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CVRx, Inc., a commercial-stage medical device company, engages in developing, manufacturing, and commercializing neuromodulation solutions for patients with cardiovascular diseases in the United States, Germany, and internationally. The company offers Barostim, an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery to counteract decreased baroreceptor signaling, and provides baroreflex activation therapy, which links the cardiovascular system to the autonomic nervous system. It sells its products through direct sales force, sales agents, and independent distributors. The company was incorporated in 2000 and is headquartered in Minneapolis, Minnesota.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $57M | $-47M | $-53M | $-41M | -135.6% | 10.4% | -11.1% |
| 2024 | $51M | $-55M | $-60M | $-41M | -84.4% | 30.5% | 45.5% |
| 2023 | $39M | $-39M | $-41M | $-40M | -54.2% | 74.9% | -0.6% |
| 2022 | $22M | $-41M | $-41M | $-43M | -37.9% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 22.47 | 39.30 | 51.29 | 56.65 |
| Operating Revenue | - | 22.47 | 39.30 | 51.29 | 56.65 |
| Cost Of Revenue | - | 5 | 6.26 | 8.33 | 8.31 |
| Gross Profit | - | 17.47 | 33.04 | 42.96 | 48.34 |
| Operating Expense | - | 60 | 76.14 | 102.45 | 99.60 |
| Research And Development | - | 9.95 | 11.63 | 11.13 | 11.13 |
| Selling General And Administration | - | 50.04 | 64.51 | 91.32 | 88.47 |
| Total Expenses | - | 65 | 82.40 | 110.78 | 107.92 |
| Operating Income | - | -42.53 | -43.10 | -59.49 | -51.26 |
| Total Operating Income As Reported | - | -42.53 | -43.10 | -59.49 | -51.26 |
| EBITDA | - | -40.74 | -38.73 | -54.89 | -46.74 |
| Normalized EBITDA | - | -40.74 | -38.73 | -54.89 | -46.74 |
| EBIT | - | -41.15 | -39.25 | -55.51 | -47.50 |
| Interest Expense | - | 0.16 | 1.80 | 4.40 | 5.83 |
| Net Interest Income | - | -0.16 | -1.80 | -4.40 | -5.83 |
| Other Non Operating Income Expenses | - | 1.37 | 3.85 | 3.98 | 3.77 |
| Other Income Expense | - | 1.37 | 3.85 | 3.98 | 3.77 |
| Interest Expense Non Operating | - | 0.16 | 1.80 | 4.40 | 5.83 |
| Net Non Operating Interest Income Expense | - | -0.16 | -1.80 | -4.40 | -5.83 |
| Pretax Income | - | -41.32 | -41.05 | -59.91 | -53.32 |
| Tax Provision | - | 0.11 | 0.15 | 0.06 | -0.02 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Net Income From Continuing And Discontinued Operation | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Net Income From Continuing Operation Net Minority Interest | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Net Income | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Net Income Common Stockholders | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Net Income Including Noncontrolling Interests | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Normalized Income | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Diluted NI Availto Com Stockholders | - | -41.43 | -41.20 | -59.96 | -53.31 |
| Basic Average Shares | - | 20.53 | 20.75 | 22.60 | 26.08 |
| Diluted Average Shares | - | 20.53 | 20.75 | 22.60 | 26.08 |
| Reconciled Depreciation | - | 0.41 | 0.52 | 0.62 | 0.76 |
| Reconciled Cost Of Revenue | - | 5 | 6.26 | 8.33 | 8.31 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CVRx, Inc.this co. | CVRX | $156M | - | 3.97 | -135.6% | - |
| Journey Medical Corporation | DERM | $171M | -14.98 | 5.38 | -35.9% | -51.87 |
| Inogen, Inc. | INGN | $171M | -7.51 | 0.89 | -11.8% | -8.86 |
| ADC Therapeutics SA | ADCT | $168M | -1.18 | -0.90 | 76.7% | -0.27 |
| Protalix BioTherapeutics, Inc. | PLX | $162M | - | 3.36 |
| - |
| - |
| - |
| - |
| -13.7% |
| - |
| Korro Bio, Inc. | KRRO | $161M | -1.38 | 3.13 | -228.0% | -2.20 |
| Nano-X Imaging Ltd. | NNOX | $144M | -1.92 | 1.03 | -53.7% | -2.10 |
| Health Catalyst, Inc. | HCAT | $143M | -0.81 | 0.58 | -72.4% | -2.57 |
| TuHURA Biosciences, Inc. | HURA | $139M | -4.64 | 6.75 | -145.5% | -4.65 |
| Peer Median | - | -1.92 | 2.08 | -44.8% | -2.57 | |