CVRx (CVRX) AI Stock Analysis

• Market Cap: $219.18M
• Dividend Yield: N/A
• Average Volume (3M): 197.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.19
• Revenue Growth: 18.44%
• EPS Growth: 25.42%
• Country: US
• Employees: 206
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): -0.46
• Shares Outstanding: 26,311,607
• 10 Day Avg. Volume: 162,574
• 30 Day Avg. Volume: 197,283
• PEG Ratio: 0.15
• Price to Book (P/B): 4.71
• Price to Sales (P/S): 3.27
• P/FCF Ratio: -4.54
• Enterprise Value/Market Cap: 0.89
• Enterprise Value/Revenue: 3.43
• Enterprise Value/Gross Profit: 4.02
• Enterprise Value/Ebitda: -4.08
• 1Y Price Target: $11.00
• Price Target Upside: 32.05% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -1.95
• Revenue Forecast (FY): $64.72M

• Rating: 50 Neutral
• Price Target: $7.50 ▼(-9.96% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held down primarily by weak financial performance (large losses, persistent cash burn, and rising leverage), partially offset by constructive technical momentum and an earnings-call outlook that includes strong gross margins and reimbursement/clinical catalysts despite continued high spending and expected cash burn.

Positive Factors

High gross margins

Sustained very high gross margins (mid-80s) indicate strong product economics driven by higher ASPs and manufacturing efficiencies. Durable margins mean incremental revenue largely flows to the operating line as scale builds, supporting a clearer path to sustainable profitability as commercial penetration increases.

Category I CPT reimbursement

Conversion to Category I CPT reduces systematic prior-authorization denials and formalizes physician payment, improving reimbursement predictability. That structural change lowers access friction across payers, which can materially and durably increase adoption rates and shorten the sales-to-implant conversion cycle over coming quarters.

Strengthened liquidity and loan flexibility

Meaningful year-end cash and an expanded term facility provide runway to fund commercial expansion and the BENEFIT HF trial without immediate dilution. Extended maturity and access to additional non-dilutive capital reduce short-term refinancing risk, allowing management to execute strategy and scale volumes over multiple quarters.

Negative Factors

Negative operating cash flow

Persistent negative operating cash flow and free cash flow leave the company reliant on external financing to sustain growth and trial spending. That reliance increases funding risk if commercial ramps or reimbursement improvements take longer, and can force dilution or costly debt if cash burn does not moderate with scale.

Rising leverage and shrinking equity

Sharp increase in leverage and a much smaller equity base reduce financial flexibility and increase refinancing and covenant risk. Higher indebtedness raises fixed obligations and can limit strategic options, making the company more vulnerable if revenue growth or reimbursement progress slows versus plan.

High operating expenses and planned cash burn

Operating expense guidance far exceeds current revenue, reflecting heavy commercial and trial investment. Sustained elevated SG&A and trial costs compress near-term profitability despite high gross margins and may necessitate further capital if revenue scale-up lags, prolonging dependence on external funding and pressuring margins.

CVRx Business Overview & Revenue Model

Company Description

CVRx, Inc., a commercial-stage medical device company, focuses on developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases. It offers Barostim, a neuromodulation device indicated to improve symptoms for patients with heart failure (HF) with reduced ejection fraction or systolic HF. The company sells its products through direct sales force, as well as sales agents and independent distributors in the United States, Germany, rest of Europe, and internationally. CVRx, Inc. was incorporated in 2000 and is headquartered in Minneapolis, Minnesota.

How the Company Makes Money

CVRx primarily makes money by selling its Barostim therapy system to hospitals and healthcare providers for use in eligible patients. Revenue is generated from product sales associated with the implantation procedure, which typically includes the implantable pulse generator and associated leads and accessories required for the therapy. The company’s earnings are influenced by adoption rates among implanting physicians and hospitals, the availability and breadth of payer reimbursement (government and commercial), and the company’s ability to support provider training, patient identification, and clinical evidence generation to drive utilization. null

CVRx Financial Statement Overview

Summary

Strong revenue growth and consistently high gross margins are positives, but profitability is deeply negative, operating cash flow/free cash flow are materially negative, and leverage has risen as equity declined—raising funding and balance-sheet risk.

Income Statement

Revenue growth has been strong over the period (2025: +121.9% after 2024: +30.5%), and gross margins are consistently very high (~78%–85%), signaling solid product economics. However, profitability remains deeply negative: 2025 net loss was about -$53.3M on $56.7M of revenue (net margin ~-94.1%), with operating losses still large despite some improvement versus 2024. Overall, the business is scaling revenue but has not yet demonstrated a clear path to operating profitability.

Balance Sheet

Leverage has increased meaningfully, with debt-to-equity rising from ~0.06 (2022) to ~1.29 (2025) as equity declined from ~$109.2M (2022) to ~$39.3M (2025). Returns on equity are sharply negative (2025 ROE ~-135.6%), reflecting ongoing losses and a shrinking equity base. While total assets remain sizable (~$104.8M in 2025), the combination of higher leverage and persistent losses increases balance-sheet risk.

Cash Flow

Cash generation remains a key weakness: operating cash flow is consistently negative (2025: -$40.2M), and free cash flow is also negative (2025: -$40.8M). There is a modest improvement trend in free cash flow versus prior years (2025 free cash flow growth is positive), but the company is still meaningfully cash-consuming and likely reliant on external funding until losses narrow materially.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	56.65M	51.29M	39.30M	22.47M	13.04M
Gross Profit	48.34M	42.96M	33.04M	17.47M	9.40M
EBITDA	-51.27M	-54.89M	-38.73M	-40.74M	-40.60M
Net Income	-53.31M	-59.97M	-41.20M	-41.43M	-43.08M
Balance Sheet
Total Assets	104.79M	133.41M	115.23M	124.94M	152.55M
Cash, Cash Equivalents and Short-Term Investments	75.71M	105.93M	90.57M	106.19M	142.07M
Total Debt	50.79M	50.43M	30.61M	7.09M	0.00
Total Liabilities	65.47M	62.36M	39.28M	15.76M	6.59M
Stockholders Equity	39.32M	71.06M	75.95M	109.18M	145.96M
Cash Flow
Free Cash Flow	-40.75M	-40.51M	-39.61M	-43.36M	-28.91M
Operating Cash Flow	-40.17M	-39.14M	-39.02M	-42.68M	-27.73M
Investing Cash Flow	-580.00K	-1.36M	-591.00K	-685.00K	-1.18M
Financing Cash Flow	10.52M	55.87M	23.98M	7.49M	111.88M

CVRx Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 8.33
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVRX, the sentiment is Positive. The current price of 8.33 is above the 20-day moving average (MA) of 7.50, above the 50-day MA of 7.01, and above the 200-day MA of 7.76, indicating a bullish trend. The MACD of 0.31 indicates Negative momentum. The RSI at 60.90 is Neutral, neither overbought nor oversold. The STOCH value of 54.65 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVRX.

CVRx Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
VMD	80 Outperform	$374.06M	19.35	10.87%	―	18.90%	29.22%
ELMD	76 Outperform	$198.03M	21.81	20.28%	―	16.05%	29.48%
XTNT	66 Neutral	$84.42M	17.28	3.64%	―	16.88%	―
INGN	53 Neutral	$168.84M	―	-11.56%	―	4.68%	55.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
CVRX	50 Neutral	$219.18M	-3.47	-99.33%	―	18.44%	25.42%
NNOX	47 Neutral	$165.78M	-4.35	-32.46%	―	15.19%	-3.32%

CVRx Corporate Events

CVRx Introduces New Performance-Based Executive Stock Unit Plan

On February 27, 2026, CVRx’s board compensation committee approved an incremental performance stock unit program for all executive officers tied to a cumulative revenue goal for the 2026-2027 fiscal performance period. The grant-date value of these PSUs for named executives equals three-fourths of their 2026 long-term incentive value, with payouts ranging from 50% to 200% of target based on performance and vesting in two tranches through December 31, 2028, subject to continued employment and customary change-in-control and termination protections.

The committee structured the awards after reviewing the retentive value of existing equity, the importance of near-term objectives and expected future contributions, signaling an emphasis on driving meaningful revenue growth and aligning executive incentives with shareholder interests. While the specific revenue target remains undisclosed for competitive reasons, the design underscores CVRx’s focus on strengthening management retention and performance alignment during a critical growth phase, with potential implications for its longer-term financial and strategic trajectory.

The most recent analyst rating on (CVRX) stock is a Hold with a $8.00 price target. To see the full list of analyst forecasts on CVRx stock, see the CVRX Stock Forecast page.

CVRx Establishes At-The-Market Equity Offering Program

On January 12, 2026, CVRx, Inc. entered into an Open Market Sale Agreement with Jefferies LLC, allowing the company to offer and sell up to $50 million of its common stock from time to time through at-the-market offerings under an effective shelf registration. Jefferies will act as sales agent on a commercially reasonable efforts basis and receive a commission of up to 3% of gross proceeds, while CVRx, which is not obligated to sell any shares, plans to use any net proceeds for working capital and general corporate purposes, potentially enhancing its financial flexibility and liquidity without committing to a fixed-size equity issuance.

The most recent analyst rating on (CVRX) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on CVRx stock, see the CVRX Stock Forecast page.

CVRx Issues 2026 Outlook and Expands Loan Facility

On January 12, 2026, CVRx reported preliminary unaudited results indicating fourth-quarter 2025 revenue of $15.9 million to $16.1 million, up 4% to 5% year over year, and full-year 2025 revenue of $56.5 million to $56.7 million, up 10% to 11%, alongside modest expansion of its implanting center network and U.S. sales territories and year-end cash of $75.7 million. The company issued 2026 guidance calling for revenue of $63 million to $67 million, gross margins of 84% to 86% and operating expenses of $103 million to $107 million, while benefiting from new Category I CPT codes effective January 1, 2026, which management highlighted as easing adoption barriers for Barostim. Operationally, CVRx secured additional financial flexibility by amending its Innovatus-led term loan facility on January 9, 2026, doubling potential borrowings to $100 million, extending interest-only payments for up to five years subject to milestones, and pushing maturity to May 2031, with $60 million outstanding after a new $10 million draw. Strategically, the FDA’s November 2025 approval of the BENEFIT-HF trial design and the company’s subsequent CMS coverage application mark a major clinical investment, as the large, multicenter randomized study of Barostim in an expanded heart failure population could, if successful, significantly enlarge the device’s U.S. addressable market and reinforce CVRx’s competitive position in heart failure neuromodulation.

The most recent analyst rating on (CVRX) stock is a Buy with a $11.00 price target. To see the full list of analyst forecasts on CVRx stock, see the CVRX Stock Forecast page.