CVRx at William Blair Conference: Strategic Focus on Barostim

On Wednesday, 04 June 2025, CVRx Inc (NASDAQ:CVRX) presented at the 45th Annual William Blair Growth Stock Conference, offering insights into its strategic direction and financial health. The company highlighted its Barostim therapy for heart failure, emphasizing its potential to address unmet needs, while also acknowledging challenges in sales force restructuring. The presentation balanced optimism about the therapy’s prospects with realistic assessments of current hurdles.

Key Takeaways

• CVRx is focusing on its Barostim therapy as a solution for heart failure, aiming to improve patient outcomes where drug therapies fall short.
• The company is restructuring its sales force to enhance effectiveness, impacting short-term results but expected to strengthen long-term growth.
• Financial guidance for 2025 includes revenue projections of $55 million to $58 million, with a target for mid-to-high 20% growth rates in the future.
• The company is actively working to increase Barostim adoption by targeting high-potential centers and improving patient access through favorable reimbursement codes.
• CVRx reported an 85% reduction in hospitalization rates for patients receiving Barostim, based on real-world evidence.

Financial Results

CVRx reported significant growth in 2024, with worldwide revenue reaching $51.3 million, a 31% increase, and U.S. heart failure revenue at $46 million, marking a 35% rise. The company maintained a gross margin of 84%, ending the year with a cash balance of nearly $106 million. The cumulative annual growth rate since 2020 stands at 71%.

In Q1 2025, worldwide revenue was $12.3 million, with U.S. heart failure revenue at $11.1 million, influenced by the sales force transition. CVRx has set Q2 2025 revenue guidance between $13 million and $14 million, projecting full-year revenue between $55 million and $58 million, with gross margins expected to remain at 83% to 84%.

Operational Updates

CVRx has been restructuring its sales team, with 26% of new hires in 2025 and 29% in 2024, focusing on recruiting individuals with strong therapy development backgrounds. The company aims to stabilize turnover rates and align compensation with program-based metrics.

The company is targeting 300 to 400 centers within the U.S. that have a large population of heart failure patients and experience with cardiovascular technology. Efforts are being made to raise awareness through education events and partnerships, while improving patient access via favorable reimbursement codes.

Future Outlook

CVRx believes Barostim has the potential to transform heart failure treatment, aiming to build a scalable and profitable organization. The updated guidance assumes sequential growth from Q1 to Q4 2025, with a long-term growth target of mid-to-high 20%.

Q&A Highlights

CVRx addressed the salesforce restructuring, noting most terminations are complete, and they are pleased with new hires’ quality. European revenue is steady, primarily from Germany, while the focus remains on the U.S. market. Utilization rates per center decreased in Q1 but are expected to improve in Q2.

CEO Kevin Heicks emphasized the unique opportunity Barostim presents, stating, "CVRx has developed the world’s first neuromodulation therapy to improve heart failure symptoms...a $2.2 billion annual market opportunity."

Heicks also highlighted the importance of integrating Barostim into standard care practices, aiming for robust adoption across targeted centers.

For a deeper understanding, readers are encouraged to refer to the full transcript below.

Full transcript - 45th Annual William Blair Growth Stock Conference:

Margaret Kayser Andrew, Analyst, William Blair: It’s morning. It’s morning. Good morning, everyone. Thank you for attending the William Blair Growth Stock Conference. My name is Margaret Kayser Andrew.

I am the analyst here at William Blair that covers CVRx. I am required to tell you that you can find a complete list of research disclosures and conflicts of interest at williamblair.com. With that said, I’m gonna turn it over to the team, and there might be some time for questions at the end.

Kevin Heicks, CEO, CVRx: Thanks. Thank you, Margaret. I’m Kevin Heicks. I’m the CEO of CVRx. My pleasure to speak to you this morning, on behalf of the company.

These are our forward looking statements. Additional risk factors are available on our website. CVRx has developed the world’s first neuromodulation therapy to improve heart failure symptoms. It’s a $2,200,000,000 annual market opportunity with a well defined population who have few treatment options today, and a highly differentiated therapy with a remarkable response rate. And what I’ll share with you later is what we believe is a focused plan to drive this therapy to standard of care for the treatment of heart failure.

Heart failure is a burdensome, significant condition affecting over six million Americans alone. It results in over a million hospital discharges, over a million emergency room visits, eight million physician office visits each year, and has annual costs that are expected to reach $70,000,000,000 by 2030. It’s a progressive disease that’s characterized by a steady decline in quality of life and increasingly frequent hospitalizations. And when patients are first diagnosed, they’re initiated on a regimen of four drugs called quad therapy. They’re also considered for a therapy called cardiac resynchronization.

At the end of their disease journey, less than two percent of patients are eligible for an LVAD or a cardiac transplant. The the other ninety eight percent, unfortunately, are not and often move on to hospice. In the intervening five to ten years, patients are stuck suffering with significantly decreasing quality of life and few options. And this has been the paradigm in the treatment of heart failure for over thirty years. These drugs, the quad therapy drugs, have been shown to extend life when taken compliantly and when taken at optimal doses.

But and and the studies on the left have shown they can extend life up to one to six years, but only one percent of patients ever reach optimal doses of all four meds. And at the end of the first year, over forty percent of patients have discontinued at least one of those drugs. These drugs have also not shown any significant impact on quality of life as measured by exercise capacity, which is the common surrogate for quality of life in this population. You see on the slide each of those four drugs, low single digit impact on patients’ quality of lives. CRT, cardiac resynchronization therapy, has shown benefits in both survival and quality of life in a subset of patients, improving survival by thirty six percent and quality of life by nineteen percent.

But most patients, only thirty percent, are eligible for this therapy. Most are not. And of that thirty percent that received the therapy, another thirty percent failed to respond. So this, limited set of options leaves the majority of heart failure patients suffering from significantly diminished quality of life. And we know that sixty six percent of them report mobility problems, sixty eight percent report pain or discomfort, Seventy six percent find the activities of daily living to be difficult.

Fifty percent suffer from anxiety or depression. So significant impact on their quality of life. And multiple studies have shown that the majority of these patients would choose living better versus living longer. So today, we are delaying death with these drugs, but not necessarily extending life. VeroStim addresses this paradigm, the significant unmet need in the heart failure treatment continuum.

The patients in the middle of this graph in the purple that the heart failure specialists call the walking wounded or the forgotten middle. Importantly, in December of twenty twenty four, the Heart Failure Society of America published a consensus statement in the Journal of Cardiac Failure that for the first time put a time domain, a sort of a diminishing point of diminishing returns on drug therapy. And they said if after three to six months of drug therapy a patient is still symptomatic, device based inter intervention should be considered. That’s the first time they’ve ever said that, and it’s an important first step in changing this paradigm that until today has largely been about endlessly tweaking medication with the hope that you’ll get the right combination, that the patient will actually take the medication, and that you’ll have some impact on their quality of life. These are the patients that are indicated for Barostim, and that indication gives rise to a $2,200,000,000 annual net incidence for our condition.

That’s roughly seventy six thousand patients per year indicated for BarrelStim therapy. Importantly, less than two percent of that annual incidence is today penetrated with BarrelStim therapy. So significant opportunity to expand the adoption of this therapy. Switch and talk a little bit about the therapy and the mechanisms of action. The the the the system itself is comprised of an an implantable pulse generator that looks a lot like a pacemaker or an ICD.

It has a battery life of about six years, A carotid sinus lead, a small flexible silicone lead that’s tunneled from the implantation in the chest to the carotid sinus, and a programmer that’s used to adjust device settings remotely. The implantation is relatively simple. It’s a sixty minute procedure done on either an inpatient or outpatient basis. It requires a small incision in the neck and a second small incision in the chest. And importantly, it’s entirely extravascular, So there’s no hardware or leads that go into the heart or into the vasculature, which gives rise to a remarkably safe and complication free procedure.

We’ve demonstrated ninety seven percent freedom from major complications in our most recent randomized controlled trial. So a little bit about heart failure. So the the the symptoms and the disease itself is driven by the body’s natural fight or flight response. And it starts with a weakened heart, which can be the result of of multiple different conditions, which reduces the pumping function of the heart. That reduced pumping function results in reduced signaling from the body’s natural pressure sensors, which are called barrel receptors, and they sit on the carotid artery.

That reduced signaling is interpreted by the brain as a cardiovascular crisis. So the brain thinks you’re hemorrhaging or severely dehydrated. And as a result, the brain activates the fight or flight. And that fight or flight response is driven by sympathetic tone. So it kinda jams on the accelerator and increases sympathetic nerve activity, and it increases the release of powerful neural hormones into your system to try to rescue the body from this perceived crisis.

Those neurohormones and a chronic exposure to them is what causes the disease to progress and what causes the symptoms that patients experience when they have heart failure. And it’s important to note there is no natural off switch for this fight or flight response in heart failure except for the restoration of that signal from the pressure sensor to the brain. Today’s drug therapy, the quad therapies, are are based on the principle of neurohormonal blockade. So they’re effectively trying to shield the heart and the kidneys and the vasculature from those circulating neurohormones to shield them from that storm, and that’s been the basis for drug therapy for twenty or thirty years. Barrostem operates on that same mechanism but upstream by restoring signaling to the brain, by turning down the fight or flight response, and effectively turning down the neurohormonal storm that we’re trying to block downstream.

Very complementary to what the drugs are trying to do, but really addressing the issue at its source. VeroStim has been proven to be effective, predictable, and durable. Our 2024 showed a two times improvement in exercise capacity and quality of life. Sixty eight percent of patients improved at least one New York Heart Association class status, and remarkably ninety four percent of patients responded to the therapy in a clinically meaningful manner. And that’s remarkable for any drug therapy or device therapy today.

To put those quality of life improvements in context, Barrostim delivers an exercise capacity improvement roughly triple that of the best of these four drugs. So a very significant impact on what patients can do and feel and experience in their lives. The Bead HF trial published in 2024 also showed a positive signal in all cause death LVAD, left ventricular assist device and transplant despite the confounding factors related to COVID nineteen that were underway at the time. So that was not statistically significant, but but certainly trended towards positive in favor of Barostim therapy. Most importantly, recently published data from a real world evidence database demonstrates a significant reduction in hospitalization in patients receiving Barostim.

So this was presented in February and published simultaneously in the Journal of Cardiac Failure. It was data based on the premier health care database, which is one of the largest all payer databases in The United States, comprising data from 1,300 US hospitals. And in in the three zero six patients that were included in that database, we saw a statistically significant eighty five percent reduction in hospitalization before and after receiving the therapy. So that is remarkable. It’s a p value of point zero zero zero one.

So this is powerful data that begins to then answer, one of the two hard endpoints that people often look for in heart failure therapies. It also is remarkably congruent with smaller center studies that we had seen both before and after COVID. So it’s complementary and confirmatory of what we’d seen already and is already having a significant impact in the market today. So switching to our commercial strategy, our revised strategy is focused on driving Barostim to standard of care. There’s really three elements.

The first is building a world class sales team. The second is developing sustainable Barostim programs, driving much deeper adoption versus wider adoption. And the third is relentlessly challenging the high level barriers to adoption that exist for this therapy in The United States. So as it relates to the sales team, we are building a world class sales organization that’s focused on developing sustainable programs and driving deep adoption. That starts with recruiting the right sales team members, and those are people that have strong therapy development backgrounds.

This is a very different sales process than you might find for a pacemaker or a TAVR valve or other more sort of, incrementally improvement type devices. This is a novel therapy, and introducing that is a very special practice. Second, we’re optimizing the way we train and onboard these reps to make them as effective as possible as quickly as possible. And third, importantly, we’re aligning our compensation strategy around these program based metrics. As we’ve discussed, this has resulted in pretty significant turnover in our sales team.

As you see in the pie chart, 26% of our team have been hired since the first of this year. 29% were hired in 2024. So it’s a relatively junior team, which, is obviously our current challenge. And while this was a very necessary transformation of our sales team, we acknowledge that it had a more significant impact on the q one results than we had anticipated. Second, in developing these sustainable programs, it starts with picking the right accounts.

And there’s about 5,000 hospitals in The United States that could implant a Barostim system. We believe, based on our early experience, there are three factors that describe the centers that have the greatest potential for our therapy. The first is a large population of heart failure patients measured by heart failure discharges. The second is experience with, really the only novel heart failure device in the last twenty years, which is the Abbott Cardio MEMS device in this population. That’s a diagnostic, but centers that have embraced that diagnostic tool have demonstrated a progressive mindset towards treating this disease.

The third axis relates to whether the hospital or the system has had experience successfully deploying cardiovascular technology. Where we find these three elements, and that’s about three to 400 centers out of these 5,000, we see the greatest potential for success. There are certainly others where we have opportunity, but this really just describes the sweet spot on which we are now focused. And as we focus on those centers, we’re trying to replicate the sort of characteristics of our highest performing centers from our first sort of commercial chapter. And what that represents here is sort of an ecosystem, as you see on this slide, that starts with a clinical champion but also an economic or an administrative champion.

So a CFO or a service line leader or a revenue leader who understands that this can be a very profitable procedure for the hospital and one that can bring new patients into their system and expand their service line. That’s very important to have that partnership. It also starts with referrers in the community across the spectrum of specialties referring patients into not one but multiple heart failure specialist prescribers in the center who are supported by not one but multiple surgical implanters, often vascular or cardiothoracic surgeons. Where we see this ecosystem, we see deep adoption of the therapy, and we see centers that treat it not just as something they needed to be reminded to think about, but something that’s part of how they treat the disease day in and day out. It’s part of the treatment continuum.

That’s what we’re seeking. That’s the path to standard of care. Third, we are relentlessly focused on what we believe are the three primary high level barriers to the adoption of this therapy in The US market. The first is awareness, the second is evidence, and the third is patient access. So as it relates to awareness, we’re focusing our efforts around these centers to raise awareness throughout that ecosystem in the value of this therapy in treating heart failure.

As it relates to the referral community, we are engaged on a face to face level in the field every single day with referral development events and med ed events. We’re also seeking new channels, and there’s an example on this screen. We partnered with the American College of Cardiology earlier this year to distribute an informational piece to 50,000 members of the ACC, introducing them to Barostim therapy. So, again, trying to raise the general awareness of this therapy, it’s novel, and help people understand how and where it would fit in the disease continuum. We’re also significantly increasing our focus on APPs or advanced practice providers and the physician assistants who typically see heart failure patients eighty percent of the time, and it’s eighty percent of what they spend their time on.

And this is a group that’s extremely important in heart failure because they are highly focused on quality of life in a way that the physicians cannot find the same amount of time for. So it’s a really important piece of our strategy this year. We’ve dramatically increased our focus and investment in reaching out to the APPs, and we’re seeing some very encouraging results even already this year. Finally, we’re continuing to optimize our DTC efforts to identify patients in the community who can benefit and connect them with physicians and programs that have experience deploying Verostim therapy. Secondary relates to evidence, and you can never have enough of it.

We are focused on a a creating a steady stream of evidence in two key areas. The first is improved outcomes, so beyond just quality of life and hospitalization as I’ve showed you, but focused on additional outcomes, mortality, obviously, but arrhythmias, ejection fraction, diuretics, kidney function. There’s a number of of kind of secondary clinical outcomes that are of great interest to different types of physicians. Each physician has hot buttons. Our goal here is to fill in the gaps in the clinical evidence to address as many of those physician interests and hot buttons as we can.

On the right, the second bucket of focus is on physiology and further building out the evidence that supports why this therapy works as to think that you can stimulate a nerve in the neck and affect something in the heart. Effectively, we’re affecting the whole body, but we need to to to better demonstrate why that works, what the role of the baroreceptor is, how it affects inflammation in the body, the reverse remodeling of heart failure, hemodynamics, etcetera. So really building out the physiologic explanation for why this therapy works the way it does. And we’ll do that using a combination of bench studies, of single center studies, of RCTs, and real world evidence like I had recently shown you from the premier health care database. The third barrier relates to improving patient access, and we’ve made great strides over the last year, have two key milestones here in the near term horizon.

Importantly, in October of last year, we almost tripled the permanent inpatient payment for this procedure to the hospitals from roughly $17,000 to $23,000 all the way to $45,000. This is important because it effectively now matches the outpatient reimbursement and takes economics off the table as physicians consider site of service. In July of this year, we will receive the CMS response in their proposed rule to our request to create a permanent outpatient code called a level six code for this procedure. That’s important. It’s a process we’ve been involved with for a number of years.

If approved, it will replace our our current temporary Newtek code, which pays $45,000, with a permanent level six code that will pay $45,000. So not not a high hot button issue for hospitals or physicians, but one that would make permanent situation that we’ve already been in for a number of years. And perhaps most importantly, in January of twenty six, our permanent category one code will become effective. And that’s important because it eliminates the easiest way for payers to automatically deny a prior authorization. So in today’s world, if you’re a category three device, which means it never intended to mean experimental, but the payers have said anyone that is category three is experimental, and therefore, we will deny it out of out of hand.

With with AI, it never even sees a human. It’s denied a % of the time immediately. So once you can secure a category one code, you eliminate that, the ability to simply and easily deny these claims. And it has to then be reviewed by a medical professional, and it cannot be denied be denied unless a clinician has done so personally. So that’s a major change in the amount of friction we see in our network and the the time and the speed and the percent of these prior authorizations that are ultimately approved.

So turning to financials. In 2024, we had worldwide revenue of $51,300,000 representing 31% growth. We had U. S. Heart Failure revenue of $46,000,000 representing 35% growth, gross margins of 84%, and a cash balance at the end of the year of almost $106,000,000 That represents a 71% cumulative annual growth rate since the inception of the therapy commercially in 2020.

Turning to 2025. For Q1, we reported worldwide revenue of $12,300,000 with US Heart Failure revenue of $11,100,000 We had 45 U. S. Sales territories that were active. We had two twenty seven active U.

S. Centers, gross margins of 84% and a cash balance at the end of the quarter of $102,700,000 As was communicated on our most recent earnings call, for 2025, our Q2 guide is revenue of 13,000,000 to $14,000,000 and our full year guide for 2025 is revenue of $55,000,000 to $58,000,000 gross margins of 83 to 84%, and operating expenses from 95 to 98,000,000. So in closing oh, I may have screwed that up, but we believe Barostim represents a significant opportunity to change the standard of care for the treatment of a major condition to positively impact the lives of hundreds of thousands of patients and ultimately to build an organization that can scale and grow profitably and predictably over time. Well, thank you for your time. We’d be happy to take questions.

Margaret Kayser Andrew, Analyst, William Blair: Yes. First of all, I have to say good job despite the last Yes. Slide. Happy advice. Clearly, you know the story well.

Obviously, questions in the audience, feel free. But maybe just to to start out with, what update can you provide on the Salesforce recovery since March? We saw the 26%, you’ve kind of alluded maybe to a quarter being new in 2025. But just maybe walk through, are you still hiring? What’s progression of these reps, and and why might these reps be an improvement?

Kevin Heicks, CEO, CVRx: Yeah. Great question. So I would say the the bulk of the company initiated terminations are behind us. We are hiring certainly both to replace those sales reps that have moved on, but also to continue to grow the size of the sales team. So we’re continuing to hire.

Of course, it will be, we hope, indefinitely, but the bulk of the dislocation and the necessary change in our in the kind of the DNA of our sales team, is behind us. We would expect to return to normal turnover rates, you know, in the near future. What I can also say importantly is we’re thrilled with the quality of the people we are attracting. We have never had talent like we are now bringing into this company. We have some great people that are here from the earlier chapter, but we’re adding a significant number of experienced, therapy development representatives that understand the unique challenges of changing how medicine is practiced.

We’re thrilled with with, them as individuals. They’re thrilled with the company and the comp plan, but it takes time to get them up to speed. So we’re heavily focused on onboarding getting them productive as fast as possible.

Margaret Kayser Andrew, Analyst, William Blair: And are these folks with, prior relationships that they can draw on? Are they new to this as a as a segment? Yeah.

Kevin Heicks, CEO, CVRx: In some cases, yes. In in many cases, they have both therapy development experience and an understanding of cardiovascular medicine and and relationships in their territory. So that’s the ideal, the trifecta. In other cases, they understand therapy development. They come from places like Inspire or Relievant that understand that process of changing medicine, but they don’t understand cardiovascular medicine or perhaps don’t have relationships.

So that that dictates the speed with which they can become productive. And, obviously, if they’re going into a brand new territory, it takes longer to start these centers from scratch. If they’re going into a territory that has a lot of dabblers, it takes longer because they need to start good programs that represent, like, the blue box I showed in that Rubik’s cube.

Margaret Kayser Andrew, Analyst, William Blair: So so the target has in a way been folks that know how to build a a franchise and aren’t intimidated by the barriers to

Jared, CVRx: Yes.

Margaret Kayser Andrew, Analyst, William Blair: That driving that

Kevin Heicks, CEO, CVRx: growth. Some people love it.

Margaret Kayser Andrew, Analyst, William Blair: Yeah. No. Absolutely. And then, you know, as we look at oh, please. Yeah.

Can you repeat the question too?

Jared, CVRx: Yep. You have to take that? Yeah. Happy to cover that. So the question was just the European portion of the revenue, the difference between the worldwide revenue and The US Heart Failure revenue that Kevin talked about.

So right now, we’re seeing about a million dollars of revenue per quarter coming out of Europe. The vast majority of that is from direct revenue sales in Germany. It’s been pretty consistent now for a few years. We’re seeing about a million dollars of revenue per quarter. Right now, our focus is on developing The US market.

We think that that is the greatest return on our investment. We continue to have employees over in Germany, specifically working to knock down the barriers to adoption. But right now, the focus is having that team pay for themselves. And as those barriers get reduced, we could consider investing at a faster pace in the future. But right now, expecting continue continuation of about a million dollars of revenue per quarter.

Margaret Kayser Andrew, Analyst, William Blair: Okay. Yeah. You know, maybe we can talk about guidance a little bit and and the, kind of implied assumptions of utilization as we go on throughout the year. So maybe just for for folks in the audience, provide a little bit of context over what’s happened with utilization within accounts, the strategies that you guys have taken within those accounts, which ones are you pruning, maybe investing more in. But then on a go forward basis around guidance, Q2, I think, does have an acceleration or an improvement in utilization off of the low q one comp.

So, what are you seeing, to provide the confidence, I guess, as you set that guidance range?

Jared, CVRx: Yeah. So, I mean, just bringing a little bit backwards first. So if we look back at q four, I think our revenue unit revenue unit per center in the quarter was north of two revenue units per center. We saw a step back in the first quarter, down to about 1.5, one point six revenue units per center and and an expectation of that number growing in the second quarter. Based on our understanding of the types of accounts that we have in place today, those that are still productive where we’re spending a lot of our time and energy and where our reps are focusing a lot of their energy.

Mar Margaret alluded to the fact that we are expecting to sunset some of those active centers that Kevin talked about, those 227 centers, which which aren’t necessarily in that blue box that Kevin mentioned during presentation, those that were really focused on driving deep adoption, where we think we can drive this therapy to be standard of care. So we do expect some of those centers to go more than twelve months without an implant and fall out of that number of active implanting centers, But we are continuing to add new centers at the exact same time, those that we believe we can build deep penetration and deep adoption and drive this therapy towards standard of care. So it’s understanding the number one, the reps that we have out in the field, number two, the centers that we have active, to really come up with the guide and the expectation that we would see that revenue units per center increase in the second quarter and again throughout 2025.

Margaret Kayser Andrew, Analyst, William Blair: Of the things, Jared, you and I have talked about in the past has been kind of vintage of, accounts that are within there. And I think it’s gotten a little bit murkier, at least for us, because there are new accounts that maybe didn’t fit the exact profile that you were looking for and so on. So what what kind of data could you provide for us, around utilization a year or two from now, how will that mix, of three categories look like?

Jared, CVRx: Yeah. It’s it’s a good question. So in the past, coming out of the IPO early on in the commercial ramp, we did look at vintage. So how long centers had been active and what trends we were seeing out of those accounts. I think now as we look at the new go to market strategy that was implemented late in ’24 and really getting off the ground here in 2025, it’s about finding the right types of accounts, those that have all the elements that you can build a program that Kevin mentioned during the presentation.

So focusing less on the tenure of the accounts, the amount of time that they’ve been active, and focusing more on all of the attributes. What we found in the first quarter where we saw a decrease in the revenue units per center from the fourth quarter, was that where we saw disruption, where we saw a new sales rep taking over accounts, that those accounts were twice as likely to see a decrease in the number of revenue units in the first quarter as compared to the fourth quarter. So part part of this is really all about us creating a consistent, rep per relationship with those centers, but then also making sure that we’re spending the right time in the right accounts, those that can develop deep, penetration. So I think the key thing is just build consistency around those types of centers where we think we can drive deep adoption.

Kevin Heicks, CEO, CVRx: Yeah. I just said we we wanna build centers.

Jared, CVRx: Yeah. Yep.

Kevin Heicks, CEO, CVRx: That was well handled. We wanna build trying to sell a slightly better pacemaker, slightly better, you know, aortic valve. We’re trying to change the way they treat heart failure and have for thirty or forty years. So we don’t want centers that are using this because they have a relationship with the rep and are doing somebody a favor. We want them to use it even when our rep is not there or when our rep leaves or there’s a change.

Right? We want them to bake this into how they treat the disease. That’s what drives predictable behavior and robust deep adoption. And that’s a typical transition that companies like this go through. So

Margaret Kayser Andrew, Analyst, William Blair: And then, you know, I don’t wanna go too far along, and I know you’re gonna turn me down on this anyways, but, maybe we can we can find some middle middle ground here on, you know, long term growth profile, whether that’s 2026, whether that’s longer term. Historically, we viewed you as a 20%, twenty five plus percent grower. At what point and what stage do you think you can get there, and what are kind of the two or three things they have to knock down maybe to get back to that profile?

Jared, CVRx: So maybe I’ll touch on the numbers. Kevin can talk a little bit more about those barriers to adoption that we’re working to lower. So the built into the updated guide that Kevin mentioned, is an assumed sequential growth rate of about 8% to 10% going from q one to q two to q three to q four. We always expect a seasonal step back as we move from q four to q one, but it kinda sets the expectation for what growth rates could look like into 2026 and beyond. We believe with this market opportunity and the investment we’re making in the sales and marketing organization that we should be a mid to high 20% grower long term.

It’s about building the right foundation with the right sales organization and the right approach to really go achieve that that growth rate in the future.

Margaret Kayser Andrew, Analyst, William Blair: Did a wonderful job, by the way. Thank you for providing some context.

Jared, CVRx: Yep.

Margaret Kayser Andrew, Analyst, William Blair: Yeah. I think we’re we’re out of time, so maybe we’ll we’ll cut it there. But, we have the breakout up in Burnhamby. Thank you guys so much.

Jared, CVRx: Thank you.

Margaret Kayser Andrew, Analyst, William Blair: This presentation has now finished. Please check back shortly for the archive.

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