CVRx, Inc. reported fourth‑quarter 2025 revenue of $16.0 million, a 4 % increase from $15.3 million in the same quarter of 2024. U.S. revenue rose to $14.9 million, up 4 % year‑over‑year, while European revenue grew 10 % to $1.1 million. The company posted a net loss of $11.9 million, or $0.46 per share, compared with a $10.7 million loss, or $0.43 per share, in Q4 2024. EPS of $-0.46 missed the consensus estimate of $-0.42, a miss of $0.04.
Gross profit reached $13.8 million, giving a gross margin of 86 %, up from 83 % in Q4 2024. The margin expansion was driven by a higher average selling price and a lower cost per unit, primarily due to increased manufacturing efficiencies, as CFO Jared Oasheim noted.
The company delivered 478 implant units in the United States and 49 units in Europe, up from 460 U.S. units and 41 European units in the prior year. Active implanting centers remained at 252, indicating steady network growth.
Full‑year 2025 revenue totaled $56.7 million, a 10 % increase from $51.9 million in 2024. Net loss for the year was $53.3 million, or $2.04 per share, compared with a $60.0 million loss, or $2.65 per share, in 2024. Gross margin for the year was 85 %, up from 84 % in 2024. Management guided 2026 revenue to $63.0 million–$67.0 million, a 11 %–18 % increase over 2025, and full‑year gross margin to 84 %–86 %. Operating expenses were projected at $103 million–$107 million.
Investors reacted positively to the earnings, citing the revenue beat, EPS miss, and optimistic guidance. The company’s strategic initiatives—new Category I CPT codes that eliminate prior‑authorization denials and the launch of the BENEFIT‑HF trial under CMS Category B IDE coverage—were highlighted as key growth drivers that could expand the addressable market for Barostim therapy.
Kevin Hykes, President and CEO, said, “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. 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.”
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