Jan. 14 at 2:03 PM
$CVRX using top line q4 2025 pre-reported revenue (may include non US, will be adjusted) and Q3 2025 SG&A, there is a shortfall of approximately 1 revenue unit per quarter to achieve break-even per active implanting center. At face value, this appears to be achievable. However, the average revenue per center simply isn't growing, but fluctuating between 1.75 and 2.1 for the most part. The lack of growth, and the consistency in REVENUE per center warrants a deeper dive to ensure viability that PATIENT IMPLANTS are driving the revenue.
Also, operating expense was not (as was the case last January) not pre-reported. The lack of growth in revenue per center correlates to the continuously discussed sales force "enhancements" to take the next step. There is no sign these enhancements are effective. Each $ spent on SG&A should be highly scrutinized.
