CVRx (CVRX) Q4 2025 earnings summary

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.