CVRx Reports Fourth Quarter and Full Year 2024 Financial and Operating Results

Core Insights - CVRx, Inc. reported strong financial results for Q4 and full year 2024, with a focus on expanding its Barostim therapy for heart failure patients [3][4][15] Financial Performance - Q4 2024 revenue reached $15.3 million, a 36% increase from Q4 2023 [4] - U.S. heart failure revenue for Q4 2024 was $14.3 million, reflecting a 41% growth year-over-year [5] - Total revenue for 2024 was $51.3 million, up 31% from 2023 [15] - Gross profit for Q4 2024 was $12.8 million, a 33% increase from the previous year, with a gross margin of 83% [8][19] - The company reported a net loss of $10.7 million for Q4 2024, compared to a net loss of $9.2 million in Q4 2023 [13] Operational Highlights - Active implanting centers increased to 223 as of December 31, 2024, a 25% rise from the previous year [10][17] - The number of sales territories in the U.S. grew to 48, up from 38 in 2023 [17] - R&D expenses for Q4 2024 increased by 25% to $2.8 million, driven by clinical study costs [9] - SG&A expenses rose by 19% to $20.2 million, primarily due to increased headcount and compensation [10] Market Outlook - For Q1 2025, the company anticipates total revenue between $14.5 million and $15.0 million [26] - The full-year 2025 revenue is projected to be between $63.0 million and $65.0 million, with a gross margin between 83% and 84% [31]