CVRx, Inc. announced its financial and operating results for the third quarter ended September 30, 2024, reporting total revenue of $13.4 million. This represents a 27% increase compared to the same period in the prior year, surpassing analyst estimates of $13.3 million.
U.S. Heart Failure (HF) revenue, a primary growth driver, increased by 28% to $12.2 million, with 391 units implanted in the U.S. The company expanded its U.S. active implanting centers to 208 and increased U.S. sales territories by three to a total of 45 during the quarter. Gross profit grew 26% to $11.1 million, maintaining an 83% gross margin.
Despite revenue growth, the net loss for the quarter widened to $13.1 million, or $0.57 per share, compared to a net loss of $9.0 million, or $0.43 per share, in Q3 2023, missing analyst estimates of -$0.45. This was primarily due to a 38% increase in SG&A expenses to $21.6 million, driven by increased headcount and non-cash stock-based compensation.
As of September 30, 2024, CVRx held $100.2 million in cash and cash equivalents. The company also borrowed the remaining $20.0 million under its Innovatus loan agreement, bringing the total outstanding principal balance to $50.0 million. Additionally, CVRx issued 2,358,775 shares of common stock for gross proceeds of $20.3 million through its at-the-market offering.
For the full year 2024, CVRx narrowed its revenue guidance to a range of $50.5 million to $51.5 million, from a prior range of $50 million to $53 million. The company also provided fourth-quarter 2024 revenue guidance between $14.5 million and $15.5 million. These financial updates reflect the company's continued investment in commercial expansion and market development.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.