Here are a few analogies to describe CVRx:

• It's like Medtronic, but focused on nerve stimulation devices for heart failure.
• Imagine a specialized Boston Scientific dedicated to neuromodulation for heart conditions.

• Barostim: A neuromodulation device designed to improve symptoms for patients with heart failure with reduced ejection fraction.

CVRx (CVRX) is a medical device company that sells its products primarily to healthcare institutions rather than directly to individual patients. The Barostim device, which CVRx manufactures, is an implantable neuromodulation device used for heart failure, requiring surgical implantation and ongoing clinical management within a healthcare setting.

Therefore, CVRx's major customers are healthcare providers and institutions. However, unlike some B2B companies that have a few large, publicly traded corporate customers, CVRx sells to a broad network of hospitals and cardiac centers. Medical device companies typically do not disclose specific names of individual hospitals, healthcare systems, or clinics as "major customers" because sales are distributed across many such institutions, and no single entity usually accounts for a material portion of revenue. Furthermore, these healthcare institutions are often non-profit or privately held, and therefore do not have public stock symbols.

The primary categories of institutions that purchase CVRx's products are:

• Hospitals: Specifically, those with cardiology departments, heart failure clinics, and electrophysiology or cardiac surgery programs capable of implanting and managing the Barostim device.
• Specialized Cardiac Treatment Centers: Clinics and centers focused on cardiovascular diseases and advanced heart failure management that provide comprehensive care including device implantation and follow-up.

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. Previously, Mr. Hykes was the Chief Executive Officer of Augmedics, Inc., an augmented reality surgical navigation company, from December 2021 to February 2024. He also served as President and CEO of Bardy Diagnostics, which was acquired by Hillrom in August 2021. Before that, he was President and CEO of Relievant Medsystems, Chairman and CEO of Metavention, Inc., and CEO of Cameron Health, Inc., which was acquired in 2013. He was also Chief Commercial Officer of Visiogen, Inc., which was acquired in 2010. Mr. Hykes has served as a Venture Advisor to Vensana Capital, a medtech-focused investment firm, since November 2019, and was an Operating Partner at Versant Ventures, a healthcare-focused venture capital firm, from 2013 to 2017.

Jared Oasheim, Chief Financial Officer

Jared Oasheim has served as CVRx's Chief Financial Officer since October 2020 and has over 20 years of finance experience. He joined the company in August 2015 as VP of Finance/Controller. Prior to CVRx, Mr. Oasheim held various leadership roles at three emerging growth technology companies after starting his career with KPMG LLP. He also has experience with a publicly traded company (Compellent/Dell), a company filing for an IPO (BioAmber), and PE/VC backed companies (CVRx and Sport Ngin).

Paul Verrastro, Chief Marketing and Strategy Officer

Paul Verrastro has served as CVRx's Chief Marketing Officer since January 2021 and became Chief Marketing and Strategy Officer in June 2022. He has over 34 years of experience in the cardiac rhythm market. Before joining CVRx, Mr. Verrastro managed his own consulting business, working with clients such as St. Jude Medical, Abbott Cardiovascular, and Medtronic CRDM. His career began as a sales representative for Medtronic, followed by roles at Guidant Corporation as Director of Implantable Cardiac Defibrillators Marketing, Vice President of Marketing for Guidant in Europe, and Vice President of Global Marketing for their CRM division. He later rejoined Medtronic as Vice President of Global Strategic Marketing.

Dr. Philip B. Adamson, Chief Medical Officer

Dr. Philip B. Adamson has served as CVRx's Chief Medical Officer since May 2024. Prior to CVRx, Dr. Adamson served as Divisional Vice President and Chief Medical Officer of the Heart Failure division at Abbott Laboratories from February 2015 to May 2024. He also held positions as Vice President and Medical Director at St. Jude Medical and Director of the Heart Failure Treatment Program at Oklahoma Heart Hospital. Dr. Adamson was also an Associate Professor at the University of Oklahoma Health Sciences Center for over 20 years. He was the co-principal investigator of the CHAMPION Trial, which led to the FDA approval of the CardioMEMS HF System.

Robert John, Chief Revenue Officer

Robert John has served as CVRx's Chief Revenue Officer since June 2024. He brings over 28 years of experience in clinical and sales roles in cardiac rhythm management, electrophysiology, and heart failure. Mr. John previously served as Divisional Vice President at Abbott for Abbott's Heart Failure and CRM (EMEA) businesses. Before that, he was Senior Vice President, Heart Failure from July 2008 to June 2017. He held multiple commercial leadership positions at St. Jude Medical and also had commercial roles at Medtronic, Guidant, and Pfizer.

CVRx, Inc. faces significant risk due to its substantial reliance on Barostim as its sole revenue-generating product. The company's ability to achieve sustained revenue growth is highly dependent on the widespread market acceptance of Barostim in the U.S. and internationally. Furthermore, the risk of declining reimbursement rates for Barostim could severely hinder its market adoption and overall revenue growth. As a medical device company, CVRx is also exposed to regulatory and reimbursement challenges inherent in the healthcare sector.

The company has a history of substantial losses and is not currently profitable, with expectations of incurring net losses for several more years as it invests in commercialization and research and development. CVRx exhibits negative operating and net margins, and its Altman Z-Score places it in a distress zone, suggesting a potential risk of bankruptcy. These financial challenges indicate a need for significant financial resources, and the company may need to seek additional funding, which could be challenging given current market conditions.

Additionally, CVRx is currently under investigation for potential securities law violations following a weak first-quarter 2025 earnings report. This probe could lead to significant legal and financial repercussions for the company, including potential class-action lawsuits and increased stock volatility.

• United States: CVRx estimates a U.S. total addressable market (TAM) of $2.2 billion annually for Barostim, as of Q3 2025. Another estimate for the current indicated patient population in the U.S. is 339,000 patients, representing a $10.5 billion market opportunity.
• Europe: The company estimates an annual market opportunity of $1.5 billion in select European markets, specifically the European Five (Germany, France, Italy, Spain, and the U.K.).

Expected Drivers of Future Revenue Growth for CVRx (CVRX)

CVRx, Inc. (NASDAQ: CVRX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives focused on expanding the adoption and accessibility of its Barostim neuromodulation therapy for heart failure patients. These drivers include:

• Expansion of the U.S. Sales Organization and Active Implanting Centers: CVRx continues to focus on building a robust sales organization and expanding its footprint in the United States by increasing the number of sales territories and active implanting centers. This strategy aims to broaden access to Barostim therapy for more patients and drive deeper penetration within high-potential accounts.
• Favorable Reimbursement Dynamics and Reduced Barriers to Adoption: The transition to Category I CPT codes, effective January 1, 2026, is anticipated to significantly reduce friction in the prior authorization process and improve overall reimbursement rates for Barostim procedures. Additionally, increased Medicare payment for the Barostim implant procedure, effective January 1, 2024, from approximately $29,000 to $45,000, is expected to enhance access for Medicare heart failure patients by ensuring adequate facility reimbursement.
• Increased Physician and Patient Awareness of Barostim Therapy: The company is actively working to increase awareness of Barostim among both physicians and patients. This ongoing education and market development are crucial for driving the adoption and utilization of the therapy in the eligible heart failure population.
• Potential Market Expansion through the BENEFIT-HF Clinical Trial: CVRx has initiated the BENEFIT-HF trial, a prospective, multi-center, randomized controlled trial designed to evaluate Barostim's impact on all-cause mortality and heart failure decompensation events in an expanded population of heart failure patients. If successful, this trial has the potential to significantly increase the addressable market for Barostim therapy, with the possibility of tripling the current addressable market opportunity.

Share Issuance

• CVRx issued 543,462 shares of common stock for gross proceeds of $9.5 million under 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.
• As of December 31, 2025, 26,311,607 shares were issued and outstanding, an increase from 25,324,684 shares as of December 31, 2024.

Inbound Investments

• On January 9, 2026, CVRx amended its term loan agreement with Innovatus Capital Partners, LLC to increase the existing facility by $50 million, potentially reaching an aggregate principal amount of up to $100 million subject to milestones.
• An additional $10 million was borrowed under this amended term loan agreement, bringing the total outstanding principal amount of term loans to $60 million.

Capital Expenditures

• CVRx's future liquidity and capital funding requirements are influenced by investments in its U.S. commercial infrastructure and sales forces.
• Capital is allocated to research and development (R&D) activities for product enhancements and to expand indications of its neuromodulation solutions.
• The company also allocates capital towards commercialization activities, including product sales, marketing, manufacturing, and distribution.