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CVRx, Inc. (CVRX) 10-Year Financial Performance & Capital Metrics

CVRX • • Industrial / General
HealthcareMedical DevicesNeurological & Neurostimulation DevicesNeurostimulation & Neuromodulation
AboutCVRx, 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.Show more
  • Revenue $51M +30.5%
  • EBITDA -$59M -38.3%
  • Net Income -$60M -45.5%
  • EPS (Diluted) -2.65 -33.2%
  • Gross Margin 83.75% -0.4%
  • EBITDA Margin -114.78% -5.9%
  • Operating Margin -115.98% -5.7%
  • Net Margin -116.91% -11.5%
  • ROE -81.58% -83.3%
  • ROIC -282.88% -14.0%
  • Debt/Equity 0.71 +76.1%
  • Interest Coverage -13.53 +43.5%
Technical Analysis

Key Insights

Based on financial data analysis

✓Strengths

  • ✓Strong 5Y sales CAGR of 52.3%

✗Weaknesses

  • ✗Weak Piotroski F-Score: 2/9
  • ✗Negative free cash flow
  • ✗Trading more than 30% below 52-week high

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

Price & Volume

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Growth Metrics

Revenue CAGR

10Y-
5Y52.31%
3Y57.87%
TTM18.44%

Profit (Net Income) CAGR

10Y-
5Y-
3Y-
TTM11.04%

EPS CAGR

10Y-
5Y-
3Y-
TTM25.19%

ROCE

10Y Avg-37.92%
5Y Avg-35.56%
3Y Avg-40.82%
Latest-51.73%

Peer Comparison

Neurostimulation & Neuromodulation
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Profit & Loss

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Sales/Revenue+6.26M6.05M13.04M22.47M39.3M51.29M
Revenue Growth %--0.03%1.15%0.72%0.75%0.31%
Cost of Goods Sold+1.68M1.44M3.64M5M6.26M8.33M
COGS % of Revenue0.27%0.24%0.28%0.22%0.16%0.16%
Gross Profit+4.57M4.61M9.4M17.47M33.04M42.96M
Gross Margin %0.73%0.76%0.72%0.78%0.84%0.84%
Gross Profit Growth %-0.01%1.04%0.86%0.89%0.3%
Operating Expenses+14.77M16.13M35.36M60M76.14M102.45M
OpEx % of Revenue2.36%2.66%2.71%2.67%1.94%2%
Selling, General & Admin6.11M9.72M27.86M50.05M64.51M91.32M
SG&A % of Revenue0.98%1.61%2.14%2.23%1.64%1.78%
Research & Development8.66M6.41M7.5M9.95M11.63M11.13M
R&D % of Revenue1.38%1.06%0.58%0.44%0.3%0.22%
Other Operating Expenses000000
Operating Income+-10.19M-11.51M-25.97M-42.53M-43.1M-59.49M
Operating Margin %-1.63%-1.9%-1.99%-1.89%-1.1%-1.16%
Operating Income Growth %--0.13%-1.26%-0.64%-0.01%-0.38%
EBITDA+-10.14M-11.44M-25.8M-42.12M-42.58M-58.87M
EBITDA Margin %-1.62%-1.89%-1.98%-1.87%-1.08%-1.15%
EBITDA Growth %--0.13%-1.26%-0.63%-0.01%-0.38%
D&A (Non-Cash Add-back)56K75K168K412K522K619K
EBIT-12.84M-11.55M-40.77M-41.15M-39.25M-55.51M
Net Interest Income+-1.72M-2.47M-2.22M-165K-1.8M-4.4M
Interest Income000000
Interest Expense1.72M2.47M2.22M165K1.8M4.4M
Other Income/Expense-4.37M-2.51M-17.02M1.21M2.05M-420K
Pretax Income+-14.56M-14.02M-42.99M-41.32M-41.05M-59.91M
Pretax Margin %-2.33%-2.32%-3.3%-1.84%-1.04%-1.17%
Income Tax+73K85K91K109K147K55K
Effective Tax Rate %1.01%1.01%1%1%1%1%
Net Income+-14.63M-14.11M-43.08M-41.43M-41.2M-59.97M
Net Margin %-2.34%-2.33%-3.3%-1.84%-1.05%-1.17%
Net Income Growth %-0.04%-2.05%0.04%0.01%-0.46%
Net Income (Continuing)-14.63M-14.11M-43.08M-41.43M-41.2M-59.97M
Discontinued Operations000000
Minority Interest000000
EPS (Diluted)+-0.76-0.73-2.11-2.02-1.99-2.65
EPS Growth %-0.04%-1.89%0.04%0.01%-0.33%
EPS (Basic)-0.76-0.73-2.11-2.02-1.99-2.65
Diluted Shares Outstanding482.58K387.08K20.72M20.53M20.75M22.6M
Basic Shares Outstanding482.58K387.08K20.72M20.51M20.7M22.6M
Dividend Payout Ratio------

Balance Sheet

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Total Current Assets+28.91M64.34M151.1M122.88M112.09M129.81M
Cash & Short-Term Investments25.74M59.11M142.07M106.19M90.57M105.93M
Cash Only25.74M59.11M142.07M106.19M90.57M105.93M
Short-Term Investments000000
Accounts Receivable719K1.28M2.56M5.5M7.55M9.27M
Days Sales Outstanding41.9477.2571.6889.4170.1465.95
Inventory2.07M3.34M3.88M6.96M10.98M12.11M
Days Inventory Outstanding449.36847.36389.07507.96640.79530.24
Other Current Assets002.58M4.22M2.99M2.5M
Total Non-Current Assets+200K436K1.45M2.06M3.14M3.6M
Property, Plant & Equipment174K410K1.43M2.03M3.11M3.57M
Fixed Asset Turnover35.96x14.76x9.15x11.06x12.63x14.35x
Goodwill000000
Intangible Assets000000
Long-Term Investments000000
Other Non-Current Assets26K26K26K27K27K27K
Total Assets+29.11M64.78M152.55M124.94M115.23M133.41M
Asset Turnover0.21x0.09x0.09x0.18x0.34x0.38x
Asset Growth %-1.23%1.35%-0.18%-0.08%0.16%
Total Current Liabilities+8.61M7.98M5.91M8.09M7.86M10.76M
Accounts Payable437K483K510K1.72M1.88M2.58M
Days Payables Outstanding94.77122.4351.14125.51109.92113.08
Short-Term Debt000000
Deferred Revenue (Current)000000
Other Current Liabilities3.54M5.26M2.32M3.26M4.11M5.67M
Current Ratio3.36x8.07x25.57x15.19x14.25x12.06x
Quick Ratio3.12x7.65x24.92x14.33x12.86x10.94x
Cash Conversion Cycle396.53802.18409.6471.86601.01483.11
Total Non-Current Liabilities+299.54M350.04M681K7.67M31.42M51.6M
Long-Term Debt18.99M19.28M06.75M29.22M49.27M
Capital Lease Obligations000117K1.16M877K
Deferred Tax Liabilities000000
Other Non-Current Liabilities280.54M330.76M681K805K1.04M1.45M
Total Liabilities308.15M358.01M6.59M15.76M39.28M62.36M
Total Debt+18.99M19.28M07.09M30.61M50.43M
Net Debt-6.75M-39.83M-142.07M-99.11M-59.96M-55.5M
Debt / Equity---0.06x0.40x0.71x
Debt / EBITDA------
Net Debt / EBITDA------
Interest Coverage-5.93x-4.66x-11.70x-257.74x-23.96x-13.53x
Total Equity+-279.04M-293.24M145.96M109.18M75.95M71.06M
Equity Growth %--0.05%1.5%-0.25%-0.3%-0.06%
Book Value per Share-578.23-757.567.045.323.663.14
Total Shareholders' Equity-279.04M-293.24M145.96M109.18M75.95M71.06M
Common Stock5K4K204K207K209K253K
Retained Earnings-337.57M-351.68M-394.75M-436.18M-477.38M-537.35M
Treasury Stock000000
Accumulated OCI-189K-190K-198K-207K-207K-206K
Minority Interest000000

Cash Flow

Dec 2019Dec 2020Dec 2021Dec 2022Dec 2023Dec 2024
Cash from Operations+-12.79M-16.1M-27.73M-42.68M-39.02M-39.14M
Operating CF Margin %-2.04%-2.66%-2.13%-1.9%-0.99%-0.76%
Operating CF Growth %--0.26%-0.72%-0.54%0.09%-0%
Net Income-14.63M-14.11M-43.08M-41.43M-41.2M-59.97M
Depreciation & Amortization56K75K168K412K522K619K
Stock-Based Compensation66K132K1.91M3.89M6.3M19.05M
Deferred Taxes0014.62M000
Other Non-Cash Items3.06M657K229K25K158K203K
Working Capital Changes-1.33M-2.85M-1.58M-5.57M-4.8M949K
Change in Receivables-183K-562K-1.28M-2.94M-2.05M-1.72M
Change in Inventory-216K-1.27M-537K-3.08M-4.03M-1.12M
Change in Payables-1.05M46K27K1.21M165K698K
Cash from Investing+-106K-311K-1.18M-685K-591K-1.36M
Capital Expenditures-106K-311K-1.18M-685K-591K-1.36M
CapEx % of Revenue0.02%0.05%0.09%0.03%0.02%0.03%
Acquisitions------
Investments------
Other Investing000000
Cash from Financing+29.55M49.78M111.88M7.49M23.98M55.87M
Debt Issued (Net)------
Equity Issued (Net)------
Dividends Paid000000
Share Repurchases------
Other Financing-478K023K-7K1.48M3.35M
Net Change in Cash------
Free Cash Flow+-12.89M-16.41M-28.91M-43.36M-39.61M-40.51M
FCF Margin %-2.06%-2.71%-2.22%-1.93%-1.01%-0.79%
FCF Growth %--0.27%-0.76%-0.5%0.09%-0.02%
FCF per Share-26.71-42.39-1.40-2.11-1.91-1.79
FCF Conversion (FCF/Net Income)0.87x1.14x0.64x1.03x0.95x0.65x
Interest Paid1.22M2.03M1.71M59K1.4M0
Taxes Paid15K10K2K5K4K0

Key Ratios

Metric201920202021202220232024
Return on Equity (ROE)---29.51%-32.47%-44.51%-81.58%
Return on Invested Capital (ROIC)---501.05%-456.98%-248.07%-282.88%
Gross Margin73.1%76.21%72.08%77.75%84.08%83.75%
Net Margin-233.87%-233.09%-330.45%-184.38%-104.85%-116.91%
Debt / Equity---0.06x0.40x0.71x
Interest Coverage-5.93x-4.66x-11.70x-257.74x-23.96x-13.53x
FCF Conversion0.87x1.14x0.64x1.03x0.95x0.65x
Revenue Growth--3.26%115.36%72.36%74.89%30.53%

Revenue by Geography

2021202220232024
UNITED STATES---47.17M
UNITED STATES Growth----
GERMANY---3.46M
GERMANY Growth----
Other Countries---665K
Other Countries Growth----
U.S.9.15M18.02M35.11M-
U.S. Growth-97.02%94.83%-
Germany3.25M3.48M3.69M-
Germany Growth-6.98%6.13%-
Other countries639K971K494K-
Other countries Growth-51.96%-49.12%-

Frequently Asked Questions

Growth & Financials

CVRx, Inc. (CVRX) reported $56.0M in revenue for fiscal year 2024. This represents a 795% increase from $6.3M in 2019.

CVRx, Inc. (CVRX) grew revenue by 30.5% over the past year. This is strong growth.

CVRx, Inc. (CVRX) reported a net loss of $52.0M for fiscal year 2024.

Dividend & Returns

CVRx, Inc. (CVRX) has a return on equity (ROE) of -81.6%. Negative ROE indicates the company is unprofitable.

CVRx, Inc. (CVRX) had negative free cash flow of $29.0M in fiscal year 2024, likely due to heavy capital investments.

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