CVRx, Inc. (NASDAQ:CVRX) Q2 2022 Earnings Conference Call July 28, 2022 5:30 PM ET

Company Representatives

Nadim Yared - President, Chief Executive Officer

Jared Oasheim - Chief Financial Officer

Mike Vallie - Westwicke, ICR Company

Conference Call Participants

Matthew O’Brien - Piper Sandal

Margaret Kaczor - William Blair

Alex Nowak - Craig-Hallum

William Plovanic - Canaccord

Operator

Good day and thank you for standing by. Welcome to the CVRx Second Quarter 2022 Earnings Conference Call. [Operator Instructions].

I would now like to hand the conference over to your speaker, Mike Vallie. You may begin.

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx’s second 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-K 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 second 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 second quarter. Our total revenue was $5.0 million, an increase of 61% over the second quarter of 2021. These results were driven by the continued execution of our growth strategy, both in the United States and internationally. In the U.S., our Heart Failure business generated $3.8 million, an increase of approximately 89% over the second quarter of 2021, resulting from a record number of revenue units sold in the quarter.

This growth was due to the expansion into new implanting centers, and existing implanting centers continuing to increase their average quarterly volume. Throughout 2022, we have seen the positive impact of our commercial expansion strategy, supported by an increase in marketing and awareness campaigns.