024, total revenue was $51.3 million, an increase of 31% from 2023, with U.S. Heart Failure revenue reaching $46.8 million from 1,506 unit implants. The company expanded its U.S. active implanting centers to 223 and increased U.S. sales territories to 48 by year-end.
Gross margin remained strong at 83% for Q4 and 84% for the full year 2024. However, the net loss for the fourth quarter was $10.7 million, or $0.43 per share, while the full-year net loss was $60.0 million, or $2.65 per share. Operating expenses increased, with SG&A rising 42% for the full year, partly due to a one-time $8.4 million non-cash stock-based compensation expense related to the former CEO's retirement.
As of December 31, 2024, CVRx held $105.9 million in cash and cash equivalents. The company utilized its at-the-market offering, issuing 3,251,198 shares for gross proceeds of $33.8 million during 2024. Net cash used in operating and investing activities for the year was $40.5 million.
CVRx provided its full-year 2025 revenue guidance, expecting between $63.0 million and $65.0 million, with gross margin projected at 83%-84%. Operating expenses for 2025 are anticipated to be between $100 million and $104 million. For the first quarter of 2025, the company expects revenue between $14.5 million and $15.0 million.
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