Despite maintaining robust gross margins of 87.2%, the company's inability to achieve operating leverage is evidenced by a net margin of -88.8% as of 2026Q1.
| Sales/Revenue | 59.07M | 56.65M | 51.29M | 39.3M | 22.47M | 13.04M | 6.05M | 6.26M |
| Revenue Growth % | 11.73% | 10.45% | 30.53% | 74.89% | 72.36% | 115.36% | -3.26% | - |
| Cost of Goods Sold | 8.55M | 8.31M | 8.33M | 6.26M | 5M | 3.64M | 1.44M | 1.68M |
| COGS % of Revenue | - | 14.67% | 16.25% | 15.92% | 22.25% | 27.92% | 23.79% | 26.9% |
| Gross Profit | 50.52M | 48.34M | 42.96M | 33.04M | 17.47M | 9.4M | 4.61M | 4.57M |
| Gross Margin % | 85.53% | 85.33% | 83.75% | 84.08% | 77.75% | 72.08% | 76.21% | 73.1% |
| Gross Profit Growth % | - | 12.53% | 30.02% | 89.12% | 85.93% | 103.69% | 0.85% | - |
| Operating Expenses | 100.51M | 99.61M | 102.45M | 76.14M | 60M | 35.36M | 16.13M | 14.77M |
| OpEx % of Revenue | - | 175.82% | 199.73% | 193.77% | 267.02% | 271.28% | 266.43% | 236.02% |
| Selling, General & Admin | 88.81M | 88.47M | 91.32M | 64.51M | 50.05M | 27.86M | 9.72M | 6.11M |
| SG&A % of Revenue | - | 156.17% | 178.03% | 164.17% | 222.73% | 213.74% | 160.53% | 97.59% |
| Research & Development | 11.7M | 11.13M | 11.13M | 11.63M | 9.95M | 7.5M | 6.41M | 8.66M |
| R&D % of Revenue | - | 19.65% | 21.7% | 29.6% | 44.29% | 57.54% | 105.9% | 138.44% |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -49.99M | -51.27M | -59.49M | -43.1M | -42.53M | -25.97M | -11.51M | -10.19M |
| Operating Margin % | -84.62% | -90.49% | -115.98% | -109.69% | -189.27% | -199.2% | -190.22% | -162.92% |
| Operating Income Growth % | - | 13.83% | -38.02% | -1.35% | -63.77% | -125.53% | -12.95% | - |
| EBITDA | -49.42M | -50.51M | -58.87M | -42.58M | -42.12M | -25.8M | -11.44M | -10.14M |
| EBITDA Margin % | -83.66% | -89.16% | -114.78% | -108.36% | -187.44% | -197.91% | -188.98% | -162.03% |
| EBITDA Growth % | 1.21% | 14.2% | -38.26% | -1.11% | -63.24% | -125.54% | -12.83% | - |
| D&A (Non-Cash Add-back) | 572K | 756K | 619K | 522K | 412K | 168K | 75K | 56K |
| EBIT | -49.33M | -47.5M | -55.51M | -39.25M | -41.15M | -40.77M | -11.55M | -12.84M |
| Net Interest Income | -5.92M | -5.83M | -4.4M | -1.8M | -165K | -2.22M | -2.47M | -1.72M |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 5.92M | 5.83M | 4.4M | 1.8M | 165K | 2.22M | 2.47M | 1.72M |
| Other Income/Expense | -2.68M | -2.06M | -420K | 2.05M | 1.21M | -17.02M | -2.51M | -4.37M |
| Pretax Income | -52.67M | -53.32M | -59.91M | -41.05M | -41.32M | -42.99M | -14.02M | -14.56M |
| Pretax Margin % | -89.17% | -94.13% | -116.8% | -104.47% | -183.89% | -329.76% | -231.69% | -232.7% |
| Income Tax | -14K | -18K | 55K | 147K | 109K | 91K | 85K | 73K |
| Effective Tax Rate % | 0.03% | 0.03% | -0.09% | -0.36% | -0.26% | -0.21% | -0.61% | -0.5% |
| Net Income | -52.66M | -53.31M | -59.97M | -41.2M | -41.43M | -43.08M | -14.11M | -14.63M |
| Net Margin % | -89.15% | -94.1% | -116.91% | -104.85% | -184.38% | -330.45% | -233.09% | -233.87% |
| Net Income Growth % | -2.16% | 11.1% | -45.55% | 0.55% | 3.83% | -205.32% | 3.58% | - |
| Net Income (Continuing) | -52.66M | -53.31M | -59.97M | -41.2M | -41.43M | -43.08M | -14.11M | -14.63M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -2.00 | -2.04 | -2.65 | -1.99 | -2.02 | -2.11 | -0.73 | -0.76 |
| EPS Growth % | 7.34% | 23.02% | -33.17% | 1.49% | 4.27% | -189.04% | 3.95% | - |
| EPS (Basic) | - | -2.04 | -2.65 | -1.99 | -2.02 | -2.11 | -0.73 | -0.76 |
| Diluted Shares Outstanding | 26.36M | 26.08M | 22.6M | 20.75M | 20.53M | 20.72M | 387.08K | 482.58K |
| Basic Shares Outstanding | 26.36M | 26.08M | 22.6M | 20.7M | 20.51M | 20.72M | 387.08K | 482.58K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - |
High Cash Burn Rate
As reported in recent financial filings, CVRX's year-over-year revenue growth has decelerated significantly from 57.5% in 2023Q4 to 19.6% in 2026Q1, suggesting that the initial commercial rollout phase is encountering friction in scaling adoption across the targeted narrow QRS heart failure patient population.
The sharp decline in growth rates indicates that the company may be struggling to move beyond early-adopter centers into broader clinical practice. Investors should monitor whether this deceleration reflects a saturation of initial target markets or a lengthening of the sales cycle as the company attempts to penetrate more conservative hospital systems.
Based on the provided income statement data, CVRX maintains a robust gross margin profile averaging approximately 85%, which highlights the high-value nature of the Barostim system despite the company's inability to translate this pricing power into positive operating margins during the current commercial expansion phase.
The consistency of these gross margins suggests that the core product possesses significant pricing power and a favorable cost-of-goods structure. However, the inability to leverage these margins to offset heavy operating expenses implies that the current business model remains highly dependent on scaling volume to reach a break-even point.
According to the company's quarterly income statements, SG&A expenses have remained stubbornly high, often exceeding $20 million per quarter, which has prevented the company from achieving operating leverage as revenue growth fails to outpace the significant investment required to support the direct sales force.
The persistent gap between gross profit and operating expenses suggests that the company is currently prioritizing market share acquisition over operational efficiency. This structure warrants further investigation into whether the sales force productivity is sufficient to justify the ongoing high level of fixed overhead costs.
Financial statements indicate that CVRX continues to operate with a net margin of -88.8% as of 2026Q1, raising concerns about the long-term sustainability of the current cash burn trajectory in the absence of a clear, near-term path toward achieving positive net income or cash flow.
Short-sellers may focus on the disconnect between the company's clinical success and its financial performance, particularly if revenue growth continues to trend downward. The reliance on external capital to fund operations in a high-rate environment poses a material risk to equity holders if the commercial inflection point is delayed.
Quick answers to the most common questions about buying CVRX stock.
For fiscal year 2025, CVRx, Inc. (CVRX) reported total revenue of $56.7M. This represents a 805.4% increase compared to $6.3M in 2019.
CVRx, Inc. (CVRX) reported a net loss of $53.3M for the fiscal year ending 2025.
CVRx, Inc. (CVRX) reported an operating income of $-51.3M, resulting in an operating profit margin of -90.5%. This margin reflects the operational efficiency of the business before interest and taxes.
CVRx, Inc. (CVRX) generated $48.3M in gross profit for the year, representing a gross profit margin of 85.3%. This demonstrates the company's core pricing power and production efficiency.