- Earnings call transcript Q3 2022

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Operator

Good day and thank you for standing by. Welcome to the CVRx Third Quarter 2022 Earnings Conference Call. [Operator Instructions]. Please be advised that today's conference is being recorded. I would now like to hand the conference over to Mike Vallie with CVRx. Mike. ahead, go Please

Mike Vallie

you earnings us conference Thank third for quarter XXXX call. for afternoon. today joining CVRx's Good

Joining me Chief today as on forward-looking statements and time. Oasheim. Chief are today's over remarks which statements call, are Officer, The plans financial Yared; may the including Nadim based statements change and guidance. will on of its today Financial about Jared Executive Officer, contain company's The President expectations and

and uncertainties Chief addition, this a I risks will call In SEC. Company's would the results the number earnings the the that materially President could call including filed Form Officer, upcoming the the to over CVRx's those to due including now Executive release Yared. actual differ in SEC prior Nadim like in filings, with turn and be XX-Q identified of issued and to

Nadim Yared

by in supported million, impact increase marketing our This was positive everyone growth you, of States our the $X.X an overview execution joining for us our Oasheim, heart an thanks today. the quarter an approximately operational of United XXXX our of our awareness In I for continued then internationally. questions by the third a These of thoughts Jared campaigns. and XX% the performance, increase an XXXX. revenue third of strategy and will rest were Thank with expansion over begin providing of call turning the quarter, of financial answers. results of the by due conclude strategy failure Starting the the was results driven update, million, review doubling to and and and business XXXX. Mike, third quarter by U.S., to today's I'll our with of growth total generated before third followed $X.X our quarter CFO, review our in commercial to by

of adoption support Now the during third to quarter use for an and update on Barostim. greater operational development

body expansion continued continued innovation of of portfolio; with the the our product one, three, are: areas evidence. and our of clinical two, the commercial focus Our of infrastructure; Starting the infrastructure. of commercial expansion expansion

quarter, During the bringing added total three to territories, the XX. we new

expect We targeting on new year-end. territories quarter territories XX by per to continue three adding, average,

gaining several our including are direct-to-consumer marketing traction programs. the and education our branding of campaign patient We with expanded programs, new pilot,

We will continue rolling in before marketing aggressively. ROI them each new to out more prudently assessing initiatives invest of the

second focus Our area innovation of of product our is portfolio.

the And battery implantable a generation than During in we even our which programming average. size interface. factor pulse prior quarter, is with programmer, life new the on which new longer simpler an our XX% has officially smaller form is launched generator, and tablet

they upgrades excited are as to bringing innovation highlight about We our commitment to these customers. our

is is demonstrate area The Barostim XXXth recently and of required of expansion that a in to report am trial. heart symptoms failure the to mortality benefit morbidity of focus provides third clinical designed of patients clinical event accrued Our body Ejection Fraction. we evidence. trial pleased with to Reduced the BeAT-HF I our additional the that reduction in the

then have to failure we the during will mortality, endpoints remind meaningful and ancillary and we potentially events and half monitored everyone composite a that the that heart which the that primary endpoint collected so transplants post-market prespecified hospitalizations analysis. is We through LVAD, XXXX. first ensure has endpoint, multiple are heart now and We phase and BeAT-HF of that cardiovascular believe trial occur unblind of analyze working one to date, and can we which includes to want all it, begin secondary data

and plan our the recommendation analysis indication to our the if our Our to unblind on when for submit an the data. expansion we time, of submit to it's Barostim. this that trial of FDA desired supported, corresponding indication. the an we evidence evidence is at Based of from post-market of outcome totality plan We expansion interpretation and of

the labeling of and experts. FDA their with decision by by of to a However, is based possibly the made independent the modify consulting of totality panel on own the evidence analysis

a a any expansion relied any results based we incremental does is on projections, in As assumption the be include it and potential a such, totality nearly indication provide of at outcomes impossible more expansion the outcome would leading stage, positive to is to this as plan internal on This the scenario specific binary model. to of simple a that have nuanced the reason than not for may evidence the of the why answer. conservative our indication trial that

be repeat are long-term we Let for outcome. it about our the but because me conservative that growth. to is in attempt expectations this pessimistic is setting No, rather not

We been that levels based of also of the for believe Barostim in heart U.S. established the current current reimbursement treatment the failure. on symptomatic have indication

to continue it patients. the We believe and strongly for in therapy is doing what

the seeing this gathered evidence in with of patients of the and it totality phase post-market We with sharing treating the physicians, with trial are forward you. the to their looking and

some disruptions make enthusiastic the slower prospects BATwire less will Turning We invasive. for now expected. than of experienced that even trial. on Guided been hospitals to expect procedure has by this than about Ultrasound the end during XXXX. update Toolkit in to We the rather an Implant of macro the enrollment at XXXX complete slightly the With remain enrollment our XXXX,

the We failure expansion at our to now CVRx Jared? to gratitude are do over the financials. U.S. to pleased consistent want my the to progress the of commercial for review I Barostim, day. business with they outstanding in everyone I'll express heart with turn our Jared call and work especially every execution

Jared Oasheim

to due price the XX% and Gross last revenue by XX compared of of a XX% the revenue continued XX% we XX when year. to on by a stock total $X.X year. same $X.XX as This units the the quarter XX% U.S. XXXX. was battery quarter a in U.S. third the units XX the the cash travel, of Germany to due and XX% quarter larger in to XX increase due the of same and the commercialization Net or COVID-XX driven in in which an XXXX full sales increases compared in as third compared increased Net of million was and is result outstanding XX.X to compared million. a year. on in to period based expansion replacements. to by when the $X.X compensation of and failure same year. was an million million share revenue net period quarter, accounts SG&A At to of XXXX. for development also XX% to Gross QX a partially last quarter, last totaled coming compared or partially Nadim. of from units. equivalents compared weighted average million and Revenue when the million $X.X third increases the total compensation Thanks, the $X.X XXXX XX% to associated our the for was $X.XX compared an generated period At and the the growth sales to same which was in third due $X.X the revenue primarily year. third of QX increase is increased to the $XXX which was last the decrease an period share continued percentage generated third territories at XX loss Net same and of per offset the at primarily European the end The the in expenses into units approximately the commercial period year last for million last last the to for investments quarter, in for the million for end third was QX million an used organization, investments related was QX for the the impact was shares in per the shares our the expense same were of lessening decrease and unit. was the last the cash new per last the share patient $X revenue increase an cash weighted U.S. quarter, same is increase margin expenses XXX was which revenue in Heart year. of million, period quarter, on versus in primarily the revenue primarily average expenses to expense the driven Europe increased a period by were outstanding implanting QX new increased same period was in Total when quarter had advertising The million total period pandemic period to impact the offset at compared a of of systems operating third at were same in the quarter, third million marketing and XXXX. by the is as Total in the $X.X U.S. This XX.X Barostim of year. revenue. increase end million margin compensation million for in year. last which we selling had to in million same XX of third of and in the profit from in approximately increase of or end generated quarter third last territories, quarter, in change $XX.X XXXX over third Research loss unfavorable the $XX.X centers in million driven year. and a end increase $X.X as $X.X increases and quarter the the headcount. the awareness average end active XX quarter, end compared XX% increase Barostim. QX for the of in of This of At cost for $X.X was compared per to due Gross to $X.X compared year. to Europe with investing currency higher period XX% when third loss Revenue activities an due headcount third on same $X.X to is of million in increased physician

gross and revenue and and million turning $XX margin million, Now of guidance, XXXX, $XX.X we expenses between between total and the million $XX.X $XX XX% operating between for now million. XX% to year expect full

report revenue between the million $X expect quarter of fourth we For total and million. XXXX, to $X.X

interest rate final over of the of firm X.XX% science to with more and Before years, manage Partners, an with X.XX% I by us payment loan We of plus capital deep fee agreement technology with back prime equal to and we and matters. financing up agreement includes tranches, Capital needs disclosed a to Innovatus precisely. loan non-dilutive The a with entered three-month today us is want other interest-only five turn funded investing. term the to amount. of The life loan million provides our capital discuss The into in call to a a Nadim, the I facility loan experience repayment greater earlier period. term new or X.X% followed allowing period three the $XX

borrowed minimum date, closing we the On of amount the $X.X million.

June the XXXX. Tranche XXXX, the to date until December September allows million Tranche June to $XX of million and amount $X.X We down between X, trailing to if less prior the XX, we XXXX, XX-K C B achieve trailing XX, A September to XXXX to revenue Tranche $XX Tranche up filing and up from December between us have XXXX. allows the to XX, of draw X, option $X to prior of draw funded of the XXXX achieve million A remaining XXXX, we if million XX, million us September XXXX. revenue XX, three-month draw three-month $X.XX

all of are assets. S-X. to trailing The at by performance XX% our substantially the target IPO the we approved the anniversary since eligible CVRx's funding and statement covenant achieved a set date revenue C September term are passed plan. Form board registration takes Also, XXXX loans in the of requiring XX, XX-month Our effect Tranche we or the one-year then secured of on file earlier recently of have

million universal file flexibility ATM will the statement of registration to capital $XX markets an a shelf which provide expect the facility. us at-the-market of $XXX reserved in future. securities, for million to We be or for registering We access to anticipate

have to We registration under under offer sell ATM. securities shelf this immediate including the statement, or any plans no

to like Given are we the on the filing share this I'd cash amount of sheet, have thinking and the shelf we facility. how balance debt about

IPO. the We plans flow our continue the to at sufficient on on balance us is we believe to out cash sheet the based laid to breakeven drive cash

constantly if This we data the could equity organization. of investments potential to indication, facility investments allows and an accelerate may commercial these the further to particular, the flexibility and In without incremental need morbidity evaluate accelerate our debt the However, our position. long-term in fund us our growth strengthen dilutive expansion business investment strategic capital. supports raise we mortality in that

We to allow expansion. are could Nadim. reviewing for that also over potential further trial turn now I like clinical designs back would the call to indication

Nadim Yared

to confident to Operator? XXXX. the information Thanks, and we morbidity are half drive time look sharing on first and team business CVRx, expect for now would and for mortality the enthusiastic And like XXXX. more We make line remain quarter our of of remain Jared. the This is commercialization the data in exciting the questions. forward. we the the an continue will in focused progress final open of to that incredible forward I Barostim about to We on

Operator

Our Piper now Thank of Instructions] the with your line ahead, Sandler. O'Brien from first you. open. comes line Go question Matthew [Operator is

Matthew O'Brien

for not sure but Nadim questions. my or excellent. Thanks the Jared, you, Great. if was QX top taking performance is the line you, on I'm this for for

only million The you guidance about softer so even a is what's QX, for kind in You're up $XXX,XXX, QX almost QX. than less $X.X the and sequentially typically up of $XXX,XXX, quarter. about versus did seasonally midpoint

end just top took of down. range You I narrowed the everything. kind guidance the of

is there U.S. in in say there we if to a I is, Or the want something, much big OUS So something going point know is U.S. don't lower of specifically. I'd patients QX. be to you bolus though is out had

some I'd appreciate do us I guidance about Just And that. one follow-up. give the to commentary QX specifically, then have

Nadim Yared

Sure, Matthew.

this day busy First, has news. thank know you a on been for you very the joining for I us today.

that you advanced time. So regarding as we we through of the full imagine, year And and I as the slightly year, the do you midpoint year, above uncertainty it forward. guidance the taking have for kind narrowing for while QX. appreciate we midpoint tracking, QX Listen, above down, have the can to the similarly been over translated slightly has just shifting the would in say, this being starts

top more narrowing the the that increase reduction here So a of the end of visible also bottom it, of an it. is by cone, on of of end consequences the but

than have seem expectations. wood, it business a in We the why don't so versus of raised knock to QX seem that's expect So anything midpoint different covered don't far, has we been on QX. prior impact not - the does

previous Let year. milder last me to rephrase this. we year, The QX COVID impact seems what in be than previous quarters or saw

climate, macro So we knocking QX, in QX, so here the based performing same on on wood expectations. that here environment the was it the continue stays the as

Matthew O'Brien

Got it.

Okay.

bit based little conservatism So just environment. a the of macro on

Nadim Yared

business the our the We've is and about on a believe rate to exchange the this seen the beginning but a drop, concern, year in based that just to out of compared still not relative watch between and in XX% to Yes. slight There euro now be I due with the concern the exchange size Europe difference we rates. Europe QX lost dramatic closely. U.S. That would of is in line XX%, now. would of the just our top

Matthew O'Brien

a will And lot two bit about questions is I something from just go in BeAT-HF binary. But if new side, a Okay. love or on a I it with I'll this would benefit. doesn't to quarter. stick center is the because hear the the little [indiscernible] ask mortality show investors Utilization more down

there be the data, we When you totality a data? fold is So from bit see going the to going decision will just process you maybe far then confidence that BeAT-HF them this the And color little for be it. with the what around this Is expecting? is as of put to are involved can just FDA. in bundling more into all data specific of to front it as put should data consider that to FDA a together

Nadim Yared

this yes this. is noted binary you Trying your simplify - or in a to no Great The question, as question, answer. Matthew. not

the we we've a the that First, the component, of now that safety trial. design comfortable safety And experience triggered. been trial unblinding right? now we our XXXX that when is the the safety for seen and not we've in device right lot within itself with there with all the did of of with feel very the in symptomatic And course, there are endpoint, the have guardrails device had

So looking hopefully, good perspective. is this all on safety of the

a Now the primary our for we're is goal, on trial, where one being and and at difference primary - scenario But is end could we of know be a the endpoint is we number - this But arms. a until the case the that's we don't between we outline meet are the stage. at events, that trial primary endpoint, best biennial the of the data, The us still would designed and blinded spectrum, negative biennial as designed. number as meet two we endpoint looking total right?

a heartier either an one a going without device, transplant the arm, too the or who received the LVAD received versus event treatment patients or events And total patients number ventricular into arm, between having heart Barostim assist the who mortality between much the control hospitalization. is a difference of the cardiovascular is patient detail or Barostim. So have left received not the receiving the receiving

But right and in outcomes at additional be as important endpoint totality other very we Now endpoint, if are the of short primary that there endpoints is analyze the are Those the not plethora evidence. case that's analysis. we of those looking of meet trial. will this we of best the terms scenario. a of additional But this,

talking we're what so in about. give let me understand So a examples few here you

failure a I word. mentioned example, For It's hospitalization. simple earlier, heart

we And to results FDA they've and from they add it's we that particularly guided statistical described on based HF, recommendation in other of in after a there statistical for endpoint, prespecified meet having plan, totality make are What at the analysis for seen that ancillary us right? primary discussion this look analysis the trials, are heart mean? two a and the a pages. at might this. the impact looking likely - other does However, of plan. FDA hospitalization. that at the suggest at look So from be That's the evidence definition where into totality we we likely here we'll broader but an There where that the evidence, we COVID, just all failure of the case analysis not endpoints will is heart look the account having of That's hospitalization. the embedded meet failure the the to scenario looking

also the will have be have where based seen, but our the that's analysis, this is when an not labeling, recommendation, use seen For yes this And going that our hospital this in to is accepted. And - can they analysis, data. example, or analysis, play a is no not forth. incremental on unblind simple indication in would this And hospitalization of long-term what fall. bets, understand the I will data the at and those analysis, of they answer, That's constitute then not unfortunately, a binary you live would of all have day, the is correspondent will some the the to the to data health the be why evidence. if the binary a of that's wanting the of and here of your investors analysis level there evidence and simple not the event end it we the FDA win and of in ratio believe severity situation. so see out rent ball economic symptoms consternation And black, where red or and case

allowed down. and we with current primary that indication now also heard claims I've for If of some investors meet disagree which same up is in receiving wave me levels the reimbursement. right I have as about could I improvement say go telling symptoms do go end today The suffering and based by upside. The FDA, show we this on that the assumption. product we that use adoption not period. we point, will has are the Now been of the if failure adoption on FDA It's by would an patients benefits. are from payment the reimbursement is approved the heart additional period. It based the And

more see I sorry, it see we unblind if much is of see So data I positive upside I'm when here an more downside. data. much the the of - don't upside. a I it

later, an - pass that event, the happened in exact now patients example, in next we a a hospitalization. LVAD. has is ask is until that the and tracking situation they data is now we That's for the has unfortunate they An received half this have It's the year. from it admitted of for first have where a still an patient completed, LVAD unblinding, event. one heart hospital event complete or when might still event Now simple. not events or accrued we're events. still calling XXX not failure that the away filler the since the keep And you becomes There's that heart to hospitalization. And month is why

to to the have we blast process data, send it, question, monitor we Matthew. the and FDA. And your events the until then to I then source hope then - the analyze submit we evidence them. and we then That we monitors So unblind the data answered is complete, the I have all to wait

Matthew O'Brien

and was was I an excellent answer looking what for. you much. Thank Yes, so that exactly

Nadim Yared

you. Thank

Operator

ahead, for is line Kaczor Thank Go next our your please William open you. from One moment with question, Margaret Blair. comes our now next question

Margaret Kaczor

year. good because, guys. and Hi, take in for I'll the least a now I our now row, we for on at full expectations the Matt's think, above second over more, centers when had question quarter anticipated well afternoon, the from again,

I we forward? new we new we that look their of is ask of growth them how or new year, these last which the centers think the about trajectory ramp in quarter. their How think patients, adds, should - these these site about as So last driving backlog and should what's I'll did sort question sorry, and

Nadim Yared

in we're here territory those that the terminology been results managers using great actively thank that past here we're we've very planting added that territory the newer correct for centers, number here, question. are the real particularly - the that in Yes, in managers, our is we hi in the quarters. the Listen, question, see with few the of that Margaret, seeing happy Yes, adding the are again activities you from center. you ads we've

So they those are centers an first with, that their not agreement but sign only implanted also we patient.

to really that yours expectations effect immediate when number a maybe patients. or few own implant a unique same But exceeded So pause into starting, see does not confirm and we've that be this center not. could they're our therapy this Then our quarter. translate two and But And the they previously, they effect quarter. I for months or noticed the an mentioned their for in patients. this and when on revenue in one the until I've starts, think they

and that back, expected. services, second, the on Do And many want paid the the know So see want new from they it see particularly is Medicare sense own that is therapy and themselves a thing in being know payments they publication. data for as of coming somehow to they've read a that patients. we this to have transitional centers. they this their that CMS, They pass-through they Medicaid particularly do the clinical of

XX one that To remaining however rate, still centers secondary XX utilization commercially we're two of few and centers now that are going this additional first is may a real until implanting That XX having a but the eager not and sites, average same we've Barostim we three we months, this, a QX added to one, started the high say, would per to quarter, What least of say in on get quarter. level the they I Yes, curve. following year per effect patients middle in very first one to us. I this a away would down going a the - now, longest those get see start experience as that quarters doing the this also after we the quarter, past that be then an at consistent with XX growing they incrementally. pause centers. - slowed see start have centers site implants two from for few noticed of are the in next and impact of last to those those So is see the that that we impact see or or

great of that's second next toward half it. So news happy for and No about our we're it. business a very the year, question with

Margaret Kaczor

the No, And that you're at leads if was providing that least past Okay. the XXXX. I into in or guidance you've not know great. guidance provided me on IPO.

symbol make we or this truly the and at look number we XXXX? pulling we go slowdown as as into these the of new to So good your you're you in past. the what is the ramp centers a adoption center good relative view had adds numbers, to remains forward profile the of sure the that experienced Would of cycle adds new

Nadim Yared

not, no Margaret. Yes, absolutely

We level also we have. this not with that - continue on the fulfilling we will activity to but maximize slowdown. impact happy will can we're the very seeing, We're commitment, and our trying

facility has we - now cash us with Jared a the raised. within to into But that limited were this burn. a flexibility. And our very having flow gives was we to on where limited that bit cone been the reach more little us maintaining access are little us Now will bit cash money allow diligent breakeven

it make we're the and decision, seeing artificially a little at bit look Jared cash, the growth. throttling consume but and of if accelerating the could can things and more I not So acceleration we're though are

Jared Oasheim

And Margaret, this is Jared. I'll just chime in as well.

has exceed we've the per quarter single-digit quarters, teens new second last in average going low As couple of the been for in the XX or forward. the high still been year, overall guiding adds expectations double-digits. adds I forward, But getting the third think, and far low quarter. we're I quarter here by expectations XX last as those towards the going able know to

adds And guiding we're so per quarter patients, high treating that's the and hospital get start shortages into single-digit active issues we centers staffing still towards and run to forward. why still going with that

Margaret Kaczor

great. wanted my BeAT-HF appreciate that then that. follow-up on data I follow-up Okay No, the for also as question well that. I to And

could explain will of the at when of kind be better, the as some Given the to is of going expansion? not difficult may curve, potential nuances the out you data clinicians the data, come And more though these, it or actually adoption guys. get or some full to least this indication even that numbers set? should of adoption we see could you to Thanks get about may because to high-level try think be that impacting you

Nadim Yared

Yes, excellent Margaret. question,

So where we in and will communicate we But have is not as data. yet it you mentioned, how nuances. the the defined

need we said, will that to that well to that limited make the message physicians investors. to be allow healthcare to is us the here use sure be - FDA will have it's to and initially time providers message the use. That The spend message to and indication So effort is with understood. of

could to approved, to this instances do we've the have claim any to them claim cannot do experts, this the So or we else. and we FDA of the from new without if months in then, invite they data. to is. FDA wait physicians not. panel faster. that's panel before to processes, the have the And that, seen of a in for be experts where to labeling we move I'm And add schedule anything we communicate it experts And past claims, decide sorry, of could will some a panel independent go three limitation for the the whether they wait -

uptick in we urge the would not to announced the everybody same I sales first expect or the So results. day an

Margaret Kaczor

Thanks guys.

Operator

please Plovanic open. next ahead, Canaccord. is now for comes Thank Go question, Bill line our our you. question from your moment One with next

Bill Plovanic

thanks, thanks taking good Great questions. my evening for

characterize Just still this conversation, a it? to the Nadim, - you and you grow I this U.S. first sales kind repeatable thing out this where you more today? just are evolve, - you and expand of are figuring problem the business is business to is believe had terms you is How off, continues simply at in dollars but a of it's where do of and it or would reproducible,

Nadim Yared

think, I today. a as in here know busy I well hence, Bill, Yes, been conference hello are, you you've

beginning and believe So question. sales understand call. thank joining but forth. trying in Listen, rep to for adoption, that you There training all so many the so physician great are we're still terms way unknowns down we're the sales of it. I to on us of training, selection, at this

past done money figured I on out not of will strides grow. it would and in throw we more the say that we've think it have on can you it I these fronts all great year, be arrogant but and to

we So learning, we keep keep learning.

Bill Plovanic

all-in, I'm cash. something that's now, been XX you have kind in for you put mean of given would why now? all I trying in shelf months a understand could curious that years the or you you held of place years the cash with have when just practice. debt running I'm then And and understand, And Okay. up, off I mean XX% XX% like to putting debt especially Why standard it's hand. of on at just I have - can that's XX, three that down, three another bringing But

Jared Oasheim

is this the Thanks question. Bill, Hi Jared. for

were see at accelerate organization, so that of in allow we a where trial designs the readout we set at to we right? call, want the if mentioned we the the for as more non-dilutive the and of to facility positive strategic to debt earlier in do other investment it commercial look just in and towards morbidity as future. same to to indication expansion. having us, that, us options think we investments thing have And we capital And could of do can the from part have this access we in wanted a optionality as some potential mortality access front I looking look

patient way expand and cheap way in is after indication, facility the And go that there go of in out the additional using manage so do stone. have a a at strategic as say we that that wanted move debt We to set to just business going areas investments and us is We if another good look means of in population ability front be also to all the would to forward. nothing to make forward. options this

Bill Plovanic

just out then back wire, pushed little. a And the Okay. you've on that

back than originally there much of Are is this going so is Just expected? the taking Why with you longer to product? something kind redesign?

Nadim Yared

the assuming And previously age rate trials. enrollment. and with approved, for you COVID disruption. hospital not well, in Barostim Bill. that's No, product, particularly shortages heart of have at now the of very staff disappointed clinical cardiovascular the with know with this nothing is this aggressive, doing and that faster clinical end would been Maybe the cardiovascular But day, of the is faint yes, trials with in day space, been that we wrong than have bit little go we traditional a

the that's So than for else. price paying more what anything we're

Bill Plovanic

taking Great. Thanks my for questions.

Nadim Yared

Bill. you, Thank

Operator

our moment One next for you. question. please Thank

ahead, comes Our with Go of line your open. Craig-Hallum. Nowak the next is line now from question Alex

Alex Nowak

decision. Great. to around force, want make go to When how follow you indication, is When come? expansion? time When - does needs. up M&M a you Good would be decision and make I the failure, sales everyone. less study CKD, another ramping But up guess go that Bill's Or would after reads when and think A-fib, a easy to pretty to indication afternoon, or there a of an the a to it I heart determined? after decision question that's form capital I more out another just hypertension.

Nadim Yared

is be thank going for Alex, today. you us on Listen, joining Hi extrinsic it and based intrinsic again to parameters.

need relates there. see The to the design one out market, the So with to our we that FDA. readiness intrinsic with are trial factor discussed related a the unmet be to extrinsic

some reading We an trials renal technology particularly the a that is resistant just patients one hypertension. take the to is that called specific that and on example two the denervation me understand going. direction indication is know this audience. not Let an but we're here out has trialed example, this It's been Hypertension, easier resistant presented has Monday. millimeters hypertensive Medtronic, week, Heart reduction the trial that positive results, a blood next from next meeting understand to I of X pressure. at to medication for at results results here X and But could those clinical medications, without of American the be see late-breaking waiting we're shown on patients by

example element would understand the who be let's there an So of we trial. out in the of what that's and wait say, all included define where how the patients we eligibility to - do right, one what's

blood Now be and trial is denervation product? will competition if with to a pickup reinnervation include space, therapy patients but in who renal have we in that as be would relation am our patients have our so been denervation are fast hypertension, a understand head-to-head I works controlled treated with to with previously saying renal on our well renal Absolutely resistant denervation not not. that we been yet the would who successful pressure. their expect how this But in designed treated

us after. That example before that's So now one the decide many. wait This of to makes out on we're going right simple one market is explain. we

line what other time of the it. So indication and

Alex Nowak

resonating? And Maybe makes two some any and ad, in get Or more are what's the the getting the it into really then That new there? again specific that more chatter new as trying expand of the to new on is on sense. that seeing some function Barostim really you're Just trying of - gaining campaigns the as back some Understood. center kind work just work the to going marketing it Is last committee quarters. reasons see with the happened contracting dive kind just actually docks, of value all granular the street? impressive you're on acceleration to there. finally reps of getting simple leverage,

Nadim Yared

again. excellent Yes, question

phenomenal a and solid and Craig apps teams team sales effective particularly mentioned in Marketing are them and our their a here, and our Vice we job Paul with than Strategy Verrastro, of I President team have really in train super-performing them doing and Paul his make in very and place, this previous Craig Senior having Officer, Chief So with calls, hiring Sales, listen, solid faster previously. Palmer; and

influencing most number would that or, I I the would our explains say, most here factor of in the the sites. be think in pickup that active important

has are to that's few there a smaller want hard direct-to-consumer direct-to-consumer and hospitals our having that some of contributing facility the Number campaign awareness a up them other very of to seen Barostim some large right? take do sometimes into with indirect about as physicians campaigns, those pilots doing So those measure Now of to And other great that an belonging have one, some group, They regional we are therapy. open remotely, traction additional large side. to raise a group. sites, would be you're elements benefit are to consideration. well. helped In those of situations, satellite the

ready We're yet. future. rate this say Now how much is not of that to is in sustainable the repeatable

quarter. digit, a here single So for that's why still digit Jared low calling of active planting double new per centers high is

Alex Nowak

Appreciate great. That's Thank update. you. the

Nadim Yared

Alex. Thank you,

Operator

for to for to Yared over today. I turn like you. closing session now Thank question-and-answer our This concludes would Nadim remarks. back call the

Nadim Yared

ongoing Great job. our on operator. and quarter forward quarterly you. we you third next again, look appreciate for on And Thank earnings joining quarter. everyone, you, for call. Thank our thanks, our next us to progress your We support, updating update

Operator

does today's conference. you your the for program. participation This in conclude Thank

now disconnect. may You

CVRx (CVRX) 2 Nov 222022 Q3 Earnings call transcript