In This Article:
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Total Revenue: $15.3 million, a 36% increase over Q4 2023.
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US Heart Failure Revenue: $14.3 million, a 41% increase over Q4 2023.
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Gross Profit: $12.8 million, up $3.2 million from Q4 2023.
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Gross Margin: 83%, compared to 85% in Q4 2023.
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Research and Development Expenses: $2.8 million, a 25% increase from Q4 2023.
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SG&A Expenses: $20.2 million, a 19% increase from Q4 2023.
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Net Loss: $10.7 million or $0.43 per share, compared to $9.2 million or $0.44 per share in Q4 2023.
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Cash and Cash Equivalents: $105.9 million as of December 31, 2024.
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Active Implanting Centers: 223 centers, up from 178 at the end of 2023.
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Sales Territories in the US: 48 territories, up from 38 at the end of 2023.
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Revenue Guidance for 2025: Expected between $63 million and $65 million.
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Gross Margin Guidance for 2025: Expected between 83% and 84%.
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Operating Expenses Guidance for 2025: Expected between $100 million and $104 million.
Release Date: February 04, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
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CVRx Inc (NASDAQ:CVRX) reported a strong revenue growth of 36% year-over-year for Q4 2024, driven by a 41% increase in the US heart failure segment.
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The company successfully expanded its sales territories in the US from 38 to 48 by the end of 2024, enhancing market reach.
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CVRx Inc (NASDAQ:CVRX) achieved significant reimbursement milestones, equalizing hospital reimbursement for inpatient and outpatient settings, which supports patient access.
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The transition to Category One CPT codes for Barostim Therapy is expected to improve prior authorization processes and unlock new market opportunities.
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The company ended 2024 with 223 active implanting centers, up from 178 in 2023, indicating successful market penetration and adoption.
Negative Points
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Despite revenue growth, CVRx Inc (NASDAQ:CVRX) reported a net loss of $10.7 million for Q4 2024, slightly higher than the $9.2 million loss in the same period last year.
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The gross margin decreased slightly from 85% in Q4 2023 to 83% in Q4 2024, indicating potential cost pressures.
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Research and development expenses increased by 25% year-over-year, driven by higher clinical study and consulting expenses.
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The company experienced a reduction in sales territories in Europe, from six to five, reflecting challenges in international market expansion.
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Interest expenses increased due to higher levels of borrowings, impacting overall financial performance.
Q & A Highlights
Q: Can you provide more details on the revenue guidance for 2025, specifically regarding new center additions and utilization? A: Jared Oasheim, CFO: For 2025, we expect total revenue between $63 million and $65 million. This includes maintaining similar average selling prices as in 2024, around $31,000 per device. We anticipate high single-digit to low double-digit net new active implanting centers added quarterly. Utilization is expected to return to Q4 2024 levels after a seasonal dip in Q1.