NEW YORK, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Bragar Eagel & Squire, P.C., a nationally recognized stockholder rights law firm, is investigating potential claims against CVRx, Inc. ("CVRx" or the "Company") (NASDADQ: CVRX) on behalf of CVRx stockholders. Our investigation concerns whether CVRx has violated the federal securities laws and/or engaged in other unlawful business practices. Click here to participate in the action. The investigation focuses on whether the Company issued false and/or misleading stat ...

Revenue Performance - Revenue for the three months ended June 30, 2024, was $11.8 million, an increase of $2.3 million, or 24%, compared to the same period in 2023[87]. - U.S. sales accounted for $10.7 million, representing a 29% increase from $8.3 million in the prior year[88]. - Total revenue for the six months ended June 30, 2024, was $22.6 million, an increase of $5.1 million, or 29%, compared to the same period in 2023[95]. - Revenue in the U.S. for the six months ended June 30, 2024, was $20.5 million, an increase of $5.3 million, or 35%, over the same period in 2023[96]. - Total revenue units in the U.S. increased to 339 for the three months ended June 30, 2024, up from 265 in the prior year[89]. Gross Profit and Margin - Gross margin remained stable at 84% for both periods, with gross profit increasing to $9.9 million from $8.0 million[87]. - Gross profit for the three months ended June 30, 2024, was $9.9 million, an increase of $1.9 million, or 24%, over the same period in 2023, with a gross margin of 84%[90]. Operating Expenses - Total operating expenses increased by 21% to $23.9 million, driven by a 28% rise in selling, general, and administrative expenses[87]. - SG&A expenses increased by $4.7 million, or 28%, to $21.1 million for the three months ended June 30, 2024, primarily due to increased compensation expenses[91]. - Research and development expenses decreased by 16% to $2.8 million, reflecting ongoing optimization efforts[87]. - R&D expenses decreased by $0.5 million, or 16%, to $2.8 million for the three months ended June 30, 2024, compared to the same period in 2023[91]. Net Loss - The company expects to continue incurring net losses, with a net loss of $14.0 million for the three months ended June 30, 2024, compared to $11.7 million in the same period last year[87]. - Net loss for the six months ended June 30, 2024, was $36.2 million, compared to a net loss of $23.0 million for the same period in 2023[99]. Cash and Financing Activities - As of June 30, 2024, the company had $70.4 million in cash and cash equivalents, down from $90.6 million as of December 31, 2023[99]. - Net cash used in operating activities for the six months ended June 30, 2024 was $20.7 million, primarily due to a net loss of $36.2 million, offset by a non-cash charge of $13.7 million related to stock-based compensation[103]. - Cash used in investing activities was $1.3 million for the six months ended June 30, 2024, compared to $0.4 million for the same period in 2023, indicating increased investment in property and equipment[104]. - Net cash provided by financing activities for the six months ended June 30, 2024 was $1.8 million, consisting of $0.9 million from stock options, $0.5 million from the ATM offering, and $0.4 million from the ESPP[104]. - The company reported a net change in cash and cash equivalents of $(20.2) million for the six months ended June 30, 2024, compared to $(15.4) million for the same period in 2023[102]. - The company believes existing cash resources and a Loan Agreement will be sufficient for operating liquidity and capital expenditures for at least the next three years[101]. Strategic Initiatives - The company plans to expand its U.S. sales force and increase awareness of Barostim among physicians and patients to drive future revenue growth[67]. - The reimbursement strategy includes broadening current coverage and building an in-house market access team to secure prior authorization approvals[69]. - The company has hired new leaders across various departments to enhance its operational capabilities and support growth initiatives[75]. Other Financial Information - Interest expense increased by $0.5 million for the three months ended June 30, 2024, driven by borrowings under a Loan Agreement[92]. - The company entered into an Equity Distribution Agreement with Piper Sandler for an ATM offering with an aggregate price of up to $50.0 million, issuing 23,364 shares for gross proceeds of $0.6 million during the six months ended June 30, 2024, leaving approximately $49.4 million capacity remaining[101]. - There have been no material changes to the company's contractual obligations as of June 30, 2024, compared to the previous year[106]. - The company has not engaged in foreign currency hedging transactions, and foreign currency transaction gains and losses have not been material to its financial statements[111]. - The company has elected to use an extended transition period under the JOBS Act for compliance with new accounting standards, which may affect comparability with other public companies[108]. - The company is not currently a party to any material legal proceedings[116].

MINNEAPOLIS, Aug. 02, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company, announced today that Centers for Medicare and Medicaid Services (CMS) has reassigned the Barostim implant procedure for the inpatient setting as part of the Fiscal Year (FY) 2025 Medicare Hospital Inpatient Prospective Payment System (IPPS) final rule. In FY 2024, Barostim was assigned to MS-DRGs 252, 253, 254 with a national average payment range of $17,000-$23,000. For FY 2025, Bar ...

MINNEAPOLIS, Aug. 02, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company, announced today that Centers for Medicare and Medicaid Services (CMS) has reassigned the Barostim implant procedure for the inpatient setting as part of the Fiscal Year (FY) 2025 Medicare Hospital Inpatient Prospective Payment System (IPPS) final rule. In FY 2024, Barostim was assigned to MS-DRGs 252, 253, 254 with a national average payment range of $17,000-$23,000. For FY 2025, Bar ...

MINNEAPOLIS, July 31, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company, today announced that the management team will present at the Canaccord Genuity 44th Annual Growth Conference on Wednesday, August 14, 2024. The Company is scheduled to present at 12:30 PM Eastern Time the same day via webcast. A live audio webcast of the conference presentation will be available online at the investor relations page of the Company's website at ir.cvrx.com. About CVRx ...

MINNEAPOLIS, July 31, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company, today announced that the management team will present at the Canaccord Genuity 44th Annual Growth Conference on Wednesday, August 14, 2024. The Company is scheduled to present at 12:30 PM Eastern Time the same day via webcast. A live audio webcast of the conference presentation will be available online at the investor relations page of the Company's website at ir.cvrx.com. About CVRx ...

CVRx, Inc. (NASDAQ:CVRX) Q2 2024 Earnings Conference Call July 29, 2024 4:30 PM ET Company Participants Mike Vallie - IR Kevin Hykes - President and CEO Jared Oasheim - CFO Conference Call Participants Robbie Marcus - JPMorgan Matthew O'Brien - Piper Sandler Margaret Kaczor Andrew - William Blair Frank Takkinen - Lake Street Capital Market Bill Plovanic - Canaccord Genuity Chase Knickerbocker - Craig-Hallum Capital Group Operator Ladies and gentlemen, good afternoon and welcome to the CVRx Second Quarter 20 ...

This quarterly report represents an earnings surprise of -27.45%. A quarter ago, it was expected that this medical device company would post a loss of $0.53 per share when it actually produced a loss of $1.04, delivering a surprise of -96.23%. CVRx, which belongs to the Zacks Medical - Instruments industry, posted revenues of $11.81 million for the quarter ended June 2024, missing the Zacks Consensus Estimate by 0.28%. This compares to year-ago revenues of $9.5 million. The company has topped consensus reve ...

Recent Highlights Exhibit 99.1 MINNEAPOLIS, July 29, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases, today announced its financial and operating results for the second quarter of 2024. · U.S. Heart Failure (HF) revenue for the second quarter of 2024 was $10.5 million, an increase of 27% over the prior year quarter Seco ...

MINNEAPOLIS, July 29, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases, today announced its financial and operating results for the second quarter of 2024. "We are pleased with our solid second quarter results, driven by another record quarter in our U.S. Heart Failure business. We remain extremely optimistic about the B ...