CVRx Reports Preliminary First Quarter 2025 Financial Results
CVRx (NASDAQ: CVRX) announced preliminary Q1 2025 revenue of approximately $12.3 million, showing 15% growth compared to Q1 2024's $10.8 million. The revenue comprises $11.2 million from U.S. operations and $1.1 million from European operations.
Despite growth, revenue fell short of expectations due to seasonal softness and newer sales representatives still developing their territories. The company's U.S. presence includes 227 active implanting centers, up from 223 in December 2024, while sales territories decreased by 3 to 45.
The company's cash position stands at $102.7 million. During Q1 2025, CVRx issued 543,462 shares through an at-the-market offering, raising $9.5 million in gross proceeds.
CVRx (NASDAQ: CVRX) ha annunciato un fatturato preliminare per il primo trimestre del 2025 di circa $12,3 milioni, con una crescita del 15% rispetto ai $10,8 milioni del primo trimestre del 2024. Il fatturato comprende $11,2 milioni dalle operazioni negli Stati Uniti e $1,1 milioni dalle operazioni europee.
Nonostante la crescita, il fatturato non ha soddisfatto le aspettative a causa di una debolezza stagionale e di nuovi rappresentanti di vendita che stanno ancora sviluppando i loro territori. La presenza della società negli Stati Uniti include 227 centri di impianto attivi, in aumento rispetto ai 223 di dicembre 2024, mentre i territori di vendita sono diminuiti di 3, arrivando a 45.
La posizione di liquidità dell'azienda è di $102,7 milioni. Durante il primo trimestre del 2025, CVRx ha emesso 543.462 azioni attraverso un'offerta sul mercato, raccogliendo $9,5 milioni di proventi lordi.
CVRx (NASDAQ: CVRX) anunció ingresos preliminares para el primer trimestre de 2025 de aproximadamente $12.3 millones, mostrando un crecimiento del 15% en comparación con los $10.8 millones del primer trimestre de 2024. Los ingresos comprenden $11.2 millones de operaciones en EE. UU. y $1.1 millones de operaciones en Europa.
A pesar del crecimiento, los ingresos no cumplieron con las expectativas debido a la debilidad estacional y a que los nuevos representantes de ventas aún están desarrollando sus territorios. La presencia de la empresa en EE. UU. incluye 227 centros de implantación activos, en comparación con 223 en diciembre de 2024, mientras que los territorios de ventas disminuyeron en 3, quedando en 45.
La posición de efectivo de la empresa es de $102.7 millones. Durante el primer trimestre de 2025, CVRx emitió 543,462 acciones a través de una oferta en el mercado, recaudando $9.5 millones en ingresos brutos.
CVRx (NASDAQ: CVRX)는 2025년 1분기 예상 수익이 약 $12.3 백만에 달하며, 2024년 1분기 $10.8 백만에 비해 15% 성장했다고 발표했습니다. 이 수익은 미국에서 $11.2 백만과 유럽에서 $1.1 백만의 운영에서 발생했습니다.
성장에도 불구하고, 계절적 약세와 새로운 판매 담당자들이 여전히 자리를 개발하고 있는 이유로 수익이 기대에 미치지 못했습니다. 회사의 미국 내 존재는 2024년 12월 223개에서 증가한 227개의 활성 임플란트 센터를 포함하고 있으며, 판매 지역은 3개 줄어들어 45개가 되었습니다.
회사의 현금 위치는 $102.7 백만입니다. 2025년 1분기 동안, CVRx는 시장에서 543,462주를 발행하여 $9.5 백만의 총 수익을 올렸습니다.
CVRx (NASDAQ: CVRX) a annoncé un chiffre d'affaires préliminaire pour le premier trimestre 2025 d'environ $12,3 millions, affichant une croissance de 15 % par rapport aux $10,8 millions du premier trimestre 2024. Le chiffre d'affaires comprend $11,2 millions provenant des opérations américaines et $1,1 million des opérations européennes.
Malgré cette croissance, le chiffre d'affaires n'a pas répondu aux attentes en raison d'une faiblesse saisonnière et de nouveaux représentants commerciaux qui développent encore leurs territoires. La présence de l'entreprise aux États-Unis comprend 227 centres d'implantation actifs, en hausse par rapport à 223 en décembre 2024, tandis que les territoires de vente ont diminué de 3 pour atteindre 45.
La position de liquidités de l'entreprise s'élève à $102,7 millions. Au cours du premier trimestre 2025, CVRx a émis 543 462 actions par le biais d'une offre sur le marché, levant ainsi $9,5 millions de produits bruts.
CVRx (NASDAQ: CVRX) gab vorläufige Einnahmen für das erste Quartal 2025 von etwa $12,3 Millionen bekannt, was einem Wachstum von 15% im Vergleich zu den $10,8 Millionen im ersten Quartal 2024 entspricht. Die Einnahmen setzen sich aus $11,2 Millionen aus den US-amerikanischen Betrieben und $1,1 Millionen aus den europäischen Betrieben zusammen.
Trotz des Wachstums blieben die Einnahmen hinter den Erwartungen zurück, was auf saisonale Schwächen und die Tatsache zurückzuführen ist, dass neue Verkaufsmitarbeiter noch ihre Gebiete entwickeln. Die Präsenz des Unternehmens in den USA umfasst 227 aktive Implantationszentren, ein Anstieg von 223 im Dezember 2024, während die Verkaufsgebiete um 3 auf 45 gesenkt wurden.
Die Liquiditätsposition des Unternehmens beträgt $102,7 Millionen. Im ersten Quartal 2025 emittierte CVRx 543.462 Aktien durch ein Angebot am Markt und erzielte damit $9,5 Millionen an Bruttoeinnahmen.
- 15% year-over-year revenue growth to $12.3 million
- Increased active implanting centers from 223 to 227
- Strong cash position of $102.7 million
- Successfully raised $9.5 million through ATM offering
- Revenue fell short of company expectations
- U.S. sales territories decreased by 3 to 45
- New sales representatives still in early development stages affecting performance
- Seasonal weakness impacting procedure scheduling
Insights
CVRx's preliminary Q1 2025 results show
On the positive side, the company maintains a strong liquidity position with
However, several red flags emerge in the operational metrics. The reduction in U.S. sales territories from 48 to 45 while simultaneously citing new sales hires suggests a reorganization rather than the expansion typically expected in a high-growth medical device company. Additionally, the marginal growth in active implanting centers (from 223 to 227) indicates slower-than-ideal market penetration.
The management's explanation of underperformance centers on two factors: newly hired representatives still developing territories and seasonal insurance deductible effects. While both explanations are plausible, the admission that they "did not fully anticipate" the seasonal impact raises questions about forecasting capabilities, especially considering CVRx has operated through multiple Q1 periods.
The revenue breakdown reveals
The Q1 2025 results for CVRx highlight common challenges in commercializing specialty medical devices like Barostim. The
Four key operational indicators deserve attention: First, the minimal expansion of U.S. implanting centers (net addition of only 4 centers in Q1) suggests potential market saturation within easily accessible accounts or issues with the sales conversion process. Second, the reduction of 3 sales territories while emphasizing new hires points to a territory optimization strategy rather than pure expansion.
CVRx's strategic pivot to "deep penetration within high-potential accounts" represents a classic refinement in medical device commercialization. After initial broad outreach, successful device companies typically concentrate resources on high-volume centers where physician champions drive adoption. This targeted approach often yields efficiency gains but may temporarily slow topline growth during the transition.
The seasonal impact of insurance deductibles is a well-established phenomenon in elective and semi-elective procedures. Patients with high-deductible health plans often delay procedures until later in the calendar year after meeting deductibles. That management didn't fully anticipate this effect suggests potential gaps in commercial analytics capabilities.
For a device targeting heart failure like Barostim, building a specialized sales force with deep cardiologist relationships is critical. The referenced sales force development initiative is appropriate but typically requires 9-12 months for new representatives to reach full productivity in complex medical devices, suggesting temporary growth constraints may persist through mid-2025.
First quarter revenue expected to be approximately
MINNEAPOLIS, April 07, 2025 (GLOBE NEWSWIRE) -- CVRx, Inc. (NASDAQ: CVRX) ("CVRx"), a commercial-stage medical device company, today announced certain preliminary unaudited first quarter 2025 revenue results.
“While we continue to make significant progress in driving adoption of Barostim, first quarter revenue fell short of our expectations,” said Kevin Hykes, President and Chief Executive Officer of CVRx. “A core element of the commercial strategy initiated last year has been to build a world-class sales organization. As part of this effort, we brought in a number of new high-quality sales representatives in the back half of 2024 and the first quarter of 2025. We are thrilled with the level of talent we have attracted to strengthen our team, but many of these newer sales representatives are still in the early stages of territory development. In addition, the first quarter of 2025 was impacted by seasonal softness, as patients and customers schedule procedures around insurance coverage and deductibles. We did not fully anticipate this impact because past first quarter events, including COVID spikes, material clinical data releases, and management changes, likely obscured the magnitude of first-quarter seasonality.”
“Despite the disappointing revenue performance in the quarter, we remain confident in our ability to drive growth in Barostim adoption. We continue to believe that our strategic focus on driving deep penetration within high-potential accounts will unlock higher future growth. We look forward to providing further information on the earnings call with the release of our full first quarter results in early May.”
First Quarter 2025
Total revenue for the first quarter of 2025 is expected to be approximately
As of March 31, 2025, the Company had a total of 227 active implanting centers in the U.S., as compared to 223 as of December 31, 2024. The number of sales territories in the U.S. decreased by 3 to a total of 45 during the three months ended March 31, 2025.
As of March 31, 2025, cash and cash equivalents were
During the three months ended March 31, 2025, the Company issued 543,462 shares of common stock for gross proceeds of
First Quarter 2025 Earnings Release Webcast and Conference Call Information
The Company plans to release first quarter 2025 financial and operating results after market close on Thursday, May 8, 2025. The Company will host a conference call to review its results at 4:30 p.m. Eastern Time the same day.
A live webcast of the investor conference call will be available online at the investor relations page of the Company’s website at ir.cvrx.com. To listen to the conference call on your telephone, please dial 1-800-445-7795 for U.S. callers, or 1-785-424-1699 for international callers, approximately ten minutes prior to the start time. Please reference the following conference ID to access the call: CVRXQ125.
About CVRx, Inc.
CVRx is a commercial-stage medical device company focused on developing, manufacturing and commercializing innovative neuromodulation solutions for patients with cardiovascular diseases. Barostim™ is the first medical technology approved by FDA that uses neuromodulation to improve the symptoms of patients with heart failure. Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery. The therapy is designed to restore balance to the autonomic nervous system and thereby reduce the symptoms of heart failure. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in heart failure patients in the U.S. It has also received the CE Mark for heart failure and resistant hypertension in the European Economic Area. To learn more about Barostim, visit www.cvrx.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts are forward-looking statements, including statements regarding our future financial performance (including our expected first quarter 2025 results), our anticipated growth strategies, anticipated trends in our industry, our business prospects and our opportunities. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “expect,” “plan,” “anticipate,” “could,” “outlook,” “guidance,” “intend,” “target,” “project,” “contemplate,” “believe,” “estimate,” “predict,” “potential” or “continue” or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words.
The forward-looking statements in this press release are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this press release and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, our history of significant losses, which we expect to continue; our limited history operating as a commercial company and our dependence on a single product, Barostim; our limited commercial sales experience marketing and selling Barostim; our ability to continue demonstrating to physicians and patients the merits of our Barostim; any failure by third-party payors to provide adequate coverage and reimbursement for the use of Barostim; our competitors’ success in developing and marketing products that are safer, more effective, less costly, easier to use or otherwise more attractive than Barostim; any failure to receive access to hospitals; our dependence upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers; a pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide; product liability claims; future lawsuits to protect or enforce our intellectual property, which could be expensive, time consuming and ultimately unsuccessful; any failure to retain our key executives or recruit and hire new employees; impacts on adoption and regulatory approvals resulting from additional long-term clinical data about our product; and other important factors that could cause actual results, performance or achievements to differ materially from those that are found in “Part I, Item 1A. Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, as such factors may be updated from time to time in our other filings with the Securities and Exchange Commission. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.
Preliminary First Quarter 2025 Results
This press release includes estimated financial results for the first quarter of 2025, which are preliminary, unaudited and represent the most recent current information available to Company management. The Company’s actual results may differ from these estimated financial results, including due to the completion of its financial closing procedures and final adjustments. The Company expects to issue full financial results and provide information about its outlook for fiscal year 2025 in early May.
Investor Contact:
Mark Klausner or Mike Vallie
ICR Healthcare
443-213-0501
ir@cvrx.com
Media Contact:
Emily Meyers
CVRx, Inc.
651-338-6204
emeyers@cvrx.com
FAQ
What was CVRx's revenue growth rate in Q1 2025 compared to Q1 2024?
How many active implanting centers does CVRX have in the US as of March 2025?
What is the current cash position of CVRX as of Q1 2025?
How much capital did CVRX raise through its at-the-market offering in Q1 2025?
What factors affected CVRX's Q1 2025 revenue performance?
