Piper Sandler says CVRx outlook looks promising after Q1 results

CVRx

26/04/2022 11:48

** Piper Sandler says all metrics for medical device maker
 CVRX.O  are trending in right direction and outlook looks
promising after co's Q1 results
    ** Reiterates "overweight" rating
    ** Co reported Q1 revenue of $4.1 mln, which was stronger
than expectations of $3.8 mln thanks to growth in adoption of
its heart failure treatment device Barostim
    ** CVRX sees FY22 revenue in range of $20 mln to $23 mln,
above analysts' estimates
    ** Brokerage says co delivered on its key metrics of new
sales territories, active centers, and system sales despite some
pandemic-related headwinds
    ** Says given the solid quarter that CVRX just delivered,
believe asset is undervalued and encourages investors to build
positions in the name
    ** However, cuts PT for to $10 from $20 given environment of
declining market multiples across MedTech industry

 (Reporting by Mrinalika Roy in Bengaluru)
 ((mrinalika.roy@thomsonreuters.com; within U.S. +1 646 223
8780, outside U.S. +91 806749 8325;))