CVRx (CVRX) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue grew 20% year-over-year to $14.8 million, driven by 22% U.S. growth, sales expansion, and increased adoption of Barostim for heart failure patients.

• Net loss narrowed to $13.1 million ($0.50/share) from $13.8 million ($0.53/share) year-over-year, reflecting improved gross margin and higher sales.

• Gross margin increased to 87% from 84%, attributed to higher ASP and manufacturing efficiencies.

• Strategic focus on building a world-class sales organization, expanding U.S. sales force, and increasing active implanting centers to 257.

• BENEFIT-HF trial launched, with first site activated and first patient enrolled, aiming to expand Barostim's addressable market.

Financial highlights

• U.S. revenue was $13.7 million, up 22%; European revenue declined 2% to $1.1 million.

• Gross profit rose to $12.9 million, a 25% increase; cost of goods sold decreased 7% to $1.9 million.

• Cash and equivalents at quarter-end were $72.3 million as of March 31, 2026.

• Net cash used in operations and investing was $12.3 million; operating cash outflow was $12.2 million.

• Interest expense increased due to higher borrowings under the term loan agreement.

Outlook and guidance

• 2026 full-year revenue expected between $63 million and $67 million; Q2 2026 revenue expected between $15.1 million and $16.1 million.

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

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

• Management expects continued net losses for several years as investments in commercialization and R&D persist.

• Existing cash resources and operations expected to fund requirements for at least the next two years.