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- **Revenue Growth**: Q3 2025 revenue up 10% YoY to $14.7M, with U.S. heart failure business leading expansion.
- **Gross Margin Expansion**: 87% gross margin (vs. 83% in Q3 2024) due to higher ASPs and manufacturing efficiencies.
- **Strategic Momentum**: 250 active centers, 10 new net centers added, and 20% of top accounts achieving ≥3 implants.
- **Reimbursement Progress**: Category I CPT code finalized for 2026, reducing prior auth friction.
- **2026 Outlook**: Mid-teens revenue growth expected, with focus on new territories and expanded clinical evidence.

**【CEO Opening Remarks】**
- Q3 2025 revenue grew 10% YoY to $14.7 million, driven by U.S. heart failure business expansion and new territory activations.
- Strategic priorities: sales force transformation, targeted account expansion, and improving patient access through reimbursement and awareness.
- 250 active implanting centers in the U.S. (up from 240 in Q2), with 10 net new centers added in Q3.
- 20% of top accounts achieved ≥3 implants, with leading sites implanting >10 patients per quarter.
- Positive reimbursement trends: CMS finalized Category I CPT code (effective Jan 2026) and maintained APC 1580 payment rates.
- FDA IDE submission for expanded RCT (EF 35-50, NT-proBNP 1,600-5,000) expected to receive feedback in late Nov 2025.

**【CFO Financial Commentary】**
- U.S. revenue: $13.5M (10% YoY), Europe: $1.2M (12% YoY), with U.S. units up 6% and Europe units down 10%.
- Gross margin improved to 87% (vs. 83% in Q3 2024), driven by higher ASPs ($31K/unit) and manufacturing efficiencies.
- R&D expenses: $3.1M (+26% YoY), SG&A: $21.9M (+1% YoY), net loss: $12.9M (-1.5% YoY).
- 2025 guidance updated: revenue $55.6-56.6M (prev $55-57M), gross margin 85-86% (prev 83-84%), OpEx $98-99M (prev $96-98M).
- Q4 2025 revenue expected: $15-16M, with sequential growth of ~6%.

**【Q&A Highlights】**
- **Sales Force Productivity**: 2025 hires are contributing more than any prior quarter; 6-12 months to full productivity. 2026 territories to expand by ~3 per quarter.
- **Reimbursement Impact**: Category I code eliminates experimental denials, reducing prior auth friction. CMS may introduce Level 6 neurostimulator code in 2026 OPPS final rule.
- **Gross Margin Sustainability**: 87% margin reflects improved ASPs and cost efficiencies; expect to maintain mid-80s range.
- **RCT Trial**: 2,000-patient trial targeting expanded HF population; CMS Category B IDE coverage needed for启动. Enrollment could begin H1 2026.
- **2026 Growth**: Mid-teens revenue growth expected, driven by new territories, reimbursement improvements, and clinical evidence expansion.
- **Expense Management**: OpEx growth rate to lag top line, with focus on operating leverage.

CVRx, Inc. (CVRX) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

CVRX

CVRX fundamentals

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