CVRx (CVRX) Q3 2026 earnings summary

Executive summary

• Q3 revenue declined 6.1% YoY to $13.8M amid payer approval challenges, lower U.S. sales productivity and uneven field execution.

• Nine-month revenue grew 9% to $44.3M; active U.S. implanting centers increased to 262 from 250 YoY.

Financial highlights

• Q3 revenue was $13.8M, down $0.9M YoY; gross profit was $12.0M, down 6%.

• Gross margin was 87%, unchanged YoY; nine-month gross profit rose 12% to $38.6M and gross margin increased from 85%.

• Operating expenses were $25.1M: R&D was $2.7M, down 16%, and SG&A was $22.4M, up 2% YoY.

• Q3 operating loss was $13.0M vs. $12.3M; net loss was $14.2M, or $0.52/share, vs. $12.9M, or $0.49/share.

• Nine-month operating loss was $38.2M vs. $40.1M; net loss was $41.3M vs. $41.4M, or $1.55/share vs. $1.59/share.

Outlook and guidance

• FY2026 revenue guidance was reduced to $56M–$57M from $58M–$60M; Q4 revenue guidance is $11.7M–$12.7M.

• FY2026 gross margin guidance remains 86%–87%, and operating expense guidance is $99M–$101M, including H2 severance charges.

• H2 revenue growth is expected to slow vs. H1 amid lower sales productivity and prolonged challenges with a large payer.

• Cost actions lowered the cost base entering 2027 while preserving investment in sales and reimbursement; detailed 2027 expense guidance was not issued.