CVRx, Inc. CVRX
CVRx is a commercial-stage medical device company focused on developing, manufacturing, and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular disease. Barostim is the first medical technology approved by the U.S. Food and Drug Administration (the "FDA") that uses neuromodulation to improve the symptoms of patients with heart failure ("HF"). Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery to counteract decreased baroreceptor signaling, which creates an imbalance in the brain's Autonomic Nervous System ("ANS") resulting in excess neurohormones that drive HF progression. Barostim provides Baroreflex Activation Therapy ("BAT," or "Barostim Therapy"), which links the cardiovascular system to the ANS. This therapy complements the pharmaceutical neurohormonal blockade, or Guideline Directed Medical Therapy ("GDMT"), by increasing the signaling of the baroreceptors, thereby, reducing symptoms of HF. Barostim received the FDA Breakthrough Device designation and is FDA-approved for use in HF patients in the U.S. We estimate our total market opportunity using both prevalence and incidence epidemiologic models in which prevalence reflects the total number of individuals indicated for therapy at a given time, while incidence captures the annual occurrence of new cases meeting the indication. Based on these distinct models, we estimate that our prevalence-based market opportunity for HFrEF is $10.5 billion in the U.S. Using an incidence-based model, we estimate an annual market opportunity of $2.4 billion in the U.S.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Revenue | $56.7M | $51.3M | $39.3M | $22.5M | $13.0M | $6.1M | — |
| Cost of revenue | $8.3M | $8.3M | $6.3M | $5.0M | $3.6M | $1.4M | — |
| Gross profit | $48.3M | $43.0M | $33.0M | $17.5M | $9.4M | $4.6M | — |
| R&D | $11.1M | $11.1M | $11.6M | $10.0M | $7.5M | $6.4M | — |
| SG&A | $88.5M | $91.3M | $64.5M | $50.0M | $27.9M | $9.7M | — |
| Total operating expenses | $99.6M | $102.4M | $76.1M | $60.0M | $35.4M | $16.1M | — |
| Operating income | -$51.3M | -$59.5M | -$43.1M | -$42.5M | -$26.0M | -$11.5M | — |
| Interest expense | $5.8M | $4.4M | $1.8M | $165.0K | $2.2M | $2.5M | — |
| Pre-tax income | -$53.3M | -$59.9M | -$41.1M | -$41.3M | -$43.0M | -$14.0M | — |
| Income tax | $18.0K | $55.0K | $147.0K | $109.0K | $91.0K | $85.0K | — |
| Net income | -$53.3M | -$60.0M | -$41.2M | -$41.4M | -$43.1M | -$14.1M | — |
| EPS, basic | -2.04 | -2.65 | -1.99 | -2.02 | -4.16 | — | — |
| EPS, diluted | -2.04 | -2.65 | -1.99 | -2.02 | -4.16 | -37.01 | — |
| Shares, diluted (wtd. avg.) | 26.1M | 22.6M | 20.8M | 20.5M | 10.4M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Cash and equivalents | $75.7M | $105.9M | $90.6M | $106.2M | $142.1M | $59.1M | $25.7M |
| Receivables | $10.7M | $9.3M | $7.6M | $5.5M | $2.6M | $1.3M | — |
| Inventory | $12.2M | $12.1M | $11.0M | $7.0M | $3.9M | $3.3M | — |
| Total current assets | $101.6M | $129.8M | $112.1M | $122.9M | $151.1M | $64.3M | — |
| Property, plant and equipment | $2.2M | $2.5M | $1.8M | $1.7M | $1.4M | $410.0K | — |
| Total assets | $104.8M | $133.4M | $115.2M | $124.9M | $152.5M | $64.8M | — |
| Accounts payable | $3.8M | $2.6M | $1.9M | $1.7M | $510.0K | $483.0K | — |
| Total current liabilities | $13.3M | $10.8M | $7.9M | $8.1M | $5.9M | $8.0M | — |
| Long-term debt | $49.5M | $49.3M | $29.2M | $6.7M | $0 | $19.3M | — |
| Total liabilities | $65.5M | $62.4M | $39.3M | $15.8M | $6.6M | $28.0M | — |
| Retained earnings | -$590.7M | -$537.3M | -$477.4M | -$436.2M | -$394.8M | -$351.7M | — |
| Total equity | $39.3M | $71.1M | $75.9M | $109.2M | $146.0M | -$293.2M | -$279.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -$40.2M | -$39.1M | -$39.0M | -$42.7M | -$27.7M | -$16.1M | — |
| Depreciation and amortisation | $756.0K | $619.0K | $522.0K | $412.0K | $168.0K | $75.0K | — |
| Stock-based compensation | $11.1M | $19.1M | $6.3M | $3.9M | $1.9M | $132.0K | — |
| Capital expenditure | $580.0K | $1.4M | $591.0K | $685.0K | $1.2M | $311.0K | — |
| Investing cash flow | -$580.0K | -$1.4M | -$591.0K | -$685.0K | -$1.2M | -$311.0K | — |
| Financing cash flow | $10.5M | $55.9M | $24.0M | $7.5M | $111.9M | $49.8M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001104659-26-014708.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|
| Revenue | — | $6.1M | $13.0M | $22.5M | $39.3M | $51.3M | $56.7M |
| Gross profit | — | $4.6M | $9.4M | $17.5M | $33.0M | $43.0M | $48.3M |
| Net income | — | -$14.1M | -$43.1M | -$41.4M | -$41.2M | -$60.0M | -$53.3M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Results announced Item 2.02
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Officer or director change Item 5.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Material agreement signed Item 1.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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