CVRx 2025 results: $56.7M revenue, 85% gross margin, 252 US implanting centers — permanent CPT codes from January 2026
Summary
CVRx reported full-year 2025 revenue of $56.7 million with an 85% gross margin — exceptional margins for a commercial-stage medical device company — and 252 active US implanting centers for the Barostim heart failure neuromodulation system. Permanent Category I CPT codes for Barostim took effect January 1, 2026, replacing the temporary Category III codes that had limited reimbursement certainty. Permanent CPT codes remove the largest single administrative barrier to Barostim adoption by hospitals and physicians — they enable standard-of-care reimbursement coding that makes Barostim implantation as straightforward to bill as any other standard cardiac procedure.
Why it matters
CVRx at $56.7M revenue with 85% gross margin is a commercially validated neuromodulation business — one of the very few implantable neural interface companies that has converted clinical approval into substantial commercial revenue. The 85% gross margin is exceptional for a hardware medical device company (most achieve 50-65%) and reflects the high value of Barostim in refractory heart failure with minimal manufacturing cost per unit. Permanent Category I CPT codes completing the reimbursement infrastructure makes 2026 the first year CVRx can pursue volume growth without reimbursement uncertainty overhead.
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