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NASDAQ · SURGICAL & MEDICAL INSTRUMENTS & APPARATUS

CVRx, Inc. CVRX

6 fiscal years on record · USD · FY2025 reported · SEC filings only
$56.7M
▲ 10.4% YoY
$-53.3M
$-40.8M

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

In brief

What this company does

CVRx is a commercial-stage medical device company focused on developing, manufacturing, and commercializing innovative and minimally invasive neuromodulation solutions for patients with cardiovascular disease. Barostim is the first medical technology approved by the FDA that uses neuromodulation to improve the symptoms of patients with heart failure. Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery to counteract decreased baroreceptor signaling. The company manages all aspects of manufacturing operations and product supply of Barostim, including final assembly, testing and packaging of its IPG and stimulation lead, at its 35,183 square foot headquarters in Minneapolis, Minnesota. The company generated revenue of $56.7 million, a gross margin of 85% and a net loss of $53.3 million for the year ended December 31, 2025, compared to revenue of $51.3 million, a gross margin of 84% and a net loss of $60.0 million for the year ended December 31, 2024. As of December 31, 2025, the company had 223 employees worldwide, all of which were employed on a full-time basis.

Written from the business description in CVRx, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 13 February 2026. Every sentence was checked against that document before publication.

Growth

USD 56.7M
Revenue, FY2025 · full 6-year series below
Revenue $M Net income $M
FY2025 · Revenue 56.7 · Net income -53.3
20.0M40.0M-25.0M-50.0M
202020232025
Compound annual growth
+36.1%
+56.4%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +56.4% a year over the five years to FY2025.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability

−94 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -90.5% · Net -94.1%
-100%-200%-300%
202020222025
ROE
FY2025 · ROE -96.6%
-50%
202020222025
Three returns, three denominators.

Each USD of equity lost 97 cents this year.

Cash & shareholders

·
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -40.8
-20M-40M
202020222025

Total assetsUSD 104.8M
EquityUSD 39.3M
CashUSD 75.7M
Gross debtUSD 49.5M
Net debtUSD -26.2M
Current ratio7.63×

The company holds more cash than debt.

The 6-year record

6 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative—not applicable◌not available in our data
CVRX, 6-year financial record
Metric 202520242023202220212020
Revenue $B0.10.10.00.00.00.0
Operating income $B−0.1−0.1−0.0−0.0−0.0−0.0
EBITDA $B−0.1−0.1−0.0−0.0−0.0−0.0
Income tax $B−0.00.00.00.00.00.0
Net income $B−0.1−0.1−0.0−0.0−0.0−0.0
Free cash flow $B−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−2.04−2.65−1.99−2.02−4.16−37.01
Dividend / sh $◌◌◌◌◌◌
Payout % — not applicable: no dividend——————
ROE %−96.6−81.6−44.5−32.5——
Shares out B0.030.030.020.020.020.00

Slide the table for earlier years. "—" not applicable · "◌" not available in our data.

More in this sector

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Provenance

Company facts, as filed

How we verify · 0 failures in 30 reconciliationsAUDITED

Reconciled in 6 of the 6 fiscal years we could check. 26 checks were skipped: the balance sheet is not tagged before 2020. 13 checks were skipped: EPS is not tagged before 2020. 13 checks were skipped: revenue is not tagged before 2020.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquidityCurrency consistency0 failures
ActivitySurgical & Medical Instruments & Apparatus
Listed onNASDAQ
Incorporated inDelaware
Fiscal year endsDecember 31
SEC categoryemerging growth company
Data on record since2020

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