CVRx, Inc. (NASDAQ:CVRX) Q1 2022 Earnings Conference Call April 25, 2022 4:30 PM ET

Company Participants

Mike Vallie - Westwicke, ICR Company

Nadim Yared - President & Chief Executive Officer

Jared Oasheim - Chief Financial Officer

Conference Call Participants

Robbie Marcus - JPMorgan

Matthew O'Brien - Piper Sandler

Brandon Lower - William Blair

Bill Plovanic - Canaccord

Operator

Thank you for standing by and welcome to the CVRx Inc. Q1 2022 Earnings Conference Call. I would now like to turn the conference over to your host Mr. Mike Vallie from the ICR Westwicke. Sir, you may begin.

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx's first 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 thank everyone for joining us. I'll begin today’s call by providing an overview of our first 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 Q&As.

Starting with the review of the first quarter, our total revenue was $4.1 million, slightly exceeding the top of the range of our guidance for Q1. These results were driven by continued strong growth within our U.S. heart failure business, which generated $2.9 million, an increase of approximately 133% over the first quarter of 2021.

I am very proud of the resilience our business displayed during the first quarter, which was heavily impacted by COVID spikes in both the U.S. and Europe. We experienced significant headwinds in January followed by the improvements in February and ending with a very strong March. Despite the challenges faced early in the quarter, we were able to grow our U.S. heart failure business revenue, expand our U.S. active implanting centers by 22% and delivered the highest number of revenue units in a quarter.