CVRx, Inc. (NASDAQ:CVRX) Q4 2022 Earnings Conference Call January 26, 2023 5:30 PM ET

Company Participants

Mike Vallie - Westwicke, ICR Company

Nadim Yared - President and Chief Executive Officer

Jared Oasheim - Chief Financial Officer

Conference Call Participants

Robbie Marcus - JPMorgan

Matthew O'Brien - Piper Sandler

Margaret Kaczor - William Blair

William Plovanic - Canaccord Genuity

Alex Nowak - Craig-Hallum

Operator

Good day and welcome to the CVRx Q4 2022 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speaker presentation there will be a question-and-answer session. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker Mr. Mike Vallie with CVRx. Please go ahead.

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx's fourth quarter and full-year 2022 earnings conference call.

Joining me on today's call, are the company's President and Chief Executive Officer, Nadim Yared; and its 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.

I would now like to turn the call over the CVRx's President and Chief Executive Officer, Nadim Yared.

Nadim Yared

Thank you, Mike, and thanks everyone for joining us today. To begin today's call by providing an overview of our fourth quarter and full-year performance followed by an operational update, a review of our financial results by our CFO, Jared Oasheim. And then I will conclude our thoughts on 2023 before turning to questions-and-answers.

We are very proud of everything that our team accomplished in 2022. It has been a great year for CVRx. We made progress towards all our strategic initiatives resulting in the increased adoption and utilization of Barostim, despite several macro disruptions throughout the year. This is demonstrated by the fact that our worldwide revenue increased by 72% over 2021 primarily driven by our U.S. heart failure businesses 108% annual growth.

And the year was capped by a strong fourth quarter. Our worldwide revenue for the fourth quarter was $7.2 million, an increase of 96% over the fourth quarter of 2021. Performance in the quarter was driven by the continued expansion for U.S. sales force and contributions from our marketing initiatives, which led to an increase in U.S. active implanting centers.