This article first appeared on GuruFocus .
Release Date: February 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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CVRx Inc ( NASDAQ:CVRX ) reported a 4% increase in fourth-quarter revenue to $16 million and a 10% increase in full-year revenue to $56.7 million.
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The company expanded its sales territories to 53 and increased active implanting centers to 252, reflecting a 10% and 13% growth, respectively.
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CVRx Inc ( NASDAQ:CVRX ) achieved a gross margin increase to 86% from 83% due to higher average selling prices and improved manufacturing efficiencies.
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The transition to Category 1 CPT codes is expected to improve patient access and reimbursement predictability, reducing prior authorization denials.
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The initiation of the Benefit HF trial, a large-scale study, could potentially triple the addressable market to $30 billion if successful.
Negative Points
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Net loss increased to $11.9 million in Q4 2025 from $10.7 million in Q4 2024, indicating ongoing financial challenges.
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The sequential growth in active accounts was lower than expected, reflecting potential challenges in sales strategy execution.
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R&D and SG&A expenses increased by 7% and 9%, respectively, driven by higher compensation and advertising costs.
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The company is still in transition with the new Category 1 CPT codes, and it may take several quarters to fully realize the benefits.
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Despite improvements, the Medicare Advantage prior authorization approval rate was only 46% in 2025, indicating room for further improvement.
Q & A Highlights
Q: Can you discuss the initial sites for the Benefit HF trial and whether they will be new or existing commercial sites? Will there be any revenue generation from these cases? A: (Kevin Hikes, CEO) We are early in the recruitment of centers, aiming for about 150 in the US and a few in Germany. There will be a mix of centers already using Barostim and some new to commercial implantation. (Jared Osheine, CFO) The trial is set for 2,500 randomizations, with 2/3 requiring an implant. We expect reimbursement from Medicare or Medicare Advantage plans, leading to sales of around 1,600 to 1,700 devices.
Q: How should we expect the growth of active accounts to trend through 2026? A: (Jared Osheine, CFO) We plan to add around 3 active territories quarterly, with each managing 3 to 5 implanting centers. We expect high single-digit account additions on a net basis each quarter in 2026.
Q: Do you see any scenario where the Benefit HF trial could be a tailwind for the core business while ongoing? A: (Kevin Hikes, CEO) Yes, while we don't expect significant revenue from trial sites this year, the trial will generate goodwill and credibility. It's the largest therapeutic device trial in heart failure, signaling confidence in the therapy and receiving positive feedback from the community.
Q: Can you share any early impacts of the Category 1 code that went into effect on January 1st? A: (Kevin Hikes, CEO) We are in transition mode, updating codes with payers and resubmitting prior authorizations. We are seeing payers who previously rejected our prior auths now beginning to approve them, with some Medicare Advantage payers approving at higher rates.
Q: What gives you confidence in the 11 to 18% top-line growth guidance for 2026? A: (Jared Osheine, CFO) After a reset in early 2025, we've seen sequential growth as new reps increase productivity. We expect a seasonal dip from Q4 to Q1 but anticipate sequential growth throughout the rest of the year, driven by sales reps' productivity.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
