CVRx, Inc. Q3 FY2025 earnings call

Key managerial messages: 3 strategic priorities for 2025 - building a world-class sales organization, targeting high-potential centers and implementing a best-practice playbook, addressing barriers to adoption by improving patient access, expanding therapy awareness, and building clinical evidence. Sales force transformation progressing, added 10 net new centers, top accounts showing deepening adoption, positive reimbursement advancements, educational efforts, and positive progress with FDA on IDE application.

For the 3 months ended September 30, 2025, revenue was $14.7 million, up 10% year-over-year. U.S. revenue was $13.5 million, up 10% year-over-year with 420 units compared to 394 in 2024. Europe revenue was $1.2 million, up 12% year-over-year with 50 units compared to 56 in 2024. Gross profit was $12.8 million, up 15% year-over-year with a gross margin of 87% compared to 83% in 2024. R&D expenses increased $0.6 million year-over-year to $3.1 million. SG&A expenses increased $0.2 million year-over-year to $21.9 million. Net loss was $12.9 million or $0.49 per share.

For full-year 2025, expect total revenue between $55.6 million and $56.6 million (previous guidance $55 million to $57 million). Full-year gross margin expected between 85% and 86% (previous 83% to 84%). Operating expenses expected between $98 million and $99 million (previous $96 million to $98 million). Fourth quarter 2025 expects total revenue between $15 million and $16 million. Existing registration statement scheduled to expire on November 15, 2025, plan to refresh it with Q3 10-Q filing.

Q: Congrats on the quarter. Maybe I can start on the guidance...

A: Jared Oasheim discusses the reason for the cut in the higher end of guidance and comments on 2026 growth.

Q: This is Samantha on for Matt today. A good performance in the quarter. I also wanted to touch on the productivity improvements with the sales force...

A: Kevin Hykes talks about the progress of sales reps.

Q: One more from us. It was great to see the Category I code finalized...

A: Kevin Hykes explains the impact of the Category I code.

Q: Rohin on for Robbie. I have a question on margins...

A: Jared Oasheim breaks down the components of margins.

Q: This is Rohin on for Robbie. I guess I also wanted to clarify a prior point...

A: Jared Oasheim frames sales growth in 2026.

Q: Max on for Brandon. Kevin, you mentioned you guys are focused on getting these newly hired reps up to speed more quickly...

A: Kevin Hykes talks about rep hiring and training.

Q: Then, Kevin, just on the RCT, can you guys just touch on additional milestones...

A: Kevin Hykes discusses the details of the RCT.

Q: I'm going to pick up on the RCT a little deeper there. Kevin, maybe talk to how many patients you're thinking will be enrolled in this trial...

A: Kevin Hykes and Jared Oasheim discuss trial details.

Q: I just wanted to dig in a little bit more on the guide as well...

A: Jared Oasheim explains the Q4 guide and rep tenure.

Q: Congrats on the progress. Maybe just a quick modeling question from us...

A: Jared Oasheim talks about the movement of operating expenses.

Q: Then looking at your top accounts doing 3 or more implants...

A: Kevin Hykes addresses the potential of top accounts.