CVRx (NASDAQ:CVRX) stock is falling hard on Wednesday after posting results from its earnings report for the first quarter of 2024.
The bad news for investors in CVRX stock starts with its earnings per share of -$1.04. That’s much worse than the -54 cents per share Wall Street was expecting. It’s also wider than the -55 cents per share from the same period of the year prior.
Adding to this is CVRx’s revenue of $10.77 million. That’s another miss next to analysts’ estimate of $11.37 million for the quarter. However, it is up 35% year-over-year from $7.98 million.
CVRx president and CEO Kevin Hykes said the following about the earnings results:
“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.”
CVRX Stock Falls on Weak Outlook
CVRx’s guidance for the second quarter of 2024 has it expecting revenue to range from $11.3 million to $12.3 million. That would see it miss Wall Street’s Q2 revenue estimate of $13.12 million.
The company’s outlook for the full year of 2024 isn’t much better. It expects revenue for the year to come in between $50 million and $53 million. That would also fail to reach analysts’ estimate of $55.21 million for the year.
CVRX stock is down 32.2% as of Wednesday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
