In an impressive result for the medical-device company, CVRx witnessed a remarkable surge of 70% in revenue for the third quarter. This accomplishment led to a significant boost in the company’s stock price, with a 17% increase during after-hours trading. The stock had previously experienced a slight decline of 3.5% at Thursday’s close. Despite a year where shares are down by 30%, this recent development indicates a hopeful sign for CVRx.
CVRx, headquartered in Minneapolis, specializes in developing groundbreaking products for individuals suffering from cardiovascular diseases. The company’s Q3 revenue reached an impressive $10.5 million, surpassing the forecasted $9.8 million predicted by industry analysts surveyed by FactSet. Of particular note, the revenue generated within the United States nearly doubled during this quarter.
Furthermore, CVRx reported a third-quarter loss of $9 million, or 43 cents per share, marking a significant improvement compared to the same period last year when the loss amounted to $9.8 million, or 48 cents per share. FactSet’s analysts initially anticipated a loss of 59 cents per share, further highlighting the company’s better-than-expected financial performance.
As a result of these positive developments, CVRx has revised its outlook for 2023, projecting revenue between $38.5 million and $39 million. This revised estimate outperforms the earlier guidance of $37 million to $38.5 million. Additionally, the company has adjusted its expectations for operating expenses for the year.
