Persistent free cash flow deficits, reaching -83.2% of revenue in 2026Q1, highlight a significant liquidity drain that is not offset by the company's minimal 0.8% CapEx/Revenue ratio.
CVRx, Inc. (CVRX) cash flow statement — 7-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 |
|---|
| Cash from Operations | -52.62M | -40.17M | -39.14M | -39.02M | -42.68M | -27.73M | -16.1M | -12.79M |
| Operating CF Margin % | - | -70.91% | -76.32% | -99.3% | -189.94% | -212.73% | -265.92% | -204.33% |
| Operating CF Growth % | -174.89% | -2.62% | -0.32% | 8.57% | -53.89% | -72.29% | -25.9% | - |
| Net Income | -51.97M | -53.31M | -59.97M | -41.2M | -41.43M | -43.08M | -14.11M | -14.63M |
| Depreciation & Amortization | 998K | 756K | 619K | 522K | 412K | 168K | 75K | 56K |
| Stock-Based Compensation | 15.18M | 11.05M | 19.05M | 6.3M | 3.89M | 1.91M | 132K | 66K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 14.62M | 0 | 0 |
| Other Non-Cash Items | 460K | 327K | 203K | 158K | 25K | 229K | 657K | 3.06M |
| Working Capital Changes | -4.17M | 1M | 949K | -4.8M | -5.57M | -1.58M | -2.85M | -1.33M |
| Change in Receivables | -687K | -1.4M | -1.72M | -2.05M | -2.94M | -1.28M | -562K | -183K |
| Change in Inventory | -1.51M | -98K | -1.12M | -4.03M | -3.08M | -537K | -1.27M | -216K |
| Change in Payables | 8K | 1.25M | 698K | 165K | 1.21M | 27K | 46K | -1.05M |
| Cash from Investing | -719K | -580K | -1.36M | -591K | -685K | -1.18M | -311K | -106K |
| Capital Expenditures | -719K | -580K | -1.36M | -591K | -685K | -1.18M | -311K | -106K |
| CapEx % of Revenue | 1.18% | 1.02% | 2.65% | 1.5% | 3.05% | 9.07% | 5.14% | 1.69% |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 19.5M | 10.52M | 55.87M | 23.98M | 7.49M | 111.88M | 49.78M | 29.55M |
| Debt Issued (Net) | 18.89M | 0 | 20M | 22.5M | 7.5M | -21.3M | 0 | 5.34M |
| Equity Issued (Net) | 1.72M | 10.52M | 32.52M | 1.66M | 771K | 133.16M | 49.78M | 24.69M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -43K | 0 | 0 | 0 | 0 | -1K | 0 | 0 |
| Other Financing | -1.11M | 0 | 3.35M | 1.48M | -7K | 23K | 0 | -478K |
| Net Change in Cash | -33.84M | -30.23M | 15.36M | -15.63M | -35.88M | 82.96M | 33.37M | 16.65M |
| Free Cash Flow | -53.34M | -40.75M | -40.51M | -39.61M | -43.36M | -28.91M | -16.41M | -12.89M |
| FCF Margin % | -87.17% | -71.93% | -78.97% | -100.81% | -192.99% | -221.81% | -271.06% | -206.03% |
| FCF Growth % | -35.29% | -0.6% | -2.25% | 8.65% | -49.96% | -76.24% | -27.27% | - |
| FCF per Share | -2.01 | -1.56 | -1.79 | -1.91 | -2.11 | -1.40 | -42.39 | -26.71 |
| FCF Conversion (FCF/Net Income) | 1.03x | 0.75x | 0.65x | 0.95x | 1.03x | 0.64x | 1.14x | 0.87x |
| Interest Paid | 1.23M | 0 | 0 | 1.4M | 59K | 1.71M | 2.03M | 1.22M |
| Taxes Paid | 0 | 0 | 0 | 4K | 5K | 2K | 10K | 15K |
Quick answers to the most common questions about buying CVRX stock.
CVRx, Inc. (CVRX) generated $-40.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
CVRx, Inc. (CVRX) reported negative free cash flow of $40.8M in 2025, indicating capital requirements exceeded cash from operations.
CVRx, Inc. (CVRX) spent $0.6M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
Key Metrics
Top Statement Risk
Sustained Operating Cash Burn
Metrics are mathematically derived from official filings.
Earnings Quality Remains Consistently Negative
According to quarterly financial data, CVRX exhibits a persistent gap between net income and operating cash flow, with OCF/NI ratios fluctuating between 0.49 and 0.93, indicating that the company's reported losses are closely mirrored by actual cash outflows rather than non-cash accounting adjustments.
The tight correlation between net losses and operating cash burn suggests that the company lacks significant non-cash expenses to buffer its bottom line. Investors should interpret this as a sign that the current business model is fundamentally cash-consumptive, with little evidence of accrual-based earnings quality masking a more stable underlying cash position.
Free Cash Flow Deficits Persist
As reported in recent financial statements, CVRX's free cash flow margins remain deeply negative, frequently exceeding -60% of revenue, which highlights the company's ongoing struggle to achieve self-sustaining operations despite the high-margin nature of its proprietary Barostim medical device technology platform.
The consistent negative FCF trajectory suggests that the company is still in a heavy investment phase where capital requirements for commercial expansion far outstrip the cash generated from operations. This trend warrants further investigation into whether the current sales force investment will eventually yield the necessary scale to reach cash flow breakeven.
Minimal Capital Intensity Observed
Based on the provided figures, CVRX maintains a low capital intensity, with CapEx/Revenue ratios often falling below 1%, suggesting that the company's primary cash drain is operational rather than related to heavy investment in manufacturing infrastructure or property, plant, and equipment.
The low level of capital expenditure implies that the company is not currently burdened by significant asset replacement or expansion costs. This indicates that the primary risk to cash flow is not the maintenance of physical assets, but rather the high OpEx required to support the commercialization of the Barostim system.
Working Capital Volatility Impacts Liquidity
As indicated by quarterly cash flow statements, working capital changes have been erratic, with swings ranging from a $3.6M inflow in 2025Q2 to a $2.2M outflow in 2026Q1, reflecting the inherent instability in managing inventory and receivables during the early stages of commercial rollout.
These fluctuations suggest that the company's cash position is sensitive to the timing of hospital procurement cycles and inventory management. Investors should monitor these shifts closely, as they may indicate potential friction in the sales-to-cash conversion process that could exacerbate the company's existing liquidity constraints.
Stock-Based Compensation Obscures Reality
Financial filings reveal that stock-based compensation has been a significant non-cash add-back, reaching as high as $11.1M in 2024Q1, which effectively masks the true magnitude of the company's operational cash burn by inflating the reported net income figures through equity-based accounting adjustments.
While SBC is a standard practice for growth-stage companies, the reliance on it as a primary adjustment to cash flow suggests that the company's operational performance is even weaker than the headline cash flow numbers might imply. This warrants caution, as it indicates that the company is heavily reliant on equity dilution to retain talent while burning through its cash reserves.