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Sep 30, 2022
CVRx Q3 2022 Earnings Report
CVRx's Q3 2022 performance was marked by significant revenue growth, driven by increased adoption and utilization of Barostim, particularly in the U.S. heart failure market.
Key Takeaways
CVRx reported strong financial results for Q3 2022, with revenue increasing by 82% compared to the prior year. U.S. revenue saw a substantial increase of 96%, driven by growth in the heart failure segment. The company is also progressing with its BeAT-HF clinical trial and expects to share data in the first half of 2023.
Total revenue reached $6.2 million, an 82% increase year-over-year.
U.S. revenue increased by 96% to $5.0 million, with U.S. Heart Failure revenue nearly doubling.
Gross profit increased by 92% to $4.8 million, with gross margin improving to 78%.
The company had 91 active implanting centers as of September 30, 2022, compared to 38 in the prior year.
CVRx
CVRx
CVRx Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
The Company expects to report total revenue between $6.5 million and $7.0 million for the fourth quarter of 2022.
Revenue & Expenses
Visualization of income flow from segment revenue to net income