CVRx Reports Third Quarter 2026 Financial and Operating Results
The revenue outlook was lowered as quarterly losses widened, while two Barostim coverage policies represent approximately 21% of Medicare Advantage enrollment.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Rhea-AI Summary
CVRx (NASDAQ: CVRX) reported third-quarter 2026 revenue of $13.8 million, down 6% from the same quarter last year. Net loss widened to $14.2 million, or $0.52 per share, from $12.9 million, or $0.49 per share. Gross margin remained 87%.
The company lowered its full-year revenue outlook to $56.0 million–$57.0 million from $58.0 million–$60.0 million and expects fourth-quarter revenue of $11.7 million–$12.7 million. It expects full-year gross margin of 86%–87% and operating expenses of $99 million–$101 million. Cash and cash equivalents were $58.7 million at September 30.
A second Medicare Advantage provider issued Barostim coverage effective July 17, 2026; the two providers' policies represent approximately 21% of Medicare Advantage enrollment. CVRx has taken cost-reduction actions while continuing to invest in sales and reimbursement teams. John Landry becomes CFO on November 6, 2026.
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Hollow bars mark forward-looking points. How the balance works
Positive
- Moderate pointBarostim coverage expanded with a second Medicare Advantage policy effective July 17, 2026.
- Minor pointTwo Medicare Advantage policies cover the current FDA-approved indication and BENEFIT-HF participants, representing approximately 21% of enrollment.
- Minor pointCost-reduction actions completed in non-commercial functions, with continued investment in sales and reimbursement teams.
- Minor pointU.S. active implanting centers increased to 262 at September 30, 2026, from 250 a year earlier.
- Minor pointU.S. sales territories increased to 56 at September 30, 2026, from 50 a year earlier.
8 minor points
- Minor pointThird-quarter R&D expenses decreased 16% year over year to $2.7 million.
- Minor pointREBALANCE Registry findings showed improved functional class and increased average left ventricular ejection fraction during follow-up.
- Minor pointBENEFIT-HF is enrolling patients.
- Minor point. Forward-looking: it has not happened yet and may not happen.Fourth-quarter 2026 revenue outlook is $11.7 million–$12.7 million.
- Minor pointNine-month revenue increased to $44.306 million in 2026 from $40.627 million in 2025.
- Minor pointNine-month gross profit increased to $38.603 million in 2026 from $34.515 million in 2025.
- Minor pointNine-month operating loss narrowed to $38.229 million in 2026 from $40.081 million in 2025.
- Minor pointNine-month net loss narrowed to $41.327 million, or $1.55 per share, from $41.372 million, or $1.59.
Negative
- Major point. Forward-looking: it has not happened yet and may not happen.Full-year 2026 revenue guidance cut to $56.0 million–$57.0 million from $58.0 million–$60.0 million.
- Moderate pointThird-quarter revenue declined 6% year over year to $13.8 million.
- Moderate pointThird-quarter net loss widened to $14.2 million, or $0.52 per share, from $12.9 million, or $0.49.
- Moderate pointThird-quarter operating and investing cash use increased to $11.0 million from $10.0 million a year earlier.
- Moderate pointCash and cash equivalents declined to $58.746 million at September 30, 2026, from $75.708 million at December 31, 2025.
- Moderate pointLong-term debt increased to $58.655 million at September 30, 2026, from $49.514 million at December 31, 2025.
- Moderate pointStockholders’ equity declined to $13.818 million at September 30, 2026, from $39.324 million at December 31, 2025.
13 minor points
- Minor pointThird-quarter U.S. revenue fell 4% year over year to $13.0 million; units declined to 412 from 420.
- Minor pointLower sales force productivity and a prolonged payer challenge primarily drove U.S. declines, CVRx said.
- Minor pointThird-quarter European revenue fell 27% year over year to $0.9 million; units declined to 38 from 50.
- Minor pointThird-quarter gross profit declined 6% year over year to $12.0 million.
- Minor pointThird-quarter selling, general and administrative expenses rose 2% year over year to $22.4 million.
- Minor pointThird-quarter operating loss widened to $13.045 million from $12.268 million a year earlier.
- Minor pointThird-quarter interest expense increased to $1.607 million from $1.480 million, reflecting increased term-loan borrowings.
- Minor pointThird-quarter other income, net declined to $488,000 from $875,000 a year earlier.
- Minor point. Forward-looking: it has not happened yet and may not happen.Landry’s planned November 9, 2026 equity grants add potential dilution: 186,447 stock options and 41,433 restricted stock units.
- Minor pointNine-month R&D expenses increased to $8.869 million in 2026 from $8.132 million in 2025.
- Minor pointNine-month selling, general and administrative expenses increased to $67.963 million in 2026 from $66.464 million in 2025.
- Minor pointNine-month interest expense increased to $4.736 million in 2026 from $4.410 million in 2025.
- Minor pointNine-month other income, net declined to $1.641 million in 2026 from $3.108 million in 2025.
News Explained
By September 30, 2026, the reported share count was already above year-end 2025, while the CFO awards remain a separate, vesting-dependent potential addition.
CVRx says John Landry’s CFO appointment takes effect
The options vest 25% on the first anniversary of employment and then in equal monthly installments over the following three years; the restricted stock units vest 25% on each annual anniversary, with both awards subject to continued employment.
The balance sheet reports 28,485,256 shares issued and outstanding at
Key Figures
- Total revenue
- $13.8 million
- Q3 2026; decreased 6% year over year
- U.S. revenue
- $13.0 million
- Q3 2026; decreased 4% year over year
- Net loss
- $14.2 million
- Q3 2026, compared with $12.9 million in Q3 2025
- Net loss per share
- $0.52 per share
- Q3 2026, compared with $0.49 per share in Q3 2025
- Full-year revenue guidance
- $56.0–$57.0 million
- FY 2026; lowered from prior guidance of $58.0–$60.0 million
- Q4 revenue guidance
- $11.7–$12.7 million
- Q4 2026
- Cash and cash equivalents
- $58.7 million
- As of September 30, 2026
- REBALANCE Registry cohort
- 435 patients across 45 U.S. centers
- Real-world study data presented at HFSA
Previous Earnings Reports
-
Reported 16% year-over-year revenue growth and maintained 2026 revenue guidance at $58–$60 million.
-
Reported 20% year-over-year revenue growth and maintained full-year revenue guidance.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
lvef medical
nyha functional class medical
restricted stock units financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
MINNEAPOLIS, Nov. 05, 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 third quarter of 2026.
Recent Highlights
- Total revenue for the third quarter of 2026 was
$13.8 million - U.S. revenue for the third quarter of 2026 was
$13.0 million - Active implanting centers in the U.S. increased to 262 as of September 30, 2026, as compared to 250 as of September 30, 2025
- A second major Medicare Advantage provider has issued a coverage policy for Barostim, effective July 17, 2026, covering the current FDA-approved indication and patients enrolled in BENEFIT-HF. In total, these two policies represent approximately
21% of Medicare Advantage enrollment - Had a significant presence at the Heart Failure Society of America (HFSA) Annual Scientific Meeting 2026 including podium presentations featuring late-breaking REBALANCE Registry data as well as new real-world evidence in patients with heart failure with mildly reduced ejection fraction (HFmrEF)
- Appointed John Landry as Chief Financial Officer effective November 6, 2026, bringing more than 20 years of financial leadership experience in the medical device industry
“While we recognize there is more work ahead, we remain encouraged by the progress we are making on key strategic initiatives, including the expansion of Medicare Advantage coverage and the clinical evidence released at HFSA,” said Kevin Hykes, President and Chief Executive Officer of CVRx. “With new Medicare Advantage coverage policies, BENEFIT-HF enrolling, and continued focus on commercial execution, we are confident in our ability to bring this therapy to more patients living with heart failure.”
Third Quarter 2026 Financial and Operating Results
Revenue was
Revenue generated in the U.S. was
As of September 30, 2026, the Company had a total of 262 active implanting centers in the U.S., 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. As of September 30, 2026, the number of sales territories in the U.S. was 56 as compared to 50 sales territories as of September 30, 2025.
Revenue generated in Europe was
Gross profit was
R&D expenses decreased
SG&A expenses increased
Interest expense increased
Other income, net decreased
Net loss was
As of September 30, 2026, cash and cash equivalents were
Business Outlook
For the full year of 2026, the Company now expects:
- Total revenue between
$56.0 million and$57.0 million , compared to prior guidance of between$58.0 million and$60.0 million ; - Gross margin between
86% and87% ; - Operating expenses between
$99 million and$101 million .
For the fourth quarter of 2026, the Company expects to report total revenue between
Operating Expense Reductions
The Company has taken a comprehensive set of actions to reduce the baseline cost structure. These actions included reductions in non-commercial functions, while continuing to invest in sales and reimbursement teams. The Company is being disciplined about filling open positions and has pulled back on marketing and research and development projects that are not expected to impact revenue.
Clinical Evidence Presented at HFSA
Late-breaking data from the REBALANCE Registry, the largest real-world study of Barostim-treated patients to date was presented at HFSA by Dmitry Yaranov, M.D. of Baptist Memorial Health Care. The data evaluated 435 patients across 45 U.S. centers and has been submitted for publication in a peer reviewed journal. Improvements in New York Heart Association (NYHA) functional class and an increase in average left ventricular ejection fraction (LVEF) were observed over follow-up, while blood pressure and other hemodynamic parameters remained stable. In addition, real-world evidence was presented by JoAnn Lindenfeld, M.D. of Vanderbilt University, regarding patients with HFmrEF, that included an analysis of hospitalization burden.
CFO Transition and Inducement Grant Under Nasdaq Listing Rules
As previously announced, John Landry was appointed to serve as the Company’s Chief Financial Officer, which appointment will be effective Nov. 6, 2026. Mr. Landry succeeds Jared Oasheim whose resignation and transition plan was previously announced.
Pursuant to Mr. Landry’s employment offer letter with the Company, on Nov. 9, 2026, Mr. Landry will receive stock options to purchase 186,447 shares of common stock and restricted stock units for 41,433 shares of common stock. The stock options vest as to
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 fourth 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
ICR Healthcare
410-627-2087
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) | |||||||
| September 30, 2026 | December 31, 2025 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash and cash equivalents | $ | 58,746 | $ | 75,708 | |||
| Accounts receivable, net of allowances of | 9,589 | 10,665 | |||||
| Inventory | 13,628 | 12,205 | |||||
| Prepaid expenses and other current assets | 3,060 | 3,069 | |||||
| Total current assets | 85,023 | 101,647 | |||||
| Property and equipment, net | 1,940 | 2,243 | |||||
| Operating lease right-of-use asset | 623 | 878 | |||||
| Other non-current assets | 26 | 26 | |||||
| Total assets | $ | 87,612 | $ | 104,794 | |||
| Liabilities and Stockholders’ Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 4,142 | $ | 3,833 | |||
| Accrued expenses | 8,368 | 9,484 | |||||
| Total current liabilities | 12,510 | 13,317 | |||||
| Long-term debt | 58,655 | 49,514 | |||||
| Operating lease liability, non-current portion | 349 | 638 | |||||
| Other long-term liabilities | 2,280 | 2,001 | |||||
| Total liabilities | 73,794 | 65,470 | |||||
| Commitments and contingencies | |||||||
| Stockholders’ equity: | |||||||
| Common stock, 2026 and December 31, 2025; 28,485,256 and 26,311,607 shares issued and outstanding as of September 30, 2026 and December 31, 2025, respectively | 285 | 263 | |||||
| Additional paid-in capital | 645,716 | 629,916 | |||||
| Accumulated deficit | (631,979 | ) | (590,652 | ) | |||
| Accumulated other comprehensive loss | (204 | ) | (203 | ) | |||
| Total stockholders’ equity | 13,818 | 39,324 | |||||
| Total liabilities and stockholders’ equity | $ | 87,612 | $ | 104,794 | |||
| CVRx, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) | |||||||||||||||
| Three months ended September 30, | Nine months ended September 30, | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Revenue | $ | 13,832 | $ | 14,690 | $ | 44,306 | $ | 40,627 | |||||||
| Cost of goods sold | 1,834 | 1,937 | 5,703 | 6,112 | |||||||||||
| Gross profit | 11,998 | 12,753 | 38,603 | 34,515 | |||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | 2,655 | 3,146 | 8,869 | 8,132 | |||||||||||
| Selling, general and administrative | 22,388 | 21,875 | 67,963 | 66,464 | |||||||||||
| Total operating expenses | 25,043 | 25,021 | 76,832 | 74,596 | |||||||||||
| Loss from operations | (13,045 | ) | (12,268 | ) | (38,229 | ) | (40,081 | ) | |||||||
| Interest expense | (1,607 | ) | (1,480 | ) | (4,736 | ) | (4,410 | ) | |||||||
| Other income, net | 488 | 875 | 1,641 | 3,108 | |||||||||||
| Loss before income taxes | (14,164 | ) | (12,873 | ) | (41,324 | ) | (41,383 | ) | |||||||
| Benefit (provision) for income taxes | 1 | 3 | (3 | ) | 11 | ||||||||||
| Net loss | (14,163 | ) | (12,870 | ) | (41,327 | ) | (41,372 | ) | |||||||
| Cumulative translation adjustment | — | (1 | ) | (1 | ) | 2 | |||||||||
| Comprehensive loss | $ | (14,163 | ) | $ | (12,871 | ) | $ | (41,328 | ) | $ | (41,370 | ) | |||
| Net loss per share, basic and diluted | $ | (0.52 | ) | $ | (0.49 | ) | $ | (1.55 | ) | $ | (1.59 | ) | |||
| Weighted-average common shares used to compute net loss per share, basic and diluted | 27,246,765 | 26,168,562 | 26,708,952 | 26,039,718 | |||||||||||
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What were CVRx’s third-quarter 2026 earnings results?
CVRx reported $13.8 million in revenue and a $14.2 million net loss, or $0.52 per share. Revenue declined 6% from the third quarter of 2025, when the net loss was $12.9 million, or $0.49 per share. Gross margin was unchanged at 87%.
What is CVRx’s updated 2026 revenue guidance?
CVRx now expects 2026 revenue of $56.0 million–$57.0 million, down from prior guidance of $58.0 million–$60.0 million. The company expects fourth-quarter revenue of $11.7 million–$12.7 million, full-year gross margin of 86%–87%, and full-year operating expenses of $99 million–$101 million.
What did CVRx’s REBALANCE Registry data show at HFSA 2026?
The REBALANCE Registry showed improvements in New York Heart Association functional class, a measure of symptom-related limitations, and increased average left ventricular ejection fraction, a measure of heart pumping function. The data evaluated 435 patients across 45 U.S. centers. Blood pressure and other measures of blood circulation remained stable during follow-up, and the findings have been submitted for peer-reviewed publication.
What cost reductions has CVRx made?
CVRx reduced non-commercial functions and pulled back on marketing and research and development projects it does not expect to affect revenue. The company is also limiting the filling of open positions while continuing to invest in sales and reimbursement teams.
What are the terms of incoming CVRx CFO John Landry’s equity grants?
Landry will receive options for 186,447 shares and restricted stock units for 41,433 shares on November 9, 2026. The option exercise price equals the closing share price on the grant date. Options vest 25% after one year, then monthly over three years; restricted stock units vest 25% annually. Vesting requires continued employment and compliance with the award agreements.