CVRx Reports Second Quarter 2026 Financial and Operating Results
Rhea-AI Summary
CVRx (NASDAQ: CVRX) reported second quarter 2026 revenue of $15.7 million, up 16% year over year, driven by U.S. revenue of $14.8 million, up 21%. Gross profit was $13.7 million with gross margin improving to 87% from 84%. Net loss narrowed slightly to $14.0 million, or $0.53 per share.
U.S. revenue units rose to 466 and active implanting centers reached 258, while European revenue declined 31% to $0.9 million. Humana issued a Medicare Advantage coverage policy for Barostim effective May 1, 2026. CVRx now guides 2026 revenue to $58–$60 million, gross margin of 86–87%, operating expenses of $99–$101 million, and Q3 2026 revenue of $13.5–$14.5 million.
Positive
- Q2 2026 revenue $15.7M, up 16% year over year
- U.S. revenue $14.8M, up 21% with 466 revenue units
- Gross margin improved to 87% from 84% in prior-year quarter
- Active U.S. implanting centers increased to 258 from 240
- Humana Medicare Advantage coverage policy for Barostim effective May 1, 2026
- Net loss reduced to $14.0M from $14.7M year over year
Negative
- European revenue fell 31% to $0.9M with units down to 40
- Q2 2026 net loss remained sizable at $14.0M
- Operating expenses of $26.7M exceeded $13.7M gross profit
- Cash and equivalents declined to $64.6M from $75.7M at year-end 2025
- Net cash used in operating and investing activities rose to $8.9M from $8.0M
- Higher interest expense of $1.6M tied to increased term-loan borrowings
News Explained
CVRx ended June 30 with $64.6 million cash after $8.9 million of operating and investing cash use.
CVRx has completed reporting its second-quarter 2026 results, rather than announcing a new transaction. The disclosure leaves the company with
During the quarter, net cash used in operating and investing activities was
Sources and calculations
- CVRx Reports Second Quarter 2026 Financial and Operating Results (2026-08-06)
- CVRx first-quarter 2026 fundamentals (2026-03-31)
- Cash and equivalents vs quarterly operating cash outflow, in days of cash use $72,303,000 / ($12,164,000 / 90) = [object Object]
Market reaction after 2Q26 earnings report: CVRX -39.40%
Following this news, CVRX has declined 39.40%, reflecting a significant negative market reaction. Our momentum scanner has triggered 38 alerts so far, indicating elevated trading interest and price volatility. The stock is currently trading at $3.60. Trading volume is elevated at 2.1x the average, suggesting increased selling activity.
Data tracked by StockTitan Argus (15 min delayed). Upgrade to Gold for real-time data.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| May 11 | 1Q26 earnings | Positive | -23.8% | Revenue growth and maintained guidance were followed by a -23.84% reaction. |
| Apr 13 | Preliminary 1Q26 results | Positive | +9.2% | Preliminary revenue growth and cash disclosure preceded a 9.15% reaction. |
| Feb 12 | 4Q25 earnings | Positive | -13.0% | Revenue growth, trial initiation, and 2026 guidance preceded a -13.01% reaction. |
| Jan 12 | Preliminary FY25 results | Positive | -9.9% | Preliminary revenue and 2026 guidance preceded a -9.86% reaction. |
| Nov 05 | 3Q25 earnings | Positive | +2.7% | Revenue growth, margin expansion, and updated guidance preceded a 2.66% reaction. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Tag-specific earnings events had an average move of -6.98%, with 3 divergence events and 2 alignment events.
Key Terms
neuromodulation medical
baroreceptors medical
category i cpt codes regulatory
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, Aug. 06, 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 second quarter of 2026.
Recent Highlights
- Total revenue for the second quarter of 2026 was
$15.7 million , an increase of approximately16% over the prior year quarter - U.S. revenue for the second quarter of 2026 was
$14.8 million , an increase of21% over the prior year quarter - Active implanting centers in the U.S. grew to 258 as of June 30, 2026, as compared to 240 as of June 30, 2025
- Humana issued a Medicare Advantage coverage policy, effective May 1, 2026 for Barostim therapy, which is the first coverage policy of its kind for Barostim
"We are pleased with the strong revenue growth and margin performance in the second quarter along with the reimbursement progress we made, including the new Medicare Advantage coverage policy from Humana. However, we are not satisfied with our updated outlook for the balance of the year, driven by fewer sales territories than anticipated, lower sales force productivity and a prolonged challenge with one of our largest payers,” said Kevin Hykes, President and Chief Executive Officer of CVRx. “We are taking direct action to address these headwinds, and our confidence in the long-term fundamentals of this business remains high, supported by strong growth observed in our most stable regions and encouraging early progress on the BENEFIT-HF trial and our broader clinical and reimbursement strategies."
Second Quarter 2026 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of June 30, 2026, the Company had a total of 258 active implanting centers in the U.S., as compared to 240 as of June 30, 2025. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months. As of June 30, 2026, the number of sales territories in the U.S. is 56 as compared to 47 sales territories as of June 30, 2025.
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 June 30, 2026, cash and cash equivalents were
Humana Medicare Advantage Coverage Policy
In May 2026, Humana issued a Medicare Advantage coverage policy for Barostim therapy, effective May 1, 2026. Humana, a national health insurance company with the second largest Medicare Advantage program in the U.S., provides coverage to approximately 5.2 million Medicare Advantage members across 46 states. The policy covers Barostim for patients meeting its current FDA-approved indication as well as patients enrolled in the BENEFIT-HF trial. This is now the third significant reimbursement development for Barostim this year, following the transition to Category I CPT codes and CMS approval of Category B IDE coverage for BENEFIT-HF patients, each of which took effect in the first quarter of 2026.
Business Outlook
For the full year of 2026, the Company now expects:
- Total revenue between
$58.0 million and$60.0 million ; - Gross margin between
86% and87% ; - Operating expenses between
$99.0 million and$101.0 million .
For the third 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 third 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) | |||||||
| June 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 64,586 | $ | 75,708 | |||
| Accounts receivable, net of allowances of | 9,401 | 10,665 | |||||
| Inventory | 13,028 | 12,205 | |||||
| Prepaid expenses and other current assets | 2,473 | 3,069 | |||||
| Total current assets | 89,488 | 101,647 | |||||
| Property and equipment, net | 2,061 | 2,243 | |||||
| Operating lease right-of-use asset | 708 | 878 | |||||
| Other non-current assets | 26 | 26 | |||||
| Total assets | $ | 92,283 | $ | 104,794 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,874 | $ | 3,833 | |||
| Accrued expenses | 7,250 | 9,484 | |||||
| Total current liabilities | 11,124 | 13,317 | |||||
| Long-term debt | 58,571 | 49,514 | |||||
| Operating lease liability, non-current portion | 448 | 638 | |||||
| Other long-term liabilities | 2,187 | 2,001 | |||||
| Total liabilities | 72,330 | 65,470 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, | 266 | 263 | |||||
| Additional paid-in capital | 637,707 | 629,916 | |||||
| Accumulated deficit | (617,816 | ) | (590,652 | ) | |||
| Accumulated other comprehensive loss | (204 | ) | (203 | ) | |||
| Total stockholders’ equity | 19,953 | 39,324 | |||||
| Total liabilities and stockholders’ equity | $ | 92,283 | $ | 104,794 | |||
| CVRx, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) | |||||||||||||||
| Three months ended June 30, | Six months ended June 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 15,705 | $ | 13,589 | $ | 30,474 | $ | 25,937 | |||||||
| Cost of goods sold | 1,981 | 2,139 | 3,869 | 4,175 | |||||||||||
| Gross profit | 13,724 | 11,450 | 26,605 | 21,762 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 3,130 | 2,469 | 6,214 | 4,986 | |||||||||||
| Selling, general and administrative | 23,617 | 23,357 | 45,575 | 44,589 | |||||||||||
| Total operating expenses | 26,747 | 25,826 | 51,789 | 49,575 | |||||||||||
| Loss from operations | (13,023 | ) | (14,376 | ) | (25,184 | ) | (27,813 | ) | |||||||
| Interest expense | (1,578 | ) | (1,473 | ) | (3,129 | ) | (2,930 | ) | |||||||
| Other income, net | 560 | 1,110 | 1,153 | 2,233 | |||||||||||
| Loss before income taxes | (14,041 | ) | (14,739 | ) | (27,160 | ) | (28,510 | ) | |||||||
| Benefit (provision) for income taxes | (3 | ) | 3 | (4 | ) | 8 | |||||||||
| Net loss | (14,044 | ) | (14,736 | ) | (27,164 | ) | (28,502 | ) | |||||||
| Cumulative translation adjustment | — | 3 | — | 3 | |||||||||||
| Comprehensive loss | $ | (14,044 | ) | $ | (14,733 | ) | $ | (27,164 | ) | $ | (28,499 | ) | |||
| Net loss per share, basic and diluted | $ | (0.53 | ) | $ | (0.57 | ) | $ | (1.03 | ) | $ | (1.10 | ) | |||
| Weighted-average common shares used to compute net loss per share, basic and diluted | 26,515,442 | 26,071,316 | 26,435,958 | 25,974,229 | |||||||||||
