CVRx (Nasdaq:CVRX) reached near the top of a list of Minnesota S&P 500 companies with best-performing stocks.
With a 71% return in 2023, CVRx was No. 4 among the Minnesota “Fantastic Four” stocks, according to an analysis in the Star Tribune of Minneapolis. For comparison, the S&P 500 was up 24%.
The maker of the Barostim neuromodulation system saw its stock rally strongly near the end of December after the FDA approved an expanded label for the implantable system, which delivers electrical pulses to baroreceptors in the carotid artery wall to reduce heart failure systems.
CVRx said at the time of the approval that new long-term safety and efficacy data, commercial experience, and a new reimbursement assignment for Barostim would boost its market opportunity to $2.2 billion and 76,000 new patients, up from the previous estimate of $1.4 billion and 55,000 new patients.
CVRx’s revenue was up 83% to nearly $28 million during the first nine months of 2023, according to its third-quarter earnings report released in October. At the time, the company said it expected full-year revenue of $38.5–39.0 million.
The Star Tribune report also included Proto Labs (NYSE: PRLB) at No. 8 with a 53% return. The quick-turn digital manufacturer counts medical device companies among its customers.