A Business at a Glance
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CVRx is a commercial-stage medical device company focused on developing, manufacturing, and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular disease. Barostim is the first medical technology approved by the U.S. Food and Drug Administration (the “FDA”) that uses neuromodulation to improve the symptoms of patients with heart failure (“HF”). Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery to counteract decreased baroreceptor signaling, which creates an imbalance in the brain’s Autonomic Nervous System (“ANS”) resulting in excess neurohormones that drive HF progression. Barostim provides Baroreflex Activation Therapy (“BAT,” or “Barostim Therapy”), which links the cardiovascular system to the ANS.
| Metric | TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 |
|---|---|---|---|---|---|---|
| Revenue | 57M | 57M | 51M | 39M | 22M | - |
| Net Income | -53M | -53M | -60M | -41M | -41M | -43M |
| EPS | $-2.04 | $-2.04 | $-2.65 | $-1.99 | $-2.02 | $-4.16 |
| Free Cash Flow | -41M | -41M | -41M | -40M | -43M | -29M |
| ROIC | -294.2% | -51.0% | -49.8% | -39.2% | -35.7% | -17.0% |
| Gross Margin | 85.3% | 85.3% | 83.8% | 84.1% | 77.8% | - |
| Debt/Equity | 1.28 | 1.28 | 0.71 | 0.40 | 0.06 | - |
| Dividends/Share | $0.00 | - | - | - | - | - |
| Operating Income | -51M | -51M | -59M | -43M | -43M | -26M |
| Operating Margin | -90.5% | -90.5% | -116.0% | -109.7% | -189.3% | - |
| ROE | -135.6% | -96.6% | -84.4% | -54.2% | -37.9% | - |
| Shares Outstanding | 26M | 26M | 23M | 21M | 21M | 10M |
| Metric | 2020 | 2021 | 2022 | 2023 | |||
|---|---|---|---|---|---|---|---|
| Income Statement | |||||||
| Revenue | 6.1M | N/A | 22M | 39M | 51M | 57M | 57M |
| Gross Margin | 76.2% | N/A | 77.8% | 84.1% | 83.8% | 85.3% | 85.3% |
| R&D | 6.4M | 7.5M | 10.0M | 12M | 11M | 11M | 11M |
| SG&A | 9.7M | 28M | 50M | 65M | 91M | 88M | 88M |
| EBIT | -12M | -26M | -43M | -43M | -59M | -51M | -51M |
| Op. Margin | -190.2% | N/A | -189.3% | -109.7% | -116.0% | -90.5% | -90.5% |
| Net Income | N/A | -43M | -41M | -41M | -60M | -53M | -53M |
| Net Margin | N/A | N/A | -184.4% | -104.8% | -116.9% | -94.1% | -94.1% |
| Non-Recurring | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Returns on Capital | |||||||
| ROIC | N/A | -17.0% | -35.7% | -39.2% | -49.8% | -51.0% | N/M |
| ROE | N/A | N/A | -37.9% | -54.2% | -84.4% | -96.6% | -135.6% |
| ROA | N/A | -28.2% | -33.2% | -35.8% | -44.9% | -44.8% | -50.9% |
| Cash Flow | |||||||
| Op. Cash Flow | -16M | -28M | -43M | -39M | -39M | -40M | -40M |
| Free Cash Flow | -16M | -29M | -43M | -40M | -41M | -41M | -41M |
| Owner Earnings | -16M | -30M | -47M | -46M | -59M | -52M | -52M |
| CapEx | 311K | 1.2M | 685K | 591K | 1.4M | 580K | 580K |
| Maint. CapEx | 75K | 168K | 412K | 522K | 619K | 756K | 756K |
| Growth CapEx | 236K | 1.0M | 273K | 69K | 742K | 0 | 0 |
| D&A | 75K | 168K | 412K | 522K | 619K | 756K | 756K |
| CapEx/OCF | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Capital Allocation | |||||||
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividend Yield | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Buyback Yield | N/A | N/A | N/A | N/A | N/A | N/A | 0.0% |
| Stock-Based Comp | 132K | 1.9M | 3.9M | 6.3M | 19M | 11M | 11M |
| Debt Repayment | 0 | 21M | 0 | 0 | 0 | 0 | 0 |
| Balance Sheet | |||||||
| Net Debt | -99M | -284M | -206M | -151M | -162M | -101M | -26M |
| Cash & Equiv. | 59M | 142M | 106M | 91M | 106M | 76M | 76M |
| Long-Term Debt | 19M | 0 | 6.7M | 29M | 49M | 50M | 50M |
| Debt/Equity | -0.07 | N/A | 0.06 | 0.40 | 0.71 | 1.28 | 1.28 |
| Interest Coverage | -4.7 | -11.7 | -257.7 | -24.0 | -13.5 | -8.8 | -8.8 |
| Equity | -293M | N/A | 109M | 76M | 71M | 39M | 39M |
| Total Assets | 65M | 153M | 125M | 115M | 133M | 105M | 105M |
| Total Liabilities | 28M | N/A | 16M | 39M | 62M | 65M | 65M |
| Intangibles | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Retained Earnings | -352M | -395M | -436M | -477M | -537M | -591M | -591M |
| Working Capital | 56M | 145M | 115M | 104M | 119M | 88M | 88M |
| Current Assets | 64M | 151M | 123M | 112M | 130M | 102M | 102M |
| Current Liabilities | 8.0M | 5.9M | 8.1M | 7.9M | 11M | 13M | 13M |
| Per Share Data | |||||||
| EPS | -37.01 | -4.16 | -2.02 | -1.99 | -2.65 | -2.04 | -2.04 |
| Owner EPS | -0.80 | -2.88 | -2.29 | -2.21 | -2.60 | -1.99 | -1.99 |
| Book Value | -14.32 | N/A | 5.32 | 3.67 | 3.14 | 1.50 | 1.50 |
| Cash Flow/Share | -0.79 | -2.68 | -2.08 | -1.88 | -1.73 | -1.54 | -2.01 |
| Dividends/Share | N/A | N/A | N/A | N/A | N/A | N/A | 0.00 |
| Shares Out. | 20.5M | 10.4M | 20.5M | 20.7M | 22.6M | 26.1M | 26.1M |
| Valuation | |||||||
| P/E Ratio | N/A | N/A | N/A | N/A | N/A | N/A | -3.8 |
| P/FCF | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| EV/EBIT | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Price/Book | N/A | N/A | 3.2 | 9.0 | 4.2 | 4.9 | 5.1 |
| Price/Sales | N/A | N/A | 7.8 | 8.0 | 6.2 | 4.3 | 3.6 |
| FCF Yield | N/A | -23.7% | -12.3% | -5.8% | -13.6% | -21.0% | -20.2% |
| Market Cap | N/A | 122M | 354M | 683M | 298M | 194M | 202M |
| Avg. Price | N/A | 17.05 | 8.51 | 15.15 | 14.13 | 9.42 | 7.72 |
| Year-End Price | N/A | 11.78 | 17.25 | 33.01 | 13.17 | 7.42 | 7.72 |
CVRx, Inc. passes 1 of 9 quality checks, indicating weak fundamentals.
The company's 5-year average gross margin is 82.7%.
CVRx, Inc. (CVRX) has a 5-year average return on invested capital (ROIC) of -38.5%. This is below average and may indicate limited pricing power.
CVRx, Inc. (CVRX) has a market capitalization of $202M. It is classified as a small-cap stock.
CVRx, Inc. (CVRX) does not currently pay a regular dividend.
CVRx, Inc. (CVRX) operates in the Surgical & Medical Instruments & Apparatus industry, within the Healthcare sector.
CVRx, Inc. (CVRX) reported annual revenue of $57 million in its most recent fiscal year, based on SEC EDGAR filings.
CVRx, Inc. (CVRX) has a net profit margin of -94.1%. The company is currently unprofitable.
CVRx, Inc. (CVRX) generated $-41 million in free cash flow in its most recent fiscal year. Negative free cash flow may indicate heavy investment or operational challenges.
CVRx, Inc. (CVRX) has a debt-to-equity ratio of 1.28. This indicates moderate leverage.
CVRx, Inc. (CVRX) reported earnings per share (EPS) of $-2.04 in its most recent fiscal year.
CVRx, Inc. (CVRX) has a return on equity (ROE) of -96.6%. A negative ROE may indicate losses or negative equity.
CVRx, Inc. (CVRX) has a 5-year average gross margin of 82.7%. This high margin suggests strong pricing power and a potential competitive moat.
The Ledger Terminal provides 6 years of financial data for CVRx, Inc. (CVRX), sourced directly from SEC EDGAR filings. This includes income statements, balance sheets, cash flow statements, and key financial ratios.
CVRx, Inc. (CVRX) has a book value per share of $1.50, based on its most recent annual SEC filing.