CVRx Reports Preliminary Fourth Quarter and Fiscal Year 2025 Financial Results and Issues Fiscal 2026 Guidance

Core Insights - CVRx, Inc. reported preliminary unaudited revenue results for Q4 and full year 2025, indicating growth and strategic progress in the commercialization of its neuromodulation solutions for cardiovascular diseases [1][2][18] Financial Performance - Q4 2025 revenue is expected to be between $15.9 million and $16.1 million, reflecting a growth of approximately 4% to 5% compared to Q4 2024 revenue of $15.3 million [3][8] - Full year 2025 revenue is projected to be between $56.5 million and $56.7 million, representing an increase of approximately 10% to 11% over 2024 revenue of $51.3 million [4][8] - For Q1 2026, the company anticipates total revenue between $13.7 million and $14.7 million [6] Business Outlook - The company expects full year 2026 revenue to be between $63 million and $67 million, indicating growth of 11% to 18% [8] - The transition to Category I CPT codes effective January 1, 2026, is expected to enhance reimbursement dynamics and support commercial efforts [2][8] Operational Highlights - As of December 31, 2025, CVRx had 252 active implanting centers, up from 250 as of September 30, 2025 [4] - The number of sales territories in the U.S. increased to 53, adding three territories during Q4 2025 [4] Debt Facility - On January 9, 2026, the company amended its term loan agreement, increasing the facility by $50 million to a total of $100 million, with an additional $10 million borrowed at closing [11] - The amended loan has an interest rate of 9.40% or prime plus 2.65%, with an extended interest-only period [11] Clinical Development - The FDA approved the BENEFIT-HF trial design in November 2025, which aims to evaluate Barostim's impact on heart failure patients [10] - The trial is set to randomize 2,500 patients across 200 centers in the U.S. and Germany, with expected costs of $20 million to $30 million over five to seven years [10]