CVRx, Inc. (NASDAQ:CVRX) Q4 2023 Earnings Conference Call January 25, 2024 4:30 PM ET

Company Participants

Mike Vallie - IR

Nadim Yared - President and CEO

Jared Oasheim - CFO

Conference Call Participants

Margaret Andrew - William Blair

Matthew O'Brien - Piper Sandler

Robbie Marcus - JPMorgan

Bill Plovanic - Canaccord

Alex Nowak - Craig-Hallum

Frank Takkinen - Lake Street

Operator

Greetings, and welcome to the CVRx Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce Mike Vallie, Investor Relations for CVRx. Thank you. You may begin.

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx's fourth quarter 2023 earnings conference call. Joining me on today's call are the company's President and Chief Executive Officer, Nadim Yared; and 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 to CBRx's President and Chief Executive Officer, Nadim Yared.

Nadim Yared

Thank you, Mike, and thanks, everyone, for joining us.

I'll begin today's call by providing an overview of our fourth quarter performance, followed by our 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 are immensely proud of the achievements of our team in 2023. It's been an important year for CVRx, marked by significant progress in all our strategic initiatives, which have driven increased adoption and utilization of Barostim. This is reflected in our worldwide revenue, which has shown substantial growth, primarily attributed to the impressive 97% annual expansion in our U.S. Heart Failure business.

As we wrapped up 2023, we did so on a strong note, showcasing consistent and effective execution across various aspects of our business in the fourth quarter. This underscores our team's skill in accelerating the adoption of Barostim through our commercial and marketing efforts.

Now let's dive into the details of our performance. Starting with the review of the quarter, worldwide revenue was $11.3 million, a 58% increase over the fourth quarter of 2022. This was primarily due to the execution within our U.S. Heart Failure business. The increase was primarily driven by continued growth as a result of the expansion into new sales territories and new accounts as well as increased physician and patient awareness of Barostim.