CVRx, Inc. Q1 Revenue Grows 20% to $14.8M, Gross Margin at 87%
CVRx expects first-quarter revenue of $14.7–14.8 million, up 20% from $12.3 million, with gross margin at 87% versus 84% and operating expenses near $25 million. Medicare Advantage prior authorization approvals climbed to 50% in 2026 after Category I CPT codes, and the first BENEFIT-HF trial site activated for Q2 enrollment.
1. Preliminary Q1 Financial Results
Total first-quarter revenue is expected between $14.7 million and $14.8 million, representing approximately 20% growth from $12.3 million in Q1 2025. Gross margin is forecasted at about 87%, up from 84% a year earlier, while operating expenses rose to approximately $25 million.
2. Reimbursement and CPT Code Impact
Category I CPT codes replaced Category III codes on January 1, 2026, removing automatic denials and improving prior authorization predictability. Early 2026 data shows Medicare Advantage approval rates increased from 31% in 2024 to 44% in 2025 and to 50% in the first two months of 2026.
3. Clinical Trial Activation
On March 31, 2026, CVRx activated the first site in the BENEFIT-HF randomized controlled trial, which evaluates Barostim’s impact on mortality and heart failure events in patients with ejection fractions up to 50%. Enrollment is expected to begin in the second quarter, with a potential threefold expansion of the indicated patient population if successful.
4. Operational Metrics and Liquidity
As of March 31, 2026, the company had 257 active U.S. implanting centers versus 252 at year-end 2025 and added three sales territories for a total of 56. Cash and cash equivalents stood at approximately $72.3 million at quarter end.