Earnings release
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CVRX Outsmart the heart CVRX Reports Second Quarter 2026 Financial and Operating Results August 6 , 2026 MINNEAPOLIS , Aug. 06 , 2026 ( GLOBE NEWSWIRE ) -- CVRx , Inc. ( NASDAQ : CVRX ) ( " CVRx " ) , a commercial - stage medical device company focused on developing , manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases , today announced its financial and operating results for the second quarter of 2026 . Recent Highlights • Total revenue for the second quarter of 2026 was $ 15.7 million , an increase of approximately 16 % over the prior year quarter • U.S. revenue for the second quarter of 2026 was $ 14.8 million , an increase of 21 % over the prior year quarter • Active implanting centers in the U.S. grew to 258 as of June 30 , 2026 , as compared to 240 as of June 30 , 2025 • Humana issued a Medicare Advantage coverage policy , effective May 1 , 2026 for Barostim therapy , which is the first coverage policy of its kind for Barostim " We are pleased with the strong revenue growth and margin performance in the second quarter along with the reimbursement progress we made , including the new Medicare Advantage coverage policy from Humana . However , we are not satisfied with our updated outlook for the balance of the year , driven by fewer sales territories than anticipated , lower sales force productivity and a prolonged challenge with one of our largest payers , " said Kevin Hykes , President and Chief Executive Officer of CVRx . " We are taking direct action to address these headwinds , and our confidence in the long - term fundamentals of this business remains high , supported by strong growth observed in our most stable regions and encouraging early progress on the BENEFIT - HF trial and our broader clinical and reimbursement strategies . " Second Quarter 2026 Financial and Operating Results Revenue was $ 15.7 million for the three months ended June 30 , 2026 , an increase of $ 2.1 million , or 16 % , over the three months ended June 30 , 2025 . Revenue generated in the U.S. was $ 14.8 million for the three months ended June 30 , 2026 , an increase of $ 2.5 million , or 21 % , over the three months ended June 30 , 2025. Revenue units in the U.S. totaled 466 and 391 for the three months ended June 30 , 2026 and 2025 , respectively . The increases were primarily driven by continued growth in the U.S. HF business as a result of the expansion into new sales territories , new accounts , and increased physician and patient awareness of Barostim . As of June 30 , 2026 , the Company had a total of 258 active implanting centers in the U.S. , as compared to 240 as of June 30 , 2025. Active implanting centers are customers that have completed at least one commercial HF implant in the last 12 months . As of June 30 , 2026 , the number of sales territories in the U.S. is 56 as compared to 47 sales territories as of June 30 , 2025 . Revenue generated in Europe was $ 0.9 million for the three months ended June 30 , 2026 , a decrease of $ 0.4 million , or 31 % , compared to the three months ended June 30 , 2025. Total revenue units in Europe decreased to 40 for the three months ended June 30 , 2026 , from 61 in the prior year period . The number of sales territories in Europe remained consistent at five as of June 30 , 2026 . Gross profit was $ 13.7 million for the three months ended June 30 , 2026 , an increase of $ 2.3 million , or 20 % , over the three months ended June 30 , 2025. Gross margin was 87 % and 84 % for the three months ended June 30 , 2026 and June 30 , 2025 , respectively . R & D expenses increased $ 0.7 million , or 27 % , to $ 3.1 million for the three months ended June 30 , 2026 , compared to the three months ended June 30 , 2025. This change was driven by a $ 0.6 million increase in headcount expenses and a $ 0.1 million increase in clinical trial expenses . SG & A expenses increased $ 0.3 million , or 1 % , to $ 23.6 million for the three months ended June 30 , 2026 , compared to the three months ended June 30 , 2025. This change was primarily driven by a $ 0.7 million increase in non - cash stock - based compensation expenses and a $ 0.5 million increase in legal expenses , partially offset by a $ 0.6 million decrease in advertising expenses and a $ 0.3 million decrease in travel expenses . Interest expense increased $ 0.1 million for the three months ended June 30 , 2026 , compared to the three months ended June 30 , 2025 , driven by interest expense on the increased borrowings under the term loan agreement with Innovatus Capital Partners . Other income , net was $ 0.6 million and $ 1.1 million for the three months ended June 30 , 2026 and 2025 , respectively . These balances consisted of interest income on our interest - bearing accounts . The decrease was primarily driven by the lower cash balance . Net loss was $ 14.0 million , or $ 0.53 per share , for the three months ended June 30 , 2026 , compared to a net loss of $ 14.7 million , or $ 0.57 per share , for the three months ended June 30 , 2025. Net loss per share was based on 26.5 million weighted average shares outstanding for three months ended June 30 , 2026 and 26.1 million weighted average shares outstanding for the three months ended June 30 , 2025 . As of June 30 , 2026 , cash and cash equivalents were $ 64.6 million . Net cash used in operating and investing activities was $ 8.9 million for the three months ended June 30 , 2026 , compared to $ 8.0 million for the three months ended June 30 , 2025 .
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Humana Medicare Advantage Coverage Policy In May 2026, Humana issued a Medicare Advantage coverage policy for Barostim therapy, effective May 1, 2026. Humana, a national health insurance company with the second largest Medicare Advantage program in the U.S., provides coverage to approximately 5.2 million Medicare Advantage members across 46 states. The policy covers Barostim for patients meeting its current FDA-approved indication as well as patients enrolled in the BENEFIT-HF trial. This is now the third significant reimbursement development for Barostim this year, following the transition to Category I CPT codes and CMS approval of Category B IDE coverage for BENEFIT-HF patients, each of which took effect in the first quarter of 2026. Business Outlook For the full year of 2026, the Company now expects: Total revenue between $58.0 million and $60.0 million; Gross margin between 86% and 87%; Operating expenses between $99.0 million and $101.0 million. For the third quarter of 2026, the Company expects to report total revenue between $13.5 million and $14.5 million. Webcast and Conference Call Information The Company will host a conference call to review its results at 4:30 p.m. Eastern Time today. A live webcast of the investor conference call will be available online at the investor relations page of the Company’s website at ir.cvrx.com. To listen to the conference call on your telephone, please dial 1-877-704-4453 for U.S. callers, or 1-201-389-0920 for international callers, approximately ten minutes prior to the start time. About CVRx, Inc. CVRx is a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases. Barostim™ is the first medical technology approved by FDA that uses neuromodulation to improve the symptoms of patients with heart failure. Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. The therapy is designed to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the U.S. It has been certified as compliant with the EU Medical Device Regulation (MDR) and holds CE Mark approval for heart failure and resistant hypertension in the European Economic Area. To learn more about Barostim, visit www.cvrx.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding our future financial performance (including our financial guidance regarding full year and third quarter 2026 results), our anticipated growth strategies (including statements regarding the expected timing, enrollment, scope and outcomes of the BENEFIT-HF clinical trial, potential expansion of the Barostim indication, and anticipated benefits of Barostim therapy), anticipated trends in our industry, our business prospects and our opportunities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “outlook,” “guidance,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our expectations regarding enrollment in BENEFIT-HF and the resulting impact on our addressable market; our history of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single product, Barostim; our limited commercial sales experience marketing and selling Barostim; our ability to continue demonstrating to physicians and patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim; our competitors’ success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise more attractive than Barostim; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide; product liability claims; future lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and ultimately unsuccessful; any failure to retain our key executives or recruit and hire new employees; impacts on adoption and regulatory approvals resulting from additional long-term clinical data about our product, including those resulting from the BENEFIT-HF trial; and other important factors that could cause actual results, performance or achievements to differ materially from those that are found in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2025, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise. Investor Contact: Mark Klausner or Mike Vallie ICR Healthcare 443-213-0501 ir@cvrx.com Media Contact: Emily Meyers CVRx, Inc. 763-416-2853 emeyers@cvrx.com
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CVRx, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) June 30, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 64,586 $ 75,708 Accounts receivable, net of allowances of $869 and $871, respectively 9,401 10,665 Inventory 13,028 12,205 Prepaid expenses and other current assets 2,473 3,069 Total current assets 89,488 101,647 Property and equipment, net 2,061 2,243 Operating lease right-of-use asset 708 878 Other non-current assets 26 26 Total assets $ 92,283 $ 104,794 Liabilities and Stockholders’ Equity Current liabilities: Accounts payable $ 3,874 $ 3,833 Accrued expenses 7,250 9,484 Total current liabilities 11,124 13,317 Long-term debt 58,571 49,514 Operating lease liability, non-current portion 448 638 Other long-term liabilities 2,187 2,001 Total liabilities 72,330 65,470 Commitments and contingencies Stockholders’ equity: Common stock, $0.01 par value, 200,000,000 authorized as of June 30, 2026 and December 31, 2025; 26,641,597 and 26,311,607 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively 266 263 Additional paid-in capital 637,707 629,916 Accumulated deficit (617,816) (590,652) Accumulated other comprehensive loss (204) (203) Total stockholders’ equity 19,953 39,324 Total liabilities and stockholders’ equity $ 92,283 $ 104,794 CVRx, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Revenue $ 15,705 $ 13,589 $ 30,474 $ 25,937 Cost of goods sold 1,981 2,139 3,869 4,175 Gross profit 13,724 11,450 26,605 21,762 Operating expenses: Research and development 3,130 2,469 6,214 4,986 Selling, general and administrative 23,617 23,357 45,575 44,589 Total operating expenses 26,747 25,826 51,789 49,575 Loss from operations (13,023) (14,376) (25,184) (27,813) Interest expense (1,578) (1,473) (3,129) (2,930) Other income, net 560 1,110 1,153 2,233 Loss before income taxes (14,041) (14,739) (27,160) (28,510)
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Benefit (provision) for income taxes (3) 3 (4) 8 Net loss (14,044) (14,736) (27,164) (28,502) Cumulative translation adjustment — 3 — 3 Comprehensive loss $ (14,044) $ (14,733) $ (27,164) $ (28,499) Net loss per share, basic and diluted $ (0.53) $ (0.57) $ (1.03) $ (1.10) Weighted-average common shares used to compute net loss per share, basic and diluted 26,515,442 26,071,316 26,435,958 25,974,229