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By Ben Glickman
Shares of CVRx rose after the medical-device company’s revenue jumped 70% in the third quarter.
The stock was up 17% to $15 in after-hours trading, following a 3.5% drop at Thursday’s close. Shares are down 30% this year.
The Minneapolis-based company, which makes products for patients with cardiovascular diseases, saw revenue rise 70% to $10.5 million, topping the $9.8 million forecast by analysts polled by FactSet. Revenue generated in the U.S. nearly doubled.
CVRx posted a third-quarter loss of $9 million, or 43 cents a share, compared with a loss of $9.8 million, or 48 cents a share, a year earlier. Analysts polled by FactSet expected a loss of 59 cents a share.
The company lifted its 2023 outlook to $38.5 million to $39 million, up from prior guidance of $37 million to $38.5 million. The company also reduced its expectations for operating expenses on the year.
Write to Ben Glickman at [email protected]
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