CVRX · CVRx, Inc.

CVRx delivered a robust start to 2026 with total revenue of $14.8 million, reflecting 20% growth year-over-year, primarily propelled by 22% U.S. revenue expansion to $13.7 million. This uptick stemmed from higher unit volume (429 vs. 359), fueled by growth in active implanting centers to 257 from 227 a year ago, addition of three new U.S. sales territories to 56, and heightened physician and patient awareness of Barostim. Europe revenue dipped slightly to $1.1 million amid fewer units (56 vs. 59). Gross profit rose 25% to $12.9 million, with margins expanding to 87% from 84%, signaling improved manufacturing efficiency or pricing dynamics. Operating expenses increased modestly, with R&D up 23% to $3.1 million due to higher consulting and compensation, and SG&A up 3% to $22.0 million from elevated personnel costs, offset by reductions in consulting and advertising. CEO Kevin Hykes highlighted sales organization progress and the BENEFIT-HF trial's first site activation on March 31, 2026, with initial patient enrollment in Q2, potentially tripling Barostim's addressable market if successful. The company maintained full-year revenue guidance at $63-67 million, raised gross margin outlook to 85-87%, and set Q2 revenue at $15.1-16.1 million, underscoring execution confidence amid a reduced net loss to $13.1 million. Cash position stood at $72.3 million, with net operating and investing cash use of $12.3 million.