CVRx makes and sells Barostim, an implantable neuromodulation device for patients with heart failure with reduced ejection fraction (HFrEF). Barostim is the only FDA-approved device-based neuromodulation therapy for HFrEF. The device works by sending electrical pulses to baroreceptors in the carotid artery wall, signaling the brain to reduce stress hormone activity — rebalancing the autonomic nervous system dysfunction that accelerates heart failure progression. Barostim is designed to complement, not replace, existing drug therapies. The implant procedure takes about an hour and patients are typically discharged within 24 hours. CVRx sells Barostim directly to hospitals in the U.S., which then implant the device in eligible patients. Revenue is driven by procedure volume and ASP, which runs around $31K in the U.S. About 67% of the target patient population is Medicare-eligible, and CMS reimburses hospitals roughly $45K per implant in the outpatient setting — providing favorable hospital economics relative to device cost. Gross margins run in the 84-87% range, reflecting the high ASP and low incremental manufacturing cost. CVRx organizes its U.S. commercial operation into territories, currently 53 territories covering 252 active implanting centers. A key strategic shift is toward "program-focused selling," building multi-stakeholder networks at high-potential centers rather than relying on single physician champions. The transition in 2026 from a Category III to a Category I CPT code is a meaningful development, as it removes the basis for automatic prior authorization denials by payers. CVRx is still significantly unprofitable, with the path to profitability dependent on scaling revenue faster than its largely fixed operating cost base.