CVRx (CVRX)
NASDAQ:CVRX
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CVRx
(NASDAQ:CVRX)
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Rating:47Neutral
Price Target:
$5.00
▼(-32.07% Downside)
Action:Reiterated
Date:06/04/26
The score is held down primarily by weak financial fundamentals—large ongoing losses, sustained free-cash-flow burn, and rising leverage despite strong revenue growth and high gross margins. Technicals are also bearish with the stock trading below major moving averages and negative MACD. Offsetting these risks, the latest earnings call was relatively constructive with reiterated 2026 guidance, strong margins, and progress on clinical and reimbursement milestones, but near-term reimbursement/authorization volatility and high opex keep risk elevated.
Positive Factors
High gross margin & favorable ASP
Sustained ~85–87% gross margins and rising ASP demonstrate strong product-level economics and manufacturing efficiency. These unit economics provide durable contribution margin as volumes scale, making profitability achievable if fixed operating costs are controlled and commercial adoption continues.
Negative Factors
Persistent negative operating cash flow
Sustained operating cash burn converts accounting losses into real liquidity pressure, reducing runway and forcing reliance on financing. Persistent negative FCF limits the firm's ability to self-fund expansion or absorb reimbursement timing shocks without dilutive or debt financing, raising long-term execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
High gross margin & favorable ASP
Sustained ~85–87% gross margins and rising ASP demonstrate strong product-level economics and manufacturing efficiency. These unit economics provide durable contribution margin as volumes scale, making profitability achievable if fixed operating costs are controlled and commercial adoption continues.
Read all positive factors
CVRx (CVRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$133.48M
Dividend YieldN/A
Average Volume (3M)197.28K
Price to Earnings (P/E)―
Beta (1Y)0.73
Revenue Growth11.73%
EPS Growth8.07%
CountryUS
Employees206
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-2.02
Shares Outstanding26,535,944
10 Day Avg. Volume162,574
30 Day Avg. Volume197,283
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)4.71
Price to Sales (P/S)3.27
P/FCF Ratio-4.54
Enterprise Value/Market Cap0.87
Enterprise Value/Revenue1.97
Enterprise Value/Gross Profit2.30
Enterprise Value/Ebitda-2.53
Forecast
1Y Price Target
$10.50Price Target Upside42.66% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-1.96
Revenue Forecast (FY)$65.34M
CVRx Business Overview & Revenue Model
Company Description
CVRx, Inc. is a commercial-stage medical technology company focused on innovating, producing, and bringing to market neuromodulation solutions designed for individuals battling cardiovascular diseases. Its principal offering, Barostim, is an advan...
How the Company Makes Money
CVRx makes money primarily by selling its Barostim therapy system used in eligible heart failure patients. Revenue is generated from the commercial sale of the implantable device and related system components that hospitals and implanting centers ...
CVRx Earnings Call Summary
Earnings Call Date:May 11, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 04, 2026
Earnings Call Sentiment Positive
The call presented a broadly constructive operational and commercial picture: strong top-line growth (+20% total, +22% U.S.), margin expansion (87% gross margin), ASP improvement and clear progress on the major clinical trial (BENEFIT-HF) and reimbursement milestones (Category I CPT code). Near-term headwinds are primarily administrative and timing-related (Medicare Advantage prior authorization volatility), plus continued operating losses and elevated operating expense guidance. The positives — revenue acceleration, improving gross margin, clinical trial activation, and reimbursement progress — outweigh the short-term challenges, which management characterizes as addressable and temporary.Positive Updates
Total Revenue Growth
Total revenue of $14.8M in Q1 2026, up $2.4M or 20% year-over-year, driven primarily by U.S. growth.
Negative Updates
Medicare Advantage Prior Authorization Volatility
March saw a softening in 30-day MA prior authorization approvals after initial gains (first two months of Q1 at ~50% then decline in March) due to new regulatory timelines and payer automated review processes leading to more immediate denials for administrative reasons; company expects this to be a timing/administrative issue and reports high overturn rates on appeal but short-term headwinds remain.
Read all updates
Q1-2026 Updates
Positive
Negative
Total Revenue Growth
Total revenue of $14.8M in Q1 2026, up $2.4M or 20% year-over-year, driven primarily by U.S. growth.
Read all positive updates
Company Guidance
CVRx reiterated full‑year 2026 guidance for total revenue of $63–$67 million, full‑year gross margin of 85–87%, and operating expenses of $103–$107 million, and signaled near‑term revenue of $15.1–$16.1 million; Q1 results (which underlie that guide) were $14.8 million total revenue (+20% YoY; U.S. $13.7M, +22%), gross profit $12.9M (87% gross margin), net loss $13.1M (−$0.50 per share on 26.4M weighted average shares), cash $72.3M, and net cash used in operating and investing activities $12.3M; other notable metrics referenced alongside the guidance include U.S. ASP ~ $32K in Q1 (management conservatively modeling ~$31–31.5K for 2026), active implanting centers 257 (vs. 252 at 12/31/25), U.S. sales territories 56 (vs. 53), Europe revenue $1.1M, and a year‑to‑date Medicare Advantage 30‑day prior authorization approval rate of 46% (50% through the first two months of Q1 before a March dip; 44% in 2025; 31% in 2024).CVRx Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
38
Negative
Cash Flow
26
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 59.07M | 56.65M | 51.29M | 39.30M | 22.47M | 13.04M |
| Gross Profit | 50.52M | 48.34M | 42.96M | 33.04M | 17.47M | 9.40M |
| EBITDA | -45.97M | -46.74M | -54.89M | -38.73M | -40.74M | -40.60M |
| Net Income | -52.66M | -53.31M | -59.97M | -41.20M | -41.43M | -43.08M |
Balance Sheet | ||||||
| Total Assets | 99.73M | 104.79M | 133.41M | 115.23M | 124.94M | 152.55M |
| Cash, Cash Equivalents and Short-Term Investments | 72.30M | 75.71M | 105.93M | 90.57M | 106.19M | 142.07M |
| Total Debt | 59.40M | 50.79M | 50.43M | 30.61M | 7.09M | 0.00 |
| Total Liabilities | 70.62M | 65.47M | 62.36M | 39.28M | 15.76M | 6.59M |
| Stockholders Equity | 29.11M | 39.32M | 71.06M | 75.95M | 109.18M | 145.96M |
Cash Flow | ||||||
| Free Cash Flow | -40.16M | -40.75M | -40.51M | -39.61M | -43.36M | -28.91M |
| Operating Cash Flow | -39.57M | -40.17M | -39.14M | -39.02M | -42.68M | -27.73M |
| Investing Cash Flow | -588.00K | -580.00K | -1.36M | -591.00K | -685.00K | -1.18M |
| Financing Cash Flow | 9.79M | 10.52M | 55.87M | 23.98M | 7.49M | 111.88M |
CVRx Technical Analysis
Negative
7.36
Price Trends
6.60
Negative
7.05
Negative
7.77
Negative
Market Momentum
-0.46
Positive
35.08
Neutral
16.67
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVRX, the sentiment is Negative. The current price of 7.36 is above the 20-day moving average (MA) of 5.55, above the 50-day MA of 6.60, and below the 200-day MA of 7.77, indicating a bearish trend. The MACD of -0.46 indicates Positive momentum. The RSI at 35.08 is Neutral, neither overbought nor oversold. The STOCH value of 16.67 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CVRX.
CVRx Risk Analysis
CVRx disclosed 55 risk factors in its most recent earnings report. CVRx reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CVRx Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
82 Outperform | $307.52M | 30.43 | 22.14% | ― | 16.79% | 45.17% | |
76 Outperform | $400.62M | 26.94 | 10.66% | ― | 23.10% | 22.75% | |
56 Neutral | $61.72M | 34.39 | 3.68% | ― | -0.32% | ― | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
48 Neutral | $173.28M | -7.09 | -12.90% | ― | 3.39% | 19.78% | |
47 Neutral | $133.48M | -2.49 | -120.77% | ― | 11.73% | 8.07% | |
47 Neutral | $122.48M | -1.62 | -47.09% | ― | 15.40% | -25.87% |
* Healthcare Sector Average
CVRX
CVRx
4.98
-0.68
-12.01%
ELMD
Electromed
37.44
17.37
86.55%
INGN
Inogen
6.46
-0.02
-0.31%
XTNT
Xtant Medical Holdings
0.45
-0.15
-25.17%
VMD
Viemed Healthcare
10.44
3.84
58.18%
NNOX
Nano-X Imaging
1.81
-3.25
-64.23%
CVRx Corporate Events
Business Operations and StrategyExecutive/Board Changes
CVRx CFO Announces Resignation and Leadership Transition Plan
Neutral
Jun 9, 2026
On June 7, 2026, CVRx Chief Financial Officer Jared Oasheim notified the company of his plan to resign to pursue other opportunities, with an orderly transition that keeps him in the CFO role until a successor starts and employed full-time at leas...
Executive/Board ChangesShareholder Meetings
CVRx Shareholders Reelect Directors and Ratify Auditor
Positive
Jun 3, 2026
On June 1, 2026, CVRx, Inc. held its 2026 annual meeting of stockholders, where shareholders elected three Class II directors, Michael Dale, Kevin Hykes, and Joseph Slattery, to serve terms extending until the 2029 annual meeting. The voting resul...
Business Operations and StrategyFinancial Disclosures
CVRx Reports Strong Q1 Growth and Trial Progress
Positive
Apr 13, 2026
On April 13, 2026, CVRx reported preliminary, unaudited first-quarter 2026 results showing expected revenue of $14.7 million to $14.8 million, up about 20% from a year earlier, with gross margin improving to roughly 87% and operating expenses risi...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.