CVRX · CVRx, Inc.

CVRx reported strong preliminary Q1 2026 results with revenue expected at $14.7-14.8 million, reflecting approximately 20% growth over Q1 2025's $12.3 million, driven by expansion to 257 U.S. active implanting centers from 252 at year-end 2025 and three additional sales territories to 56. Gross margin improved to approximately 87% from 84% last year, indicating better cost efficiencies or pricing dynamics, while operating expenses rose modestly to $25 million from $23.7 million, suggesting controlled spending amid growth investments. CEO Kevin Hykes highlighted that 2025 team and program investments are paying off, with positive momentum from the Category I CPT codes effective January 1, 2026, which replaced Category III codes and reduced automatic denials. This is evidenced by Medicare Advantage prior authorization 30-day approval rates improving sequentially from 31% in 2024 to 44% in 2025 and 50% in the first two months of 2026, lowering adoption barriers for the Barostim device. Cash position remained solid at $72.3 million as of March 31. Additionally, the first site activation in the BENEFIT-HF trial on March 31 positions enrollment to begin in Q2, potentially expanding Barostim's addressable patient population threefold if successful by targeting heart failure patients with ejection fractions up to 50% and NT-proBNP up to 5,000 pg/mL. These unaudited estimates are subject to final closing procedures, with full results due mid-May.