CVRx (Nasdaq:CVRX) shares were up this morning on second-quarter results that beat the consensus revenue forecast.
The Minneapolis-based neuromodulation technology developer posted losses of $11.1 million, or 54¢ per share, on sales of just over $5 million for the three months ended June 30, 2022, for a more than $6 million bottom-line gain despite remaining in the red on sales growth of 61.1%.
CVRx’s losses per share of 54¢ fell in line with expectations on Wall Street, while the company’s revenues came in more than 6.8% ahead of analysts’ projections.
“I am very pleased with what we were able to accomplish in the second quarter. The adoption of Barostim continues to accelerate as we execute on our strategy to expand our sales force and leverage marketing initiatives to increase awareness while at the same time working with existing customers to help more patients,” CVRx President and CEO Nadim Yared said in a news release. “We anticipate a strong second half of the year as we continue to generate momentum across the organization. We remain focused on prudently expanding our commercial organization and promoting awareness of Barostim among physicians, hospitals and patients as a novel treatment for individuals suffering from cardiovascular disease.”
CVRx increased the low end of its guidance range, with projections now for a range between $20.5 million and $23 million. The previous forecast was for between $20 million and $23 million.
Shares of CVRx were up 5.2% at $7.94 per share as the market opened today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was up 1%.