10-K · February 13, 2026
CVRx is a commercial-stage medical device company commercializing Barostim, an FDA‑approved neuromodulation implant for HFrEF. In 2025 the company delivered revenue of $56.7 million (up from $51.3M in 2024) with strong…
Earnings analysis · 10-Q
CVRX earnings analysis
Filed May 12, 2026 · Our reading of the company's report
The latest report
CVRx reported Q1 2026 results with revenue of $14.8 million, reflecting a 20% increase year-over-year, and an EPS loss of -$0.50, beating expectations slightly. The company continues to expand its U.S. market presence…
Read full summary
CVRx reported Q1 2026 results with revenue of $14.8 million, reflecting a 20% increase year-over-year, and an EPS loss of -$0.50, beating expectations slightly. The company continues to expand its U.S. market presence while facing challenges in Europe, impacting overall revenue dynamics.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.5
- Gross margin
- 87%
What stood out
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Strong Revenue Growth
Revenue reached $14.8 million, a 20% increase from $12.3 million in Q1 2025.
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U.S. Revenue Surge
U.S. sales were $13.7 million, up 22% from $11.2 million year-over-year.
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Improved Gross Margin
Gross margin increased to 87% in Q1 2026 from 84% in Q1 2025.
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Lower Operating Loss
Loss from operations improved to -$12.2 million from -$13.4 million in Q1 2025.
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Active Implanting Centers Rise
Active implanting centers in the U.S. grew to 257 from 227 year-over-year.
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Extended Loan Agreement
Increased Term Loan availability to $100 million to support commercialization efforts.
What to watch
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High Operating Expenses
Total operating expenses increased to $25.0 million from $23.7 million, impacting net loss.
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European Revenue Decline
European revenue slightly decreased by 2% to $1.1 million from $1.1 million year-over-year.
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Continued Net Loss
Net loss narrowed to $13.1 million from $13.8 million, but losses persist.
Management's outlook
Maintained revenue guidance of $63 million to $67 million for FY 2026; adjusted gross margin guidance to 85%-87%.
Earlier filings 4
10-Q · November 6, 2025
CVRx reported Q3 2025 revenue of $14.69M, up from $13.37M in Q3 2024 (+$1.317M, ~9.9%), with strong gross margins (86.8%) and an improved GAAP loss per share of $(0.49) vs $(0.57) a year ago. Despite operational margin…
10-Q · August 5, 2025
CVRx reported Q2 revenue of $13,589,000 (up from $11,807,000 in Q2 2024) with a strong gross margin (~84.3%) but continued deep operating losses. Operating expenses and net loss improved on a six-month basis versus…
10-Q · May 9, 2025
CVRx reported Q1 revenue of $12.348M (up from $10.770M YoY) and narrowed its net loss to $13.766M (EPS -$0.53) versus a loss of $22.186M (EPS -$1.04) in Q1 2024. Gross profit was $10.312M (gross margin ~83.5%) while…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.