CVRx announced certain preliminary unaudited fourth quarter and full year 2022 revenue results. Total revenue for full year 2022 is expected to be in the range of approximately $22.3 million to $22.4 million, representing an increase of approximately 71% to 72% over full year 2021 revenue of $13.04 million. Total revenue generated in 2022 is expected to be made up of approximately $17.5 million in U.S. heart failure revenue, $4.4 million in European revenue and $0.45 million in U.S. legacy revenue. As of December 31, 2022, the Company had a total of 106 active implanting centers, as compared to 91 as of September 30, 2022. The number of sales territories in the U.S. increased by three to a total of 26 during the three months ended December 31, 2022. As of December 31, 2022, cash and cash equivalents were $106 million. "2022 was an outstanding year for CVRx. We significantly increased the adoption and utilization of Barostim, evidenced by an approximate 108% year over year increase in our U.S. heart failure business," said Nadim Yared, President and Chief Executive Officer of CVRx. "The year was capped off by a strong fourth quarter, during which we continued to drive the expansion of U.S. active implanting centers, further demonstrating the value that Barostim is able to deliver to both clinicians and patients suffering from cardiovascular disease. As we look ahead to 2023, we are very excited about leveraging the tremendous momentum we have developed over the last two years to drive the accelerated proliferation of Barostim," continued Yared. "We are still in the very early stages of our commercial ramp as a company, and we are laser focused on the huge opportunity that exists to bring relief to as many patients suffering with cardiovascular illness as possible."
Published first on TheFly
See Insiders’ Hot Stocks on TipRanks >>
Read More on CVRX:
