CVRx, Inc. announced preliminary unaudited first quarter 2025 revenue results on April 7, 2025, expecting approximately $12.3 million. This represents a 15% increase over first quarter 2024 revenue of $10.8 million, but fell short of the company's internal expectations.
Kevin Hykes, President and CEO, attributed the shortfall primarily to disruption from a significant sales force realignment initiated in late 2024 and early 2025. Approximately 25% of territory managers were new hires between December and March, impacting productivity in accounts with high relationship dependence.
Additionally, the first quarter of 2025 was impacted by seasonal softness, a pattern that was not fully anticipated due to prior year events masking typical medical device seasonality. As of March 31, 2025, the company had 227 active implanting centers in the U.S., a slight increase from 223 at year-end 2024, but U.S. sales territories decreased by 3 to 45.
CVRx reported $102.7 million in cash and cash equivalents as of March 31, 2025. During the quarter, the company issued 543,462 shares of common stock for gross proceeds of $9.5 million under its at-the-market offering.
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