CVRx (CVRX) Canaccord Genuity 44th Annual Growth Conference & Private Company Showcase 2024 summary

Company Overview and Market Opportunity

• Barostim is the first neuromodulation therapy for heart failure, treating over 4,500 patients to date and employing more than 225 people since 2021.

• Heart failure affects over 6 million people in the U.S., with costs projected to reach $70 billion by 2030.

• Barostim targets the 'walking wounded'—patients not eligible for other device therapies, addressing a significant unmet need.

• The U.S. addressable market for Barostim is estimated at $2.2 billion annually, targeting 76,000 eligible patients with less than 2% penetration.

• Most heart failure patients prioritize symptom relief, with 65% willing to accept shorter life for fewer symptoms.

Commercial Strategy and Execution

• Focus is on deepening adoption in existing accounts, supported by programs with multiple physician champions and strong referral networks.

• Sales incentives are evolving to reward sustainable, multi-referrer account growth.

• Outreach includes targeted marketing, referral dinners, and leveraging prescription data.

• No significant seasonality in U.S. sales; European business sees some summer slowdown.

• Emphasis on increasing therapy awareness, developing robust clinical evidence, and improving patient access.

Organizational Changes and Leadership

• Five senior executives hired, including from Abbott, Medtronic, and other major medtech firms, to address adoption barriers and support growth.

• Leadership transition completed quickly and smoothly, stabilizing the sales force.

• Team now considered stable and equipped for the next growth phase.