Want to see CVRX full AI Analyst Report?
Top Page
CVRx
(NASDAQ:CVRX)
Select Model
Select Model
Rating:45Neutral
Price Target:
$2.50
▼(-23.55% Downside)
Action:Reiterated
Date:09/22/26
The score is held down primarily by weak financial quality (large losses, ongoing cash burn, and a pressured balance sheet). Technicals also remain bearish with the stock below key moving averages. Offsetting factors include strong gross margins and revenue growth, plus some reimbursement progress and liquidity runway, but guidance was cut and execution/legal risks remain significant.
Positive Factors
Commercial Adoption
Q2 revenue rose 16% year over year, while U.S. revenue increased 21%, units rose 19%, and active implanting centers expanded to 258. This indicates continued physician and site adoption of Barostim, supporting a broader commercial base and recurring procedure-related demand over coming quarters.
Negative Factors
Losses, Cash Burn and Leverage
Persistent operating and net losses, negative operating and free cash flow, and higher leverage mean CVRx has not yet converted growth into self-funded expansion. Continued cash consumption can increase reliance on debt or equity financing, while a weaker capital structure may constrain investment and raise dilution or refinancing risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Commercial Adoption
Q2 revenue rose 16% year over year, while U.S. revenue increased 21%, units rose 19%, and active implanting centers expanded to 258. This indicates continued physician and site adoption of Barostim, supporting a broader commercial base and recurring procedure-related demand over coming quarters.
Read all positive factors
CVRx (CVRX) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$71.93M
Dividend YieldN/A
Average Volume (3M)651.72K
Price to Earnings (P/E)―
Beta (1Y)0.18
Revenue Growth11.96%
EPS Growth6.12%
CountryUS
Employees223
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-1.98
Shares Outstanding26,641,598
10 Day Avg. Volume516,484
30 Day Avg. Volume651,717
Financial Highlights & Ratios
PEG Ratio0.15
Price to Book (P/B)4.71
Price to Sales (P/S)3.27
P/FCF Ratio-4.54
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price Target
$4.38Price Target Upside33.79% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering6
EPS Forecast (FY)-2.01
Revenue Forecast (FY)$58.96M
CVRx Business Overview & Revenue Model
Company Description
CVRx, Inc. is a commercial-stage medical technology company focused on innovating, producing, and bringing to market neuromodulation solutions designed for individuals battling cardiovascular diseases. Its principal offering, Barostim, is an advan...
How the Company Makes Money
CVRx generates revenue primarily from selling its Barostim therapy to healthcare providers (typically hospitals and implanting centers). Revenue is generally recognized from the sale of the implantable system and related components (e.g., implanta...
CVRx Earnings Call Summary
Earnings Call Date:Aug 06, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 03, 2026
Earnings Call Sentiment Neutral
The call presented a mix of meaningful commercial and clinical progress (16% Q2 revenue growth, improving margins, strong Medicare payment rates, favorable payer policy from Humana, BENEFIT‑HF trial momentum, and >18 months of cash) alongside material near‑term execution and market access headwinds (lowered full‑year revenue guidance, concentrated sales force turnover and productivity issues, significant denials from a major Medicare Advantage payer, a DOJ civil investigative demand, and a decline in European revenue). Management attributes the issues mainly to execution (onboarding and leadership gaps) and outlined targeted remediation actions, but the guidance cut and legal inquiry are notable negatives.Positive Updates
Quarterly Revenue Growth
Total revenue of $15.7 million in Q2 2026, an increase of $2.1 million or 16% year‑over‑year, driven by U.S. heart failure business expansion.
Negative Updates
Reduced Full‑Year Revenue Guidance
Management lowered full‑year 2026 revenue guidance to $58 million–$60 million and expects Q3 revenue of $13.5 million–$14.5 million, citing a weaker back half driven by commercial execution issues.
Read all updates
Q2-2026 Updates
Positive
Negative
Quarterly Revenue Growth
Total revenue of $15.7 million in Q2 2026, an increase of $2.1 million or 16% year‑over‑year, driven by U.S. heart failure business expansion.
Read all positive updates
Company Guidance
CVRx updated full‑year 2026 guidance to $58–60 million of revenue, 86–87% gross margin and $99–101 million of operating expenses, with Q3 revenue expected at $13.5–14.5 million; this follows Q2 results of $15.7 million revenue (up 16% YoY), $13.7 million gross profit (87% margin), U.S. revenue $14.8 million (up 21%), 466 U.S. revenue units, 258 active implanting centers and 56 U.S. sales territories, alongside R&D of $3.1 million, SG&A of $23.6 million and a net loss of $14.0 million ($0.53/share); the company ended Q2 with $64.6 million cash, expects at least 18 months of runway with $40 million undrawn on the debt facility, and cited improving access metrics including a Q2 Medicare Advantage 30‑day prior authorization approval rate of 60% (vs. 44% in 2025), Humana approvals >90%, and ~96% payment rate for traditional Medicare, while outpatient and inpatient procedure payments are supported around $45,000.CVRx Financial Statement Overview
Summary
Income Statement
26
Negative
Balance Sheet
34
Negative
Cash Flow
21
Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 61.19M | 56.65M | 51.29M | 39.30M | 22.47M | 13.04M |
| Gross Profit | 52.99M | 48.34M | 42.96M | 33.04M | 17.47M | 9.40M |
| EBITDA | -44.95M | -46.74M | -54.89M | -38.73M | -40.74M | -40.60M |
| Net Income | -51.97M | -53.31M | -59.97M | -41.20M | -41.43M | -43.08M |
Balance Sheet | ||||||
| Total Assets | 92.28M | 104.79M | 133.41M | 115.23M | 124.94M | 152.55M |
| Cash, Cash Equivalents and Short-Term Investments | 64.59M | 75.71M | 105.93M | 90.57M | 106.19M | 142.07M |
| Total Debt | 59.39M | 50.79M | 50.43M | 30.61M | 7.09M | 0.00 |
| Total Liabilities | 72.33M | 65.47M | 62.36M | 39.28M | 15.76M | 6.59M |
| Stockholders Equity | 19.95M | 39.32M | 71.06M | 75.95M | 109.18M | 145.96M |
Cash Flow | ||||||
| Free Cash Flow | -41.05M | -40.75M | -40.51M | -39.61M | -43.36M | -28.91M |
| Operating Cash Flow | -40.46M | -40.17M | -39.14M | -39.02M | -42.68M | -27.73M |
| Investing Cash Flow | -597.00K | -580.00K | -1.36M | -591.00K | -685.00K | -1.18M |
| Financing Cash Flow | 10.62M | 10.52M | 55.87M | 23.98M | 7.49M | 111.88M |
CVRx Technical Analysis
Negative
3.27
Price Trends
3.57
Negative
4.59
Negative
6.05
Negative
Market Momentum
-0.21
Negative
38.24
Neutral
12.84
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For CVRX, the sentiment is Negative. The current price of 3.27 is above the 20-day moving average (MA) of 2.92, below the 50-day MA of 3.57, and below the 200-day MA of 6.05, indicating a bearish trend. The MACD of -0.21 indicates Negative momentum. The RSI at 38.24 is Neutral, neither overbought nor oversold. The STOCH value of 12.84 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for CVRX.
CVRx Risk Analysis
CVRx disclosed 55 risk factors in its most recent earnings report. CVRx reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
CVRx Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
73 Outperform | $233.25M | 20.35 | 23.38% | ― | 15.28% | 53.24% | |
67 Neutral | $339.37M | 23.62 | 10.30% | ― | 25.21% | 6.14% | |
54 Neutral | $142.25M | -5.96 | -13.17% | ― | 3.15% | 14.61% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $71.93M | -1.36 | -152.35% | ― | 11.96% | 6.12% | |
44 Neutral | $52.71M | -4.57 | -23.45% | ― | -14.27% | -132.84% | |
44 Neutral | $50.31M | -0.38 | -94.35% | ― | 31.52% | -89.07% |
* Healthcare Sector Average
CVRX
CVRx
2.70
-5.08
-65.30%
ELMD
Electromed
27.88
3.34
13.61%
INGN
Inogen
5.36
-2.75
-33.91%
XTNT
Xtant Medical Holdings
0.38
-0.26
-41.13%
VMD
Viemed Healthcare
8.91
2.29
34.59%
NNOX
Nano-X Imaging
0.64
-3.11
-82.93%
CVRx Corporate Events
Business Operations and StrategyExecutive/Board Changes
CVRx appoints veteran medtech executive as new CFO
Positive
Sep 21, 2026
On September 21, 2026, CVRx announced that its board has appointed veteran medtech finance executive John Landry as Chief Financial Officer, succeeding longtime CFO Jared Oasheim, who led the company through its IPO and will stay on for a transiti...
Business Operations and StrategyExecutive/Board Changes
CVRx replaces chief revenue officer amid sales transition
Negative
Aug 11, 2026
On August 10, 2026, CVRx terminated the employment of Chief Revenue Officer Robert John, entitling him to severance pay and benefits under his employment agreement. The company subsequently announced that veteran executive Paul Verrastro would ser...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.