CVRx, Inc. (NASDAQ:CVRX) Q3 2022 Earnings Conference Call November 1, 2022 5:30 PM ET

Company Participants

Mike Vallie - Westwicke, ICR Company

Nadim Yared - President and CEO

Jared Oasheim - CFO

Conference Call Participants

Matthew O'Brien - Piper Sandler

Margaret Kaczor - William Blair

Bill Plovanic - Canaccord

Alex Nowak - Craig-Hallum

Operator

Good day and thank you for standing by. Welcome to the CVRx Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded.

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

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx's third quarter 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 to everyone for joining us today.

I'll begin today's call by providing an overview of our third quarter performance, followed by an operational update, a review of our financial results by our CFO, Jared Oasheim, and then I will conclude with our thoughts for the rest of 2022 before turning to questions and answers.

Starting with the review of the third quarter, our total revenue was $6.2 million, an increase of 82% over the third quarter of 2021. These results were driven by the continued execution of our growth strategy in the United States and internationally. In the U.S., our heart failure business generated $4.9 million, approximately doubling the third quarter of 2021. This growth was due to positive impact of our commercial expansion strategy supported by an increase in marketing and awareness campaigns.

Now for an update on operational development during the third quarter to support greater adoption and use of Barostim. Our focus areas are: one, the continued expansion of commercial infrastructure; two, innovation of our product portfolio; and three, the expansion of the clinical body of evidence.