CVRx (CVRX) AI Stock Analysis

• Market Cap: $190.50M
• Dividend Yield: N/A
• Average Volume (3M): 197.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.21
• 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: 0.93
• Enterprise Value/Revenue: 3.11
• Enterprise Value/Gross Profit: 3.65
• Enterprise Value/Ebitda: -3.71
• 1Y Price Target: $11.00
• Price Target Upside: 36.48% Upside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 7
• EPS Forecast (FY): -1.95
• Revenue Forecast (FY): $64.72M

• Rating: 45 Neutral
• Price Target: $6.50 ▼(-19.35% Downside)
• Action: Reiterated Date: 02/24/26
• Date: Action: Reiterated 02/24/26

The score is held down primarily by weak financial performance (large losses, persistent cash burn, and rising leverage), with mixed technicals also limiting support. Earnings-call updates add some upside via strong margin guidance and improving reimbursement/clinical catalysts, but near-term profitability pressure and expected cash burn keep the overall profile below average.

Positive Factors

High gross margins

Sustained high gross margins (mid-80s) indicate strong unit economics for the Barostim system. Durable product-level profitability provides room to fund commercialization and clinical investment, and as volumes scale these margins materially support the path to operating leverage and eventual positive contribution margins.

Scaling commercial footprint

Expansion of territories and implanting centers demonstrates improving market penetration and commercial coverage. A growing field organization and concentrated high-performing centers create durable channels for adoption, supporting steady unit growth and lowering incremental acquisition costs over the medium term.

Reimbursement and clinical catalyst

Category I CPT reduces reimbursement friction and formalizes payment, improving predictable access. The large BENEFIT HF randomized trial (with CMS coverage for enrollees) can structurally expand the addressable market and strengthen adoption if outcomes are positive, representing a multi-year growth catalyst and payer recognition.

Negative Factors

Persistent cash burn

Sustained negative operating and free cash flow requires ongoing external financing or draw on facilities. This structural cash consumption increases refinancing risk and can force dilutive or debt-funded raises, especially as clinical trials and commercial investments continue to consume cash over the next 2–6 months and beyond.

Rising leverage and weakened equity

Material increase in leverage and a shrinking equity base reduce financial flexibility and raise balance-sheet risk. Higher debt amplifies downside exposure to operational shortfalls, may constrain strategic choices, and makes the company more dependent on milestone-based facility access or capital markets to fund growth and trials.

High operating expense run-rate

Aggressive SG&A and R&D spending at a run-rate nearly double reported revenue will prolong losses. Until revenue scales materially, the elevated expense base structurally pressures margins and free cash flow, increasing the time and performance required to reach sustainable profitability.

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 generates revenue primarily through the sale of its Barostim Therapy systems and related products, which are sold to hospitals and healthcare providers. The company has established key partnerships with medical institutions and health systems to promote the adoption of its technology. Additionally, CVRx benefits from reimbursements from healthcare payers for the procedures involving its devices, which is a significant revenue stream. The company may also engage in clinical studies and collaborations that can lead to new product developments, further enhancing its revenue potential.

CVRx Financial Statement Overview

Summary

Strong revenue growth and consistently high gross margins support the long-term model, but results remain deeply unprofitable with meaningful ongoing cash burn. Balance-sheet risk has increased as leverage rose materially and equity declined, keeping overall financial quality weak despite scaling progress.

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: 8.06
• 50DMA: Positive
• 100DMA: Negative
• 200DMA: Positive
• MACD: Negative
• RSI: Neutral
• STOCH: Negative

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 8.06 is above the 20-day moving average (MA) of 6.38, above the 50-day MA of 6.93, and above the 200-day MA of 7.63, indicating a bullish trend. The MACD of -0.12 indicates Negative momentum. The RSI at 61.65 is Neutral, neither overbought nor oversold. The STOCH value of 90.76 is Negative, 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
ELMD	76 Outperform	$191.57M	23.28	20.20%	―	16.05%	29.48%
VMD	72 Outperform	$320.87M	26.04	10.53%	―	18.90%	29.22%
XTNT	66 Neutral	$79.82M	56.27	3.64%	―	16.88%	―
INGN	53 Neutral	$158.55M	-7.01	-13.27%	―	4.68%	55.37%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
NNOX	47 Neutral	$154.94M	-2.77	-34.75%	―	15.19%	-3.32%
CVRX	45 Neutral	$190.50M	-3.74	-91.88%	―	18.44%	25.42%

CVRx Corporate Events

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.