The Minneapolis-based implantable neuromodulation technology developer posted losses of $6.1 million, or 30¢ per share, on sales of $3.4 million for the three months ended Sept. 30, 2021, for a nearly doubled bottom-line slide deeper into the red despite sales growth of more than three times last year’s revenue total for the third quarter.
CVRx’s losses per share of 30¢ came in 7¢ ahead of Wall Street, where analysts were looking for sales of $3.3 million.
“We are very encouraged by our performance in the quarter. Like other procedure-based companies, we experienced COVID-19 Delta variant-related headwinds in the quarter, but were able to navigate through those challenges to deliver for our customers,” CVRx President & CEO Nadim Yared said in a news release. “We are particularly encouraged by the performance of our U.S. heart failure business, which continues to show strong early adoption trends.”
CVRx reaffirmed its prior guidance with projections of full-year revenues ranging between $13.3 million and $13.9 million.
CVRX shares were up 1.2% at $17.17 per share in mid-morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 0.2%.