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Dec 31, 2025
CVRx Q4 2025 Earnings Report
CVRx reported its financial and operating results for the fourth quarter and full year of 2025, highlighting revenue growth and strategic advancements.
Key Takeaways
CVRx achieved key foundational goals in 2025, with total revenue for Q4 2025 reaching $16.0 million, a 4% increase over the prior year quarter. The company also initiated the BENEFIT-HF trial and saw new Category I CPT codes take effect, positioning it for accelerated growth in 2026.
Total revenue for Q4 2025 was $16.0 million, an increase of 4% over the prior year quarter.
U.S. revenue for Q4 2025 was $14.9 million, also a 4% increase over the prior year quarter.
The company initiated the BENEFIT-HF trial, with first enrollments expected in Q2 2026, which could triple its addressable market.
Category I CPT codes and favorable physician fee payment levels became effective on January 1, 2026, removing automatic prior authorization denials.
Revenue by Geographic Location
Forward Guidance
For the full year of 2026, CVRx expects total revenue between $63.0 million and $67.0 million, gross margin between 84% and 86%, and operating expenses between $103.0 million and $107.0 million. For Q1 2026, total revenue is expected to be between $13.7 million and $14.7 million.
Positive Outlook
- Expected total revenue for full year 2026 between $63.0 million and $67.0 million.
- Anticipated gross margin for full year 2026 between 84% and 86%.
- Initiation of the BENEFIT-HF trial is a major step that could triple the addressable market.
- New Category I CPT codes, effective January 1st, 2026, are expected to remove automatic prior authorization denials.
- Enrollment for the BENEFIT-HF trial is expected to begin in the second quarter of 2026.
Challenges Ahead
- Operating expenses for full year 2026 are expected to be between $103.0 million and $107.0 million.
- Net trial costs for BENEFIT-HF are expected to be $20 million to $30 million spread over the next five to seven years.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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