Q2 2024 CVRx Inc Earnings Call Transcript
Key Points
- CVRx Inc (CVRX) reported a 24% increase in total revenue, reaching $11.8 million for Q2 2024.
- The US heart failure business showed strong performance, with a 29% growth in revenue.
- The company expanded its active implanting centers to 189, up from 140 a year ago.
- Gross profit increased by $1.9 million, maintaining an 84% gross margin.
- New executive hires, including a Chief Revenue Officer and Chief Medical Officer, are expected to drive market development and improve patient access.
- Net loss increased to $14 million, up from $11.6 million in the same period last year.
- SG&A expenses rose by 28%, driven by higher compensation, advertising, and travel costs.
- Proposed changes in CMS reimbursement could decrease hospital payments for Barostim procedures from $45,000 to $31,000.
- Revenue in Europe decreased by 6%, indicating challenges in international markets.
- Interest expense increased by $0.5 million due to borrowings under a loan agreement.
Ladies and gentlemen, good afternoon and welcome to the CVRx second-quarter 2024 earnings conference call. (Operator Instructions) As a reminder, this conference is being recorded.
It is now my pleasure to introduce your host, Mike Vallie. Please go ahead, sir.
Good afternoon. Thank you for joining us today for CVRx's second-quarter 2024 earnings conference call. Joining me on today's call are the company's President and Chief Executive Officer, Kevin Hykes, and Chief Financial Officer, Jared Oasheim.
The remarks today will contain forward-looking statements, including statements about financial guidance. The statements are based on plans and expectations as of today, which may change over time. In addition, actual results could differ materially due to a number of risks and uncertainties, including those identified in the earnings release issued prior to this call and in the company's SEC filings, including the upcoming Form 10-Q that will be filed with the SEC.
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