One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
CVRx, Inc.
CVRX · NMS · Healthcare · Medical Devices
Current price
$0.78
52-week range
$0.72 - $10.28
Market cap
$22.24M
Balance sheet
Distressed
-8.80x Concerning
Net debt $639.00K. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
2 Risks
1 rewards · 2 risks
- Reward Revenue grew 6.5% last year.
- Risk Return on equity was -172.2% last year — the company lost money on shareholders' equity.
- Risk Insider ownership is only 10.3% (peer median: 13.4%).
What this company does
CVRx, Inc.
CVRx makes a small implantable device called Barostim that helps patients with heart failure by sending electrical pulses to improve how their bodies manage blood pressure. Their main income comes from selling these devices and related services to hospitals. This matters because it offers a new treatment option for people who haven't found relief with other therapies.
How the company got here
CVRx was founded in 2001 with the goal of developing a new way to treat cardiovascular diseases using electrical stimulation. The company's early work focused on systems for resistant hypertension. A key turning point was the development of the Barostim platform and its subsequent FDA approval in 2019 for certain heart failure patients. This approval marked a shift from a research-focused company to one preparing for commercial sales. CVRx then went public with an Initial Public Offering (IPO) in 2021, providing capital to scale its operations and bring its technology to a wider market.
What it actually does
CVRx develops, manufactures, and sells medical devices that use a technique called neuromodulation to treat patients with cardiovascular diseases. Neuromodulation involves using electrical pulses to influence the body's nervous system. Their main product, Barostim, is an implantable device designed to help patients with heart failure. It works by sending electrical pulses to specific sensors in the neck, which then signal the brain to help rebalance the body's autonomic nervous system, a system that controls involuntary functions like heart rate and blood pressure.
Barostim Therapy
This is CVRx's primary and only reportable business segment. The company generates revenue by selling the Barostim system, which includes an implantable pulse generator and a lead system, to hospitals and cardiovascular programs. These healthcare providers then use the system to treat eligible patients suffering from heart failure with reduced ejection fraction who haven't found relief with standard medical treatments. The sale of the device is the main revenue driver, supported by the sale of external programming equipment and accessories used by clinicians for implantation and ongoing therapy management.
What management is betting on now
CVRx's current strategy focuses on making Barostim the standard treatment for eligible heart failure patients. To achieve this, management is prioritizing three key areas: building a strong sales team, developing sustainable programs within hospitals to encourage consistent use of Barostim, and actively working to remove any obstacles that might prevent doctors or patients from adopting the therapy. The company is also looking to expand its reach into new international markets and explore new uses for its technology through further clinical studies.
Price history
How the share price has moved
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Loading price history…
Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-8.06M
FY2025 Q1
$-12.88M
FY2025 Q2
$-8.04M
FY2025 Q3
$-10.00M
FY2025 Q4
$-9.83M
FY2026 Q1
$-12.29M
FY2026 Q2
$-8.94M
FY2026 Q3
$-10.99M
Revenue
$13.83M
Net income
$-14.16M
Diluted EPS
-0.52
Operating cash flow
$-10.90M
Free cash flow
$-10.99M
Fetching…
Sources
Revenue
$15.71M
Net income
$-14.04M
Diluted EPS
-0.53
Operating cash flow
$-8.83M
Free cash flow
$-8.94M
Fetching…
Sources
Revenue
$14.77M
Net income
$-13.12M
Diluted EPS
-0.50
Operating cash flow
$-12.16M
Free cash flow
$-12.29M
Fetching…
Sources
Revenue
$16.02M
Net income
$-11.93M
Diluted EPS
-0.45
Operating cash flow
$-9.76M
Free cash flow
$-9.83M
Fetching…
Sources
Revenue
$14.69M
Net income
$-12.87M
Diluted EPS
-0.49
Operating cash flow
$-9.71M
Free cash flow
$-10.00M
Fetching…
Sources
Revenue
$13.59M
Net income
$-14.74M
Diluted EPS
-0.57
Operating cash flow
$-7.94M
Free cash flow
$-8.04M
Fetching…
Sources
Revenue
$12.35M
Net income
$-13.77M
Diluted EPS
-0.53
Operating cash flow
$-12.77M
Free cash flow
$-12.88M
Fetching…
Sources
Revenue
$15.34M
Net income
$-10.65M
Diluted EPS
-1.04
Operating cash flow
$-8.01M
Free cash flow
$-8.06M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $0.78
We couldn't calculate a fair value right now.
Is it drowning in debt?
Distressed
Net debt $639,000. Interest coverage -8.8x.
Net debt
$639.00K
Interest coverage
-8.80x
CVRx, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Distressed
Worse cushion
Baseline
Better cushion
CVRX
BASELINE
CVRx, Inc.
Total debt $59.38M Interest coverage -8.80x This is the baseline the peer rows are being compared against.
Total debt $104.45M Interest coverage -4.78x Neither company has much profit cushion over interest right now.
Total debt $7.73M Interest coverage -42.63x Neither company has much profit cushion over interest right now.
Total debt $133.00K Interest coverage 28.98x This peer still has a real interest-payment cushion, while CVRX does not.
Total debt $16.26M Interest coverage -3.60x Neither company has much profit cushion over interest right now.
What you should know
The case for and against CVRX
1 Reward
2 Risks
Rewards
-
Revenue grew 6.5% last year.
Risks
-
Return on equity was -172.2% last year — the company lost money on shareholders' equity.
-
Insider ownership is only 10.3% (peer median: 13.4%).
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-0.42x
P/B
1.61x
P/S
0.37x
EV/EBITDA
-0.47x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
86.9%
Operating margin
-94.3%
Net margin
-88.3%
ROE
-172.2%
ROA
-31.0%
Health
Liquidity and balance-sheet strength
Debt / equity
4.30x
Current ratio
6.80x
Quick ratio
5.46x
Total debt
$59.38M
Total cash
$58.75M
Growth
How the business has been compounding
Revenue TTM
$60.33M
Revenue 5Y CAGR
44.4%
EPS TTM
-2.00
EPS 5Y CAGR
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Cash flow
How much cash the business throws off
Operating CF TTM
$-41.65M
Free CF TTM
$-40.75M
FCF margin
-67.5%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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