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CVRX

CVRx, Inc.

CVRX

CVRx, Inc. • NASDAQ
$9.81 ▼ -0.20% (-0.02)
Market Cap $257.10 M
52w High $18.55
52w Low $4.30
Dividend Yield 0%
P/E -4.93
Volume 78.42K
Outstanding Shares 26.21M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $14.69M ▲ $25.021M ▼ $-12.87M ▲ -87.611% ▲ $-0.49 ▲ $-11.2M ▲
Q2-2025 $13.589M ▲ $25.826M ▲ $-14.736M ▼ -108.441% ▲ $-0.57 ▼ $-13.073M ▼
Q1-2025 $12.348M ▼ $23.749M ▲ $-13.766M ▼ -111.484% ▼ $-0.53 ▼ $-12.13M ▼
Q4-2024 $15.342M ▲ $23.317M ▼ $-10.651M ▲ -69.424% ▲ $-0.43 ▲ $-9.024M ▲
Q3-2024 $13.373M $24.136M $-13.099M -97.951% $-0.57 $-11.925M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $85.124M ▼ $111.325M ▼ $63.271M ▲ $48.054M ▼
Q2-2025 $95.025M ▼ $119.564M ▼ $61.63M ▲ $57.934M ▼
Q1-2025 $102.668M ▼ $129.589M ▼ $60.229M ▼ $69.36M ▼
Q4-2024 $105.933M ▲ $133.414M ▲ $62.359M ▼ $71.055M ▲
Q3-2024 $100.161M $127.673M $62.49M $65.183M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-12.87M ▲ $0 ▲ $0 ▲ $0 ▼ $-95.025M ▼ $0 ▲
Q2-2025 $-14.736M ▼ $-7.936M ▲ $-103K ▲ $392K ▼ $-7.643M ▼ $-8.039M ▲
Q1-2025 $-13.766M ▼ $-12.767M ▼ $-114K ▼ $9.615M ▼ $-3.265M ▼ $-12.881M ▼
Q4-2024 $-10.651M ▲ $-8.008M ▲ $-52K ▼ $13.834M ▼ $5.772M ▼ $-8.06M ▲
Q3-2024 $-13.099M $-10.41M $-37K $40.202M $29.761M $-10.447M

Five-Year Company Overview

Income Statement

Income Statement CVRx’s sales are still small but have been growing steadily each year as Barostim adoption expands. The company is improving its gross profit as revenue rises, which is a good sign for the basic economics of the product. That said, spending on research, clinical studies, selling, and infrastructure is much higher than current revenue, so operating losses remain sizable and consistent. Overall, this looks like an early commercial-stage company still firmly in the investment and scale‑up phase rather than anywhere near profitability.

Balance Sheet

Balance Sheet The balance sheet is cash‑heavy relative to the size of the business, which gives CVRx a meaningful financial cushion to support ongoing losses and growth investments. Debt has appeared and increased modestly, but overall leverage still looks manageable for a small medtech company. Equity has been positive since the IPO but is slowly drifting down as losses accumulate, which is normal at this stage but not something that can continue indefinitely. The balance sheet currently supports the strategy, but long‑term sustainability depends on either significantly higher revenue or future capital raising.

Cash Flow

Cash Flow Cash flow from operations has been consistently negative, reflecting the gap between growing but still modest sales and the cost of running a commercial and R&D‑heavy organization. Free cash flow is similarly negative, with only light spending on equipment and facilities, so most cash use is tied to operating needs rather than big capital projects. This pattern is typical for a commercial‑stage medtech company pushing hard on sales expansion and clinical evidence, but it also means the business is still reliant on its cash reserves and potential future financing. A key watchpoint is whether cash burn stays stable, improves, or accelerates as the company scales.

Competitive Edge

Competitive Edge CVRx holds a differentiated place in the heart‑failure treatment landscape with Barostim, which targets the nervous system rather than the heart itself—something competitors do not directly replicate. Its first‑in‑class FDA approval, patent portfolio, and specialized know‑how in baroreflex neuromodulation form a real moat, especially combined with growing reimbursement support and a focused commercial footprint. At the same time, the company is still small and must compete for attention and budgets against powerful incumbents in heart failure drugs and devices, as well as other neuromodulation and device‑based approaches. Mixed trial results—strong symptom and quality‑of‑life benefits but no clear win on hard outcomes—may shape how broadly clinicians use Barostim and how it is positioned in guidelines and practice.

Innovation and R&D

Innovation and R&D Innovation is the core of CVRx’s story. Barostim represents a novel way to treat heart failure and resistant hypertension by modulating the body’s own reflexes, with second‑generation hardware already improving size and battery life. The company has built a deep clinical program that supports symptom relief and reduced hospitalizations, even though it has not yet shown clear benefits on mortality and major clinical events, which adds some scientific and market‑access uncertainty. Ongoing R&D is focused on refining the device, expanding indications (including a larger opportunity in resistant hypertension), and potentially layering in smarter, data‑driven features. The long‑term value of this platform will depend on continued evidence generation, regulatory progress, and how convincingly CVRx can show both clinical and economic benefits versus alternatives.

Summary

CVRx is a classic early commercial medical‑device company: a highly innovative, differentiated product in a large and under‑served disease area, paired with a financial profile dominated by losses and cash burn. The technology and intellectual property base appear strong, and Barostim offers something genuinely different for hard‑to‑treat heart‑failure patients, with real‑world and trial data supporting symptom and quality‑of‑life improvements. On the other hand, revenue is still small, profitability is a distant goal, and the company operates in a crowded, heavily evidence‑driven cardiovascular market where large players and established therapies set a high bar. The key uncertainties revolve around how fast adoption grows, how payers and clinicians respond to accumulating data, and how effectively CVRx can manage its cash and capital needs while scaling toward a more self‑sustaining business model.

NEWS

November 19, 2025 · 8:30 AM UTC

CVRx to Participate at the Piper Sandler 37th Annual Healthcare Conference

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October 22, 2025 · 4:30 PM UTC

CVRx to Report Third Quarter 2025 Financial and Operating Results and Host Conference Call on Nov. 5, 2025

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