CVRX
CVRx, Inc.8.32
+0.14+1.77%
Dec 16, 4:00:02 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Trial details, code wins, rep ramp
Q&A largely reaffirmed prepared remarks but added color on BENEFIT HF, quantifying ~1,600-1,700 U.S. device sales from trial implants alongside goodwill tailwinds for core business. Early Category I code benefits surfaced: payers rejecting 100% prior auths now approving some, with Medicare Advantage speeding up. Reps ramp steadily, hitting more one-implant-per-month accounts to drive guide's 11-18% growth mainly from deeper adoption, not adds. Margins guided conservatively at 84-86% sans further cost cuts. Cash lasts 2+ years. Investors watch rep productivity.
Key Stats
Market Cap
218.07MP/E (TTM)
-Basic EPS (TTM)
-1.99Dividend Yield
0%Recent Filings
8-K
Execs get revenue-tied PSUs
CVRx granted performance stock units to executive officers on February 27, 2026, alongside annual equity awards, valued at three-fourths of their 2026 long-term incentives to retain talent amid critical near-term goals. PSUs vest based on undisclosed fiscal 2026-2027 cumulative revenue targets—50% at threshold to 200% at maximum—with 50% settling post-certification by March 1, 2028, and the rest by December 31, 2028, if employed. Retention hinges on revenue stretch.
10-K
FY2025 results
CVRx posted $56.7M revenue for FY2025 ended December 31, 2025, up 10% y/y from $51.3M, with U.S. sales hitting $51.9M (10% y/y growth via 252 active implant centers, up from 223). Gross margin ticked to 85% on manufacturing efficiencies, while operating loss narrowed 14% to $51.3M despite steady R&D; net loss improved 11% to $53.3M, mainly from lower stock-based comp, though interest expense rose 33% on $50M debt. Cash burned $40.2M in operations, ending at $75.7M. No quarterly breakdowns disclosed. Limited sales experience risks stalling Barostim adoption.
8-K
Q4 revenue up 4% to $16M
CVRx posted Q4 revenue of $16.0M, up 4% year-over-year, with U.S. sales hitting $14.9M amid 252 active implanting centers. Full-year revenue climbed 10% to $56.7M, gross margins expanded to 85%, yet net loss widened to $11.9M quarterly. Momentum builds from BENEFIT-HF trial launch and $10M debt drawdown; 2026 revenue guide: $63M-$67M. Cash burned steadily.
8-K
ATM equity offering launched
CVRx inked an at-the-market sale agreement with Jefferies on January 12, 2026, to sell up to $50.0 million in common stock. Shares will sell opportunistically, with Jefferies earning up to 3.0% commission; proceeds fund working capital and corporate needs. No sales obligation exists. Termination hinges on agreement terms.
8-K
CVRx expands debt to $100M
CVRx amended its loan agreement on January 9, 2026, boosting capacity to $100 million while drawing $10 million to reach $60 million outstanding; maturity extends to 2031 with a four-year interest-only period. Q4 2025 revenue hit $15.9-$16.1 million, up 4-5%; full-year $56.5-$56.7 million, up 10-11%, with cash at $75.7 million. Debt bolsters runway. Milestones unlock more funding.
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