CVRx revenue up 15% to USD 13.6M in Q2 2025

CVRx, Inc. announced its financial and operating results for the second quarter of 2025.

“We delivered solid second quarter results and continued to build momentum across our business,” said Kevin Hykes, President and Chief Executive Officer of CVRx. “Our sales force transformation is gaining traction, and we’re building sustainable Barostim programs with high potential centers. We continue to make progress on multiple fronts by advancing our clinical evidence strategy and strengthening our reimbursement position, including CMS’ proposal to keep Barostim in APC 1580 with appropriate payment for the implant procedure. The fundamentals of our business remain strong, and our maturing commercial organization positions us well for continued growth.”

Second quarter 2025 financial and operating results
Revenue was $13.6 million for the three months ended June 30, 2025, an increase of $1.8 million, or 15%, over the three months ended June 30, 2024.

Revenue generated in the U.S. was $12.2 million for the three months ended June 30, 2025, an increase of $1.6 million, or 15%, over the three months ended June 30, 2024. HF revenue in the U.S. totaled $12.1 million and $10.5 million for the three months ended June 30, 2025 and 2024, respectively. HF revenue units in the U.S. totaled 387 and 339 for the three months ended June 30, 2025 and 2024, respectively. The increases were primarily driven by continued growth in the U.S. HF business as a result of the expansion into new sales territories, new accounts, and increased physician and patient awareness of Barostim.

As of June 30, 2025, the Company had a total of 240 active implanting centers in the U.S., compared to 227 as of March 31, 2025. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months. The number of sales territories in the U.S. increased by two to a total of 47 during the three months ended June 30, 2025.

Revenue generated in Europe was $1.3 million for the three months ended June 30, 2025, an increase of $0.2 million, or 19%, over the three months ended June 30, 2024. Total revenue units in Europe decreased to 61 for the three months ended June 30, 2025, compared to 63 in the prior year period. The number of sales territories in Europe remained consistent at five for the three months ended June 30, 2025.

Gross profit was $11.5 million for the three months ended June 30, 2025, an increase of $1.5 million, or 16%, over the three months ended June 30, 2024. Gross margin was 84% for each of the three months ended June 30, 2025 and 2024.

R&D expenses decreased $0.3 million, or 11%, to $2.5 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This change was driven by a $0.3 million decrease in compensation expenses.

SG&A expenses increased $2.2 million, or 11%, to $23.4 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This change was primarily driven by a $1.4 million increase in compensation expenses, a $0.8 million increase in travel expenses, and a $0.4 million increase in non-cash stock-based compensation expense, partially offset by a $0.5 million decrease in advertising expenses.

Interest expense increased $0.5 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was driven by the interest expense on higher levels of borrowings under the term loan agreement with Innovatus Capital Partners.

Other income, net increased $0.2 million for the three months ended June 30, 2025, compared to the three months ended June 30, 2024. This increase was primarily driven by more interest income on our interest-bearing accounts.

Net loss was $14.7 million, or $0.57 per share, for the three months ended June 30, 2025, compared to a net loss of $14.0 million, or $0.65 per share, for the three months ended June 30, 2024. Net loss per share was based on 26.1 million weighted average shares outstanding for three months ended June 30, 2025 and 21.6 million weighted average shares outstanding for the three months ended June 30, 2024.

As of June 30, 2025, cash and cash equivalents were $95.0 million. Net cash used in operating and investing activities was $8.0 million for the three months ended June 30, 2025 compared to $10.2 million for the three months ended June 30, 2024.

Reimbursement updates
2026 OPPS Rule Progress: CMS has proposed to keep the Barostim implant procedure as part of the New Technology Ambulatory Payment Classification (APC) 1580 for 2026, with an associated payment of approximately $45,000 for procedures performed in the outpatient setting. CMS is also soliciting comments about the need for a Level 6 Neurostimulator APC. CVRx expects CMS to publish the 2026 Medicare Hospital Outpatient Prospective Payment System (OPPS) final rule in November, which is expected to take effect on January 1, 2026.

Category I CPT Codes: The transition to Category I CPT codes in January 2026 represents a significant milestone that will directly benefit commercial efforts. The proposed Medicare Physician Fee Schedule, released July 15, specified 11 relative value units (RVUs) for the implant procedure, translating to a national average physician payment of approximately $550, consistent with the Company’s expectations. Overall, the transition to Category I will eliminate the automatic denials regularly seen with Category III codes and improve prior authorization predictability to fairly pay physicians for the procedure. This proposal is also expected to be finalized in November.

Chief operating officer appointment
CVRx is pleased to announce that Brent Binkowski will join as Chief Operating Officer in August, and will be responsible for the research and development, operations, regulatory affairs and quality functions. Binkowski brings over 20 years of leadership experience in medical devices, with expertise in implantable devices covering interventional cardiology, radiology, and urology. His experience building world-class teams and scaling businesses will be of great value to the Company.

Business outlook
For the full year of 2025, the Company narrowed its revenue and operating expense guidance ranges and now expects:

• Total revenue between $55.0 million and $57.0 million, compared to prior guidance of $55.0 million and $58.0 million;
• Gross margin between 83% and 84%;
• Operating expenses between $96.0 million and $98.0 million, compared to prior guidance of $95.0 million and $98.0 million.

For the third quarter of 2025, the Company expects to report total revenue between $13.7 million and $14.7 million.
MB Bureau