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Here are 1-2 brief analogies to describe CVRx:

• Like a specialized Medtronic, focusing on implantable devices for heart failure and high blood pressure.
• Imagine a "pacemaker" company, but for regulating blood pressure and improving heart function.

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• Barostim™: An implantable neuromodulation device designed to treat heart failure and resistant hypertension by activating baroreceptors to restore balance to the autonomic nervous system.

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CVRx (CVRX) sells its Barostim device primarily to other organizations within the healthcare industry, rather than directly to individuals. The company's major customers are the institutions and healthcare providers that purchase and implant the Barostim device in eligible patients.

Given the nature of the medical device industry, CVRx typically sells to a broad base of healthcare institutions. The specific names of individual hospitals or healthcare systems that constitute "major customers" (i.e., making up a significant, publicly disclosed percentage of revenue) are generally not publicly disclosed by medical device companies like CVRx due to the fragmented nature of their customer base and competitive reasons. Instead, its customers are broadly categorized as:

• Hospitals: Especially those with specialized departments in cardiology, cardiovascular surgery, and heart failure management. These institutions purchase the devices for implantation in their patients.
• Cardiology Clinics and Heart Failure Centers: Specialized medical centers focused on managing and treating cardiovascular conditions, which may integrate Barostim into their treatment protocols.
• Healthcare Systems: Larger integrated healthcare networks that encompass multiple hospitals and clinics, making purchasing decisions for their various facilities across their network.

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• Integer Holdings Corporation (ITGR)
• Onex Corporation (ONEX) (parent company of Micro Systems Engineering, Inc.)

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Kevin Hykes, President and Chief Executive Officer

Kevin Hykes has served as President and Chief Executive Officer of CVRx since February 2024, and as a director on the Board since December 2022. Mr. Hykes previously served as the Chief Executive Officer of Augmedics, Inc., an augmented reality surgical navigation company, from December 2021 to February 2024. He was also President and Chief Executive Officer of Bardy Diagnostics, Inc., a remote cardiac monitoring company, until its acquisition in June 2021. Prior to that, he was President and Chief Executive Officer of Relievant, Inc., a provider of interventional treatment for chronic low back pain, from 2017 to January 2020. He also served as Chairman and Chief Executive Officer of Metavention, Inc., a neuromodulation company, from 2013 to 2017. Mr. Hykes was President and Chief Executive Officer of Cameron Health, Inc., a cardioverter-defibrillator medical device company, until its acquisition in 2013. He was also Chief Commercial Officer of Visiogen, Inc., a developer of products for cataract and refractive patients, until its acquisition in 2010. Mr. Hykes served as an Operating Partner at Versant Ventures, a healthcare-focused venture capital firm, from 2013 to 2017, and is currently an Operating Advisor with Revival Healthcare Capital. He spent 16 years at Medtronic in CRM, neurostimulation, and cardiac surgery businesses.

Jared Oasheim, Chief Financial Officer

Jared Oasheim has served as CVRx's Chief Financial Officer since October 2020, and joined the company in August 2015 as VP of Finance/Controller. He has over 20 years of finance experience. Prior to joining CVRx, Mr. Oasheim held various leadership roles at three emerging growth technology companies after starting his career with KPMG LLP. His background includes experience with public accounting (KPMG), a publicly traded company (Compellent/Dell), a company filing for an IPO (BioAmber), and private equity/venture capital-backed companies (CVRx and Sport Ngin). He is a Certified Public Accountant (inactive).

Paul Verrastro, Chief Marketing and Strategy Officer

Paul Verrastro holds the position of Chief Marketing and Strategy Officer at CVRx.

Dr. Philip B. Adamson, Chief Medical Officer

Dr. Philip B. Adamson was appointed as Chief Medical Officer of CVRx in May 2024. He brings extensive expertise and relationships within the clinical community, which are valuable for driving awareness and adoption of Barostim therapy.

Robert John, Chief Revenue Officer

Robert John serves as the Chief Revenue Officer for CVRx.

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The key risks to CVRx's business primarily revolve around its single-product focus, ongoing financial losses, and the crucial aspect of reimbursement for its therapy.

1. Single-Product Dependence: CVRx is a one-product company, with its sole focus on Barostim, a therapy for advanced heart failure. This dependence means that any disruption in the supply chain, adverse regulatory actions, increased competition, or challenges in demonstrating the therapy's merits could severely impact the company's operations and financial stability.
2. Cash Burn and Profitability Challenges: CVRx has a history of significant net losses and continues to be unprofitable, with high cash burn attributed to investments in its U.S. sales force and clinical network. While the company maintains cash reserves, continued losses and a slower-than-anticipated path to profitability remain a significant concern, with one analysis indicating a high probability of financial distress within the next two years.
3. Reimbursement Risk: The company faces potential headwinds from annual Centers for Medicare & Medicaid Services (CMS) rate reviews. A reduction in the approximately $45,000 reimbursement for Barostim could decrease margins and impact hospitals' willingness to adopt the therapy. Adequate coverage and reimbursement from third-party payors are critical for the broader adoption and commercial success of Barostim.

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The most clear emerging threat to CVRx is the re-emergence and recent regulatory approval of **Renal Denervation (RDN) devices** for the treatment of resistant hypertension.

For years, RDN faced uncertainty after mixed clinical trial results. However, recent robust clinical trials have demonstrated consistent efficacy, leading to FDA approval for devices like Medtronic's Symplicity Spyral and Recor Medical's Paradise system in late 2023. This development marks RDN as a newly viable and competitive non-pharmacological treatment option for patients with resistant hypertension.

CVRx's Barostim Neo System is also approved for resistant hypertension, placing it in direct competition with these newly approved RDN therapies. RDN offers a less invasive, catheter-based procedure compared to the implantable nature of the Barostim Neo, potentially making it an attractive alternative for both patients and clinicians in the hypertension market segment.

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CVRx (NASDAQ: CVRX) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies centered on expanding the adoption and accessibility of its Barostim therapy for heart failure patients.

• Expansion of U.S. Heart Failure Business: CVRx is focused on growing its U.S. heart failure business by expanding into new sales territories, acquiring new accounts, and increasing physician and patient awareness of its Barostim therapy. The company reported 250 active implanting centers in the U.S. as of Q3 2025, demonstrating a continuous growth in its customer base.
• Improved Sales Force Productivity: A significant driver of future revenue is the ongoing enhancement of CVRx's sales force productivity. The company's "Salesforce transformation" is progressing, with newer sales representatives becoming increasingly effective. Management anticipates that the majority of benefits from these productivity improvements will be realized in 2026.
• Favorable Reimbursement Landscape: The transition to a Category I CPT code, effective January 1, 2026, is expected to substantially improve reimbursement processes, reduce prior authorization denials, and enhance patient access to Barostim therapy. Additionally, the Centers for Medicare & Medicaid Services (CMS) has proposed to maintain Barostim in New Technology APC 1580, with an outpatient payment of approximately $45,000, further supporting therapy adoption.
• Increased Utilization and Deeper Adoption in Existing Accounts: CVRx's commercial strategy emphasizes building robust Barostim programs and enhancing existing accounts to encourage deeper adoption and increased utilization of the therapy. In Q3 2025, over 20% of active implanting centers achieved three or more implants, with top-performing sites implanting more than 10 patients per quarter, indicating a trend towards higher procedure volumes per center.

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Share Issuance

• CVRx issued 543,462 shares of common stock for gross proceeds of $9.5 million through an at-the-market offering for the three months ended March 31, 2025.
• The company has remaining capacity to issue and sell up to $6.7 million of additional shares under its at-the-market offering.
• In 2021, CVRx established the 2021 Equity Incentive Plan, reserving 1,854,490 new shares for issuance, in addition to 600,737 existing shares.

Inbound Investments

• CVRx raised $50 million in a Series F equity financing round on July 7, 2020.
• The Series F round was co-led by new investors Strategic Healthcare Investment Partners and Vensana Capital, with participation from other new investors and existing investors.
• CVRx has raised a total of $394 million over 10 funding rounds.

Capital Expenditures

• Net cash used in operating and investing activities was $12.9 million for the three months ended March 31, 2025. This was $11.8 million for the same period in 2024.
• Net cash used in operating and investing activities was $10.0 million for the three months ended September 30, 2025, compared to $10.4 million for the three months ended September 30, 2024.
• Research and development (R&D) expenses increased by 26% to $3.1 million in Q3 2025, primarily due to higher compensation and consulting costs, reflecting investment in innovation and product development.