CVRx, Inc. (CVRX) Earnings
CVRx, Inc. is expected to report next earnings on August 4, 2026 (in NaN days), with a consensus EPS estimate of $-0.52. CVRX has beaten EPS estimates in 9 of its last 12 reported quarters (average surprise -0.1% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 11, 2026 | $-0.51 | $-0.50 | +2.0% | $15M | +1.9% |
| Feb 12, 2026 | $-0.42 | $-0.46 | -9.5% | $16M | +14.0% |
| Nov 5, 2025 | $-0.50 | $-0.49 | +2.0% | $15M | -6.7% |
| May 8, 2025 | $-0.56 | $-0.53 | +5.4% | $12M | -7.3% |
| Feb 4, 2025 | $-0.37 | $-0.43 | -16.2% | $15M | +0.8% |
| Apr 30, 2024 | $-0.53 | $-1.04 | -96.2% | $11M | -5.7% |
| Jan 25, 2024 | $-0.55 | $-0.44 | +20.0% | $11M | +1.5% |
| Oct 26, 2023 | $-0.57 | $-0.43 | +24.6% | $11M | +7.0% |
| Jul 25, 2023 | $-0.57 | $-0.56 | +1.8% | $10M | -3.3% |
| Apr 27, 2023 | $-0.57 | $-0.55 | +3.5% | $8M | -6.9% |
| Jan 26, 2023 | $-0.55 | $-0.51 | +7.3% | $7M | -0.3% |
| Nov 1, 2022 | $-0.56 | $-0.48 | +14.3% | $6M | +8.1% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q1 FY2026 · May 11, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
Core Strategic Priorities - Build a larger, more experienced world-class sales organization: the company added 3 new U.S. sales territories in Q1 2026, reaching 56 total territories, and grew total active implanting centers to 257 (up from 252 at the end of 2025), with disciplined onboarding and training supporting consistent program-focused selling. - Drive deep adoption at targeted centers: the company's playbook focuses on intentional targeting, redundant stakeholder relationships, and standardized Barostim workflow; in centers that have fully implemented this model, Barostim has become a routine part of heart failure management, driving higher utilization that supports long-term business growth. - Reduce core adoption barriers for Barostim therapy, with key progress in Q1 2026: - Patient access: The January 1, 2026 transition to Category 1 CPT codes (the most significant reimbursement advancement in company history) drove a Q1 2026 30-day Medicare Advantage prior authorization approval rate of 46%, up from 31% in 2024 and 44% in 2025. A March 2026 temporary dip in approval rates stemmed from new payer automated review processes for shorter regulatory decision timelines, but most initial denials are successfully overturned on appeal, and the long-term trajectory for patient access remains positive. - Therapy awareness: The company expanded medical education outreach to advanced practice providers and nurse coordinators, who manage most indicated community heart failure patients, and presented growing clinical evidence for Barostim at major cardiology conferences, driving increased clinician interest. - Clinical evidence: The landmark BenefitHF randomized controlled trial (evaluating Barostim in an expanded heart failure patient population) activated its first site in Q1 2026 and enrolled its first patient after quarter-end; if successful, the trial will triple CBRX's addressable market to over 980,000 patients (worth ~$30 billion) and drives increased engagement from new centers, boosting therapy awareness. Overall Financial Operational Highlights - Total Q1 2026 revenue was $14.8 million, a 20% year-over-year increase, exceeding the high end of prior guidance, driven by U.S. growth. - Gross profit hit $12.9 million (25% year-over-year increase), with gross margin expanding to 87% from 84% due to higher average selling prices and improved manufacturing efficiencies reducing per-unit costs. - Net loss for the quarter was $13.1 million ($0.50 per share), narrowing from a $13.8 million net loss ($0.53 per share) in Q1 2025. Cash and cash equivalents totaled $72.3 million as of March 31, 2026.
Guidance
- Full-year 2026 total revenue guidance is maintained at $63 million to $67 million, unchanged from prior guidance. - Full-year 2026 gross margin guidance is updated to 85% to 87%, adjusted from prior ranges. - Full-year 2026 operating expense guidance is maintained at $103 million to $107 million, unchanged from prior guidance. - Q2 2026 total revenue is expected to be between $15.1 million and $16.1 million.
Segment performance
CBRX operates two geographic product segments for its Barostim heart failure therapy: 1) U.S. Segment: Total revenue of $13.7 million in Q1 2026, a $2.5 million (22%) year-over-year increase. This segment contributed 92.6% of total company revenue in the quarter, with 429 revenue units (up from 359 units in Q1 2025). 2) Europe Segment: Total revenue of $1.1 million in Q1 2026, a $27,000 (2%) year-over-year decrease. This segment contributed 7.4% of total company revenue in the quarter, with 56 revenue units (down from 59 units in Q1 2025).
Risks & headwinds
- New federal Medicare Advantage prior authorization regulations require faster payer decisions, which have led to temporary higher initial denial rates from new automated payer review processes, creating near-term administrative uncertainty. - The BenefitHF trial is a large, multi-year trial that will take 12 to 24 months to activate all planned 150 sites and up to ~6 years total to complete, with no guarantee of successful trial results or subsequent FDA approval. - While most initial prior authorization denials are successfully appealed, there is near-term variability in 30-day approval rates as the industry adapts to the new regulatory framework. - CMS outpatient payment rule (OPPS) APC placement remains unresolved, though the company is engaged with regulators, no final outcome is guaranteed. - Revenue growth is still dependent on continued center expansion and adoption ramp, with variable quarterly new center addition, and upside from improved reimbursement is not baked into current guidance.
Analyst Q&A
Q: The Q1 March approval rate dipped due to new payer automation; how are you addressing this, and is this dynamic already accounted for in 2026 guidance? /
A: The higher initial denials stem from AI-driven automation used by payers to gain additional time for decisions, mostly based on administrative gaps rather than clinical disagreements. CBRX has deployed its own AI tools to ensure complete prior authorization submissions, and ~80% of initial denials are overturned on appeal. Guidance assumes 2026 approval rates match 2025's 44% 30-day rate; Q1 2026's 46% year-to-date rate is already slightly better, so the current dynamic does not threaten the existing guidance, and potential future improvement is not baked in pending further data.
Q: How will the BenefitHF trial ramp in 2026, and how does it drive engagement with new centers? /
A: BenefitHF addresses all three core adoption barriers (awareness, clinical evidence, patient access) and creates a national coverage pathway for trial patients, tripling the eligible patient pool. It serves as an engagement tool for both conservative centers new to Barostim and existing centers that can now treat more patients. Site activation will take 12-24 months to reach the 150-site target, so the company is not setting aggressive monthly activation expectations for 2026, with full trial completion expected around the early 2030s.
Q: Why did you maintain full-year guidance after a strong Q1, and do you expect changes to Medicare Advantage coverage policies as approval rates rise? /
A: The company chose not to update guidance after just one quarter of performance, as it is reaccelerating growth after two years of foundational team building and wants to avoid getting ahead of results. When CBRX wins ~48% of administrative law judge appeals for denials, payers (who bear appeal costs) typically move to automatic approval and eventually formal written coverage policies; CBRX is already near that threshold with many payers, though full policy changes are still a few years out. Patients enrolled in BenefitHF do not require prior authorization, which is a major benefit of the trial.
Q: What drove Q1's higher-than-usual average selling price (ASP), and what is your ASP outlook for the rest of 2026? /
A: Q1 2026 U.S. ASP reached ~$32,000, up from 2025's full-year average of ~$31,500, with the step-up partially tied to the new Category 1 CPT code. The company expects full-year 2026 ASP to land between $31,000 and $31,500, and is not baking the Q1 elevated ASP into full-year guidance, though the sales team is incentivized to maintain higher ASPs going forward.