CVRx, Inc. (NASDAQ:CVRX) Q3 2024 Earnings Conference Call October 29, 2024 4:30 PM ET

Company Participants

Mike Vallie - Investor Relations
Kevin Hykes - President & Chief Executive Officer
Jared Oasheim - Chief Financial Officer

Conference Call Participants

Macauley Kilbane - William Blair
Rohin Patel - JPMorgan
Frank Takkinen - Lake Street Capital Market
Chase Knickerbocker - Craig-Hallum Capital Group
Ross Osborn - Cantor Fitzgerald.

Operator

Welcome to CVRx Q3 2024 Earnings Call. At this time, all participants are in a listen-only mode. A brief 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 call over to Mike Vallie. Thank you, and over to you.

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx's third quarter 2024 earnings conference call. Joining me on today's call are the company's President and Chief Executive Officer, Kevin Hykes; 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-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, Kevin Hykes.

Kevin Hykes

Thanks Mike. Good afternoon and thank you for joining us. I'm pleased to report another quarter of strong performance driven by solid execution within our US Heart Failure business. We delivered total revenue of $13.4 million, an increase of 27% over the third quarter of 2023. I'm excited about the progress we're making and the positive impact Barostim therapy is having on patients.

In the third quarter, we continue to build on the momentum that we established earlier this year. Our strengthened leadership team and stabilized sales force have been instrumental in driving our market development priorities and advancing the adoption of Barostim therapy.

As I will describe in more detail shortly, we secured two significant reimbursement wins during the quarter. First, a significantly higher DRG payment for inpatient procedures, and second, the approval of Category 1 CPT codes. These achievements mark a significant step forward in expanding patient access to Barostim.