CVRx, Inc.

Listed Company

CVRXCIK 0001235912NasdaqNon-AcceleratedSmaller ReportingEmerging GrowthSurgical & Medical Instruments & ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$56.65M

Net Income

$-53.31M

Total Assets

$104.79M

Equity

$39.32M

Shares Out

26.31M

Op. Cash Flow

$-40.17M

Business

CVRx, Inc. develops, manufactures and commercializes minimally invasive neuromodulation medical devices to treat cardiovascular disease, primarily heart failure with reduced ejection fraction (HFrEF). Its principal product is the Barostim platform—an implantable system consisting of an implantable pulse generator, stimulation lead, clinician wireless programmer and ancillary surgical tools that delivers Baroreflex Activation Therapy (BAT). The company operates clinical development, regulatory and commercial functions centered on Barostim therapy and maintains a patient registry and R&D activities. It sells primarily to hospitals via a direct sales force in the U.S. and Germany and through distributors across multiple European markets.

Summary from filing dated 2025-02-18

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	57	51	39	22	13
Cost of goods sold	8	8	6	5	4
Gross profit	48	43	33	17	9
Research and development	11	11	12	10	8
Selling, general and administrative	88	91	65	50	28
Total operating expenses	100	102	76	60	35
Loss from operations	−51	−59	−43	−43	−26
Interest expense	−6	−4	−2	—	—
Other income, net	4	4	4	1	−15
Loss before income taxes	−53	−60	−41	−41	−43
Benefit (provision) for income taxes	18,000	−55,000	−147,000	−109,000	−91,000
Net loss	−53	−60	−41	−41	−43
Cumulative translation adjustment	2,000	1,000	—	−9,000	−8,000
Comprehensive loss	−53	−60	−41	−41	−43
Net loss per share, basic	−2.04	−2.65	−1.99	−2.02	−4.16
Net loss per share, diluted	−2.04	−2.65	−1.99	−2.02	−4.16
Weighted-average common shares used to compute net loss per share, basic	26	23	21	21	10
Weighted-average common shares used to compute net loss per share, diluted	26	23	21	21	10

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	76	106	91	106	142
Accounts receivable, net of allowances of $871 and $780, respectively	11	9	8	6	3
Inventory	12	12	11	7	4
Prepaid expenses and other current assets	3	3	3	4	3
Total current assets	102	130	112	123	151
Property and equipment, net	2	3	2	2	1
Operating lease right-of-use asset	878,000	1	1	334,000	0
Other non-current assets	26,000	27,000	27,000	27,000	26,000
Total assets	105	133	115	125	153
Accounts payable	4	3	2	2	510,000
Accrued expenses	9	8	6	6	5
Total current liabilities	13	11	8	8	6
Long-term debt	50	49	29	7	0
Operating lease liability, non-current portion	638,000	877,000	1	117,000	0
Other long-term liabilities	2	1	1	805,000	681,000
Total liabilities	65	62	39	16	7
Commitments and contingencies (Note 10)	—	—	—	—	—
Common stock, $0.01 par value, 200,000,000 authorized as of December 31, 2025 and 2024; 26,311,607 and 25,324,684 shares issued and outstanding as of December 31, 2025 and 2024, respectively	263,000	253,000	209,000	207,000	204,000
Additional paid-in capital	630	608	553	545	541
Accumulated deficit	−591	−537	−477	−436	−395
Accumulated other comprehensive loss	−203,000	−206,000	−207,000	−207,000	−198,000
Total stockholders' equity	39	71	76	109	146
Total liabilities and stockholders' equity	105	133	115	125	153

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net loss	−53	−60	−41	−41	−43
Stock-based compensation	11	19	6	4	2
Depreciation of property and equipment	800,000	600,000	500,000	400,000	200,000
Loss on disposal of equipment	86,000	0	4,000	0	—
Amortization of deferred financing costs and loan discount	241,000	203,000	154,000	25,000	229,000
Accounts receivable	−1	−2	−2	−3	−1
Inventory	−98,000	−1	−4	−3	−537,000
Prepaid expenses and other current assets	−543,000	531,000	1	−2	−2
Accounts payable	1	698,000	165,000	1	27,000
Accrued expenses	2	3	−170,000	873,000	2
Net cash used in operating activities	−40	−39	−39	−43	−28
Purchase of property and equipment	−580,000	−1	−591,000	−685,000	−1
Net cash used in investing activities	−580,000	−1	−591,000	−685,000	−1
Proceeds from the exercise of common stock options	793,000	3	728,000	184,000	23,000
Proceeds from Employee Stock Purchase Plan	753,000	803,000	935,000	587,000	0
Proceeds from the issuance of common stock	9	33	0	0	133
Proceeds from debt financing	0	20	23	8	0
Debt financing costs	0	−152,000	−179,000	−778,000	0
Net cash provided by financing activities	11	56	24	7	112
Effect of currency exchange on cash and cash equivalents	5,000	−1,000	3,000	−9,000	−8,000
Net change in cash and cash equivalents	−30	15	−16	−36	83
Cash paid for interest	5	4	1	59,000	2

Filings

Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro

Material Events

Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro

Insiders

Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro

Institutional Holders

Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro