CVRx (CVRX) Q4 2024 earnings summary

Executive summary

• Q4 2024 revenue reached $15.3M, up 36% year-over-year; full-year revenue was $51.3M, up 31%.

• U.S. heart failure revenue in Q4 grew 41% to $14.3M; active implanting centers rose 25% to 223.

• Ended 2024 with 48 U.S. sales territories, reflecting commercial expansion.

• Significant progress in reimbursement, coding, and clinical evidence supporting Barostim Therapy.

• Focused on building a world-class sales team and deepening adoption in high-potential centers.

Financial highlights

• Q4 2024 gross profit was $12.8M, up $3.2M year-over-year; gross margin was 83% vs. 85% prior year.

• Q4 net loss was $10.7M ($0.43/share) vs. $9.2M ($0.44/share) prior year; 24.7M shares outstanding.

• Full-year net loss was $60.0M ($2.65/share) vs. $41.2M ($1.99/share) in 2023.

• Cash and equivalents at year-end were $105.9M; net cash used in operations/investing was $40.5M.

• Issued 3.25M shares in 2024 for $33.8M gross proceeds via at-the-market offering.

Outlook and guidance

• 2025 revenue expected between $63M–$65M; gross margin 83%–84%; OpEx $100M–$104M.

• Q1 2025 revenue guidance: $14.5M–$15M, with seasonality expected to cause a slight dip from Q4.

• Expecting high single-digit to low double-digit net new active implanting centers added quarterly.

• Annual cash burn projected to decrease in 2025, with highest burn in Q1 and lowest in Q4.