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Sep 30, 2023
CVRx Q3 2023 Earnings Report
CVRx's Q3 2023 performance was marked by significant revenue growth, particularly in the U.S. heart failure business, driven by commercial expansion and marketing efforts, while also focusing on reducing cash burn.
Key Takeaways
CVRx reported a strong third quarter in 2023, with revenue increasing by 70% to $10.5 million, driven primarily by a 90% increase in U.S. revenue. The company is focused on maintaining positive momentum and reducing quarterly cash burn. Active implanting centers increased to 159, and gross margin improved to 84%.
Total revenue increased by 70% to $10.5 million compared to Q3 2022.
U.S. revenue increased by 90% to $9.6 million compared to Q3 2022, driven by heart failure business growth.
Gross profit increased by 82% to $8.8 million, with gross margin improving to 84%.
Net loss decreased to $9.0 million, or $0.43 per share, compared to a net loss of $9.8 million, or $0.48 per share, in Q3 2022.
CVRx
CVRx
CVRx Revenue by Geographic Location
Revenue by Geographic Location
U.S. Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
The Company expects total revenue between $10.5 million and $11.0 million for the fourth quarter of 2023.
Revenue & Expenses
Visualization of income flow from segment revenue to net income