CVRx Reports First Quarter 2026 Financial and Operating Results
Rhea-AI Summary
CVRx (NASDAQ: CVRX) reported first quarter 2026 revenue of $14.8 million, up 20% year over year, driven by 22% U.S. growth to $13.7 million and 429 U.S. revenue units. Europe revenue was $1.1 million, down 2%.
Gross profit rose to $12.9 million with gross margin improving to 87%. Net loss was $13.1 million ($0.50 per share) versus $13.8 million a year ago. Cash and equivalents were $72.3 million, with $12.3 million used in operating and investing activities.
The BENEFIT-HF trial activated its first site, and the first patient was enrolled in Q2 2026. CVRx maintained 2026 revenue and opex guidance, while raising expected full-year gross margin to 85–87% and guiding Q2 2026 revenue to $15.1–$16.1 million.
AI-generated analysis. Not financial advice.
Positive
- Q1 2026 revenue increased 20% year over year to $14.8 million
- U.S. revenue grew 22% to $13.7 million with 429 revenue units
- Gross margin improved to 87%, up from 84% in Q1 2025
- Q1 net loss narrowed to $13.1 million from $13.8 million
- Cash and cash equivalents totaled $72.3 million at March 31, 2026
- First site activated and first patient enrolled in BENEFIT-HF trial
- 2026 gross margin guidance raised to 85–87%
- 2026 revenue guidance maintained at $63–$67 million
Negative
- Company reported a Q1 2026 net loss of $13.1 million
- Q1 operating expenses guided for 2026 at $103–$107 million
- Europe Q1 2026 revenue declined 2% to $1.1 million
- Q1 2026 SG&A expenses rose 3% to $22.0 million
- Q1 2026 R&D expenses increased 23% to $3.1 million
- Net cash used in operating and investing activities was $12.3 million in Q1 2026
- Other income decreased to $0.6 million from $1.1 million year over year
News Market Reaction – CVRX
On the day this news was published, CVRX declined 23.84%, reflecting a significant negative market reaction. Argus tracked a trough of -19.9% from its starting point during tracking. Our momentum scanner triggered 40 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $54M from the company's valuation, bringing the market cap to $172.33M at that time. Trading volume was elevated at 2.8x the daily average, suggesting increased selling activity.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
Peer moves are mixed: BSGM up 39.91%, ELMD up 0.64%, SGHT down 0.19%, STIM down 10.05%, TLSI up 0.23%. With CVRX down 6.69%, trading appears stock-specific rather than a unified medical device move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Apr 13 | Prelim Q1 2026 | Positive | +9.2% | Preliminary Q1 revenue ~20% YoY growth and gross margin near 87%. |
| Feb 12 | Q4 & FY25 results | Positive | -13.0% | Q4 and full‑year 2025 revenue growth and higher gross margins with 2026 guidance. |
| Jan 12 | Prelim Q4 & FY25 | Neutral | -9.9% | Preliminary Q4 and FY25 revenue ranges plus initial 2026 guidance and CPT updates. |
| Nov 05 | Q3 2025 results | Positive | +2.7% | Q3 2025 revenue growth, higher gross margin, more U.S. implanting centers and updated guidance. |
| Aug 04 | Q2 2025 results | Positive | -9.9% | Q2 2025 revenue and U.S. HF growth with higher CMS payment signals but sizable net loss. |
Earnings reactions have been mixed: out of five recent earnings or guidance updates, three aligned with the news tone while two diverged. Average move around earnings-related headlines has been -4.19%, indicating a tendency toward cautious or negative price responses, even when operational metrics improve.
Over the past few quarters, CVRx has consistently reported revenue growth and high gross margins, while expanding active U.S. implanting centers and advancing the BENEFIT‑HF trial. Earnings events on Aug 4, 2025, Nov 5, 2025, and preliminary/full‑year updates in Jan–Feb 2026 combined commercial progress with ongoing losses and increased borrowing capacity. The preliminary Q1 2026 release on Apr 13, 2026 highlighted roughly 20% growth and ~87% gross margin, setting expectations largely in line with today’s finalized figures.
Historical Comparison
Across five recent earnings-related releases, CVRX’s average move was -4.19%. Today’s -6.69% reaction to finalized Q1 2026 results is somewhat more negative but directionally consistent.
Successive earnings reports show steady revenue growth, rising gross margins and expansion of U.S. implanting centers, while the BENEFIT‑HF trial and 2026 revenue guidance of $63M–$67M frame a longer-term growth narrative alongside ongoing net losses.
Regulatory & Risk Context
The company filed a Form S-3 shelf on Nov 6, 2025 to register up to $150,000,000 of securities, with flexibility across common stock, preferred stock, debt, warrants, rights and units. At least one takedown has occurred via a 424B5 filing on Jan 12, 2026. The shelf is currently marked as not effective in the provided context.
Market Pulse Summary
The stock dropped -23.8% in the session following this news. The decline reflects a pattern where earnings news often met operational goals yet saw selling pressure; past earnings-linked moves averaged -4.19%, and today’s -6.69% fall is directionally consistent. Despite 20% revenue growth and an 87% gross margin, the company reported a net loss of $13.1M and provided 2026 guidance of $63M–$67M in revenue. Ongoing losses and prior shelf capacity of up to $150M could remain overhangs after an initial reaction.
Key Terms
neuromodulation medical
randomized controlled trial medical
all-cause mortality medical
heart failure decompensation medical
left ventricular ejection fractions medical
nt-probnp medical
AI-generated analysis. Not financial advice.
MINNEAPOLIS, May 11, 2026 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases, today announced its financial and operating results for the first quarter of 2026.
Recent Highlights
- Total revenue for the first quarter of 2026 was
$14.8 million , an increase of approximately20% over the prior year quarter - U.S. revenue for the first quarter of 2026 was
$13.7 million , an increase of22% over the prior year quarter - Active implanting centers in the U.S. grew to 257 as of March 31, 2026, as compared to 227 as of March 31, 2025
- First site activated and first patient enrolled in BENEFIT-HF clinical trial
"We delivered a strong start to 2026, with U.S. revenue growing
First Quarter 2026 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of March 31, 2026, the Company had a total of 257 active implanting centers in the U.S., as compared to 252 as of December 31, 2025. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months. The number of sales territories in the U.S. increased by three to a total of 56 during the three months ended March 31, 2026.
Revenue generated in Europe was
Gross profit was
R&D expenses increased
SG&A expenses increased
Interest expense increased
Other income, net was
Net loss was
As of March 31, 2026, cash and cash equivalents were
BENEFIT-HF Clinical Trial Update
On March 31, 2026, the first site was activated in the BENEFIT-HF trial and the first patient was enrolled in the second quarter of 2026. This trial, as previously disclosed, is a landmark randomized controlled trial designed to evaluate Barostim's impact on all-cause mortality and heart failure decompensation events in an expanded population of heart failure patients with left ventricular ejection fractions up to
Business Outlook
For the full year of 2026, the Company maintained its revenue and expense guidance, and updated its guidance range for gross margin, as follows:
- Total revenue between
$63.0 million and$67.0 million ; - Gross margin between
85% and87% , compared to prior guidance of84% and86% ; - Operating expenses between
$103.0 million and$107.0 million .
For the second quarter of 2026, the Company expects to report total revenue between
Webcast and Conference Call Information
The Company will host a conference call to review its results at 4:30 p.m. Eastern Time today. A live webcast of the investor conference call will be available online at the investor relations page of the Company’s website at ir.cvrx.com. To listen to the conference call on your telephone, please dial 1-877-704-4453 for U.S. callers, or 1-201-389-0920 for international callers, approximately ten minutes prior to the start time.
About CVRx, Inc.
CVRx is a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases. Barostim™ is the first medical technology approved by FDA that uses neuromodulation to improve the symptoms of patients with heart failure. Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. The therapy is designed to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the U.S. It has been certified as compliant with the EU Medical Device Regulation (MDR) and holds CE Mark approval for heart failure and resistant hypertension in the European Economic Area. To learn more about Barostim, visit www.cvrx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding our future financial performance (including our financial guidance regarding full year and second quarter 2026 results), our anticipated growth strategies (including statements regarding the expected timing, enrollment, scope and outcomes of the BENEFIT-HF clinical trial, potential expansion of the Barostim indication, and anticipated benefits of Barostim therapy), anticipated trends in our industry, our business prospects and our opportunities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “outlook,” “guidance,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our expectations regarding enrollment in BENEFIT-HF and the resulting impact on our addressable market; our history of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single product, Barostim; our limited commercial sales experience marketing and selling Barostim; our ability to continue demonstrating to physicians and patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim; our competitors’ success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise more attractive than Barostim; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide; product liability claims; future lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and ultimately unsuccessful; any failure to retain our key executives or recruit and hire new employees; impacts on adoption and regulatory approvals resulting from additional long-term clinical data about our product, including those resulting from the BENEFIT-HF trial; and other important factors that could cause actual results, performance or achievements to differ materially from those that are found in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Investor Contact:
Mark Klausner or Mike Vallie
ICR Healthcare
443-213-0501
ir@cvrx.com
Media Contact:
Emily Meyers
CVRx, Inc.
763-416-2853
emeyers@cvrx.com
| CVRx, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) | ||||||||
| March 31, | December 31, | |||||||
| 2026 | 2025 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 72,303 | $ | 75,708 | ||||
| Accounts receivable, net of allowances of | 9,104 | 10,665 | ||||||
| Inventory | 12,403 | 12,205 | ||||||
| Prepaid expenses and other current assets | 2,940 | 3,069 | ||||||
| Total current assets | 96,750 | 101,647 | ||||||
| Property and equipment, net | 2,159 | 2,243 | ||||||
| Operating lease right-of-use asset | 793 | 878 | ||||||
| Other non-current assets | 26 | 26 | ||||||
| Total assets | $ | 99,728 | $ | 104,794 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 2,998 | $ | 3,833 | ||||
| Accrued expenses | 6,488 | 9,484 | ||||||
| Total current liabilities | 9,486 | 13,317 | ||||||
| Long-term debt | 58,490 | 49,514 | ||||||
| Operating lease liability, non-current portion | 544 | 638 | ||||||
| Other long-term liabilities | 2,099 | 2,001 | ||||||
| Total liabilities | 70,619 | 65,470 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, | 264 | 263 | ||||||
| Additional paid-in capital | 632,820 | 629,916 | ||||||
| Accumulated deficit | (603,772 | ) | (590,652 | ) | ||||
| Accumulated other comprehensive loss | (203 | ) | (203 | ) | ||||
| Total stockholders’ equity | 29,109 | 39,324 | ||||||
| Total liabilities and stockholders’ equity | $ | 99,728 | $ | 104,794 | ||||
| CVRx, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) | ||||||||
| Three months ended | ||||||||
| March 31, | ||||||||
| 2026 | 2025 | |||||||
| Revenue | $ | 14,769 | $ | 12,348 | ||||
| Cost of goods sold | 1,888 | 2,036 | ||||||
| Gross profit | 12,881 | 10,312 | ||||||
| Operating expenses: | ||||||||
| Research and development | 3,084 | 2,517 | ||||||
| Selling, general and administrative | 21,958 | 21,232 | ||||||
| Total operating expenses | 25,042 | 23,749 | ||||||
| Loss from operations | (12,161 | ) | (13,437 | ) | ||||
| Interest expense | (1,551 | ) | (1,457 | ) | ||||
| Other income, net | 593 | 1,123 | ||||||
| Loss before income taxes | (13,119 | ) | (13,771 | ) | ||||
| Benefit (provision) for income taxes | (1 | ) | 5 | |||||
| Net loss | (13,120 | ) | (13,766 | ) | ||||
| Cumulative translation adjustment | — | — | ||||||
| Comprehensive loss | $ | (13,120 | ) | $ | (13,766 | ) | ||
| Net loss per share, basic and diluted | $ | (0.50 | ) | $ | (0.53 | ) | ||
| Weighted-average common shares used to compute net loss per share, basic and diluted | 26,355,591 | 25,876,062 | ||||||
