The Q1 print was in line with preliminary numbers and guidance was maintained, removing downside risk from the pre-announcement. The raised gross margin guidance and BENEFIT-HF trial progress are incremental positives, but the company remains pre-profitable with a net loss of $13.1M. Monitor Q2 revenue trajectory against the $15.1M-$16.1M guide and any BENEFIT-HF enrollment updates for the next catalyst.
Price Chart
Executive Summary
CVRx reported Q1 2026 revenue of $14.8M (+20% YoY), in line with the preliminary range, and a net loss of $0.50 per share. The company maintained full-year 2026 revenue guidance of $63M-$67M and raised gross margin guidance to 85%-87%, while providing Q2 2026 revenue guidance of $15.1M-$16.1M. The first patient was enrolled in the landmark BENEFIT-HF trial, which could expand the addressable patient population threefold if successful.
Key Financial Metrics
Key Facts
- Q1 2026 revenue: $14.8M, up 20% YoY from $12.3M
- U.S. revenue: $13.7M, up 22% YoY
- Gross margin improved to 87% from 84% YoY
- Net loss: $13.1M ($0.50/share) vs $13.8M ($0.53/share) YoY
- FY 2026 revenue guidance maintained at $63M-$67M
- Gross margin guidance raised to 85%-87% from prior 84%-86%
- Q2 2026 revenue guidance: $15.1M-$16.1M
- First patient enrolled in BENEFIT-HF trial
- Cash and cash equivalents: $72.3M as of March 31, 2026
- Active U.S. implanting centers: 257 vs 227 a year ago
Financial Impact
Revenue beat consensus by ~1.4% ($14.8M vs $14.6M est); EPS in line at -$0.50 vs consensus -$0.50
Risk Factors
- Continued operating losses with no near-term profitability path
- BENEFIT-HF trial enrollment delays or negative outcomes
- Dependence on single product Barostim for all revenue
- Long-term debt of $58.5M with interest expense increasing
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-058655 |
| Document: tm2614163d1_8k.htm | 0001104659-26-058655 |
| Document: 0001104659-26-058655-index-headers.html | 0001104659-26-058655 |
| Document: 0001104659-26-058655-index.html | 0001104659-26-058655 |
| Document: 0001104659-26-058655.txt | 0001104659-26-058655 |
| 8-K Data (Synthetic) | 0001104659-26-058655 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 22, 2026 4d ago | Press Release | $1.37 | awaiting T+5 | — | $1.45 (+5.84%) |
Oct 2, 2026 23d ago | SC 13D/A | $1.56 $1.48 | ▲ +5.13% | ▲ +5.55% | $1.45 (+7.05%) |
Aug 11, 2026 10w ago | 8-K | $2.60 $2.75 | ▼ −5.77% | ▼ −6.17% | $1.45 (+44.23%) |
Jul 23, 2026 13w ago | Press Release | $4.74 $5.38 | ▲ +13.50% | ▲ +13.13% | $1.45 (−69.41%) |
Jun 11, 2026 19w ago | Institutional Cluster | $5.03 $4.95 | ▼ −1.59% | ▼ −2.26% | $1.45 (−71.17%) |
Jun 9, 2026 19w ago | 8-K | $5.20 $4.98 | ▼ −4.23% | ▼ −6.64% | $1.45 (−72.12%) |
Jun 9, 2026 19w ago | Press Release | $5.20 $4.98 | ▼ −4.23% | ▼ −6.64% | $1.45 (−72.12%) |
Jun 3, 2026 20w ago | 3 | $5.88 $4.89 | ▼ −16.84% | ▼ −14.28% | $1.45 (−75.34%) |
May 11, 2026 24w ago | 8-K | $5.27 $5.94 | ▲ +12.71% | ▲ +12.64% | $1.45 (−72.49%) |
Apr 27, 2026 26w ago | Press Release | $7.48 $7.80 | ▲ +4.21% | ▲ +2.52% | $1.45 (−80.61%) |
US Market Status
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