CVRx (CVRX) 43rd Annual J.P. Morgan Healthcare Conference 2025 summary

Market opportunity and therapy overview

• Barostim is a neuromodulation therapy for heart failure, targeting a $2.2 billion annual market with less than 2% current penetration and a well-defined patient group with limited alternatives.

• Heart failure affects over 6 million Americans, with annual costs projected to reach $70 billion by 2030, highlighting a significant unmet need and high healthcare costs.

• Barostim offers significant quality of life improvements, especially for the 70% of patients not eligible for CRT, with a high response rate and durable benefits.

• Clinical trials, including BeAT-HF, show high responder rates, reduced hospitalizations, and decreased all-cause mortality and serious cardiovascular events, with ongoing real-world evidence collection.

• The therapy is safe, with a 97% freedom from complications and is entirely extravascular.

Commercial and go-to-market strategy

• Focus is on building a world-class sales team, expanding executive and commercial teams, and targeting centers with high heart failure patient volumes and a history of adopting novel technologies.

• Deep adoption is prioritized in select centers, emphasizing program-building, consistent utilization, and sustainable Barostim programs.

• Compensation for sales teams is being aligned with behaviors that drive sustainable adoption and ecosystem development.

• Efforts include expanding medical education, targeting heart failure nurses, launching fellowship and advanced practitioner programs, and engaging referral networks.

• Barriers addressed include therapy awareness, clinical evidence, and patient access.

Clinical evidence and reimbursement

• Ongoing publication of evidence supports both the mechanism of action and clinical outcomes, including quality of life and reduction in hospitalizations, with multiple studies and registries underway.

• Achieved permanent inpatient payment and doubled reimbursement to $43,000, with outpatient reimbursement at $45,000, and CMS Category I code approval.

• Secured a permanent Category I CPT code, signaling mainstream acceptance and improving payer coverage.

• Stable reimbursement is expected to support adoption, with confidence in maintaining rates through 2026.

• Patient access improved in 2024 with new payment codes and higher reimbursement rates.