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CVRx (CVRX)
NASDAQ:CVRX
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CVRx
(NASDAQ:CVRX)
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Rating:49Neutral
Price Target:
$9.00
▲(9.49% Upside)
CVRx's overall stock score is primarily impacted by its financial performance challenges, including high operating losses and negative cash flows. While the earnings call provided some positive insights, such as revenue growth and strategic progress, the technical indicators suggest potential bearish momentum. The valuation remains a concern due to the negative P/E ratio and lack of dividend yield.
Positive Factors
Revenue Growth
Consistent revenue growth indicates strong demand for CVRx's products, supporting long-term market expansion and financial stability.
Reimbursement Improvements
Improved reimbursement strategies enhance revenue predictability and support broader adoption of CVRx's Barostim Therapy, strengthening market position.
Expansion of Implanting Centers
Expanding implanting centers increases market penetration and accessibility, driving future revenue growth and reinforcing CVRx's competitive edge.
Negative Factors
Net Loss
Ongoing net losses highlight challenges in achieving profitability, which could strain resources and limit strategic investments over time.
Rising SG&A Expenses
Higher SG&A expenses reduce operating efficiency, potentially impacting margins and delaying the path to profitability if not managed effectively.
Interest Expense Rise
Increased interest expenses from higher borrowings can pressure cash flows and limit financial flexibility, affecting long-term financial health.
CVRx (CVRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$215.45M
Dividend YieldN/A
Average Volume (3M)197.28K
Price to Earnings (P/E)―
Beta (1Y)1.01
Revenue Growth18.44%
EPS Growth25.42%
CountryUS
Employees206
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.49
Shares Outstanding26,210,110
10 Day Avg. Volume162,574
30 Day Avg. Volume197,283
Financial Highlights & Ratios
PEG Ratio-0.14
Price to Book (P/B)4.03
Price to Sales (P/S)5.58
P/FCF Ratio-7.07
Enterprise Value/Market Cap0.82
Enterprise Value/Revenue3.15
Enterprise Value/Gross Profit3.71
Enterprise Value/Ebitda-3.89
Forecast
1Y Price Target
$12.67Price Target Upside54.14% Upside
Rating ConsensusStrong Buy
Number of Analyst Covering5
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
CVRx Business Overview & Revenue Model
Company DescriptionCVRx, 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 MoneyCVRx 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 Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Jan 22, 2026
Earnings Call Sentiment Neutral
The earnings call reflects substantial progress with a notable increase in revenue, expanded commercial footprint, and improved gross margins. However, challenges remain with increased R&D expenses, higher interest expenses, and a net loss. The positive developments in clinical evidence and approval of a Category I CPT code are promising for future growth.Q3-2025 Updates
Positive Updates
Revenue Growth
Revenue increased by 10% year-over-year, reaching $14.7 million for Q3 2025, driven by growth in the U.S. heart failure business.
Expansion of Active Implanting Centers
The company added 10 net new centers in Q3, bringing the total to 250 active implanting centers in the U.S.
Gross Margin Improvement
Gross margin increased to 87% in Q3 2025, up from 83% in Q3 2024, due to increased average selling prices and improved manufacturing efficiencies.
Category I CPT Code Approval
Transition to a Category I CPT code effective January 1, 2026, expected to improve reimbursement and reduce prior authorization denials.
Positive Developments in Clinical Evidence
Increasing flow of independent peer-reviewed publications reporting positive patient outcomes and reduced hospitalizations with Barostim therapy.
Negative Updates
European Revenue Decline
Total revenue units in Europe decreased to 50 for Q3 2025, compared to 56 in the prior year period.
R&D Expenses Increase
R&D expenses increased by 26% to $3.1 million in Q3 2025, driven by higher compensation and consulting expenses.
Interest Expense Increase
Interest expense increased by $0.5 million due to higher levels of borrowings under the term loan agreement.
Net Loss
Net loss was $12.9 million or $0.49 per share for Q3 2025, compared to a net loss of $13.1 million or $0.57 per share for Q3 2024.
Company Guidance
During the CVRx Third Quarter 2025 Earnings Conference Call, the company provided updated financial guidance, forecasting full-year revenue between $55.6 million and $56.6 million, with a gross margin expectation of 85% to 86%. Operating expenses are projected to be between $98 million and $99 million. For the fourth quarter of 2025, CVRx anticipates revenue between $15 million and $16 million. The company also highlighted a successful third quarter with $14.7 million in revenue, a 10% increase year-over-year, and a gross margin of 87%. The call emphasized the progress of their strategic priorities, including the development of a world-class sales organization and enhancing patient access to Barostim therapy. Additionally, CVRx discussed the transition to a Category I CPT code effective January 1, 2026, which is expected to improve reimbursement processes and further support the adoption of Barostim therapy.CVRx Financial Statement Overview
Summary
CVRx shows strong revenue growth and a solid gross profit margin, but faces significant challenges with profitability and cash flow management. High operating losses and negative cash flows are major concerns.Income Statement
CVRx has shown consistent revenue growth, with a TTM revenue growth rate of 2.41%. However, the company is struggling with profitability, as indicated by negative net profit margins and EBIT margins. The gross profit margin remains strong at 84.04%, suggesting efficient production processes, but the high operating losses are a concern.Balance Sheet
The debt-to-equity ratio has increased to 0.87 in the TTM, indicating rising leverage, though it remains manageable. The return on equity is negative, reflecting ongoing losses. The equity ratio is relatively stable, suggesting a balanced asset structure, but the company needs to improve profitability to enhance financial stability.Cash Flow
CVRx's cash flow situation is challenging, with negative operating and free cash flows. The free cash flow to net income ratio is slightly above 1, indicating that cash flow generation is aligned with reported losses. However, the negative free cash flow growth rate and operating cash flow coverage ratio highlight liquidity concerns.| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 55.97M | 51.29M | 39.30M | 22.47M | 13.04M | 6.05M |
| Gross Profit | 47.56M | 42.96M | 33.04M | 17.47M | 9.40M | 4.61M |
| EBITDA | -45.43M | -54.89M | -38.73M | -40.74M | -40.60M | -11.48M |
| Net Income | -52.02M | -59.97M | -41.20M | -41.43M | -43.08M | -14.11M |
Balance Sheet | ||||||
| Total Assets | 111.33M | 133.41M | 115.23M | 124.94M | 152.55M | 64.78M |
| Cash, Cash Equivalents and Short-Term Investments | 85.12M | 105.93M | 90.57M | 106.19M | 142.07M | 59.11M |
| Total Debt | 50.18M | 50.43M | 30.61M | 7.09M | 0.00 | 19.28M |
| Total Liabilities | 63.27M | 62.36M | 39.28M | 15.76M | 6.59M | 358.01M |
| Stockholders Equity | 48.05M | 71.06M | 75.95M | 109.18M | 145.96M | -293.24M |
Cash Flow | ||||||
| Free Cash Flow | -28.98M | -40.51M | -39.61M | -43.36M | -28.91M | -16.41M |
| Operating Cash Flow | -28.71M | -39.14M | -39.02M | -42.68M | -27.73M | -16.10M |
| Investing Cash Flow | -269.00K | -1.36M | -591.00K | -685.00K | -1.18M | -311.00K |
| Financing Cash Flow | 23.84M | 55.87M | 23.98M | 7.49M | 111.88M | 49.78M |
CVRx Technical Analysis
Positive
8.22
Price Trends
8.92
Negative
8.58
Negative
7.97
Positive
Market Momentum
-0.28
Negative
55.53
Neutral
91.16
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 8.22 is above the 20-day moving average (MA) of 7.86, below the 50-day MA of 8.92, and above the 200-day MA of 7.97, indicating a neutral trend. The MACD of -0.28 indicates Negative momentum. The RSI at 55.53 is Neutral, neither overbought nor oversold. The STOCH value of 91.16 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for CVRX.
CVRx Risk Analysis
CVRx disclosed 54 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 |
|---|---|---|---|---|---|---|---|
78 Outperform | $245.21M | 31.22 | 19.02% | ― | 16.05% | 29.48% | |
72 Outperform | $276.39M | 21.87 | 10.53% | ― | 18.90% | 29.22% | |
66 Neutral | $100.80M | 68.53 | 3.64% | ― | 16.88% | ― | |
54 Neutral | $193.20M | -3.41 | -34.75% | ― | 15.19% | -3.32% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
49 Neutral | $215.45M | -4.18 | -91.88% | ― | 18.44% | 25.42% | |
43 Neutral | $198.73M | -7.19 | -13.27% | ― | 4.68% | 55.37% |
* Healthcare Sector Average
CVRX
CVRx
8.45
-5.72
-40.37%
ELMD
Electromed
29.02
-0.75
-2.52%
INGN
Inogen
7.22
-2.33
-24.40%
XTNT
Xtant Medical Holdings
0.70
0.20
40.36%
VMD
Viemed Healthcare
7.23
-0.72
-9.06%
NNOX
Nano-X Imaging
3.01
-5.06
-62.70%
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.