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CVRx Q1 2025 Earnings Report
CVRx reported its first quarter 2025 financial and operating results, with total revenue increasing by 15% and a significant reduction in net loss compared to the prior year.
Key Takeaways
CVRx, Inc. announced its first quarter 2025 financial and operating results, reporting a total revenue of $12.3 million, a 15% increase year-over-year. The company significantly reduced its net loss to $13.8 million from $22.2 million in the prior year, driven by decreased operating expenses, particularly in selling, general, and administrative costs. Active implanting centers grew to 227, and real-world evidence supported Barostim's effectiveness in reducing hospital visits.
Total revenue for Q1 2025 was $12.3 million, marking a 15% increase compared to the prior year quarter.
Net loss significantly decreased to $13.8 million ($0.53 per share) in Q1 2025, down from $22.2 million ($1.04 per share) in Q1 2024.
Selling, general and administrative (SG&A) expenses decreased by 25% to $21.2 million, primarily due to a reduction in non-cash stock-based compensation expense.
Active implanting centers in the U.S. increased to 227, a 19% growth since March 31, 2024, indicating continued market penetration.
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CVRx
CVRx Revenue by Segment
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CapyFin.comRevenue by Geographic Location
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CapyFin.com Forward Guidance
For the full year 2025, CVRx expects total revenue between $55.0 million and $58.0 million, gross margin between 83% and 84%, and operating expenses between $95.0 million and $98.0 million. For the second quarter of 2025, the company anticipates total revenue between $13.0 million and $14.0 million.
Positive Outlook
- Anticipated total revenue growth for the full year 2025.
- Expected strong gross margin performance between 83% and 84% for the full year 2025.
- Projected increase in total revenue for Q2 2025 compared to Q1 2025.
- Continued focus on expanding sales territories and increasing physician and patient awareness of Barostim.
- Ongoing support for commercial initiatives through advancing clinical evidence.
Challenges Ahead
- Revenue growth in Q1 2025 did not meet company expectations.
- New sales representatives are still in early stages of building territories, implying a ramp-up period for their contributions.
- Operating expenses are projected to remain high, between $95.0 million and $98.0 million for the full year.
- Dependence on a single product, Barostim, carries inherent risks.
- Potential challenges in securing adequate coverage and reimbursement from third-party payors.