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Jun 30, 2025
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.
Revenue by Segment
Revenue by Geographic Location
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.
Historical Earnings Impact
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