Q4 2025 CVRx Inc Earnings Call Transcript

Feb 12, 2026 / 09:30 PM GMT

Release Date Price: $5.69 (-6.41%)

Transcript 10-K8-K

Key Points

Positve

CVRx Inc (CVRX) reported a 4% increase in fourth-quarter revenue to $16 million and a 10% increase in full-year revenue to $56.7 million.
The company expanded its sales territories to 53 and increased active implanting centers to 252, reflecting a 10% and 13% growth, respectively.
CVRx Inc (CVRX) achieved a gross margin increase to 86% from 83% due to higher average selling prices and improved manufacturing efficiencies.
The transition to Category 1 CPT codes is expected to improve patient access and reimbursement predictability, reducing prior authorization denials.
The initiation of the Benefit HF trial, a large-scale study, could potentially triple the addressable market to $30 billion if successful.

Negative

Net loss increased to $11.9 million in Q4 2025 from $10.7 million in Q4 2024, indicating ongoing financial challenges.
The sequential growth in active accounts was lower than expected, reflecting potential challenges in sales strategy execution.
R&D and SG&A expenses increased by 7% and 9%, respectively, driven by higher compensation and advertising costs.
The company is still in transition with the new Category 1 CPT codes, and it may take several quarters to fully realize the benefits.
Despite improvements, the Medicare Advantage prior authorization approval rate was only 46% in 2025, indicating room for further improvement.

Refinitiv StreetEvents Event Transcript
E D I T E D V E R S I O N

CVRX.OQ - CVRx Inc
Q4 2025 CVRx Inc Earnings Call
Feb 12, 2026 / 09:30PM GMT

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Presentation
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Unidentified_1 [1]
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Greetings and welcome to the CBRX Q4 2025 earnings call.

At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

If anyone is to require operator assistance, please press 0 on your telephone keypad.

As a reminder, this conference is being recorded.

It's now my pleasure to introduce Mike Valley of ICR. Please go ahead.

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Unidentified_2 [2]
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Good afternoon.

Thank you for joining us today for CBRX's 4th quarter and full year 2025 earnings conference call.

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