Solid Q1 & Guidance Reiterated; Approval Rate Headwinds Not Too Concerning

研报英文原文证据摘录

Solid Q1 & Guidance Reiterated; Approval Rate Headwinds Not Too Concerning

C O M PA N Y N O T E

M a y 1 1 , 2 0 2 6

CVRx, Inc. (CVRX) Overweight

CONCLUSION PRICE: US$6.92

This afternoon, CVRX reported Q1 results consistent with its preannouncement and at TARGET: US$12.00

the high-end of prior guidance. Management reiterated FY sales targets, which we view ~4x EV/FY26E sales assuming $13M net cash

as conservative and readily achievable. While the 30-day Medicare Advantage prior and 26M shares outstanding

authorization approval rate experienced a temporary downturn, we expect management

will navigate this administrative hurdle effectively. Notably, this did not prevent the company Matt O'Brien

Sr. Research Analyst, Piper Sandler & Co.

from achieving a seasonally strong ASP (which is not reflected in current guidance). 312 267-5080, matthew.obrien@psc.com

Additionally, the BENEFIT-HF study has commenced enrollment. While there is still work Samantha Munoz, Ph.D.

to do to get sites activated, we believe it could create a solid tailwind in the coming Research Analyst, Piper Sandler & Co.

years. Barostim remains a differentiated technology in an underpenetrated market, where 212 284-9342, samantha.munoz@psc.com

productivity gains from the optimized sales team could deliver strong adoption. Reiterate Anna Runci

OW. Research Analyst, Piper Sandler & Co.

212 466-7905, anna.runci@psc.com

• Q1 Results. This afternoon, CVRX reported Q1 results that were in-line with its Changes Previous Current

preannouncement and exceeded the high end of its prior guidance range. Sales of Rating — Overweight

$14.8M (+20% y/y) beat our target by $500K. The company implanted more units than Price Tgt — US$12.00

our expectation (429 vs 420) at a higher ASP than we had modeled ($31.9K vs $31.1K).