CVRx, Inc. (NASDAQ:CVRX) Q3 2023 Earnings Conference Call October 26, 2023 5:30 PM ET
Company Participants
Mike Vallie - SVP-ICR Westwicke
Nadim Yared - President and CEO
Jared Oasheim - CFO
Conference Call Participants
Matthew O'Brien - Piper Sandler
Margaret Kaczor - William Blair
Alex Nowak - Craig-Hallum
Frank Takkinen - Lake Street Capital Markets
Operator
Greetings and welcome to the CVRx Third Quarter 2023 Earnings Call. At this time all participants are in listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]. As a reminder, this conference is being recorded.
I would now like to turn the conference over to your host, Mike Vallie from ICR Westwicke.
Mike Vallie
Good afternoon. Thank you for joining us today for CVRx's third quarter 2023 earnings conference call. Joining me on today's call are the company's President and Chief Executive Officer, Nadim Yared; and it's 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 to CVRx's President and Chief Executive Officer, Nadim Yared.
Nadim Yared
Thank you, Mike, and thanks to everyone for joining us.
I'll begin today's call by providing an overview of our third quarter performance, followed by an operational update and a review of our financial results by our CFO, Jared Oasheim. Then I will conclude with our thoughts for the rest of the year, before turning to Q&A.
We maintain positive momentum in the third quarter, building on the strengths we delivered during the first half of 2023. In particular, the performance within our U.S. heart failure business continued to surpass our expectations by growing by more than 90% in the quarter.
This is a testament to our team's ability to accelerate the adoption of Barostim through the increase scale of our commercial organization and our marketing and awareness efforts. Barostim therapy continues to gain traction, and the feedback we receive from physicians and patients is very positive.
Now, let's dive into the details of our performance. Starting with the review of the quarter, worldwide revenue was $10.5 million a 70% increase over the third quarter of 2022. This was a direct result of execution within our U.S. heart failure business, which grew by 92% over the prior year. These results were achieved through the increased utilization of Barostim among our existing customer base.