Name: Kevin Hykes
Current role: CEO and president of CVRx
Previous role: CEO and president of Augmedics
Kevin Hykes will become CEO of CVRx beginning Feb. 12, the company announced Wednesday. The Minneapolis-based company makes Barostim, a device that uses neuromodulation to improve the symptoms of heart failure.
Hykes is familiar with the company, having served on its board since 2022. He will take the helm from current CEO Nadim Yared, who announced plans to retire last month once the company found a successor. Yared will give up a board seat but will remain with the company as a consultant through December, according to a William Blair note to investors.
Hykes’ “considerable experience and proven track record of success in driving the adoption of medical devices, in combination with his knowledge of CVRx, make him an excellent fit,” Ali Behbahani, chair of the nominating and corporate governance committee, said in a statement.
Hykes is currently CEO of Augmedics, which specializes in using augmented reality for surgical navigation. He has also held executive roles at Bardy Diagnostics, Relievant Medsystems, Cameron Health and Visiogen, and spent 16 years at Medtronic in its CRM, neurostimulation and cardiac surgery businesses.
William Blair analyst Margaret Kaczor wrote in a note to investors that Hykes’ experience at “early-stage growth companies and launching multimillion franchises at Medtronic” should complement CVRx, “which today is at a similar stage of market development.”
To start, Hykes’ first few months will be spent in the field with customers and physicians.
“We expect the next 3 to 6 months to be focused on evaluating the current go-to market strategy and analyzing the company’s balanced focus on driving growth with prudent spend, with initial thoughts to be provided on its first-quarter call or shortly thereafter,” Kaczor wrote.
CVRx reported revenue of $11.3 million in the fourth quarter, a 58% increase year over year, and a net loss of $9.2 million. The company expects a revenue range of from $53 million to $57 million this year.
