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CVRx
CVRx (CVRX) investor relations material
CVRx Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary12 Feb, 2026
Executive summary
Q4 2025 revenue reached $16 million, up 4% year-over-year; full-year revenue was $56.7 million, up 10% year-over-year.
U.S. Q4 revenue was $14.9 million, up 4% year-over-year; European revenue was $1.1 million, up 10%.
Active U.S. implanting centers grew to 252 by year-end 2025, up from 223 the prior year; U.S. sales territories expanded to 53.
Initiation of the BENEFIT-HF trial aims to triple the addressable market to $30 billion if successful, with enrollment expected in Q2 2026.
Transition to Category I CPT codes in January 2026 is expected to significantly improve reimbursement and patient access.
Financial highlights
Gross profit for Q4 2025 was $13.8 million, up 8% year-over-year; gross margin improved to 86% from 83%.
Full-year 2025 gross profit was $48.3 million, up 13%; gross margin increased to 85% from 84%.
R&D expenses rose 7% to $3 million; SG&A expenses increased 9% to $22 million, mainly due to higher headcount and advertising.
Net loss for Q4 2025 was $11.9 million ($0.46/share), compared to $10.7 million ($0.43/share) a year ago.
Cash and equivalents at year-end 2025 were $75.7 million; cash burn for 2025 was $40.8 million.
Outlook and guidance
2026 revenue guidance: $63–$67 million (11–18% growth); Q1 2026 revenue expected at $13.7–$14.7 million.
Gross margin for 2026 guided at 84–86%; operating expenses expected at $103–$107 million.
Expectation of sequential growth after a seasonal Q1 dip, driven by maturing sales force and deeper account adoption.
Net cash burn for 2026 projected at $30–$35 million, with at least two years of cash runway.
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Next CVRx earnings date
Q1 20267 May, 2026
CVRx
Next CVRx earnings date
Q1 20267 May, 2026
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Frequently asked questions
CVRx Inc. is a medical device company focused on developing neuromodulation technologies for cardiovascular conditions. The company’s implantable systems are designed to stimulate specific nerves to address heart failure and hypertension. CVRx markets its products to healthcare providers through a direct sales force and distribution network. The company is headquartered in Minneapolis, Minnesota, and its shares are listed on the NASDAQ.
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