CVRx Inc (CVRX) PT Raised to $23 at Canaccord Genuity

Canaccord Genuity analyst William Plovanic raised the price target on CVRx Inc (NASDAQ: CVRX) to $23.00 (from $22.00) while maintaining a Buy rating.

The analyst commented: "CVRX reported Q4/24 revenue of $15.3M (+36% Y/Y), which was on the higher end of the preannounced guidance range and ahead of both our and consensus estimates from prior to the preannouncement. Management clearly is focused on execution, leveraging the experience from its management additions in 2024 to continue investing in its salesforce, education efforts—with a laser focus on building sustainable programs in centers that can drive significant Barostim volumes. To that extent, management noted that its 2025 sales comp plan now incentivizes reps to add centers but also go deeper by adding multiple champions and driving repeat usage. The company plans to continue to add to its salesforce and is also clearly investing in market development beyond the users—now engaging with referral networks, advanced practice providers, and HF fellows to further drive Barostim awareness. CVRX also is utilizing real-world data to augment its existing dataset, particularly on hospitalization reductions, to further demonstrate its value to payors. While we expect continued uncertainty around outpatient reimbursement again this year for 2026, we do not view it as the same magnitude of risk, nor should it weigh as heavily on the stock price after two consecutive unanimous panel decisions and traction around a level 6 neurostimulation code. Management is also being proactive in outreach to CMS (it has the senior management to do so now), and that its discussions have not been impacted by the administration change. With its salesforce now in alignment, and a clear focus on adding accounts where it can drive sustainable utilization growth, we believe CVRX is primarily an execution story. Management seems to have strong visibility into FY25 guidance initially provided in January, leaving us comfortable with the ability for CVRX’s projection to grow 22-27% Y/Y with the plan in place. We maintain our BUY rating and adjust our PT to $23 from $22."

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