Newly Public CVRx Sees 150% Uptick in Revenue
Brooklyn Park-based CVRx Inc. released its first financial report since going public in early July.
The company reported revenue of $3.1 million for the second quarter, a 150 percent increase compared to the second quarter of 2020. CVRx saw $2.1 million in sales in the U.S. and $1 million in Europe.
While that amount of revenue is small compared to the Fortune 500 companies of the state, CVRx is still in the early stages of getting its products to market. The company’s signature product is Barostim, an implantable neuromodulation device to treat heart failure.
“Looking forward, we are focused on driving growth by increasing patient flow at existing implanting centers, as well as increasing the number of new active implanting centers,” CVRx president and CEO Nadim Yared said in a statement. “To accomplish this, we will continue to invest to expand our commercial infrastructure and increase awareness of this life changing technology among physicians and patients. The closing of our IPO in July provides us with incremental capital to fuel that expansion and accelerate the adoption of Barostim.
The company’s bottom line still looks like that of a startup. For the second quarter, CVRx posted a net loss of $17.7 million.
CVRx went public on July 2 at $18 per share. The company reaped net proceeds of approximately $133.3 million from its IPO.
Yesterday CVRx stock closed at $22.12 per share, a 22.9 percent gain from its IPO price. But the stock was down on Thursday in the wake of its financial results. In midday trading the stock was down 6 percent for the day.
But the company is continuing to develop new technology. Leadership reported that the first-ever clinical procedure using its new BATwire was done in June.
According to an overview of the new product: “BATwire is a new implant toolkit which enables an ultrasound-guided implant procedure of Barostim. The company believes BATwire could potentially expand the company’s addressable patient population by including those who are deemed clinically unfit for the current procedure. In addition, as a result of this simplified implantation process, the company believes more physicians, including electrophysiologists, would be confident and comfortable implanting Barostim.”