CVRx Reports Second Quarter 2023 Financial and Operating Results MINNEAPOLIS

CVRx Reports Second Quarter 2023 Financial and

MINNEAPOLIS, July 25, 2023 (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 second quarter of 2023.

"We are pleased to report another impressive quarter. Our success

continues to be driven by our U.S. heart failure business, which saw revenue growth of nearly 120% compared to the prior year quarter.

We are proud of our performance, which reflects the continued execution of our commercial strategy and the demand for Barostim in the

market," said Nadim Yared, President and Chief Executive Officer of CVRx. "As we move forward, we remain determined to sustain

this positive momentum throughout the year. We extend our gratitude to our exceptional team for their relentless dedication to our mission

of giving each patient a fuller life."

Second Quarter 2023 Financial and Operating Results

Revenue was $9.5 million for the three months ended June 30, 2023,

an increase of $4.5 million, or 89%, over the three months ended June 30, 2022.

Revenue generated in the U.S. was $8.3 million for the three months

ended June 30, 2023, an increase of $4.4 million, or 111%, over the three months ended June 30, 2022. HF revenue units in the

U.S. totaled 265 and 128 for the three months ended June 30, 2023 and 2022, respectively. HF revenue in the U.S. totaled $8.3 million

and $3.8 million for the three months ended June 30, 2023 and 2022, 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 June 30, 2023, the Company had a total of 140 active implanting

centers, as compared to 122 as of March 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 three to a total of 32 during the three months

ended June 30, 2023.

generated in Europe was $1.2 million for the three months ended June 30, 2023, an increase of $0.1 million, or 10%, over the three

months ended June 30, 2022. Total revenue units in Europe increased to 56 for the three months ended June 30, 2023 from 52 in

the prior year period. The number of sales territories in Europe remained consistent at six for the three months ended June 30,

Gross profit was $8.0 million for the three months ended June 30,

2023, an increase of $4.2 million, or 108%, over the three months ended June 30, 2022. Gross margin increased to 84% for the three

months ended June 30, 2023 compared to 76% for the three months ended June 30, 2022. This increase was due primarily to a decrease

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

expenses increased $0.9 million, or 39%, to $3.3 million for the three months ended June 30, 2023 compared to the three months ended

June 30, 2022. This change was driven by a $0.6 million increase in compensation expenses as a result of increased headcount,

a $0.1 million increase in non-cash stock-based compensation expense and a $0.1 million increase in consulting fees.

expenses increased $4.0 million, or 32%, to $16.5 million for the three months ended June 30, 2023 compared to the three months ended

June 30, 2022. This change was primarily driven by a $2.5 million increase in compensation expenses, mainly as a result of

increased headcount, a $0.8 million increase in marketing and advertising expenses associated with the commercialization of Barostim in

the U.S., a $0.4 million increase in travel expenses, and a $0.3 million increase in non-cash stock-based compensation expense.

Interest expense increased $0.5 million for the three months ended

June 30, 2023 compared to the three months ended June 30, 2022. This increase was driven by the interest expense on borrowings

under the loan agreement entered into on October 31, 2022.

income, net was $0.6 million for the three months ended June 30, 2023 compared to other expense, net of $34,000 for the three months

ended June 30, 2022. The income in the second quarter of 2023 was primarily driven by interest income on interest-bearing

Net loss was $11.7 million, or $0.56 per share, for the three months

ended June 30, 2023, compared to a net loss of $11.1 million, or $0.54 per share, for the three months ended June 30, 2022.

Net loss per share was based on 20,711,850 weighted average shares outstanding for three months ended June 30, 2023 and 20,505,228

weighted average shares outstanding for the three months ended June 30, 2022.

As of June 30, 2023, cash and cash equivalents were $90.8 million.

Net cash used in operating and investing activities was $12.95 million for the quarter ended June 30, 2023, which included our annual

premium for our directors and officers insurance of approximately $2 million. This is compared to net cash used in operating and investing

activities of $10.5 million for the three months ended March 31, 2023.

For the full year of 2023, the Company now expects:

For the third quarter of 2023, the Company expects to report total

revenue between $9.5 million and $10.2 million.

Webcast and Conference Call Information

The Company will host a conference call to review its results at 5:30

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.

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

third quarter 2023 results), our anticipated growth strategies, anticipated trends in our industry, our business prospects and our opportunities.

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

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

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

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

although not all forward-looking statements contain these words.

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

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

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

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

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

product, Barostim; our ability to establish and maintain sales and marketing capabilities; our ability to demonstrate to physicians and

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

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

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

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

the outbreak of the novel strain of coronavirus, COVID-19; any failure of clinical studies for future indications to produce results necessary

to support regulatory clearance or approval in the U.S. or elsewhere; 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; 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, 2022, 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