CVRx, Inc.

Total revenue was $15.7 million, up $2.1 million, or 16% year over year. U.S. revenue was $14.8 million, up $2.5 million, or 21%, on 466 U.S. revenue units versus 391 last year; Europe revenue was $0.9 million, down $0.4 million, or 31%, on 40 units versus 61. Gross profit was $13.7 million, up $2.3 million, or 20%, and gross margin was 87% versus 84% a year ago. Net loss was $14 million, or $0.53 per share, versus a net loss of $14.7 million, or $0.57 per share. Cash and cash equivalents were $64.6 million, and net cash used in operating and investing activities was $8.9 million. For 2026, management now expects total revenue of $58 million-$60 million, gross margin of 86%-87%, operating expenses of $99 million-$101 million, and Q3 revenue of $13.5 million-$14.5 million.

Kevin Hykes framed the quarter as a mix of solid underlying business progress and fixable execution problems. He said the company’s strategy is working in stable regions with seasoned leadership, where growth is in the strong double digits, but that turnover, onboarding strain, and reduced sales director bandwidth are holding back other regions. He also emphasized that patient access and evidence are improving, pointing to the Humana written policy, Category I coding, Medicare Advantage progress outside one payer, and the advancing BENEFIT-HF trial and real-world evidence work.

Jared Oasheim walked through a quarter with higher revenue, stronger gross margin, and controlled expenses, but also a meaningful reset in outlook. He cited SG&A of $23.6 million, R&D of $3.1 million, interest expense of $1.6 million, and net loss of $14 million, while noting that operating cash and investing cash use was $8.9 million and cash on hand was $64.6 million. On guidance, he said the company now expects 2026 revenue of $58 million-$60 million, gross margin of 86%-87%, and operating expenses of $99 million-$101 million, and he said the lower OpEx guide reflects both the lower top-line plan and intentional spending pullbacks in some marketing and development projects.

Analysts focused on whether the issue is primarily execution or demand, the magnitude of turnover in the sales force, center additions, and the path to profitability and cash needs. Management said the weak regions have the highest turnover and least-tenured leaders, while regions with stable leadership are producing strong double-digit growth, which they argued validates the strategy. On cash, Jared said the company believes it has at least 18 months of cash remaining and $40 million undrawn on its debt facility, while also leaving open the possibility of opportunistic financing.