- Fourth quarter revenue expected to be
$11.2 million to$11.3 million , representing growth of 56% to 58% - Full year revenue expected to be
$39.2 million to$39.3 million , representing growth of 74% to 75% - President and CEO
Nadim Yared plans to retire upon the completion of a deliberate succession process and the appointment of a successor
Fourth Quarter 2023
Total revenue for the fourth quarter of 2023 is expected to be in the range of approximately
Full Year 2023
Total revenue for full year 2023 is expected to be in the range of approximately
As of
As of
“2023 was another fantastic year for CVRx,” said
Business Outlook
For the full year of 2024, the Company expects:
- Total revenue between
$53.0 million and$57.0 million ; - Gross margin between 83% and 84%;
- Operating expenses between
$86.0 million and$90.0 million .
For the first quarter of 2024, the Company expects to report total revenue between
CEO Retirement Plans and Initiation of Search Process
The Company’s current President and Chief Executive Officer, Yared, has informed the Board of Directors of his plans to retire. Both he and the Board are committed to a planful and deliberate process to identify his successor, and Yared will remain in his current role until a new CEO is appointed. The Board is currently conducting a search to identify a new CEO with the assistance of a leading executive search firm.
“As we look to 2024, we are very excited about the prospects for the Company and the expanded penetration of Barostim. Based on the Company’s strong position, excellent leadership team, consistent execution of our strategy over the last two years, and the opportunity that lies in front of us, the Company is well-positioned to attract a high-caliber CEO who can continue to execute on our strategic plans and drive future commercial growth,” Yared said. “My 17 years as CEO of
“The Board of Directors is grateful to Nadim for his extraordinary leadership and his commitment since his arrival at
Upcoming Investor Conference Presentation
The Company will be participating in the 42nd Annual
About
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding our future financial performance (including our financial guidance regarding full year and first quarter 2024 results), our anticipated growth strategies, anticipated trends in our industry, our business prospects and our opportunities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “outlook,” “guidance,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single product, Barostim; our ability to establish and maintain sales and marketing capabilities; our ability to demonstrate to physicians and patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim; our competitors’ success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise more attractive than Barostim; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the
Preliminary Fourth Quarter/Full Year 2023 Results
This press release includes estimated financial results for the fourth quarter and full year of 2023, which 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 2023 in late January.
Media Contact:
Laura O’Neill
402-499-8203
laura.oneill@finnpartners.com
Investor Contact:
ICR Westwicke
443.213.0501
ir@cvrx.com
Source:
2024 GlobeNewswire, Inc., source