CVRx (CVRX) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue reached $15.7 million, up 16% year-over-year, driven by 21% U.S. growth and Barostim adoption; European revenue declined 31% to $0.9 million.

• Net loss for Q2 2026 was $14.0 million ($0.53/share), improved from $14.7 million ($0.57/share) year-over-year.

• Active U.S. implanting centers increased to 258, with 56 sales territories as of June 30, 2026.

• Humana issued a Medicare Advantage coverage policy for Barostim, significantly expanding reimbursement.

• Full-year outlook lowered due to sales force turnover, fewer territories, and payer challenges.

Financial highlights

• Gross profit for Q2 2026 was $13.7 million, up 20% year-over-year; gross margin improved to 87% from 84%.

• R&D expenses rose to $3.1 million, mainly due to increased headcount and clinical trial costs.

• SG&A expenses increased 1% to $23.6 million, driven by higher stock-based compensation and legal costs.

• Cash and cash equivalents stood at $64.6 million as of June 30, 2026.

• Net cash used in operating and investing activities was $8.9 million for Q2 2026.

Outlook and guidance

• Full-year 2026 revenue guidance lowered to $58–$60 million; Q3 revenue expected at $13.5–$14.5 million.

• Full-year gross margin expected at 86–87%; operating expenses forecast at $99–$101 million.

• Anticipate slower revenue growth in H2 2026 due to sales force and payer headwinds.

• No new U.S. sales territories planned for the remainder of 2026; focus is on deeper adoption in existing centers.

• Actions underway include improving hiring, onboarding, and field-based reimbursement roles.