CVRx, Inc. (CVRX) Market Cap
CVRx, Inc. has a market capitalization of $193.7M.
Financials based on reported quarter end 2025-12-31
Price: $7.36
▲ 0.00 (0.00%)
Market Cap: 193.65M
NASDAQ · time unavailable
CEO: Kevin Hykes
Sector: Healthcare
Industry: Medical - Devices
IPO Date: 2021-06-30
Website: https://www.cvrx.com
CVRx, Inc. (CVRX) - Company Information
Market Cap: 193.65M · Sector: Healthcare
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.
Analyst Sentiment
Based on 7 ratings
Analyst 1Y Forecast: $11.50
Average target (based on 2 sources)
Consensus Price Target
Low
$10
Median
$12
High
$13
Average
$12
Potential Upside: 56.2%
Price & Moving Averages
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Fundamentals Overview
📊 AI Financial Analysis
Powered by StockMarketInfo"CVRX reported a revenue of $16.02M for the year ended December 31, 2025, but faced a net loss of $11.93M. Despite this, the company has a healthy balance sheet with total assets of $104.79M and total equity of $39.32M, indicating stability. However, significant liabilities of $65.47M indicate a leveraged position. As of now, CVRX has not generated positive cash flow, recording an operating cash flow of -$9.76M and significant free cash flow losses of -$9.83M. Shareholders received no dividends during this period. The stock price has experienced volatility, with a current price of $8.51 reflecting a 33.31% decrease over the past year, yet an increase of 19.86% year-to-date shows some market recovery. The average target price consensus of $11.50 suggests potential upside but requires careful consideration given the recent poor performance. Looking ahead, CVRX's growth hinges on improving operational efficiency and profitability."
Revenue Growth
Minimal growth observed; revenue of $16.02M reflects ongoing operations but limited progress.
Profitability
Negative net income of -$11.93M indicates profitability challenges.
Cash Flow Quality
Consistent negative operating cash flow highlights cash management issues.
Leverage & Balance Sheet
Total equity of $39.32M provides a buffer, but high debt levels raise concern.
Shareholder Returns
No dividends and a significant decline in share price over the past year diminish returns.
Analyst Sentiment & Valuation
Average price target suggests some optimism, contrasting with recent performance.
Disclaimer:This analysis is AI-generated for informational purposes only. Accuracy is not guaranteed and this does not constitute financial advice.
Management’s tone is constructive around 2026 catalysts—Category I CPT (effective 01/01/2026), improved Medicare Advantage approvals (46% vs 31%), and BENEFIT HF credibility (first enrollments expected in 2026). However, the Q&A shows the “softer underbelly”: Category I is still in a transition cycle requiring payer-by-payer resubmissions and “some number of quarters” to clear the prior-authorization gap, even though some payers have begun approving claims that historically were rejected (100%). On growth mechanics, management reaffirmed a structured expansion plan (~3 territories/quarter, 3-5 centers/territory) but also admitted near-term growth impact from integrating new reps. Gross margin guidance stays constrained (84%-86%) with explicit caution not to over-rely on FY 2025 ASP outperformance (base-case ~$31k). Overall, analysts pressured for implementation detail, and management delivered it—suggesting execution visibility improving, but near-term friction and margin/ASP discipline remain the gating factors.
Growth Catalysts
- Category I CPT codes effective 01/01/2026 expected to reduce prior-authorization friction
- BENEFIT HF trial initiation (first enrollments expected in 2026) providing credibility/goodwill (explicitly not material revenue in 2026)
- Program-selling “flywheel” driving deeper adoption and more consistent implant utilization at top centers
Business Development
- BENEFIT HF trial: ~150 U.S. centers plus a handful in Germany (recruitment still early; mix includes both experienced and not-yet-commercial implanting centers)
- Trial reimbursement framework: hospitals reimbursed via Medicare/Medicare Advantage for device-implant procedures
Financial Highlights
- Q4 2025 revenue: $16.0m (+$0.7m / +4% YoY); U.S. revenue $14.9m (+4% YoY); Europe $1.1m (+10% YoY)
- Q4 2025 gross margin: 86% vs 83% prior year (+300 bps); gross profit $13.8m (+8% YoY) driven by higher ASPs and lower cost per unit from manufacturing efficiency
- FY 2025 revenue: $56.7m with 410% growth stated (management framing)
- Q4/FY losses: FY 2025 net loss $11.9m (-$0.46/share) vs FY 2024 net loss $10.7m (-$0.43/share)
- Medicare Advantage prior authorization approval rate: 46% in 2025 vs 31% in 2024 (+15 percentage points)
- Guidance (FY 2026): total revenue $63m-$67m; gross margin 84%-86%; operating expenses $103m-$107m; Q1 2026 revenue $13.7m-$14.7m
- Key gross margin risk discussed: management expects to avoid “over our skis” ASP assumptions; base-case U.S. ASP around ~$31k (Q4/Q4+ context: FY 2025 exceeded expectations getting north of $31k ASP)
Capital Funding
- Cash & equivalents: $75.7m as of 12/31/2025
- Innovatus term loan amendment (Jan 2026): increased facility by $50m to aggregate principal up to $100m (subject to milestones)
- Borrowing at closing: additional $10m; total outstanding principal $60m
- Interest-only period extended 4 years from closing date; extendable to 5 years upon achieving revenue milestones
- Term loan maturity: May 2031
Strategy & Ops
- Sales footprint expansion (FY end): 53 U.S. territories (vs 48 end of 2024; 50 at 09/30/2025) and 252 active implanting centers (vs 223 end of 2024; 250 at 09/30/2025)
- Commercial execution changes: optimized field leadership, added dedicated training resources, narrowed rep focus to ~3-5 high-potential accounts to drive deep adoption
- Operational hurdle acknowledged: integrating new reps created “near-term impact on growth” (implied cadence pressure); management expects the sales productivity ramp to continue into 2026
Market Outlook
- Category I CPT tailwind mechanics: resubmitting late-2025 prior auths caught in the “gap” with the new codes; expecting multiple quarters of transition
- Growth build model for 2026: add ~3 territories per quarter, each managing ~3-5 active implanting centers; “high single-digit” net account adds per quarter assumed
Risks & Headwinds
- Transition friction on reimbursement coding: during early Category I transition, must update payer filings and resubmit prior authorizations; timeline for full payer adaptation described as “some number of quarters”
- Near-term growth pressure from sales-force integration: management stated integrating many new reps created “some near-term impact on growth” (core acknowledged constraint)
- Gross margin sensitivity: management explicitly cautioned against assuming elevated ASPs; did not bake in further cost-per-unit reductions into 2026 guide despite capacity/manufacturing efficiencies
- Trial timing vs near-term revenue: BENEFIT HF enrollment in 2026 expected but trial not expected to have material impact on 2026 revenue results (time-to-impact risk)
Sentiment: MIXED
Note: This summary was synthesized by AI from the CVRX Q4 2025 earnings transcript. Financial data is complex; please verify all metrics against official SEC filings before making investment decisions.