CVRX - Earnings call 4 2023

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Operator

Greetings, and welcome to the CVRx Fourth Quarter 2023 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce Mike Valley, Investor Relations for CVRx. Thank you.

You may begin.

Unknown Executive

afternoon. Good joining CVRx's for Earnings Quarter today Call. Conference us you Fourth for XXXX Thank

today's the Officer, call Chief on me Joining are Nadim and Executive company's Yared; Chief Oasheim. Financial Jared Officer, and President

The which will today and including financial on forward-looking The over statements of time. remarks based today, contain are as change statements statements, about guidance. may expectations plans

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

Nadim Yared

Mike, of I'll everyone, our by to providing financial you, the for quarter and by call the our year review us. rest by of our performance, Jared conclude overview Then turning followed today's a our thoughts joining an and for Q&A. I our begin of before will operational Oasheim. with results CFO, update fourth thanks, Thank

XX% by driven We substantial progress strategic of are primarily the achievements marked It's been expansion shown growth, reflected revenue, business. all of our annual in of impressive Barostim. increased in have attributed in an adoption important is U.S. immensely and initiatives, has Heart for This CVRx, team which in our year to worldwide which our Failure proud XXXX. significant utilization the our

our efforts. team's our of accelerating the quarter. through we adoption commercial strong aspects effective on across note, in a wrapped Barostim and showcasing fourth did of and up our execution the skill marketing so underscores As consistent various This in we XXXX, business

continued XXXX. revenue of our of Now let's physician the as business. growth of the The new was worldwide of the review driven execution a and well increase Starting performance. awareness expansion as of patient primarily $XX.X into into fourth to million, territories U.S. was XX% quarter by sales quarter, increased result over This due the and primarily the as Heart within the Failure our Barostim. a increase was with accounts dive details new

an to quarter. the progress operational fourth on during Turning our update

our infrastructure reminder, of in commercial our infrastructure. the our the clinical expansion areas were our of grown States continued adding as with XX. of sales to a expected, expansion for territories reach our As the bringing XXXX commercial United three new our and focus body by evidence, starting commercial expansion We've the of total

talent, market. to high-caliber Barostim believe the in due around add we to which is continue enthusiasm the We

Additionally, direct-to-consumer we've been making continued efforts, programs. our marketing and our education patient consistent headway with and including

expect health continue and As press to care among drive awareness refining forward, we both providers. initiatives to we patients these

driven progress. first of evidence Services, CMS, Barostim has Shifting with our XXXX to XXXX. the area, both payment technology growth of In $XX,XXX, APC which our effect clinical of Center is into reassigned the Medicare to which an reimbursement for which and November, regulatory January average focus second on went the and Medicaid new

with an failure accessible the fair XXXX payment believe ensuring the the for will As Barostim reimbursement We pass-through a transitional reimbursement average dealing to make payment. XXXX more offering with reassignment APC Medicare simplifying and was for this under $XX,XXX Barostim reminder, patients of XXXX, APC the landscape procedure. heart the therapy in plus that by facilities

met as results new premarket X-month trial. in safety instructions not NYJ improvements effectiveness labeling following phases, Barostim revising the Holewa endpoint NT heart BNP phase additional BeAT-HF of and morbidity and of ] mortality The cardiovascular [ ]. for faced suggested clinical data primary conclusion effect positive was data late clinical Barostim failure use favorable postmarket phase for approved market labeling long-term freedom the totality the showed XX- incorporating Barostim X-month ] but endpoint, and [ demonstrated clinical for was therapy. and In both X-, and the The all section. premarket across effectiveness win XX-month failure Life, all-cause class and indicating endpoint confirmed. The from The the Quality [ by from randomized symptomatic of expanded heart the includes met, FDA of such post In the mortality December, the Pro post-market ratio analysis in improvements and for analysis, key patients.

in All and store team used our instruction on use therapy. by educating of included this data sales the our is can when now be physicians

less delivers life. X-month now III than that hole quality treatment or of despite Barostim patients milliliter. and with indicated statement [indiscernible] NYJ NT or equal who status, therapies for II walk Class XX% are a failure indication medical the an therapy instruction and specifies The for than with flax [ injection of to Barostim Class III who guideline-directed battery is in X,XXX have the of history and us Class less less updated heart BNP ] to improve Pro patients' functional picograms per fraction activation recent

estimate annual for new of reimbursement considered experience assignment to As market physicians as our and on based safety by changes, for for and the Barostim. Barostim U.S. patients these we that to include new this efficacy a well commercial the as increased opportunity data account result long-term has

or respectively. or our XX,XXX U.S. to and $X.X XX%, compared billion is annually patients, of approximately XX% estimate new new of believe XX,XXX increases the earlier representing as $X.X patients annual We now market opportunity billion

study years patients, the conducting to challenges executive pandemic. encountered express the over the during gratitude efforts investigators, have the considering FDA all want committee COVID-XX research I steering teams, and to especially in who our X personnel my the supported

was and XXXX, of we benefits the year, Barostim through year to a the at Barostim our Throughout it continue the for support reassign code. CMS' to that growth States and can provide with on labeling patients back marketing great Barostim the to including professionals CVRx. new Barostim The underscoring disease. wrapped decision up Looking note, APC to United a efforts, in cardiovascular dealing expanded year health care a positive the and commercial

decision, right call to a a for turning there in great to the the will I the is the current I the leadership continue on exists from and that now benefits CVRx labeling CEO that recent my is to growth. transition, address reimbursement Jared, I has achievements success. embarks and bring in seamless the over transition, and appointed. decision to to on of search time of team. leadership assist BeAT-HF, time want I'm retire our and the to outstanding before to my new committed executive the role perfect Barostim expanded steer a over Board I I'll CEO is our company completion therapy, future and proven recent financials. can of CVRx traction believe The until next the now the of strong the CVRx, while Before a window company build The firm phase commercial process. to a who in given our review confident Board Jared? Jared now leading turn a is engaged this to are call in a never

Jared Oasheim

new representing was million patient the total current revenue quarter units reflecting year. a increase totaled quarter, was Thanks, $X.X of current revenue Nadim. In to Revenue result period territories the in the the XX% $XX.X over on year the fourth $XX.X XX% period XXX expansion increase by of to or the the driven the units. Heart generated fourth and million million sales $X of compared last generated continued failure an awareness U.S. was in revenue growth of $XX.X revenue accounts of and well in in growth U.S. as in same total on physician last same Barostim. compared into million last quarter, XXX as new quarter the a increased million, The year. of primarily as

quarter, on the a active current end of implanting XXX XXXX centers XX, September and total December we to At XXXX. XXX of XXX the on XX, compared had

XX% The year. in XX at of in territories a units U.S. ended months December December had Revenue XX, The XX% was at the XX quarter on million current generated of X We in end in of same also decrease Europe from September for $X of the six consistent XX% remained compared XXXX Europe period in XXXX. to Total last the number on XX XX, XXXX. current compared representing the quarter, territories in and QX XXXX, the Europe to XX, sales in quarter. current to the revenue decreased the sales

margin to increase profit for per increased X average months the for same higher margin a unit the decrease XX, December the decrease mainly a result noncash year. and and in to expenses, X quarter the as last an period Gross the months head XXXX, year. expense. XXXX, $X.X in million expenses XX% Gross increase selling increased XX% quarter a price. ended were decrease by $X.X to expenses December Gross period for $X.X compared expenses, partially current clinical in consulting was reflecting This in an increase was the in million million cost primarily for decrease a by last due ended was current and compared increase development X and million driven of $X.X Research million change compensation $X.X offset compared December XXXX. XX, ended XX% to study months a $X.X million, for same XX, the a stock-based to a count in of the million $X.X compensation the of

XXXX. expenses, compared was XX, quarter was by increase under to decrease net income million XX, a on October consisted a million, million in compensation the by insurance expense change XXXX. income $X.X representing million December interest costs into income marketing expense million expenses, consulting months accounts. was months D&O and ended same X expenses, to agreement increase current SG&A expenses loan were $X.X a on $X.X and of a by in professional entered in XX% advertising XXXX. the Interest ended in for the the compensation period expense $X.X offset months last December for $X.X primarily a for ended driven This and Other increased Other and in of the December the an on interest-bearing compared stock-based partially a borrowings million $X.X $X.X This of XXXX, X XX, increase the million decrease million XX, increase net year. our $X.X XXXX increase $XX increase each X in fees. million driven noncash

was last to or quarter share fourth compared of current and per million on the average year. for for share for or for XXXX XX.X net $X.XX XX.X the the same shares share Net the quarter outstanding average per $X.XX a shares $XX.X per million $X.X was of loss weighted weighted XXXX. fourth based loss million quarter of loss outstanding million Net period

compared is At cash activities used used This and was $XX.X million. Net and $XX.X to the were activities million in cash and of end cash net in equivalents of quarter, investing operating operating XXXX. the investing in $XX.X cash fourth million in XXXX.

Now turning to guidance.

For the total we million. and XXXX, $XX full revenue year between expect of million $XX

XX% full And operating $XX $XX expect year between we million. and XX%. to expect We continue million margin and expenses and gross between

of would now For million Nadim. quarter total the revenue between like XXXX, over call to expect and I first back to to $XX million. the we $XX report turn

Nadim Yared

Thanks, Janet.

set lie our opportunities ahead we of and for excited CVRx, on Barostim. that the sights As XXXX, expansion I'm about continued the

Our initiatives I continue company commercial position our X execute over in execution and capitalize of team prepared well years. and strategic a outstanding opportunities to our sustained front to is in strategic our drive CVRx to last the growth. plans us, to on fantastic consistent leadership is the thanks believe the of

line as CEO, Operator? XX would I on the we and honor. been proud true believe incredible promises. a of And Reflecting what future now accomplished years am has for CVRx to immense and holds like have experience it I an the questions. my open for

Operator

Ladies first Margaret you. gentlemen, we be William conducting Instructions] Blair. question-and-answer with question and a comes the [Operator line Andrew this Thank Our at from will time, session. of

Margaret Kaczor

I'll at comments to publicly. but my say today. been just start yet at you know them have heard you've Maybe what become to seen CVRx an it's to overall, you're of off $XX Heart XX% Obviously, of of Failure plus look first a Nadim, . you million out coming just million. quarter glad to and the pleasure to kind you, and is exceptional are And U.S. growth JPMorgan, with, $XX it guys year XX%

to So to guys through assumptions maybe that us you drive what range? walk guidance conservative that the within the just use pieces that are

Jared Oasheim

Nadim this color maybe one, later. is can take I'll add Margaret, that some Jared.

we've the seen taking growing board. more more we over we're also when centers active utilization coming our the put number at been also So they quarters few on guidance, then how from additions as looking consideration into experienced. together and the we've for the get territories of new those have And how last and been implanting centers

the of $XX again, with came seeing of all consideration, million into from quarter to in a taking what out of that $XX guidance the step-up we QX we fourth after for So million, delivered XXXX.

I'll as The go don't think a seen that can talk and deliver Again, first a we at seasonality. seen quarter something that the rather consideration you companies other factor little historically out just for similar bit just but have a CVRx, other in It's at the into that seeing a into took trying to go set QX. is first that I the we not level that bar guidance. here ramp that we thing play think we but have quarter. have through seasonality gone about we start we've

the centers quarterly -- new $XX hit range, the end, at basis. conference was we about and we're that year to at million the a really XX When centers on adding active we active components talked JPMorgan the a I targeting million think about targeting that to being high able talked $XX full something XX about quarterly had on about new the guidance, implanting end of the adding of towards low basis implanting about

our pricing ASP volume And that failure for on to on, for a pace $XX,XXX, an in XXXX, may we then good we adding we heart request is around since as range that's then perspective, XXXX, been results in U.S. to quarter guidance feel to at that was $XX from perspective, and more what about thinking is $XX more the for million bigger the pressure the of the see that X% see some into and to $XX,XXX we've that see at And continue $XX,XXX And and centers we go were we seeing million an from rebates. per continue a factored like looking some as XXXX. we're from side. implanting pretty into about ASP territory IPO,

Margaret Kaczor

Okay.

take if But on. clinical your so data. into well as center we so and you are the And I guys both appreciate better rate and kind the on of context, as with a that comments armed reimbursement new and

sales putting together big well time -- label. guess, it hasn't that. you, a pushing training clinical as more it's in in I terms Maybe relates So early. to at there you program, for presenting know But on as start excuse actively the been I conference yet this education guys are point educational of force me, to where as an new

Nadim Yared

I'll Yes. Mike, take this question.

the and I guys resented you you I of I when not So remember to sure first, to thank you miss for for the business. long for your the questions into previous long it interactions I retire, I'm understood all it would as going of here that how me. understanding ask in that our some Was there used the as time, difficult hardware But am to this that put transition takes? I comments. yet. these committed to

these get equipped how got enjoying our physicians. of of about been tools. and that our is we meeting these that next approval To between now be January right and week sales in we the able out patients to communicate yes, sales Christmas our we And have educate we do FDA and up end with of trained have make actually to global now all sure all interactions. to question, , efforts I force has all and And from answer your in

out We're phase. right about providers patients an the payers and this to is and very excited get next this about So data. the process new ongoing now world to

Margaret Kaczor

on about million expenses going How in that continue burn this should or me. the a try label the Okay. guys the you cash forward? to step for cash past rate think going to one and to saw cetera? I just Great. we you And Are et burn quarter. of last to $X gas on panel terms Are around with better. going that X% maintain question

Jared Oasheim

on that OpEx, go million into will the about gave We us to of The around guidance $XX 'XX from marketing in to spend an the growth million. the there for U.S. in vast to organization, to $XX sales increase 'XX up question. specifically Thanks spend Yes. get seeing and majority

consider board the bit opportunistic and let's can going patients see, to a to trend guidance right? seen to on able Let's able this we out, is we'll easier bit being making be to to And the to see sure come so in we've physicians, can how But put to patients burn or the new data. to continue see use the flow to cash then more a that to raise gain And it's is additional bit think, go react help making rate, hand access business centers below a new Overall, without down burn So little a that continue of clinical a a how we the get code little money. the needing payment we're levels some at then more the maintain where in If cash that historically. have will more for believe I little out of will come to faster cash be where at investments. I and and prudent invest that therapy. wait think breakeven we on we we're we

Operator

from line JPMorgan. comes Robbie of with Marcus question next the Our

Piper Our from the next question line with Matthew Sandler. comes of O'Brien

Matthew O'Brien

you Can me hear guys . okay?

Nadim Yared

Yes.

Matthew O'Brien

takes you, And long the I Nadim, long, in future. to for yes, that a a say of time selfishly. Fantastic. find you Hopefully, best luck it replacement to

I'm on as the guidance that's together. how Jared, second terms in on the -- would units on healthy guide. then given pretty in so go that at assuming the look of units But at I'll And at and is look sure meaningful you the the It's I side, here, XXXX? of just the versus and pricing can I number of up the range code bit, we where anyway. guess the it sold think little I down. piece questions They're or Or bit why about that trading essentially slowdown So not both forgive aftermarket just this me. math same is take is is? flat just ask are It's growth I have pricing them the and actually I year. it's midpoint the a a the two a down long-winded, stock assuming that little

label and like But expanded year terms everything growing up what of year it like units. centers number in should did of go this units versus the seems absolute more that, else of and total you number last

So that wouldn't a case? bit little why wouldn't growth in would faster? seeing. Why the that more given all be And be the be healthy it you're tailwinds U.S. these even why

Jared Oasheim

Matt, think goes cover the bit first. to piece, easier Yes, I pricing on little a

we $XX,XXX XXXX average selling list a seen So about this I being XX,XXX around and Heart XXXX U.S. around with to to setting Failure increase also talked price for prices have we add, will Barostim. guidance be $XX,XXX. had expectations in in

price And discounts assumption are our more to up we continue so to go bigger we into saw as that to to and see more more to volume, pressure there see what beginning continue more opportunities bigger XXXX customers But XXXX. from was from see and for our from the we rebates. go in and the are we as going

throughout see so it of XXXX. out the with And actually expectations for on a this beginning to we're the price just think plays how new customers little I code that year, at being prudent

monitor and the then the if it's able continue average of sure is make coming at for and be necessary some quarter in updates the to rest first to second in that quarter year. I'm what here the we'll So

we out growth and tick from per go like confident getting come for a feel meet selling are in continue slight that numbers. yes, it, will of price. as the patients to then said, guidance, to down treated units, far to beginning being at see the And out average number these the of When -- able with to in I 'XX we Seen we between our guide 'XX. year that want the as

staying levels units we per so because of when model, we about were per at to revenue XXXX. flat And quarter were center able productivity achieve X active we these the looking throughout put together implanting

that's into ads number that's XX we've pretty out about as towards And been to the thing guidance center we've building So end when we past, quarterly top U.S. on number that for throughout thought well. the the we factor good expectations model, that on the and adds basis to that's a able able new I when you in move XXXX. as into to that same deliver XXXX. And been a for model, was set think of that then a center the new achieve the

quarters. been as One well last like about seeing just as thing I'd where X flat million quarterly revenue for a of Europe, to to we've address $X the X

just you the look hinder overall a European revenue. with does so bit I little 'XX worldwide, there expectations no from flat revenue . hope when for for to question. us that with is 'XX growth a hoping And that that at that answers your growth, rate result

Operator

Robbie Marcus comes question from the line of next with JPMorgan. Our

Robert Marcus

Great. time, not instead talk button of Thanks. hit I'll the button. hangup the This

Nadim off, on retirement. miss you. -- will First the We'll congratulations

year. question, if since programs into reimbursement, For you end getting wondering excited just new finalized if through last any, been I of you at seen potential could any reimbursement change, Has have hospitals walk hospitals, us doctors has it about what initiation been getting hospitals. talking the has -- times of in easier the the was

Just any change in the sentiment out there.

Nadim Yared

which January would is nice at And possibly do you, future, expect going answer site because help, with just the great to between #X. delay a #X, first, and commenting the the be January to in couple and words. on we're your are at now But of Thank X this at right, not patient we lead they less the first activation the we stage stage. question. patients entered weeks, -- and it the The in code the this to particularly qualitatively, X, site results for qualitative

actively doing couple IPO, what by seeing that X earlier not the noticed but and we One part level did of we X, elements. I observing own is is or kept TPT considering centers is the site obscure the that device and patient X a explain was effect the first that two was months start way the second, if getting one importantly, becomes of before to the X an patients. years. that. we understand X. -- for payment over the their phenomenon driven #X, pause And after impact did their after But understand on we understanding and as of tried payment an most complicated observing still a very The hospitals. when how implanting the because and past don't seen we very accounting We calculation at they are which of that TPT. for you know is recall, hospitals [indiscernible] administrators few of works implants.

couple of see a back. wait they doing wanted after patients, So to to the coming payment

code, simple with alleviated at a they code, has adjusted just having understand elements, code it those a the So be a works. ZIP least we simple expect one would two by number, which for of how

I answer At will stage, So quantitatively yet. qualitative be Robbie. answer cannot the the be on it would this

Robert Marcus

you double do Great. it, be questions, What about preservation. to cash think balancing No, just than amount? you'd about of you your you're you rather and sales spend spent sales? Why OpEx drive label right with reimbursement. your balancing, the decisions? thinking updated in you into OpEx How you cash the spending double is amount the If are goes burn that's now able the think helpful. to And balancing the finalized about prior maybe as talked as

Jared Oasheim

add the a quarterly we've model, that on Good number after to And that I Robbie, question more right? think years of territory simple as question, to is, showing right? experience been overall proven grow. the have we per And see while basis we continues -- And to IPO, conversations after will from as customers the new conversations feedback and we and mean territories think have where of the that I able continuing three see increase two to going from reactions that's those make and the campaigns, new the think. results as tests, through see we after label come I physicians to code continue right? has patients we're some we those more our DTC from I out, continue FDA productivity

Some more at end help to more start investments baked of and a And we'll it. guidance us that the quickly, that's pace, XXXX. of is into spend the $XX if day think I seen because opportunities of gave million are continue while to continue to we the for million to that something $XX goal we bit more the do those a cash the there at balance work not take to to patients. is that can faster our throughout on we'll of But too diminishing advantage little

Operator

question the comes from of Canaccord. line Bill next Our Plovanic with

William Plovanic

price increase you could out start on price If to between just XXXX. going I'm always the ASP. list the mentioned list with in and -- I just there's a difference big

projects for the -- in expenses R&D about your come should quantify OpEx And curious spend lot. a extent a if of to you kind about? any kicking just that R&D? that surprised the kind relates are How think are off going should us. Like of rate could Or we're we the new the relative to then as versus it so to Just major forward? bit we think what there this in run that down R&D, for is SG&A XXXX the

Jared Oasheim

questions, for Good the Thanks Bill. question. Yes.

price list list increase the on business. for on was the the XX% a U.S. price, So there

So to up a you've less $XX,XXX seen an $XX,XXX. increase price from

OpEx and going contracting then we the and split down into So R&D that's SG&A. of where all to start guide And as the move between will discussions XXXX. the

mentioned earlier, of vast increase is I that the As majority going into SG&A.

of trial as BHF we As went the bit of imagine, clinical saw you a throughout can sunsetting we XXXX.

march we then on right through were that them for sites program spend down that some device program the do now, with post-market quarter, are fourth of above trial And our development. to close on some off And trial. has before, expenses. clinical some programs an reduction we . What about research we as research website. designation, seeing overall research FDA and smaller the this able early continue And population. where the of XX% Nadim from continuing patient going work that's that we like one so have we're driving proposing especially reduce investigator-initiated breakthrough to designing with talked to within to development and advisory our XXXX, through our we'll different Turn registry, fraction have those ejection do in into our some and next our specifically admitted projects

and comfortable and And point decide a not can time at baked see spend into to to where spend whether that's look too not for we so we want this if at trial it not the feel continue in that to that money that designed kick off. much guidance the the in we we'll XXXX. trial But win at point, we get or to can point

William Plovanic

if to And working Okay. margin just gross since then the to I'm XX%. here, also could trying is margin P&L the on XX% gross guide understand the we're ask I the on

three what have You've down that the volumes. to year, margin been likely above . are increasing higher stable next solidly go would considering the quarters. to to you're past the at gross especially ASPs XX% or for dynamics cause and

Jared Oasheim

Yes. Good question.

ASPs the we looking the and we're right, set two costs. as So XXXX, the at different the guide for components,

that overall is that in to we've U.S. that ASP the XX,XXX closer on First, a assuming ASPs, down Failure guide at to the the from Heart mentioned reduction X.X% midpoint.

impact results for So an on 'XX. margin gross overall have that can the

volume see down. seeing an We've lot then second a overall component trend we the cost. see shouldn't we is as about come that talked increase, And the cost the of

should we down. up, as go come cost the see production So

And devices, we're negotiate price we for overhead a we to as at increase continue buy necessarily components times. new contracts points the components labor the to those in of have vendors and However, not going on out may focused themselves, for see to go if with at and much new these time, that. different pieces

So our to factored both to guide of those the into decision for XX% us 'XX. at XX%

Operator

Our next from Nowak question with of line Craig-Hallum. Alex comes the

Alexander Nowak

ton BNP the the completely requirements? clinical know, Now side where a deeper to sense ejection that's Does wrapped potential, after go Or does study to next? approval the with sense increase you simulation. indication? go FDA done change spend make go really going fraction or BeAT-HF it dollars new it is Barostim of up to more in to indication, make in a the the into of hand, holistically, of all There's in as baroreceptor left

Nadim Yared

Alex, question. excellent

that the has and hypertension. past, device to heart FDA designation, have on resistant in we the to particularly injection BDD, experiment and we with So about applicability in preserved kidney heart chronic disease and we in previous the of from data breakthrough spoke device And the submitted beyond mechanism us FDA that one past believe hypertension, that granted previous fraction some could one we clinical based spoke failure, failure action Erasmus. in device

indication when go So and be those second or the consider just these we both of hypertension of It There's indications. likely a two will after. one HFrEF. we probably was that

HPA with this got invited when started Then Advisory TAP that only year FDA pilots device a for products. breakthrough with indication. lifecycle to working Total the new We FDA X designated we to was about unlimited started program initial be the the XX of program, called new that indications

ejection So this fraction heart XX%. above is indication with the failure

more would For sense this to multiple for us, go reasons. indication it after make

The the will of the and direct-to-consumer synergy some same. same. physicians efforts. is would two total will we in and and diseases indication? are campaign if it yes, XX%, market same. different. so substantially addressable be of And forth. Most EF of approved the the are will our points the would Even in a be marketing that call Is significantly marketing One above The same therapy. the education because new the I say, be the be sales increase of would the those them

this opportunity. we about So are while excited

We of trial. phase the start the stakeholder of study. the the is TAP collect requirement of input before enrollment to the Part are we the the program of in design early

physicians, collect this So the but also it, process. regulators payers, guideline but from not we so and need and only to in are forth, and we patients, committees from

We actually during meeting. heart payers constructive as patients collaboratory single and last week opinion in medical regulators, one had meeting key failure and the a very with societies leaders well

So is now. this are we where right

trial? got. for program? you this know It's the And second question to will that start we long talking to and finalize that it of then do the spending the early the when Jared design question how of take will previous of question was about the design the be question On

Alexander Nowak

obviously, extremely getting on congrats helpful. some retirement to and the That's And is Okay. where Jim, today. it bear

conversation that there give plan there Any In board? them place transition here. Board. still for can on of with remain you views is obviously -- there? kind a your the the You're Is about will on to take the you

Nadim Yared

thanks Alex, for asking the question.

So me listen, here next between the the and I at CEO. the pace end day, the to ensure transition CVRx has and best of is will do whatever in that smoothest needed

the is the the the internal the effective daily to but what meet on on whether stay And search. transition search the not point. from not the after only The will Board a depending or look most help me. So way the to need what We the the committee external. new at me be is on of transition, terms yes, of in all candidates, and this for also not with during and helpful, I question Board CEO and identify basis is, board I

this not drop to I and day years, it here forget -- Listen, about is my I've one I'm XX been it. baby. going

the So and it's I do, really that the CEO whenever and ensure needed to material Board I that possible will the whichever in my what ensure transition. have new smoothest to time a best -- you the takes, do. we form dedicate And it's interest

Alexander Nowak

they dynamics in just again? a might to out that hospitals little QX buy be through because then got code, transition more that Whenever we for Jared. hesitant they maybe process That's a bit for a the where good a new to hear. there's of conservatism assume quick go to going a get always built for just through reimbursement And the guidance. Can transition we question little figure hospitals

Jared Oasheim

of And to being that guidance, good can out sure guidance factors, and different put lot put a prudent right? looking Yes, Whenever that we question. we're out go to out make we're we always at able achieve. we're

we first $XX all to quarter. when $XX of points that into the for guide we million million so those -- And of put together consideration think take I

Operator

the Our Lake Street. line with Frank from Takkinen of comes final question

Frank Takkinen

comments else's related everybody following echo burn. to related growth I'll question to string Maybe and up your the Nadim. balancing cash succession on plans aspirations in

think more prioritization more or help invest? us about Is to head was if faster. that time. attempt aggressive about of think to about you or more grow would you that the growth, aggressively, count think comment about on aggressively Can so end some strategy grow grow if the if you walk of you activation, string prioritizing did to, the do faster at through we'll did at different it I maybe elect the elect there areas faster direct-to-consumers, think to the we think maybe a to related

Jared Oasheim

people the And plans reiterate, many of and able try and a to more be of of out more with Frank. help and today always current number our And to field just right, as to think To patients territories. have I our lot possible. out in are as treat those we go patients.

I we're new get of out we faster, In were growth technology to platform think going could do want don't benefit raise in-depth checkbook, this throw we go We're to sure just a go utilizing more Where to we and need to very And cash We -- and we doing there for right? the trials we invest invest that prudent on could in new is the reps FDA there's that patients run able hope we're more And is works. more we opens door about more in see so thing our this if DTC. continue to in thoughtful more bunch make money had things sales approvals team us the on just right? invest all Nadim where how key talked being opportunities. immediate from of is And that how plenty from way, have of term, those field? that the a whole If it to to areas, clinical it mean a it's you the yes, no -- out open there the therapy. money. and today. and Do in an right? you indications It's it out from

own another tests those we've without do this run ever it's been can additional some us on raise opportunistic there more decision a a out go future, do of able We financing. to And that being to business. prove if the we've money is our in as because to having

Frank Takkinen

Okay. sticking more, the That's then with helpful. one maybe organization. And just commercial

progressed the onboarding of then network companies model, after implanting this sometimes to centers. centers implanting a catches effects you the are to shift as initial through force utilization, see have doing a large sales leverage always technology. up influx more aggressively of you that the given new As utilization an improving that And active go just there's incentivizing once

how more but the My to activation focused versus lever. progression pulling implanting talk assumption on is utilization aggressive you that still being probably the on centers, centers more you're about of new think eventually maybe versus

Nadim Yared

question. [indiscernible] Frank,

little network in a a the center, So bit different implanting that's it's we activate that our little referral when case, a center. around bit but center, is because all the

need in community. we patients That's we their is yes, implanting force market and development educating to focused So to that ensure To cardiologists the sales the send do. part that centers. on our of that training

go next hints our into It's it. know about given But you meeting implanting sales think the sales centers about I've the all incentive to going week. building the only yet. about plan their not activating I'm So detail around And not also as network have but doesn't global incentive plans enough we I referral it.

key we send after patients cardiologists They their is the hospital do activate name this the a hospital. few referring implants. So this is center. many to get of the here, around the first to game Then their as

Jared Oasheim

Yes. And in, too. chime just Frank, I'll

had As historically. expectation well at a to on pace with the I mentioned new as a we what similar quarterly is seen the add guidance, to continue to centers basis

on on more treating seeing get they growth get and aspects. going both to one, continue Number Number us come they're average. centers centers see the we're from those -- more experience So experience history expect more to the seeing we told more two, board. new has patients to and

productivity. higher seeing So

Operator

concludes closing remarks. I'd to our Yared Nadim like session. back That for question-and-answer it hand to

Nadim Yared

We -- slide. Yes. operator, appreciate next everyone our us update, Thank and our our on to quarter and again actually, next on for earnings ongoing fourth look thanks to we you, for joining updating forward your call. you next support, progress

Operator

participation. for today's does your conclude Thank this you gentlemen, and teleconference. Ladies

at time, lines day. and your a this disconnect may wonderful have You

CVRx (CVRX) 25 Jan 242023 Q4 Earnings call transcript