CVRx Reports First Quarter 2024 Financial and Operating Results MINNEAPOLIS

CVRx Reports First Quarter 2024 Financial and

MINNEAPOLIS, April 30, 2024 (GLOBE NEWSWIRE) -- CVRx, Inc.

(NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company focused on developing, manufacturing and commercializing

innovative neuromodulation solutions for patients with cardiovascular diseases, today announced its financial and operating results for

the first quarter of 2024.

"We had a solid first quarter, which was offset by some commercial

execution challenges in our U.S. Heart Failure business during our recent management transition in February. We are taking steps to address

these challenges, including a change in sales leadership, which we are announcing today. I've also begun the process of broadening

our leadership team and intensifying our efforts on therapy awareness, clinical evidence, and patient access, which will be important

in order to scale the business to address the tremendous opportunity in front of us," said Kevin Hykes, President and Chief Executive

Officer of CVRx. "In my first two months, I have seen first-hand that Barostim is a highly impactful therapy, which has been

proven to significantly improve the lives of patients suffering from heart failure. Based on my prior industry experience, I appreciate

the remarkable opportunity that Barostim represents and am convinced that we can successfully advance this therapy towards standard of

First Quarter 2024 Financial and Operating Results

Revenue was $10.8 million for the three months ended March 31,

2024, an increase of $2.8 million, or 35%, over the three months ended March 31, 2023.

Revenue generated in the U.S. was $9.8 million for the three months

ended March 31, 2024, an increase of $2.9 million, or 42%, over the three months ended March 31, 2023. HF revenue units in the

U.S. totaled 319 and 225 for the three months ended March 31, 2024 and 2023, respectively. HF revenue in the U.S. totaled $9.7 million

and $6.8 million for the three months ended March 31, 2024 and 2023, respectively. The increases were primarily driven by continued

growth in the U.S. HF business as a result of the expansion into new sales territories, new accounts, and increased physician and patient

awareness of Barostim.

As of March 31, 2024, the Company had a total of 190 active implanting

centers, as compared to 178 as of December 31, 2023. Active implanting centers are customers that have completed at least one commercial

HF implant in the last 12 months. The number of sales territories in the U.S. increased by one to a total of 39 during the three months

ended March 31, 2024.

Revenue generated in Europe was $0.9 million for the three months ended

March 31, 2024, an increase of $0.1 million, or 10%, over the three months ended March 31, 2023. Total revenue units in Europe

decreased to 44 for the three months ended March 31, 2024 from 52 in the prior year period. The number of sales territories in Europe

remained consistent at six for the three months ended March 31, 2024.

Gross profit was $9.2 million for the three months ended March 31,

2024, an increase of $2.5 million, or 38%, over the three months ended March 31, 2023. Gross margin increased to 85% for the three

months ended March 31, 2024. compared to 83% for the three months ended March 31, 2023. This increase was due primarily to a

decrease in the cost per unit driven by an increase in the production volume.

R&D expenses decreased $0.4 million, or 11%, to $3.1 million for

the three months ended March 31, 2024 compared to the three months ended March 31, 2023. This change was driven by a $0.2 million

decrease in non-cash stock-based compensation expense, and a $0.2 million decrease in consulting expenses.

SG&A expenses increased $12.9 million, or 84%, to $28.3 million

for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. This change was primarily driven

by a $9.6 million increase in non-cash stock-based compensation expense, a $2.0 million increase in compensation expense and a $0.6 million

increase in travel expenses. Approximately $8.4 million of the increase in non-cash stock-based compensation expense is related to the

previously disclosed modification of stock options held by the former CEO in connection with his retirement in the first quarter of 2024.

Other income, net decreased $18,000 for the three months ended March 31,

2024, compared to the three months ended March 31, 2023. This decrease was primarily driven a lower cash balance in our interest-bearing

Net loss was $22.2 million, or $1.04 per share, for the three months

ended March 31, 2024, compared to a net loss of $11.4 million, or $0.55 per share, for the three months ended March 31, 2023.

Net loss per share was based on 21.2 million weighted average shares outstanding for three months ended March 31, 2024 and 20.7 million

weighted average shares outstanding for the three months ended March 31, 2023.

As of March 31, 2024, cash and cash equivalents were $80.1 million.

Net cash used in operating and investing activities was $11.8 million for the quarter ended March 31, 2024. This is compared to net

cash used in operating and investing activities of $8.0 million for the three months ended December 31, 2023.

For the full year of 2024, the Company now expects:

For the second quarter of 2024, the Company expects to report total

revenue between $11.3 million and $12.3 million.

Webcast and Conference Call Information

The Company will host a conference call to review its results at 5:00

p.m. Eastern Time today. A live webcast of the investor conference call will be available online at the investor relations page of

the Company's website at ir.cvrx.com. To listen to the conference call on your telephone, please dial 1-877-704-4453 for U.S. callers,

or 1-201-389-0920 for international callers, approximately ten minutes prior to the start time.

CVRx is a commercial-stage medical device company focused on developing,

manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases. Barostim is the

first medical technology approved by FDA that uses neuromodulation to improve the symptoms of patients with heart failure. Barostim is

an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. The therapy is designed

to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure. Barostim received the FDA Breakthrough

Device designation and is FDA-approved for use in heart failure patients in the U.S. It has also received the CE Mark for heart failure

and resistant hypertension in the European Economic Area. To learn more about Barostim, visit www.cvrx.com.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning

of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking

statements, including statements regarding our future financial performance (including our financial guidance regarding full year and

second quarter 2024 results), our anticipated growth strategies, anticipated trends in our industry, our business prospects and our opportunities.

In some cases, you can identify forward-looking statements by terms such as "may," "will," "should,"

"expect," "plan," "anticipate," "could," "outlook," "guidance,"

"intend," "target," "project," "contemplate," "believe," "estimate,"

"predict," "potential" or "continue" or the negative of these terms or other similar expressions,

although not all forward-looking statements contain these words.

The forward-looking statements in this press release are only predictions

and are based largely on our current expectations and projections about future events and financial trends that we believe may affect

our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press

release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history

of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single

product, Barostim; our limited commercial sales experience marketing and selling Barostim; our ability to demonstrate to physicians and

patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim;

our competitors' success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise

more attractive than Barostim NEO; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers,

and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide; product

liability claims; future lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and ultimately

unsuccessful; any failure to retain our key executives or recruit and hire new employees; impacts on adoption and regulatory approvals

resulting from additional long-term clinical data about our product; and other important factors that could cause actual results, performance

or achievements to differ materially from those that are found in "Part I, Item 1A. Risk Factors" in our Annual

Report on Form 10-K for the year ended December 31, 2023, as such factors may be updated from time to time in our other filings

with the Securities and Exchange Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking

statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Mark Klausner or Mike Vallie

Condensed Consolidated Balance Sheets

(In thousands, except share and per share data)

Condensed Consolidated Statements of Operations

and Comprehensive Loss