CVRx, Inc. Q4 FY2025 earnings call

• Strengthened sales organization by expanding to 53 territories with 252 active implanting centers, up 10% and 13% respectively. - Focused on program selling strategy, targeting high-potential centers and developing aligned stakeholder networks. - Addressed barriers to adoption: Transitioned to Category I CPT codes, expanded medical education programs, and initiated the BENEFIT HF trial. - Strengthened balance sheet with debt facility amendment extending maturity to 2031 and accessing additional capital.

In the fourth quarter of 2025, U.S. revenue was $14,900,000, and Europe revenue was $1,100,000. Full year 2025 revenue was $56,700,000, with U.S. contributing the majority. Gross profit for Q4 2025 was $13,800,000, and gross margin was 86%, up from 83% in the prior year. R&D expenses increased by $200,000 to $3,000,000, SG&A expenses increased by $1,800,000 to $22,000,000, interest expense decreased by $100,000, and net loss was $11,900,000.

• For full year 2026, expect total revenue between $63,000,000 and $67,000,000. - Full year gross margin expected to be between 84% and 86%. - Operating expenses预计 to be between $103,000,000 and $107,000,000. - Q1 2026 revenue expected to be between $13,700,000 and $14,700,000.

• Uncertainties in the outcome of the BENEFIT HF trial. - Potential changes in reimbursement policies affecting adoption. - Challenges in fully ramping up the sales force and achieving expected productivity.

Q: On the top accounts mentioned, what do they have in common?

A: They have supportive leadership, multiple heart failure specialists, a pool of screening cardiologists, and redundant surgeons, which helps in consistent implantation.

Q: Portion of BENEFIT enrollment expected to be outside the U.S.?

A: A very small portion, as the trial is primarily U.S.-focused with Medicare reimbursement support.

Q: Path to profitability?

A: Focus on driving sales force productivity to grow top line faster than SG&A, with sufficient cash on hand ($86M) to support operations for at least two years.