CVRx, Inc. (NASDAQ: CVRX) announced today its preliminary unaudited fourth quarter and full year 2023 revenue results and its 2024 business outlook. The company reported that its stock moved -5.3% today and is now trading at a price of $28.03 per share.
In a press release, CVRx stated, "2023 was another fantastic year for CVRx. We continued to drive the adoption and utilization of Barostim, evidenced by the 97% increase in U.S. heart failure revenue."
Regarding the financial results, the company expects the total revenue for the fourth quarter of 2023 to be in the range of approximately $11.2 million to $11.3 million, representing an increase of approximately 56% to 58% over the fourth quarter of 2022. The full year 2023 revenue is expected to be in the range of approximately $39.2 million to $39.3 million, representing an increase of approximately 74% to 75% over the full year 2022 revenue.
Nadim Yared, President and CEO of CVRx, commented on the company's outlook, stating, "As we look to 2024, we are very excited about the prospects for the company and the expanded penetration of Barostim. Based on the company's strong position, excellent leadership team, consistent execution of our strategy over the last two years, and the opportunity that lies in front of us, the company is well-positioned to attract a high-caliber CEO who can continue to execute on our strategic plans and drive future commercial growth."
Yared also announced his plans to retire upon the completion of a deliberate succession process and the appointment of a successor. He added, "My 17 years as CEO of CVRx have been an incredible experience and honor, and I look forward to continuing to serve the company and support the board throughout this transition."
The company's full 8-K submission is available here.
