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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% | - |
| 2024 | $51M | $-55M | $-60M | $-41M | -84.4% | 30.5% | - |
| 2023 | $39M | $-39M | $-41M | $-40M | -54.2% | 74.9% | - |
| 2022 | $22M | $-41M | $-41M | $-43M | -37.9% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 | 99.61 |
| Operating Income | -42.53 | -43.10 | -59.49 | -51.27 |
| EBITDA | -40.74 | -38.73 | -54.89 | -46.74 |
| EBIT | -41.15 | -39.25 | -55.51 | -47.50 |
| Pretax Income | -41.32 | -41.05 | -59.91 | -53.32 |
| Tax Provision | 0.11 | 0.15 | 0.06 | -0.02 |
| Net Income | -41.43 | -41.20 | -59.97 | -53.31 |
| Net Income Common Stockholders | -41.43 | -41.20 | -59.97 | -53.31 |
| Total Expenses | 65 | 82.40 | 110.78 | 107.92 |
| Interest Expense | 0.17 | 1.80 | 4.40 | 5.83 |
| Research And Development | 9.95 | 11.63 | 11.13 | 11.13 |
| Selling General And Administration | 50.05 | 64.51 | 91.32 | 88.47 |
| Normalized EBITDA | -40.74 | -38.73 | -54.89 | -46.74 |
| Normalized Income | -41.43 | -41.20 | -59.97 | -53.31 |
| Basic EPS | -2.02 | -1.99 | -2.65 | -2.04 |
| Diluted EPS | -2.02 | -1.99 | -2.65 | -2.04 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -41.43 | -41.20 | -59.97 | -53.31 |
| Reconciled Depreciation | 0.41 | 0.52 | 0.62 | 0.76 |
| Reconciled Cost Of Revenue | 5 | 6.26 | 8.33 | 8.31 |
| Net Interest Income | -0.17 | -1.80 | -4.40 | -5.83 |
| Net Income From Continuing And Discontinued Operation | -41.43 | -41.20 | -59.97 | -53.31 |
| Total Operating Income As Reported | -42.53 | -43.10 | -59.49 | -51.27 |
| Diluted Average Shares | 20.53 | 20.75 | 22.60 | 26.08 |
| Basic Average Shares | 20.53 | 20.75 | 22.60 | 26.08 |
| Diluted NI Availto Com Stockholders | -41.43 | -41.20 | -59.97 | -53.31 |
| Net Income Including Noncontrolling Interests | -41.43 | -41.20 | -59.97 | -53.31 |
| Net Income Continuous Operations | -41.43 | -41.20 | -59.97 | -53.31 |
| Other Income Expense | 1.37 | 3.85 | 3.98 | 3.77 |
| Other Non Operating Income Expenses | 1.37 | 3.85 | 3.98 | 3.77 |
| Net Non Operating Interest Income Expense | -0.17 | -1.80 | -4.40 | -5.83 |
| Interest Expense Non Operating | 0.17 | 1.80 | 4.40 | 5.83 |
| Operating Revenue | 22.47 | 39.30 | 51.29 | 56.65 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| CVRx, Inc.this co. | CVRX | $181M | - | 4.60 | -135.6% | -3.08 |
| Quantum-Si incorporated | QSI | $187M | - | 0.85 | -46.0% | -0.31 |
| KORU Medical Systems, Inc. | KRMD | $185M | - | 10.79 | -15.5% | -78.39 |
| Humacyte, Inc. | HUMA | $182M | - | 51.25 | -1313.4% | -1.97 |
| Korro Bio, Inc. | KRRO | $182M | - | 2.31 |
| -228.0% |
| -1.81 |
| AirSculpt Technologies, Inc. | AIRS | $179M | - | 1.87 | -13.3% | 32.00 |
| Stereotaxis, Inc. | STXS | $177M | - | 12.91 | -115.6% | -9.48 |
| Tonix Pharmaceuticals Holding Corp. | TNXP | $176M | - | 0.65 | -50.6% | 0.32 |
| Alpha Teknova, Inc. | TKNO | $173M | - | 2.52 | -25.1% | -17.76 |
| Peer Median | - | - | 2.41 | -48.3% | -1.89 | |