CVRx(US:CVRX)2025-05-09 12:25Revenue and Sales Performance - Revenue for the three months ended March 31, 2025, was $12.3 million, an increase of $1.6 million, or 15%, compared to the same period in 2024[84]. - U.S. sales accounted for $11.2 million, reflecting a 14% increase from $9.8 million in the prior year, driven by growth in the U.S. heart failure business[88]. - The number of active implanting centers in the U.S. increased to 227 as of March 31, 2025, up from 190 a year earlier[89]. Profitability and Expenses - Gross profit for the three months ended March 31, 2025, was $10.3 million, a 13% increase from $9.2 million in the same period in 2024, with a gross margin of 84%[91]. - Research and development expenses decreased by $0.5 million, or 18%, to $2.5 million for the three months ended March 31, 2025[92]. - Selling, general and administrative expenses decreased by $7.1 million, or 25%, to $21.2 million for the three months ended March 31, 2025[93]. - For the three months ended March 31, 2025, the net loss was $13.8 million, a decrease from a net loss of $22.2 million for the same period in 2024, representing a 37.9% improvement[98]. Cash Flow and Liquidity - Cash and cash equivalents as of March 31, 2025, were $102.7 million, down from $105.9 million as of December 31, 2024[98]. - Net cash used in operating activities for the three months ended March 31, 2025, was $12.8 million, compared to $10.9 million for the same period in 2024, indicating a 17.4% increase in cash outflow[104]. - Cash used in investing activities was $0.1 million for the three months ended March 31, 2025, down from $0.9 million in the same period in 2024[107]. - Net cash provided by financing activities for the three months ended March 31, 2025, was $9.6 million, a significant increase from $1.4 million in the same period in 2024[109]. Future Outlook and Funding - The company expects to continue incurring net losses for the next several years, which may require additional funding[71]. - Future liquidity and capital funding requirements will depend on factors including market acceptance of Barostim and costs of commercialization activities[101]. - The company has $50.0 million in outstanding Term Loans under the Loan Agreement as of March 31, 2025[99]. - The company raised $9.5 million through the issuance of 543,462 shares of common stock under the ATM offering during the three months ended March 31, 2025[100]. - The company has remaining capacity to issue and sell up to $6.7 million of additional shares of common stock under the ATM offering[100]. - The company anticipates incurring significant losses for at least the next several years[98]. Cost of Goods Sold and Interest Expense - Cost of goods sold increased by $0.4 million, or 26%, to $2.0 million for the three months ended March 31, 2025, driven by higher sales of Barostim[91]. - Interest expense increased by $0.5 million for the three months ended March 31, 2025, due to higher levels of borrowings under the Loan Agreement[95]. Commercial Strategy - The company plans to expand its U.S. commercial infrastructure by increasing its sales force and enhancing physician education on Barostim[67].