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Jun 30
CVRx Q2 2025 Earnings Report
CVRx reported its financial and operating results for the second quarter of 2025, with total revenue increasing by 15% and U.S. Heart Failure revenue also growing by 15% over the prior year quarter.
Key Takeaways
CVRx delivered solid second quarter results, with total revenue reaching $13.6 million, a 15% increase year-over-year. The company saw continued growth in its U.S. Heart Failure business, driven by expansion into new sales territories and increased awareness of Barostim. Despite an increase in operating expenses, the company's gross profit also grew by 16%.
Total revenue for Q2 2025 was $13.6 million, marking a 15% increase compared to the same period last year.
U.S. Heart Failure revenue reached $12.1 million, also up 15% year-over-year, driven by increased units sold.
Active implanting centers in the U.S. grew to 240, reflecting a 27% increase since June 30, 2024.
CMS proposed favorable reimbursement updates for Barostim, including keeping it in New Technology APC 1580 with a payment of approximately $45,000 for outpatient procedures and favorable physician fee payment levels for Category I CPT codes set to take effect in 2026.
CVRx
CVRx
CVRx Revenue by Segment
CVRx Revenue by Geographic Location
Revenue by Segment
U.S. Heart Failure Revenue
CapyFin.comRevenue by Geographic Location
U.S. Revenue
CapyFin.comEurope Revenue
CapyFin.com Forward Guidance
CVRx narrowed its full-year 2025 revenue guidance to between $55.0 million and $57.0 million and expects third-quarter 2025 revenue to be between $13.7 million and $14.7 million. Gross margin is projected to be between 83% and 84%, with operating expenses between $96.0 million and $98.0 million.
Positive Outlook
- CMS proposed to keep Barostim implant procedure in New Technology APC 1580 for 2026 with a payment of approximately $45,000 for outpatient procedures.
- CMS proposed favorable physician fee payment levels in connection with the Category I CPT codes set to take effect in 2026, with a national average physician payment of approximately $550 for the implant procedure.
- Transition to Category I CPT codes in January 2026 is expected to eliminate automatic denials and improve prior authorization predictability.
- Appointment of Brent Binkowski as Chief Operating Officer is expected to strengthen research and development, operations, regulatory affairs, and quality functions.
- Company expects continued growth driven by its maturing commercial organization and ongoing sales force transformation.
Challenges Ahead
- Full-year 2025 revenue guidance was narrowed, indicating a slightly less optimistic upper range compared to prior guidance.
- Operating expense guidance for the full year 2025 was adjusted to a higher lower bound compared to prior guidance.
- The final OPPS rule and Category I CPT code proposals are subject to change following public comment periods.
- The actual impact of the APC on reimbursement and patient access could differ from current expectations.
- The company continues to face risks associated with its history of significant losses and dependence on a single product, Barostim.