CVRX

MKT CAP:$203M

CVRx, Inc.

Market Cap

$203M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$7.42+$0.32 (+4.51%)

Apr 21, 2026

Company Details

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 ...

CEO

Kevin Hykes

IPO Date

Jun 30, 2021

Website

www.cvrx.com

Key Metrics TTM

Revenue

$57M

+10.4% YoY

Net Income

-$53M

EPS (Diluted)

-$2.05

Free Cash Flow

-$41M

Revenue / Share

$2.16

Gross Margin

85.3%

Operating Margin

-90.5%

Net Margin

-94.1%

FCF Margin

-71.9%

P/S

3.6x

P/E

—

Earnings Reports

Q1 2026

May 14, 2026

PENDING

FY 2025

Feb 13, 2026

$57M+10.4%EPS -$2.04

Q4 2025

Feb 13, 2026

$16M+4.4%EPS -$0.46

Q3 2025

Nov 6, 2025

$15M+9.8%EPS -$0.49

Q2 2025

Aug 5, 2025

$14M+15.1%EPS -$0.57

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$4M	$3M	-$10M
Q2 22	$5M	$4M	-$11M
Q3 22	$6M	$5M	-$10M
Q4 22	$7M	$6M	-$11M
Q1 23	$8M	$7M	-$12M
Q2 23	$10M	$8M	-$12M
Q3 23	$11M	$9M	-$10M
Q4 23	$11M	$10M	-$10M
Q1 24	$11M	$9M	-$22M
Q2 24	$12M	$10M	-$14M
Q3 24	$13M	$11M	-$13M
Q4 24	$15M	$13M	-$10M
Q1 25	$12M	$10M	-$13M
Q2 25	$14M	$11M	-$14M
Q3 25	$15M	$13M	-$12M
Q4 25	$16M	$14M	-$11M

Valuation

Quarter	P/S	P/E
Q1 22	14.3x	—
Q2 22	12.6x	—
Q3 22	10.7x	—
Q4 22	9.0x	—
Q1 23	7.7x	—
Q2 23	6.6x	—
Q3 23	5.8x	—
Q4 23	5.2x	—
Q1 24	4.8x	—
Q2 24	4.6x	—
Q3 24	4.3x	—
Q4 24	4.0x	—
Q1 25	3.8x	—
Q2 25	3.7x	—
Q3 25	3.6x	—
Q4 25	3.6x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$11M	-$11M
Q2 22	-$10M	-$10M
Q3 22	-$11M	-$11M
Q4 22	-$11M	-$11M
Q1 23	-$10M	-$10M
Q2 23	-$13M	-$13M
Q3 23	-$8M	-$8M
Q4 23	-$8M	-$8M
Q1 24	-$11M	-$12M
Q2 24	-$10M	-$10M
Q3 24	-$10M	-$10M
Q4 24	-$8M	-$8M
Q1 25	-$13M	-$13M
Q2 25	-$8M	-$8M
Q3 25	-$10M	-$10M
Q4 25	-$10M	-$10M

Capital Expenditures

Quarter	CapEx
Q1 22	$293.0K
Q2 22	$49.0K
Q3 22	$264.0K
Q4 22	$79.0K
Q1 23	$240.0K
Q2 23	$143.0K
Q3 23	$39.0K
Q4 23	$169.0K
Q1 24	$917.0K
Q2 24	$355.0K
Q3 24	$37.0K
Q4 24	$52.0K
Q1 25	$114.0K
Q2 25	$103.0K
Q3 25	$295.0K
Q4 25	$68.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+42.5%	+97.6%
Q2 22	+61.1%	+82.4%
Q3 22	+82.2%	+52.6%
Q4 22	+96.2%	+49.9%
Q1 23	+95.8%	+44.0%
Q2 23	+88.8%	+32.5%
Q3 23	+69.9%	+22.8%
Q4 23	+57.5%	+12.4%
Q1 24	+35.0%	+63.9%
Q2 24	+24.3%	+21.3%
Q3 24	+27.2%	+31.7%
Q4 24	+35.7%	+22.2%
Q1 25	+14.7%	-21.9%
Q2 25	+15.1%	+8.5%
Q3 25	+9.8%	+2.2%
Q4 25	+4.4%	+6.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$793.0K	19.5%
Q2 22	$1M	21.9%
Q3 22	$929.0K	15.0%
Q4 22	$1M	14.8%
Q1 23	$2M	21.4%
Q2 23	$1M	15.5%
Q3 23	$2M	14.6%
Q4 23	$2M	14.1%
Q1 24	$11M	103.4%
Q2 24	$3M	21.5%
Q3 24	$3M	20.0%
Q4 24	$3M	17.5%
Q1 25	$2M	19.9%
Q2 25	$3M	21.5%
Q3 25	$0	0.0%
Q4 25	$3M	17.4%

OpEx Breakdown

Quarter	R&D	SG&A
Q1 22	$2M	$11M
Q2 22	$2M	$12M
Q3 22	$2M	$13M
Q4 22	$3M	$14M
Q1 23	$3M	$15M
Q2 23	$3M	$16M
Q3 23	$3M	$16M
Q4 23	$2M	$17M
Q1 24	$3M	$28M
Q2 24	$3M	$21M
Q3 24	$3M	$22M
Q4 24	$3M	$21M
Q1 25	$3M	$21M
Q2 25	$2M	$23M
Q3 25	$3M	$22M
Q4 25	$3M	$22M

Revenue by Geography

Quarter	Germany	Other countries	U.S.	Other Countries	United States	Non-US
Q1 22	$803.0K	$215.0K	$3M	—	—	—
Q2 22	$1M	$85.0K	$4M	—	—	—
Q3 22	$933.0K	$214.0K	$5M	—	—	—
Q4 22	$733.0K	$457.0K	$6M	—	—	—
Q1 23	$891.0K	$146.0K	$7M	—	—	—
Q2 23	$1M	$77.0K	$8M	—	—	—
Q3 23	$802.0K	$130.0K	$10M	—	—	—
Q1 24	$877.0K	$58.0K	$10M	—	—	—
Q2 24	$802.0K	—	—	$332.0K	$11M	—
Q3 24	$807.0K	—	—	$266.0K	$12M	—
Q1 25	—	—	—	$1M	$11M	—
Q2 25	—	—	—	$1M	$12M	—
Q3 25	—	—	—	—	$13M	$1M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$131M	$0	$131M
Q2 22	$121M	$0	$121M
Q3 22	$110M	$0	$110M
Q4 22	$106M	$0	$106M
Q1 23	$103M	$0	$103M
Q2 23	$91M	$0	$91M
Q3 23	$83M	$0	$83M
Q4 23	$91M	$0	$91M
Q1 24	$80M	$0	$80M
Q2 24	$70M	$0	$70M
Q3 24	$100M	$0	$100M
Q4 24	$106M	$0	$106M
Q1 25	$103M	$0	$103M
Q2 25	$95M	$0	$95M
Q3 25	$85M	$0	$85M
Q4 25	$76M	$0	$76M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	20M	+0.4%	+5570.9%
Q2 22	21M	+0.3%	+5501.5%
Q3 22	21M	+0.3%	+2.2%
Q4 22	21M	+0.1%	+1.1%
Q1 23	21M	+0.5%	+1.2%
Q2 23	21M	+0.1%	+1.0%
Q3 23	21M	+0.4%	+1.1%
Q4 23	21M	+0.1%	+1.1%
Q1 24	21M	+1.9%	+2.6%
Q2 24	22M	+1.9%	+4.4%
Q3 24	23M	+5.3%	+9.5%
Q4 24	23M	-0.8%	+8.5%
Q1 25	26M	+14.5%	+21.9%
Q2 25	26M	+0.8%	+20.5%
Q3 25	26M	+0.4%	+14.9%
Q4 25	26M	+0.2%	+16.0%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$37.4K	109
Q2 22	$46.2K	109
Q3 22	$56.8K	109
Q4 22	$44.9K	160
Q1 23	$49.9K	160
Q2 23	$59.4K	160
Q3 23	$65.7K	160
Q4 23	$56.5K	200
Q1 24	$53.9K	200
Q2 24	$59.0K	200
Q3 24	$66.9K	200
Q4 24	$74.5K	206
Q1 25	$59.9K	206
Q2 25	$66.0K	206
Q3 25	$71.3K	206
Q4 25	$71.9K	223

Revenue / Employee