Extracted from this filing and checked against the source text.
Debt Financings
SEC 8-K Item 2.03/2.04
confidence 0.9
CVRx, Inc. incurred credit facility of up to a total of $50.0 million with Innovatus Life Sciences Fund I, LP at a floating rate per annum equal to the sum of (a) the greater of (i) the prime r maturing January 31, 2028.
- Instrument
- credit facility
- Principal
- up to a total of $50.0 million
- Counterparty
- Innovatus Life Sciences Fund I, LP
- Rate
- a floating rate per annum equal to the sum of (a) the greater of (i) the prime r
- Maturity
- January 31, 2028
- Event
- incurrence
Exact text from the filing
On October 31, 2022, CVRx, Inc. (the “Company”) entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, and the other lenders from time to time party thereto, under which the Company may borrow, subject to the Company’s achievement of certain milestones, up to a total of $50.0 million in a series of three term loans. The term loans advanced pursuant to the Loan Agreement (collectively, the “Term Loans”) will bear interest at a floating rate per annum equal to the sum of (a) the greater of (i) the prime rate and (ii) 5.50% plus (b) 2.65%. The interest only period is five years followed by a three-month repayment period. The Term Loans mature on January 31, 2028.
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Earnings Releases
SEC 8-K Item 2.02
confidence 0.98
CVRx, Inc. reported the three months ended September 30, 2022 results: revenue $6.2 million, net income $9.8 million, EPS $0.48 per share.
- Period
- the three months ended September 30, 2022
- Revenue
- $6.2 million
- Net income
- $9.8 million
- EPS
- $0.48 per share
- Result
- reported results
Exact text from the filing
Revenue was $6.2 million for the three months ended September 30, 2022, an increase of $2.8 million, or 82%, over the three months ended September 30, 2021. Revenue generated in the U.S. was $5.0 million for the three months ended September 30, 2022, an increase of $2.5 million, or 96%, over the three months ended September 30, 2021. Total HF revenue units in the U.S. totaled 167 and 84 for the three months ended September 30, 2022 and 2021, respectively. HF revenue in the U.S. totaled $4.9 million for the three months ended September 30, 2022, an increase of $2.4 million, or 99%, over the three months ended September 30, 2021. The increase was primarily driven by continued growth as a result of the expansion into new sales territories and new accounts, as well as increased physician and patient awareness of Barostim. As of September 30, 2022, we had a total of 91 active implanting centers as compared to 38 as of September 30, 2021. Active implanting centers are customers that have com
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Material Agreements
SEC 8-K Item 1.01/1.02
confidence 0.9
CVRx, Inc. entered into Loan Agreement with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, and the other lenders from time to time party thereto valued at up to a total of $50.0 million (effective 2022-10-31).
- Action
- entry
- Agreement
- credit facility
- Counterparty
- Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, and the other lenders from time to time party thereto
- Value
- up to a total of $50.0 million
- Effective
- 2022-10-31
Exact text from the filing
On October 31, 2022, CVRx, Inc. (the “Company”) entered into a Loan and Security Agreement (the “Loan Agreement”) with Innovatus Life Sciences Fund I, LP, as the collateral agent and a lender, and the other lenders from time to time party thereto, under which the Company may borrow, subject to the Company’s achievement of certain milestones, up to a total of $50.0 million in a series of three term loans.
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