CVRx Reports First Quarter 2025 Financial and Operating Results

Core Insights - CVRx, Inc. reported financial results for Q1 2025, showing a revenue increase of 15% year-over-year to $12.3 million, driven by growth in the U.S. heart failure market and the addition of new sales representatives [4][11]. Financial Performance - Total revenue for Q1 2025 was $12.3 million, up from $10.8 million in Q1 2024, marking a 15% increase [4][11]. - U.S. revenue was $11.2 million, a 14% increase from $9.8 million in the same quarter last year [5][11]. - Heart failure (HF) revenue in the U.S. reached $11.1 million, up from $9.7 million, with HF revenue units increasing from 319 to 353 [5][11]. - European revenue was $1.1 million, a 23% increase from $0.9 million in Q1 2024, with revenue units rising from 44 to 59 [7][11]. - Gross profit for Q1 2025 was $10.3 million, a 13% increase from $9.2 million in Q1 2024, resulting in a gross margin of 84% [8][11]. Operating Expenses - Research and development (R&D) expenses decreased by 18% to $2.5 million, primarily due to reduced consulting and stock-based compensation expenses [9]. - Selling, general and administrative (SG&A) expenses decreased by 25% to $21.2 million, largely due to a significant reduction in non-cash stock-based compensation [10]. Net Loss and Cash Position - The net loss for Q1 2025 was $13.8 million, or $0.53 per share, compared to a net loss of $22.2 million, or $1.04 per share, in Q1 2024 [14][26]. - As of March 31, 2025, cash and cash equivalents stood at $102.7 million, with net cash used in operating and investing activities amounting to $12.9 million [15]. Business Outlook - For Q2 2025, the company expects total revenue to be between $13.0 million and $14.0 million [17]. - For the full year 2025, total revenue is projected to be between $55.0 million and $58.0 million, with a gross margin between 83% and 84% [20]. Clinical Evidence - Recent clinical data presented at the THT conference indicated that Barostim treatment led to an 85% reduction in heart failure hospital visits, an 84% reduction in cardiovascular hospital visits, and an 86% reduction in all-cause hospital visits [16]. Market Presence - As of March 31, 2025, CVRx had 227 active implanting centers in the U.S., an increase from 223 at the end of 2024, while the number of sales territories decreased to 45 [6].