gcov generating correct output but gcovr does not - gcov

Question

Running through the setup example from gcovr here: https://gcovr.com/en/stable/guide.html#getting-started I can build the file and am seeing the following output from running gcovr -r .:
% gcovr -r .
------------------------------------------------------------------------------
GCC Code Coverage Report
Directory: .
------------------------------------------------------------------------------
File Lines Exec Cover Missing
------------------------------------------------------------------------------
example.cpp 0 0 --%
------------------------------------------------------------------------------
TOTAL 0 0 --%
------------------------------------------------------------------------------
If I run gcov example.cpp directly I can see that the generated .gcov data is correct:
% gcov example.cpp
File 'example.cpp'
Lines executed:87.50% of 8
Creating 'example.cpp.gcov'
I am unsure where the disconnect between this gcov output and the gcovr interpretation of it is.
I have tried downgrading to an older gcovr version, running the command on other projects, and switching python versions, but have not seen any different behavior.
My gcov and gcc are from the Xcode command line tools. gcovr was pip installed (within pyenv with python 3.8.5)
Edit: adding verbose output:
gcovr -r . -v
Filters for --root: (1)
- re.compile('^/Test/')
Filters for --filter: (1)
- DirectoryPrefixFilter(/Test/)
Filters for --exclude: (0)
Filters for --gcov-filter: (1)
- AlwaysMatchFilter()
Filters for --gcov-exclude: (0)
Filters for --exclude-directories: (0)
Scanning directory . for gcda/gcno files...
Found 2 files (and will process 1)
Pool started with 1 threads
Processing file: /Test/example.gcda
Running gcov: 'gcov /Test/example.gcda --branch-counts --branch-probabilities --preserve-paths --object-directory /Test' in '/var/folders/bc/20q4mkss6457skh36yzgm2bw0000gp/T/tmpo4mr2wh4'
Finding source file corresponding to a gcov data file
currdir /Test
gcov_fname /var/folders/bc/20q4mkss6457skh36yzgm2bw0000gp/T/tmpo4mr2wh4/example.cpp.gcov
[' -', ' 0', 'Source', 'example.cpp\n']
source_fname /Test/example.gcda
root /Test
fname /Test/example.cpp
Parsing coverage data for file /Test/example.cpp
Gathered coveraged data for 1 files
------------------------------------------------------------------------------
GCC Code Coverage Report
Directory: .
------------------------------------------------------------------------------
File Lines Exec Cover Missing
------------------------------------------------------------------------------
example.cpp 0 0 --%
------------------------------------------------------------------------------
TOTAL 0 0 --%
------------------------------------------------------------------------------