CVRx (Nasdaq:CVRX) shares took a hit today despite fourth-quarter results that beat the consensus forecast.
Shares of CVRx fell 5.2% at $27.69 apiece in mid-afternoon trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — rose 0.2%.
The Minneapolis-based neuromodulation technology developer posted losses of $9.2 million. That equals 44¢ per share, on sales of $11.3 million for the three months ended Dec. 31, 2023. The company’s bottom line ticked up 13% while remaining in the red on sales growth of 57.5%.
CVRx’s losses per share of 44¢ beat Wall Street expectations by 10¢. Sales topped projections, too, with analysts forecasting $11.1 million.
Nadim Yared, president and CEO of CVRx, highlighted milestones including label expansion for the company’s flagship Barostim system. Additionally, Yared pointed to a new CMS payment code for Barostim that ought to “enhance access” to the company’s therapy.
“Turning our focus to 2024, we’re enthusiastic about CVRx’s future and the ongoing commercial adoption of Barostim,” Yared said. “With a strong foundation, an exceptional leadership team, and consistent execution of our strategy over the last two years, we are confident in our ability to attract a high-caliber CEO. This individual will play a crucial role in executing our strategic plans and driving future commercial growth. Serving as CEO of CVRx has been an incredible experience and privilege, and I look forward to continuing to contribute to the Company’s success through this transition.”
CVRx expects full-year 2024 sales to range between $53 million and $57 million.
