CVRx (NASDAQ: CVRX) reported Street-beating Q4 results amid increased adoption of its implantable neuromodulation system for treating heart failure symptoms.
Minneapolis-based CVRx announced yesterday evening that it lost $10.5 million, or 51¢ per share, off of $7.2 million in revenue for the quarter that ended Dec. 31. 2022. Sales were up 96% compared with the same quarter one year ago.
The results beat the projections of Wall Street analysts, who predicted a loss of 56¢ off of 6.98 million in revenue.
“The growth of our commercial organization combined with the success of our marketing efforts have continued to deliver increased adoption of Barostim, resulting in the more than doubling of our U.S. heart failure business as compared to 2021. Importantly, patients continued to report a positive and meaningful impact from the therapy,” CVRx CEO Nadim Yared said in a news release.
“This has been a fantastic final quarter to a strong year, and we are very excited to see these trends continue heading into 2023 as we work to promote further awareness among physicians, hospitals and patients in order to accelerate the adoption of Barostim.”
Total revenue for 2022 was up 72%, to $22.5 million. In 2023, CVRx officials expect the company to boost revenue to the $35–38 million range. The Street has predicted $37.03 million.
Investors reacted by sending CVRX shares up more than 14% to $15 apiece in after-hours trading.