CVRx lowered its 2026 revenue forecast to $56 million-$57 million from a previous range of $58 million-$60 million, citing prolonged reimbursement delays at its largest Medicare Advantage payer.
Third-quarter revenue was $13. 8 million, down 6. 1% from a year earlier, while gross margin remained 87%. Revenue fell 4% to $13 million, with 412 revenue units compared with 420 in the comparable quarter.
CVRx said the largest payer’s 30-day approval rate had fallen to about 12%, compared with a high of 83% in 2025, while its 90-day approval rate remained below 35%. Approvals that previously took days were taking three months or longer, and administrative law judge proceedings could add 100 days or more to the process. The company said more than 80% of authorizations handled directly by customers were likely abandoned after an initial denial.
Management identified physician champion turnover and uneven execution in less-tenured sales regions as additional pressures. Five of the company’s nine most-tenured regions were producing average growth above 20%, while four regions with less-tenured teams and leaders were not matching that performance. CVRx also said some physicians may no longer be recommending Barostim to patients covered by the payer, which does not have a written coverage policy.
The company is pursuing appeals and seeking written coverage policies. The company had 262 active U.S. Sales territories, compared with 50.
The measures reduce spending in non-commercial functions while preserving investment in sales and reimbursement teams, and include tighter hiring and cuts to marketing and research projects not expected to affect revenue. Full-year operating expenses are expected to be $99 million-$101 million, including one-time severance charges, while gross margin is forecast at 86%-87%.