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what it is
CVRx sells Barostim, an implanted device that uses nerve stimulation to help some heart-failure patients feel and function better.
how it gets paid
Last year Cvrx made $57M in revenue. u.s. heart failure implants was the main engine at $36.5M, or 64% of sales.
why it's growing
Revenue grew 10.4% last year. Revenue rose 177% vs. prior year in the latest quarter.
what just happened
Revenue hit $41M, but EPS fell to -$1.59 and the loss story still overwhelmed the growth story.
At a glance
C++ balance sheet — some cracks in the foundation
-$2.65 fy2024 eps est
$2B fy2026 rev est
90.5% operating margin
1.1 beta
xvary composite: 32/100 — weak
What they do
CVRx sells Barostim, an implanted device that uses nerve stimulation to help some heart-failure patients feel and function better.
CVRx wins because Barostim is the only commercially available neuromodulation device approved for heart failure in the U.S., according to the company profile. Regulatory approval → legal permission to sell → so what: if your hospital wants this therapy today, there is one branded option. The device also got Breakthrough Device designation and CVRx has 206 employees behind a focused sales push, which matters when a tiny company needs every rep to count.
How they make money
$57M
annual revenue · their business grew +10.4% last year
u.s. heart failure implants
$36.5M
implantable pulse generators
$8.6M
leads and accessories
$6.8M
international distributor sales
$3.4M
other therapy support
$1.7M
The products that matter
implantable neuromodulation device
Barostim
$56.7M revenue · 85% gross margin
it is the only commercial product and generated $56.7M last year. The 85% gross margin is impressive. The concentration risk is the quiet part.
100% of sales
Key numbers
90.5%
operating margin
Operating margin → what is left after running the business → so what: CVRx still loses about 91 cents for every $1 of sales.
$50M
long-term debt
Debt equals 20% of capital. On a roughly $198M market cap, that is a real claim on a business still losing money.
$57M
annual revenue
Revenue grew 10.4% vs. prior year. Sales are moving up, but the base is still small against the current valuation.
-$2.65
2024 EPS
EPS → profit per share → so what: each share absorbed a $2.65 loss in 2024, which is a steep hit for a $7.33 stock.
Financial health
C++
strength
- balance sheet grade C++ — below average — limited financial resources
- risk rank 5 — safer than 5% of stocks
- price stability 5 / 100
- long-term debt $50M (20% of capital)
C++ — below average. watch for debt servicing and cash burn.
Total return vs. market
Return history isn't available for CVRX right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue hit $41M, but EPS fell to -$1.59 and the loss story still overwhelmed the growth story.
Revenue rose 177% vs. prior year in the latest quarter, while gross margin held at 85.0%. Gross margin → money left after making the product → so what: the device economics look strong, but operating costs are still crushing the bottom line.
$15M
revenue
$1.59
eps
85.0%
gross margin
the number that mattered
The 85.0% gross margin matters most because it says the product itself is attractive. The problem is everything wrapped around it.
source: company earnings report, 2026
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What could go wrong
the #1 risk is Barostim adoption and reimbursement execution. When one device drives essentially all revenue, there is nowhere else for a miss to hide.
med
Single-product concentration
Barostim produced $56.7M of the company's $57.0M in annual revenue. That is effectively the entire business. Any regulatory issue, physician adoption slowdown, or reimbursement pressure would hit almost all sales at once.
Impact: this risk touches roughly 99% of revenue.
med
Cash burn outrunning the runway
Operating cash flow was negative $40.17M over the last 12 months against $75.7M of cash on hand. That math gives you time. It does not give you comfort if growth slips.
Impact: at the current burn rate, the cash runway is about 18 months before new financing becomes part of the conversation.
med
Commercial scale versus larger rivals
CVRx has one approved device and a small revenue base. Larger medtech competitors can spend more on sales coverage, physician education, and R&D. An 85% gross margin helps. It does not buy market leadership on its own.
Impact: the stock needs revenue growth to stay fast enough to absorb selling and administrative costs. If scale does not come, losses stick around.
A business with a $198M market cap, $75.7M in cash, and a $40.17M annual cash burn cannot afford a slow commercialization year.
source: institutional data · regulatory filings · risk analysis
Pay attention to
revenue
the $63M–$67M 2026 guide
This is the scorecard now. If quarterly revenue does not point toward that range, the bull case turns into a financing story fast.
cash
burn versus the $75.7M cash balance
You do not need perfection here. You do need burn to start narrowing from the recent $40.17M pace.
calendar
Q1 2026 earnings
The street expects $14.38M in revenue and EPS of -$0.50. Early-year numbers matter because they tell you whether the full-year guide is grounded or hopeful.
adoption
Barostim clinical and physician momentum
Late-breaking data at THT 2026 could help adoption. For a one-product company, clinical visibility and commercial traction are basically the same story.
Analyst rankings
coverage depth
thin
There is not much of a clean analyst-score framework on this page. in human-speak, wall street is not giving you a broad consensus map here.
near-term expectation
$14.38M
That is the Q1 2026 revenue expectation. For a company this small, one quarter can move the story more than a full year does for a megacap.
earnings expectation
-$0.50
The street still expects losses. Translation: analysts are underwriting growth first and profitability later.
source: institutional data
Institutional activity
institutional ownership data for CVRX is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$7
current price
n/a
target midpoint · n/a from current
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