CVRx Reports Fourth Quarter and Full Year 2025 Financial and Operating Results
Rhea-AI Summary
CVRx (NASDAQ: CVRX) reported Q4 2025 revenue of $16.0M (+4% YoY) and full-year 2025 revenue of $56.7M (+10% YoY). Gross margin rose to 85% (FY) and active U.S. implanting centers increased to 252.
The company initiated the BENEFIT-HF randomized trial (2,500 patients, CMS Category B IDE) and amended a term loan to an aggregate facility up to $100M, borrowing an additional $10M (outstanding principal $60M). 2026 revenue guidance: $63.0M–$67.0M.
Positive
- Full-year revenue +10% to $56.7M
- Gross margin improved to 85% for 2025
- Initiated BENEFIT-HF trial: 2,500 patients, CMS Category B IDE
- Term loan amended to up to $100M; $10M borrowed (outstanding $60M)
- 2026 revenue guidance of $63.0M–$67.0M
Negative
- Net loss of $53.3M for 2025 (though improved vs. prior year)
- Operating expenses expected at $103M–$107M in 2026
- Net cash used in operations and investing of $40.8M in 2025
Key Figures
Market Reality Check
Peers on Argus
CVRX was down 9.12% while peers were mixed: BSGM +39.91%, TLSI +4.58%, but ELMD -17.04%, SGHT -4.98%, STIM -3.74%, pointing to company-specific pressure rather than a broad medical-device move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Jan 12 | Prelim 2025 results | Positive | -9.9% | Preliminary Q4 and FY 2025 revenue with 2026 guidance and CPT code update. |
| Nov 05 | Q3 2025 earnings | Positive | -2.0% | Q3 2025 revenue growth, margin expansion, updated full‑year guidance. |
| Aug 04 | Q2 2025 earnings | Positive | -9.9% | Q2 revenue growth, higher U.S. HF revenue, and guidance update despite losses. |
| May 08 | Q1 2025 earnings | Positive | -38.7% | Q1 revenue growth, more implanting centers, updated 2025 guidance and losses. |
| Apr 07 | Prelim Q1 2025 | Positive | -46.3% | Preliminary Q1 revenue, cash update, and ATM issuance details. |
Earnings-related headlines have historically prompted negative reactions, with an average move of -21.34%, indicating frequent selling around results despite revenue growth.
Across the last five earnings events from April 2025 through January 2026, CVRx consistently reported double‑digit revenue growth, expanding implanting centers, and high gross margins. However, each earnings or preliminary results release was followed by a negative price reaction, including moves of -38.69% and -46.27%. Today’s full Q4 and 2025 report largely confirms preliminary figures and reiterates 2026 guidance, fitting into a pattern of operational progress alongside weak stock responses.
Historical Comparison
In the past year, five earnings or preliminary earnings releases averaged a -21.34% move. Against that backdrop, today’s -9.12% pre‑announcement decline fits a recurring pattern of selling around CVRX results.
Earnings across 2025 showed steadily rising revenue and high gross margins but persistent net losses. Despite operational expansion in implanting centers and sales coverage, each results update was followed by a negative share reaction.
Regulatory & Risk Context
An effective Form S-3 shelf filed on Nov 6, 2025 allows CVRx to issue up to $150,000,000 of various securities via future prospectus supplements. One supplement (a $50,000,000 ATM program with Jefferies) has already been used, indicating an established pathway for additional capital raises.
Market Pulse Summary
This announcement details steady top‑line growth, with 2025 revenue of $56.7M and high gross margins around 85–86%, alongside a still‑significant net loss of $53.3M. Management reaffirmed 2026 guidance and outlined the large 2,500‑patient BENEFIT-HF trial, expected to cost $20–$30M. Investors may track execution on revenue targets, operating expense control, trial enrollment progress, use of the $150M shelf and ATM program, and debt under the $100M term facility.
Key Terms
category i cpt codes regulatory
randomized controlled trial medical
left ventricular ejection fractions medical
nt-probnp medical
at-the-market program financial
shelf registration statement regulatory
term loan agreement financial
AI-generated analysis. Not financial advice.
MINNEAPOLIS, Feb. 12, 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 fourth quarter and full year of 2025.
Recent Highlights
- Total revenue for the fourth quarter 2025 was
$16.0 million , an increase of4% over the prior year quarter - U.S. revenue for the fourth quarter of 2025 was
$14.9 million , an increase of4% over the prior year quarter - Total revenue for 2025 was
$56.7 million , an increase of10% over the prior year - Active implanting centers in the U.S. grew to 252 in 2025, as compared to 223 in the prior year
- Initiated the BENEFIT-HF trial with first enrollments expected in the second quarter of 2026
- Category I CPT codes and the related favorable physician fee payment levels took effect on Jan. 1, 2026
"We achieved key foundational goals in 2025, and we're heading into 2026 with increasing momentum. Our sales team is building experience and becoming more effective, and we're seeing strong support at high-potential centers. Additionally, the new Category I CPT codes, effective January 1st, remove automatic prior authorization denials. Finally, the initiation of the landmark BENEFIT-HF trial under CMS Category B IDE coverage is a major step that could allow us to triple our addressable market,” said Kevin Hykes, President and Chief Executive Officer of CVRx. “We’re confident that these developments will support our accelerated growth and make Barostim therapy more accessible for heart failure patients in the coming year."
Fourth Quarter 2025 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of December 31, 2025, the Company had a total of 252 active implanting centers, as compared to 250 as of September 30, 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 53 during the three months ended December 31, 2025.
Revenue generated in Europe was
Gross profit was
R&D expenses increased
SG&A expenses increased
Interest expense decreased
Other income, net was
Net loss was
Full Year 2025 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of December 31, 2025, the Company had a total of 252 active implanting centers, as compared to 223 as of December 31, 2024. As of December 31, 2025, we had 53 sales territories in the U.S. as compared to 48 sales territories as of December 31, 2024.
Revenue generated in Europe was
Gross profit was
R&D expenses were
SG&A expenses decreased
Interest expense increased
Other income, net was
Net loss was
As of December 31, 2025, cash and cash equivalents were
BENEFIT-HF Clinical Trial
In January 2026, the Company announced the initiation of the BENEFIT-HF trial, 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
Debt Facility
On January 9, 2026, the Company amended its term loan agreement with an affiliate of Innovatus Capital Partners, LLC, to increase the existing facility by
Business Outlook
For the full year of 2026, the Company continues to expect:
- Total revenue between
$63.0 million and$67.0 million ; - Gross margin between
84% and86% ; - Operating expenses between
$103.0 million and$107.0 million .
For the first 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 first 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; 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, 2024 and “Part II, Item 1A. Risk Factors” in our Quarterly Report on Form 10-Q for the quarter ended September 30, 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. | ||||||||
| Consolidated Balance Sheets | ||||||||
| (In thousands, except share and per share data) | ||||||||
| December 31, | December 31, | |||||||
| 2025 | 2024 | |||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 75,708 | $ | 105,933 | ||||
| Accounts receivable, net of allowances of | 10,665 | 9,268 | ||||||
| Inventory | 12,205 | 12,107 | ||||||
| Prepaid expenses and other current assets | 3,069 | 2,505 | ||||||
| Total current assets | 101,647 | 129,813 | ||||||
| Property and equipment, net | 2,243 | 2,505 | ||||||
| Operating lease right-of-use asset | 878 | 1,069 | ||||||
| Other non-current assets | 26 | 27 | ||||||
| Total assets | $ | 104,794 | $ | 133,414 | ||||
| Liabilities and Stockholders’ Equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 3,833 | $ | 2,582 | ||||
| Accrued expenses | 9,484 | 8,180 | ||||||
| Total current liabilities | 13,317 | 10,762 | ||||||
| Long-term debt | 49,514 | 49,273 | ||||||
| Operating lease liability, non-current portion | 638 | 877 | ||||||
| Other long-term liabilities | 2,001 | 1,447 | ||||||
| Total liabilities | 65,470 | 62,359 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders’ equity: | ||||||||
| Common stock, | 263 | 253 | ||||||
| Additional paid-in capital | 629,916 | 608,354 | ||||||
| Accumulated deficit | (590,652) | (537,346) | ||||||
| Accumulated other comprehensive loss | (203) | (206) | ||||||
| Total stockholders’ equity | 39,324 | 71,055 | ||||||
| Total liabilities and stockholders’ equity | $ | 104,794 | $ | 133,414 | ||||
| CVRx, INC. | ||||||||||||||||
| Consolidated Statements of Operations and Comprehensive Loss | ||||||||||||||||
| (In thousands, except share and per share data) | ||||||||||||||||
| Three months ended | Year ended | |||||||||||||||
| December 31, | December 31, | |||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||
| Revenue | $ | 16,024 | $ | 15,342 | $ | 56,651 | $ | 51,292 | ||||||||
| Cost of goods sold | 2,199 | 2,571 | 8,311 | 8,334 | ||||||||||||
| Gross profit | 13,825 | 12,771 | 48,340 | 42,958 | ||||||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 3,000 | 2,805 | 11,132 | 11,131 | ||||||||||||
| Selling, general and administrative | 22,009 | 20,240 | 88,473 | 91,317 | ||||||||||||
| Total operating expenses | 25,009 | 23,045 | 99,605 | 102,448 | ||||||||||||
| Loss from operations | (11,184) | (10,274) | (51,265) | (59,490) | ||||||||||||
| Interest expense | (1,417) | (1,520) | (5,827) | (4,397) | ||||||||||||
| Other income, net | 660 | 1,072 | 3,768 | 3,977 | ||||||||||||
| Loss before income taxes | (11,941) | (10,722) | (53,324) | (59,910) | ||||||||||||
| Benefit (provision) for income taxes | 7 | 71 | 18 | (55) | ||||||||||||
| Net loss | (11,934) | (10,651) | (53,306) | (59,965) | ||||||||||||
| Cumulative translation adjustment | - | 2 | 2 | 1 | ||||||||||||
| Comprehensive loss | $ | (11,934) | $ | (10,649) | $ | (53,304) | $ | (59,964) | ||||||||
| Net loss per share, basic and diluted | $ | (0.46) | $ | (0.43) | $ | (2.04) | $ | (2.65) | ||||||||
| Weighted-average common shares used to compute net loss per share, basic and diluted | 26,218,215 | 24,715,681 | 26,084,709 | 22,596,229 | ||||||||||||
FAQ
What were CVRx (CVRX) Q4 2025 revenue and net loss figures?
How large is the BENEFIT-HF trial CVRx announced in January 2026 (CVRX)?
What change occurred to CVRx's debt facility on January 9, 2026 (CVRX)?
What 2026 financial guidance did CVRx (CVRX) provide on February 12, 2026?
How many active implanting centers did CVRx (CVRX) report at year-end 2025?
What are the expected BENEFIT-HF trial costs and timeline from CVRx (CVRX)?
