CVRx Hits $16M Q4 Revenue, Grows Active Centers to 252
CVRx posted Q4 revenue of $16.0 million (+4% YoY) and full-year revenue of $56.7 million (+10%), with gross margin at 86% and a net loss of $11.9 million ($0.46 per share). Active implanting centers at 252, Category I CPT codes effective Jan 1 eliminate denials, and BENEFIT-HF enrollment begins Q2 2026.
1. Financial Performance
CVRx delivered revenue of $16.0 million in Q4 2025, a 4% increase year-over-year, and full-year revenue of $56.7 million, up 10% from 2024. Gross profit rose 8% to $13.8 million, lifting gross margin to 86%, while net loss expanded to $11.9 million ($0.46 per share).
2. Commercial Expansion
Active implanting centers in the U.S. grew to 252 by year-end 2025 from 223 in the prior year, supported by expansion into three additional sales territories, bringing the total to 53. European revenue increased 10% to $1.1 million, with units rising to 49 across five territories.
3. Reimbursement Developments
Category I CPT codes and related favorable physician fee payment levels took effect on January 1, 2026, eliminating automatic prior-authorization denials for Barostim therapy and enhancing reimbursement predictability.
4. BENEFIT-HF Trial Initiation
The company initiated its pivotal BENEFIT-HF study under CMS Category B IDE coverage, targeting first patient enrollment in Q2 2026 to support a potential tripling of the addressable heart failure market.