CVRx (CVRX) AI Stock Analysis

• Market Cap: $197.62M
• Dividend Yield: N/A
• Average Volume (3M): 197.28K
• Price to Earnings (P/E): ―
• Beta (1Y): 1.07
• Revenue Growth: 18.44%
• EPS Growth: 25.42%
• Country: US
• Employees: 206
• Sector: Healthcare
• Sector Strength: 45
• Industry: Medical - Devices
• EPS (TTM): N/A
• Shares Outstanding: 26,210,110
• 10 Day Avg. Volume: 162,574
• 30 Day Avg. Volume: 197,283
• 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 Cap: 0.75
• Enterprise Value/Revenue: 2.66
• Enterprise Value/Gross Profit: 3.13
• Enterprise Value/Ebitda: -3.28
• 1Y Price Target: $12.67
• Price Target Upside: 76.96% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 5
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 48 Neutral
• Price Target: $7.00 ▼(-2.23% Downside)

The score is held down primarily by weak financial quality (ongoing losses and negative operating/free cash flow) and a still-soft technical setup (below key longer-term averages, negative MACD). These are partially offset by a more positive earnings outlook tied to reimbursement improvements and continued revenue growth, though valuation remains challenged due to negative earnings and no dividend support.

Positive Factors

High Gross Margins

Sustained mid-80s gross margins reflect strong manufacturing efficiency and pricing power for Barostim. High product-level margins provide structural cushion to absorb SG&A and R&D as the company scales commercial efforts, supporting long-term unit economics even before profitability.

Improved Reimbursement

Transition to a Category I CPT code is a durable structural improvement that reduces prior authorization barriers and simplifies hospital reimbursement. This materially eases adoption for implanting centers and should sustainably accelerate procedure uptake and predictable revenue flows over months to years.

Clinical Program Expands Market

A large randomized BENEFIT-HF trial and a CMS coverage filing represent structural investments in evidence generation. Positive trial outcomes and coverage could materially expand the addressable U.S. heart-failure population, strengthening long-term adoption, payer backing, and competitive positioning.

Negative Factors

Negative Cash Flow

Persistent negative operating and free cash flows create ongoing funding needs that constrain commercialization pace. Even with year-end cash and financing options, continued cash burn increases reliance on equity/debt raises or draws under the term loan, risking dilution or higher leverage.

Rising Leverage

Elevated and rising leverage increases fixed obligations and sensitivity to interest costs. The company has expanded borrowings and amended its term loan (higher capacity, interest-only periods), which lengthens runway but raises structural financial risk if revenue acceleration falters.

Continued Net Losses and High OpEx

Ongoing net losses combined with projected high operating expenses (guidance shows OpEx well above current revenue) indicate a multi-quarter path to profitability. Sustaining commercial expansion while funding R&D and trial investments will pressure margins and may necessitate further capital raises.

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

Revenue is growing but remains modest (TTM growth 2.41%) while profitability is weak with negative margins and operating losses. Gross margin is very strong (84.04%), but leverage has risen (D/E 0.87) and cash flow is a key risk with negative operating and free cash flow.

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

• Technical Analysis Sentiment: Negative
• Last Price: 7.16
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• 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 Negative. The current price of 7.16 is above the 20-day moving average (MA) of 6.97, below the 50-day MA of 8.03, and below the 200-day MA of 7.69, indicating a neutral trend. The MACD of -0.30 indicates Negative momentum. The RSI at 49.23 is Neutral, neither overbought nor oversold. The STOCH value of 81.81 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CVRX.

CVRx Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
ELMD	78 Outperform	$236.87M	31.30	19.02%	―	16.05%	29.48%
VMD	72 Outperform	$283.23M	22.32	10.53%	―	18.90%	29.22%
XTNT	66 Neutral	$85.93M	60.39	3.64%	―	16.88%	―
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
INGN	50 Neutral	$159.90M	-5.84	-13.27%	―	4.68%	55.37%
CVRX	48 Neutral	$197.62M	-3.54	-91.88%	―	18.44%	25.42%
NNOX	47 Neutral	$204.04M	-3.41	-34.75%	―	15.19%	-3.32%

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.