CVRx (CVRX) investor relations material

Executive summary

• Q1 2026 revenue reached $14.8 million, up 20% year-over-year, driven by 22% U.S. growth and positive impact from 2025 investments in sales, reimbursement, and clinical initiatives.

• U.S. revenue rose to $13.7 million, with active implanting centers increasing to 257.

• Strategic focus remains on building a world-class sales organization, deepening adoption in targeted centers, and reducing barriers to Barostim therapy adoption.

• First site activated and first patient enrolled in the BENEFIT-HF trial, aiming to expand Barostim's patient base and potentially triple the addressable market.

Financial highlights

• Gross profit for Q1 2026 was $12.9 million, up 25% year-over-year; gross margin improved to 87% from 84%.

• Net loss narrowed to $13.1 million ($0.50/share) from $13.8 million ($0.53/share) year-over-year.

• Cash and cash equivalents at quarter-end were $72.3 million; net cash used in operations and investing was $12.3 million.

Outlook and guidance

• 2026 full-year revenue expected between $63 million and $67 million.

• Full-year gross margin guidance raised to 85%-87%.

• Operating expenses projected at $103-$107 million for 2026.

• Q2 2026 revenue expected between $15.1 million and $16.1 million.