CVRx, Inc. released its first quarter 2025 financial and operating results on May 8, 2025, confirming preliminary revenue of $12.3 million. This represents a 15% increase over the prior year quarter, with U.S. revenue growing 14% to $11.2 million, but fell short of the company's initial expectations.
The company reported a net loss of $13.8 million for the quarter, an improvement from a $22.2 million net loss in Q1 2024, largely due to an $8.6 million reduction in non-cash stock-based compensation expense. Gross margin remained robust at 84%, consistent with prior quarters.
Management attributed the Q1 performance to disruption from a significant sales force realignment, which saw 25% of territory managers as new hires between December and March, impacting productivity. Additionally, typical medical device seasonality in Q1 contributed to the lower-than-expected revenue.
In response to these factors, CVRx updated its full-year 2025 revenue guidance to a range of $55 million to $58 million, a reduction from the prior range of $63 million to $65 million. Operating expenses for the full year are now projected between $95 million and $98 million, a slight decrease from previous guidance.
For the second quarter of 2025, the company expects revenue between $13 million and $14 million. As of March 31, 2025, CVRx held $102.7 million in cash and cash equivalents, with net cash used in operating activities totaling $12.8 million for the quarter.
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