CVRX - Earnings call transcript Q3 2024

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Operator

Welcome to CVRx Q3 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to Mike Vallie. Thank you and over to you.

Mike Vallie

Good afternoon. Thank you for joining us today for CVRx's third quarter 2024 earnings conference call.

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

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

Kevin Hykes

to excited the solid making Thanks, performance XXXX. I'm over third delivered progress positive of an Mike. earlier on of In continue Good within patients. having and quarter, quarter execution total the the Barostim the we you million increase afternoon we're we to Failure and pleased another third XX% therapy driven this revenue report strong established that on build is of thank business. by about momentum for U.S. I'm the our Heart year. quarter $XX.X We impact of us. joining

force team leadership and and Barostim been strengthened priorities Our driving stabilized have market of in therapy. development sales our instrumental advancing adoption the

detail secured significant X more we reimbursement the shortly, describe in quarter. during As I will wins

step and in inpatient payment achievements DRG procedures First, approval to significant for higher codes. the access Barostim. expanding X forward a These of significantly second, mark a patient Category CPT

brings device with in brings and the we XX and Mitch and the be in Barostim like XX the I'd of adoption to years space. Mitch grow Before Ballinger of product therapy. combined commercialization Hill than and Kevin Directors. operational experience I Board dive of review, sectors. operational an and in global expand technology continue cardiovascular will invaluable more expertise industry welcome years into as healthcare experience to financial extensive development, in Their the over our Kevin strategic planning to experience medical of

barriers patients, Barostim, patient Our key and among increasing practice we've significant addressing robust with advanced portfolio recently developing providers therapy, access, X clinical more access focus physicians, a education evidence. Starting remains reimbursement the include on and which awareness adoption to improving of to the wins. patient secured of

Barostim's publication days. a new been rule first engaged Neurostimulator with We've reminder released period during System with comment look stakeholders the about Payment for for hospital current maintaining CMS the July. proposed We XXXX The forward advocate a rule its or want placement of technology of to hospital to in for the in actively final X the APC creation to Outpatient CMS and I OPPS. the APC. the changes Level Prospective start in coming physicians

pleased side, This year believe that the increase in further $XX,XXX which inpatient final from in the Barostim significant X, took the will We in setting. released this inpatient in XXX. $XX,XXX Prospective October approximately which was an rule inpatient approximately the DRG support that reassignment effect hospitals the Payment XXXX. increase of XXXX, confirmed Barostim On to the payment hospital to payment to Inpatient System of in we're for results change fiscal August, adoption

on designation with authorization will of the was patient American Category represents which and to codes This Surgery transition X Category with by improve option X debilitating population eliminate College to and support for will be X X the like code roughly approval CPT Moving coding American patients hospital for and Category for the significant implemented particularly for new and the unlock as it coverage. from denials where milestone access has authorization. of throughput X codes Society our codes will markets is testament developments, heart CPT prior important Category for It to an of Cardiology. The required code an Editorial payment TRICARE, the to January require Vascular predictability new Category prior as associated led we effectiveness automatic are from the expect XXXX. important accepted XX% X, X Association that therapy, CPT Medical Panel Category it for to This Barostim failure suffering increased Barostim from the important company is symptoms. adoption, safety a a

providers. education our practice second efforts and and Our referrers and We've patients. their general increasing beyond cardiologists outreach awareness among failure to include initiative on expanded heart advanced focuses specialists

Our authorization in patients. and Barostim prospective effective continues to Connect providing prior education be program support to

and of effective contribute after innovative training shortly to from patients, [ called strategies treatment taught review devices failure specialists practical in management use Barostim. program is the to community commitment our believe a heart evidence-based of we of the the care. the October, the early standard and fellows and failure for heart We including courses helps failure treatment, the adoption the first heart on a how end quarter, ASCEND in with team of across failure investing of educational series launched heart to of education important educate fellows held advance heart Barostim of implementation faculty aims explore future by fellows Additionally, In This broader X to of United failure can we and program understanding on these XX States. a ]. comprehensive the

action We're of publications. focus a of the publishing scientific patients. In wide in clinical more were important quarter, mechanism fully Barostim is evidence to describes consistent the therapy. there additional stream evidence third that more supporting benefits area X developing making range progress of Our and Barostim's

psychosocial College data as Patients activities, physical Heart arm only sustained and compared improvements treatment the the measures those receiving published directed significant showed heart new and improvements of medical failure directed plus medical reduced Journal Failure receiving in in patients Cardiology the significant guideline therapy First, American quality-of-life for in to measures therapy. guideline reported of in Barostim Barostim symptoms.

provided levels in Society Failure long-term HFrEF showing European Heart and publication improved reduction Barostim's efficacy patients. proBNP Second, NT left fraction from evidence NYHA ejection peer a sustained ventricular decreased in of classification, reviewed of Cardiology the

with a and visibility single results Barostim's consistent Barostim support the standard from and usage. One observational fraction ejection These abstracts increasing LVEF, into cardiac for build treating new care online In scientific abstracts including comprehensive clinical of decreased our continue statistically Barostim a these the Southern therapy. reduced addition, Heart which to patients example and LVEF of available America research data, X left These Society failure. Failure of integration were months XXXX showed significant California, diuretic favorable goal after findings the the demonstrated ventricular meeting. XX made studies and on more center in of its of cadence improvements of results or in improvement publications University was impressive for foundation for receiving heart arrhythmias

appreciate Importantly, helping their of we believe with Barostim real-world our patients. these them for the data benefits customers resonate strongly

our the Beyond Barostim. June, deeper on the the optimized of his team been are strategy John class be making our adoption, the talent Chief significant strides of strengthening has and Since world focus Officer market expanding penetration a execution. attracting we driving existing go within impressed we've in and our quality building to barriers he's adoption with to accounts our with late continue commercial to leadership, as organization. goal Under Robert the of to Revenue joining I sales

are on the integrated to therapy, models continuum physician our Barostim about optimism These execution market focus and continued accounts barriers reducing organization. We our both are by multiple supported adoption improving our are heart the is and demonstrating and efforts. I treatment of strength market long-term we've surgical emphasize accounts implemented as targeting to champions changes driving therapy our the adoption by expansion want our where in for partners. and are and into term increasing the failure Barostim adoption. sustained serving near opportunity HFrEF The

the our difference ahead, As lives. our we a presence failure standard to to With committed making even we look meaningful we're of technology, of in patients. team, for more innovative market goal heart make and therapy well positioned strengthened care remain leadership expanding patients' Barostim

Now over to financial I'd turn call review. for to Jared the like a

Jared Oasheim

on had a Barostim. At Heart of were new growth the accounts driven sales same and period generated $XX.X quarter, of units, continued total total compared centers million revenue Active Failure million patient revenue of the in $XX.X commercial Heart growth the U.S. third was million to XX, of on quarter, the totaled an the and months. the of Failure into implant same and of third year. current XXXX in the June $XX.X heart awareness XXX XXXX. physician last one In increased have in business The representing XX% reflecting a increases in year. Revenue active in Kevin. or by end on least the that $X.X total we revenue the territories, revenue last XX% new implanting in last million Thanks, the are implanting of customers XX U.S. million quarter, $X.X primarily XXX centers current XXX the XX, compared in the failure to a result to expansion completed the was compared increase XXX period current September generated last over units. U.S. quarter at year as of on XXX quarter

ended territories was to of decrease $XX.X decrease expenses. Interest September months months $X.X development a XX% $X to the advertising change the million Europe end This XXXX noncash XXXX, increase was a million and million generated $X We And to accounts. Net million months in compared Total months loss loss was XX, the less the $X.X ended X months expense, was compared driven million XX, or $X.X a increased September XX, term XX% compared XX, compensation compared months XX, XXXX. the the ended $X.X also loss representing increased for million ended of X to ended revenue period. X share quarter sales by ended change on increase a loan the was September XXXX. for September borrowings X XXXX. months This X XXXX. U.S. XX.X X and had the XX, income the and of months compensation the current on XXXX, the compared XX, for This was $X.XX period share million million XX, based million from X of primarily at X million months in on expense XXXX. per travel and XX ended the in months year. to September XX sales decreased September XX, an expenses. SG&A million consulting driven and per of June interest for to territories for stock-based decrease ended September $X.X months by expenses, XX, driven $X.X by X net were Europe $XX.X an last per increased September for September of primarily X average current compared driven in on The the XX% in expenses compared at XX million the increase shares outstanding XXXX, interest-bearing reflecting by to a a as of million the XXXX mainly expenses XXXX period ended the units shares $X.X ended the increase XXXX for ended ended XXXX. net for weighted September agreement. Other X Gross a year. X September months $X.XX the XXXX, September XXXX. Gross XX to the quarter, profit $XX.X same prior XXXX. $X.X expenses to the XX% million XX, months XX, XX, last or X% X for share the million margin quarter remained for Net XX a income same in XXXX in weighted XXXX. Revenue XX, was $X.X under respectively. Research average September XX, outstanding XX, $X.X result the year months million ended the X million increased September up September ended current for or This the in consistent XX, was September in was number headcount, increase Europe the for to XX, in increase X to increased XX.X X ended in compared increase months our September

drew ended Net investing XX, million. September and operating total million down equivalents XXXX. million cash and of the during XX, through our final investing This XXXX, Innovatus $XX.X net balance agreement, of used $XX quarter to financings. and $XX.X As to for bringing compared X sheet in loan the $XX remaining and third was X XXXX. We under the cash $XXX.X the used activities months outstanding cash principal million. activities strengthened ended the third were our our of XX, June cash in for balance tranche We quarter million September operating is

Additionally, by we raised common or stock. through issuing at the million X.X in market approximately million equity proceeds $XX.X gross of shares offering

to guidance. turning Now

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

expect We expect between margin $XXX full approximately now XX% of continue operating and to million. year XX% gross and expenses

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

Kevin Hykes

Thank you, Jared.

momentum line continued the on The XXXX. far in accelerate. reflect we we the the for questions, has to built have Before year to made like I'd open positive progress so we've throughout

patients. I'm Their Barostim therapy our leadership of failure particularly improving Our our strengthening has team interactions evidence patients continue to focus our expanded and lives and education heart reinforce come yielding to patient proud of our with potential tangible X in how clinical strategic of in together the efforts transformative drive areas, physicians initiatives access, results awareness, collaborative improving are base. increasing forward. and the

We're our key component remain we the lie of paradigm. focused and on opportunities executing the heart Barostim that the by a about XXXX, move we've excited As further growth and in final the establishing failure into progress as strategy quarter made ahead. we treatment encouraged

the Now open I'd for like Operator? to line questions.

Operator

Kaczor question from [Operator is Instructions] with The William Blair. first Margaret Andrew

Macauley Kilbane

Macauley tonight. is on This Margaret for

relatively at with start line by quarter. guidance, million the to despite so guidance midpoint Just in narrowed the the $X the

XX for saw new something quarter? of this normalized center the maybe back quarter there's fourth now the month through that the if centers more decrease? look end that that forward, what adds, led you at mean of wondering after with to especially utilization or to we a just quarter So as first cadence and you And does new got

Jared Oasheim

that Thanks joining answer this for to Mac, is Jared. question. Happy us.

for to at at really thought just specifically it looked we came deliver. for that us quarter. full the third really when and seen month XX.X% So go the already to that we to the QX the and saw based able guide we of guidance be down the mean, I we year, XX.X% QX the had October The was looking in we'd strength on in momentum and

So focusing one account we're go active of those to to and accounts we adds, deeper We're all the seeing that new do feel and but more of importantly those already to like deeper continuing right each drive centers on things. are at working utilization.

to full we million, by in bullish And midpoint million on the of we've quarter. it business the extremely the results be so seen range and narrowed throughout down $X.X the the the we October year to guidance to I third based just of million on month continue $XX.X $XX.X brought the think but

Macauley Kilbane

when rule hires. have brought obviously you follow-up, And several as a the helpful. focus those reimbursement with executive few obviously maybe upcoming That's then big of outpatient the this new and just you've -- hopefully wins gotten some was in a Kevin, more one days. a on

about you you the else to to can, done how able to there? rule? And upcoming beyond just the drive in what the the team has access talk extent So that be background been outpatient is additional could successful being

Kevin Hykes

Sure. Thank you, question. Appreciate the Mac.

this which inpatient fundamental the impact. She last So even in some side. inpatient $XX,XXX. $XX,XXX a the but feet, increased a is That's X very on the led In a way thrilled both around but led a efforts milestone process, significant payment payment that a case, here, we've the new of long on which seasoned existing at the also team already of the in Bonnie a leader change Handke, XXX,XXX both $XX,XXX reimbursement Category to X, the having from the new obviously for as basis. prospective and the leadership but charge, I'm commercial development, system on our added them to executives payment to know you team, months, very all our important significant very, company with this threshold

significant engagement company. More encouraged last here others depth time week. relationships also her news experience to physician her the in and have we're efforts first OPPS forward months She the optimistic administrator, my to of to with front this those on the and about favorable looking X over obviously So contribution and was the key an X many we process applied and stakeholders, months obviously, of broadly, even on that and both but team CMS well. with led are results a as

hopefully change a here commercial next significant posture we've impact. we'll have and wins already in fundamental going the So and notched few that our long-term significant represent forward these days to third a and X

thrilled long in with access very this we're efforts. answer to patient reimbursement seeing So case and but we're our what your question, with

Operator

The with JPMorgan. next question is from Robbie Marcus

Rohin Patel

Robbie. first of the more to utilization code. kind see to Is from obviously out higher on financial Just lead X. actually moving focused or around is one term. I time? potentially better impacts reimbursement? specifically how the guess care, this This trying I due better of like, kind to could from it X Rohin can that of and awareness over potentially for longer just primarily going we see could potential standard of higher longer-term to to want this is what come play had just And CAT and kind understand I'm towards

Kevin Hykes

question. I'll take that, Sure. Rohin. the you Thank for

relates administrative the procedure. this at and the to largely is patient that code, to to than care. max mentioned, what It sufficient signal that And every as that of affects facet and be Category from traditional Category code granted effectively X our permanent as that intensive means said, here widespread consideration, evidence heavily payment, given therapy a procedure considered depth is to the stay prior patients. use codes the temporary the weighs contractors, process denials for they is transition And adoption its experimental and X Medicare code. I a of automatic payment it status importantly, and and also So CAT the company a It or process developed or actually a this the while significant as X physician this of is reason towards access. And more X consider that being and virtually and the has authorization occur is reduces headed permanent are standard that XX% that's of code. procedure for Jared for Category for into reason coverage with credible, core

more about virtually the think process process, for in it for streamlining decreasing about we increasing So is and patient therapy. friction the considered this predictability, the that every

it's Xst So the forward. it a into big go it step January will will Obviously, -- XXXX. on effect become

So positive likely some before benefit that some we'll excited that. do, but to there's work about see still we're and day even

Rohin Patel

just then quick one OpEx And another priorities. on

And for a OpEx than think year How the in spending raised little we I to million you you $XXX priorities kind into obviously, consensus XXXX? expectations in flat year-over-year. the don't an came and is between R&D roughly. and quarter the like higher just obviously I of think SG&A, about on your relatively actual should what kind expect number, obviously, And expectations? of to are guidance but third comment

we guess, about should next year? think I how So directionally, growth

Jared Oasheim

appreciate the question. Rohin, I

new future utilization to quarter, have Medical to physician we've Chief invest higher term and off levels in to direct-to-consumer third the in Dr. reps, the help some think we've make address going we but are business campaigns slightly the spend expected QX sales events quarters. looked We longer at account did in run pay and seeing and quarter by the of we like in So Officer, fourth spend guide expect and higher expectation our be repeated by time the quarter activities OpEx in to Adamson. in just the educational then Both Philip not resulted really third building do but our investments team fourth hence in bench lower are for quarter. than an the one OpEx that of that marketing our being to the in also the our continuing the number, continued to at our

in expensed time, start we at a this including connection team also items, at that expense leaders was some at option as CEO longer spend, not we recognized XXXX, dollar to bringing lot the associated we that. look in the think time one then with but As former big there guidance time. was modification in XXXX, in we're point with time out know costs one to time one this in of new And out term retirement some the and we've point what putting

that much will we know point. not that too XXXX how one help expecting will significant and as it allow into we be this to those repeated, So us to will at time expenses are grow not OpEx manage go be

Operator

next is The Piper Sandler. O'Brien question from with Matt

Unknown Analyst

we that quarter Matt. when of guess, update This is appreciating increase wanted inpatient first our Samantha I achieved the setting, on a early in reimbursement reimbursement. have touch fully to Again, frame so and in question, an impact seen on you up maybe about you adoption far? the for month you inpatient this the been it's

Kevin Hykes

that you, I'll take Samantha. one. Thank Sure.

What that procedures it's specific number setting. that weeks may at here double. quite to payment of think see reduced inpatient in almost setting have increase performed can in thrilled been has obviously, you, being the We historically that impact I little I a underpaid, a which know that. to early, this X we're the in is tell a

or patient the and the issues there service influence what days rebalancing but with Our is settings, outpatient will and to patients effectively choose. by in that support we positive of factor. which hospital their payment have be of higher hope in that either physicians right on We side solely to few equalize solely and next on and the really it's focus based both influence inpatient within may setting, towards time, over no predict settle the treating stand a some administrators we'll will hard will readout, think allows the the the they physicians case, OPPS we and clinical should service inpatient on no procedures, regardless back have where out. In that to rate

Unknown Analyst

a so talk multiple you've more. just bit yes, the there physicians their deeper going accounts? you feedback you Are then from the from early And, on Could this champions little all hearing physicians far so on gotten with are strategy? centers new in And one far? just about what

Kevin Hykes

Yes, adopted so the highest the supporting in centers, are certainly the most as sure there you multiple for well. therapy, often not the indeed in community, multiple performing, surgeons. champions refers physicians that thank I'm themselves, deeply multiple

They So there is and networks know the treat the are working part community community the appreciate refers the the in adoption access bring referrals that that But out the of we're case, their of generate more and physicians awareness providing, and in and become yet center, physicians we're administrators. we to think I that that they they or it's the the they initiate allow therapy failure nurses their heart can or help a how in of around whether evidence more accounts therapy themselves their on natural day not certainly see support from where overall, day additional and their amongst therapy to basis. In therapy. as I'm not appreciate in partners. and the systems sure physician that and patient support

Operator

is with Canaccord question Genuity. The Plovanic Bill next from

Unknown Analyst

for the on John Congrats It's Bill on quarter. tonight.

the of you're strategy? again. with the is about Can it's you to Just change place, the first there growth the that on accounts sales just nice talk types there see commercial management accounts, new adding in with in any new new

Kevin Hykes

It's Sure. I'll Thanks, Kevin. as take John. that well.

more comes X adopted. be where we've most a deeply and much biggest lessons we're about commercialization been engaging approach that that and short this where of of years from the intentional There's over to the certainly plays role learned So types these the accounts deliberate last the is therapy yes. can and it answer

fact quarters likely accounts to best optimizing process in levels accounts account that a new engage of spending we new the deeper have forward. of time quarter the we're in those adoption. identify our teams, really So chance number reach And adoption with of over sure going deep to the existing sales we this as base and can trying make are that the of accounts and on reconciling energy future the and

a there's we implemented of ways to that So team set Robert following principles our the that, a of different Sales and do but has number now sales John Leader, a is targeting set adoption. of that these best use give accounts that sure we practices that long-term possible chance every they a engage success blueprint and and they deep them make of call

Unknown Analyst

Jared, And break-even drawdown with hand that? you. new the just cash what's on comfort for just around getting and ATM, What's one the just then, the cash flow of timelines the debt in

Jared Oasheim

the that question on Appreciate John. Yes. topic,

like make I about that's So about flexibility and that financings earlier, we about and mentioned flexibility this really quarter, bullish talked really we creating third us for was are the more the for it business to good help additional investments Again, that could we a want like a us as and just that go beyond. at do into this XXXX we was grow and faster rate we opportunity felt to move optionality that.

as shouldn't something as third soon that down draw for It's be tranche. we've wanting to So the window as a about talked point opened draw at this the surprise. that debt

balance cash that the end opportunistic we down really in the at So, September. being have business the the but reach just we to activity more us pulled of and needed were we was looking the more really day, And all as sheet the we create on available believe a flexibility. At at patients the of to more this ATM month help to break-even, bolster still faster to and opportunities rate. grow

continue spend to that's lot And something of to we're time a so going on.

Operator

with question Street The Lake Frank Takkinen is Markets. Capital next from

Frank Takkinen

much, clearly to a some few into I XXXX, too sure turn comment to the at moving but just hand wanted year. be in going I'm maybe reluctance going my there's pieces to

got maturing on You've a sales board. force, maturing that hires brought Kevin's new

it's not should thinking at pluses and whether we XXXX? XX% of these or minuses be there. noise where look out expectations at reimbursement about You've about as we in got feels and factoring How some are and that like

Jared Oasheim

Frank. Yes.

that, there's the mean, final the of to the I expected in if a just on component selling So connection rule that's to related OPPS price touch days. average coming

likely So stay positive January going that being In to the ASPs see fairly as code on APC outcome an from we instantly binary that note, we're New the impact in that looking code, code. in in Neurostim into event don't the seen Level on perspective pretty as or in for look piece need case X similar. In land at go immediate scenario, of or change X in Level X, X, in result in on a a maybe price where and our you we a to XXXX scenario, consistent even reimbursement view Tech as not that's negative. wins inpatients it X that especially likelihood an related Category we ASPs as the landing we've the XX% XXXX, other other these January Neurostim in a

So we level longer level, the if it prices to look regional at at need the would at term determine to change. hospital

the that's a in high to the in really range business longer this QX. of define as have off we and expectations stay taking return to But million come. move QX to achieve we're start levels look term, QX drop for around QX, and in we and is growth our sales the seasonality we to years a in some around a mid at the maybe table as year little to type our XXXX, team from doing companies think growth we've $XX into So move leadership we company the as revenue they because seen see the high ASPs and into that marketing, seeing something think or levels same or as XX% you growth other investments bit that in see then are making that QX, revenue and we ability

Frank Takkinen

clarify Okay, my maybe then one. for second a And just helpful. that's

for with you you think us some XXXX? their one Indiscernible [ talked have in just for that time we in I few quantify a ] XXXX. items back, occurred Can about OpEx throughout spend models of for that that so a questions the

Jared Oasheim

Yes, question, of the that I idea think Frank. caught I

to modification the is mind comes So that one biggest option the number.

I into the million being we time XXXX. that repeated expect be recognized That's ended and think XXXX. and to do up between go that $X in first quarter all $X of not a one the million we as was event

be front that them with I of those bringing then of of point, new placement grants The either. as new expenses other one leaders time spend this go have don't fees is at higher to issued having me some on in into expect associated but we with types associated to 'XX and repeated and don't also we quantified them,

Operator

of question line the next Group. Craig-Hallum Chase The with Capital is Knickerbocker from

Chase Knickerbocker

Kevin, quarter, adopters? leadership profile priority kind be much with? can they And me, the of to new you where you number I adds last it as clarification kind think. had of account even these targeting thought high-end building obviously, Barostim to of look rather than new how up These pipeline sales of really for the changed you blueprint your you're low of first programs for we it's of the expect just on that your kind the adopters Maybe these in kind just do targeting new new stronger accounts, pipeline. kind than they kind about reflect Do up talk has that these like make ramp quarter,

Kevin Hykes

start new their some implant. centers In with predict higher quarter we treatment. a these than the QX was in Sure. center not reflect would Thanks, were into I actually new in an to first quarter, when fully Yes, do of couple this so It little Chase. further say, a accounts new would anticipated. it's And a early thought approach. but the yet cases, that XX does we surprised the hard here, targeting us cases will

and typically that what was earlier case. fully. the working will few most and So It's presume. What we added process the of are play is overall, from of Often will in say that. saw which the treat can growth patients, we out accounts next handful accounts over wait organic happens then bit that more quarters, that of were kind of see engage is year, a I the I through a an

earlier prior patients fulsome what In to here And more doesn't. the you adoption. a goal really and tell can accounts. best of We early bear the the I some of from are degree a the level has we've early had. to centers from process, teams early to and physicians trial those that understanding and window and have possible is outcomes from the efforts the of to shorten ensure what referrers that have works contribution So learning see we that from what patients sharing XXXX and these sending really John efforts best departure that of is their that a and the brought now Robert is higher intentionality practice the luxury

how we're centers targeting to with benefit. our nurse working efforts it practitioners And more to where therapy some in those the everyone their to and DTC our with things understands even effectively doing can exposed new feed with that that patients is of their and that other patients, administrators ensure is fits network

Chase Knickerbocker

a And then from of they what there? quickly this retention with new productive force, rep their of far of QX? able kind as Kind QX? to on been you how productivity just are a lot of them obviously maybe of would then kind how's expected sales productivity expectations adds ramp? are second, earlier happy they've you sales then in to been year. the as standpoint And be And have in Were your as kind

Kevin Hykes

Sure.

are, slightly or the into John key deep pleased. we're It's begin a we coalition with these hiring of building would that some therapy to profile the a understand how not and talent for, programs. to I that who It's particularly play. one So team roles we build center for a new building specialized new representatives a is look head-to-head that sales Robert This organization. adoption support mousetrap bringing of with the team is skill. is for refining components on the our pleased I'm a we about members the we're and of programs of Not competitive say better these or sustainable had surprisingly, technology. of in about and

our boarding it getting sales growth where what would in turnover that boarding than at on the them understand component, would with be So new more program and those exactly to seen better especially we expect reps, these seeing. I and say we're better on rapidly we've past. we the is are we're and effectively thrilled more

a in that's what what's productivity, in pleased at but I track forward. think go going to the into their as seeing confidence we're wouldn't contributions and of we'll change expect dramatic necessarily QX sense we're I here we their quarter. continue So leading our to

Chase Knickerbocker

but it's it the OPPS leave confident I'll a you comes clear to in And are favorable guys final when rule. ruling it potential very here,

here, as field, of of incremental kind of a this far you've Just in of call customers kind how kind any stakeholders in the feedback relevant little on can CMS we've from that the you at inform confidence to spoken color the speak confidence? bit as to on your parties detail of kind that in more of kind or kind from heard either

Jared Oasheim

cover one. that Chase, to happy

been of data comes lot confidence a the think I we've reviewing. that from that

been is connection this data So of shared that's what and we use submitted CMS one-on-one or meeting procedure cost our during this XX, CMS. We XX August. CMS information with to being last the been understanding when that level the to requesting by hospitals in submitting over in months they've data costs with early

even in X administrators, comment beyond part, APC. that create unanimously and panel We from when level they ready data of we support a patients. then fallback, period should there to X move X also from code in or to a physicians, they lot the also presented if And our we where from on as code on new that those received level the activities August a used create supported a tech keep the that the weren't XX to us they was

be I at XXXX. to Level the moving for more the and as but Barostim APC look move data supporting or this X then to code, again Newtek in staying in a therapy able collect think were Neurostim year comments there than XXX additional fallback to this to continue a

a think Neurostim all support confidence X believe and that APC activities of for we data XXXX code that or level in either in will it's the we the we I really have those that XXXX. land

Operator

Cantor line comes with Fitzgerald. Ross Osborn question final The from of the

Ross Osborn

where occurs, to a us Starting through versus particular? would but your outpatient device off in allow end, with treated walk you site what regard patient of could with service be and procedure a realize you're not directing to

Kevin Hykes

I'll Sure. one. that Thank you, take Ross.

are stable want obviously, basis they seeing not that's an is but procedure my patient cases in manage their some say right I is timing again X for these I'm patient jointly as understanding their hospitalized our have the and So the failure that periodically on device. In decompensation. to the the is for being to that physician setting, outpatient a and of inpatient patients treated heart the disease is outpatient to them being population physician a patients determine and are who are implant an

XX were offloaded. days and on or procedure patient fluids a had So who was room be the and the or diuresed of weeks the emergency could X hospital admitted decompensated, an was over inpatient performed to presented their at course

is our that then So patient sufficiently stable discharged, be implanted therapy. before they're to with

time X outpatient more outpatient advance of procedure, of a scheduling, little bit real So typical weeks a a involves procedure. X, and sort than it's that which of a in consideration X, process more

they So presenting in different on workflow, in but same a different their sort disease patient, slightly where based state, of are cycle.

Ross Osborn

new we about Thank you. Got within account focus it. of term diving a before question and how longer is and really then runway this quantifiable, existing needing your your shift accounts helpful. to should if That's And to bit deeper think but growth? sure not

Kevin Hykes

on we're Sure. digit still these population single say largest X% penetration even into Well, at of than conservative centers. I the on think less average, extremely annual centers our of U.S, this past would an sense the And penetrated low right average in those the level. the now, we've incident basis, in we're in discussed the I

our to So we deepen opportunity significant already significantly have accounts the adoption. in we're on calling

will in been perhaps the today. of we're I on we I So more to insight, and then calling think, continue more have new add so, We'll in we upside think with to the certainly a past places do accounts. lot intention, able very but we've

our like those out look and and going account have about and really And the much, populations we of at spend much mix, which mix and allow deeper to where understanding the patient get more the rapidly to and want payer then current and as more those. more deeply. our that support accounts we look accounts community us time can penetrate it's finding So to

your So question. answers hopefully that

Ross Osborn

Yes.

Operator

to That was now to for Kevin the I remarks. conference hand question. the last over Hykes would like closing

Kevin Hykes

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

Operator

concludes Thank today's you. This teleconference.

lines your disconnect at time. your participation. Thank you may this You for

CVRx (CVRX) 29 Oct 242024 Q3 Earnings call transcript