CVRx Inc. filed SEC Form 8-K: Results of Operations and Financial Condition, Other Events, Financial Statements and Exhibits
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Item 2.02. Results of Operations and Financial Condition.
On January 13, 2025, CVRx, Inc. (the “Company”) issued a press release announcing certain preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024. A copy of the press release is attached as Exhibit 99.1 and is incorporated herein by reference.
The information contained in this Item 2.02, including Exhibit 99.1, is being furnished and shall not be deemed to be “filed” with the Securities and Exchange Commission for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, whether made before or after the date hereof, except as expressly set forth by specific reference in such a filing.
Item 8.01. Other Events.
As disclosed above, on January 13, 2025, the Company issued a press release announcing preliminary financial results for the fourth quarter and fiscal year ended December 31, 2024.
Fourth Quarter 2024
Total revenue for the fourth quarter of 2024 is expected to be in the range of approximately $15.2 million to $15.3 million, representing an increase of approximately 35% over fourth quarter 2023 revenue of $11.3 million. Total revenue generated in the fourth quarter of 2024 is expected to be comprised of approximately $14.2 million to $14.3 million in U.S. revenue and $1.0 million in European revenue.
For the three months ended December 31, 2024, the Company issued 869,059 shares of common stock for gross proceeds of $12.8 million under its at-the-market offering.
Full Year 2024
Total revenue for full year 2024 is expected to be in the range of approximately $51.1 million to $51.2 million, representing an increase of approximately 30% over full year 2023 revenue of $39.3 million. Total revenue generated in 2024 is expected to be comprised of approximately $47.0 to $47.1 million in U.S. revenue and $4.1 million in European revenue.
As of December 31, 2024, the Company had a total of 223 active implanting centers in the U.S., as compared to 208 as of September 30, 2024. The number of sales territories in the U.S. increased by three to a total of 48 during the three months ended December 31, 2024.
As of December 31, 2024, cash and cash equivalents were $105.9 million.
The foregoing estimated financial results for the fourth quarter and full year 2024 are preliminary, unaudited and represent the most recent current information available to Company management. The Company’s actual results may differ from these estimated financial results, including due to the completion of its financial closing procedures and final adjustments. The Company expects to issue full financial results for the fourth quarter and full year 2024 in early February 2025.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits
| Exhibit No. |
Description | |
| 99.1 | Press release of CVRx, Inc., dated January 13, 2025 | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| CVRx, Inc. | ||
| Date: January 13, 2025 | By: | /s/ Jared Oasheim |
| Name: Jared Oasheim | ||
| Its: Chief Financial Officer | ||
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