Cvrx, Inc. Financials
Cvrx, Inc. (CVRX) reported $61.2M in revenue over the twelve months to Jun 30, 2026, up 12.0% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 6 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
High gross margins are being consumed by commercial buildout, leaving revenue growth unable to self-fund the business.
Over the last three years, revenue more than doubled to$56.7M while gross margin climbed to85.3% . Yet operating cash outflow stayed near$40M in each of the last four years, meaning better unit economics have not become better cash conversion because go-to-market spending absorbed most of the scale benefit.
Current assets still covered current liabilities by 7.6x in FY2025, so short-term liquidity remains ample. But debt-to-equity rose from 0.4x in FY2023 to 1.3x in FY2025, showing the funding mix has shifted from equity cushion toward leverage as losses persisted.
The company kept
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Cvrx, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Cvrx, Inc. scores -7.23, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($78.6M) relative to total liabilities ($65.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Cvrx, Inc. passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
Cvrx, Inc. reported a net loss of $53.3M while operations used $40.2M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Cvrx, Inc. reported an operating loss of $51.3M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Cvrx, Inc. generated $56.7M in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Cvrx, Inc.'s EBITDA was -$50.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 14.2% from the prior year.
Cvrx, Inc. reported -$53.3M in net income in fiscal year 2025. This represents an increase of 11.1% from the prior year.
Cvrx, Inc. earned -$2.04 per diluted share (EPS) in fiscal year 2025. This represents an increase of 23.0% from the prior year.
Cash & Balance Sheet
Cvrx, Inc. recorded an outflow of $40.8M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 0.6% from the prior year.
Cvrx, Inc. held $75.7M in cash against $49.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Cvrx, Inc.'s gross margin was 85.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.6 percentage points from the prior year.
Cvrx, Inc.'s operating margin was -90.5% in fiscal year 2025, reflecting core business profitability. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Cvrx, Inc.'s net profit margin was -94.1% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Cvrx, Inc.'s ROE was -135.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 51.2 percentage points from the prior year.
Capital Allocation
Cvrx, Inc. invested $11.1M in research and development in fiscal year 2025. That is unchanged from the prior year.
Cvrx, Inc. invested $580K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 57.4% from the prior year.
Not reported for fiscal year 2025.
CVRX Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.7M+6.3% | $14.8M-7.8% | $16.0M+9.1% | $14.7M+8.1% | $13.6M+10.1% | $12.3M-19.5% | $15.3M+14.7% | $13.4M |
| Cost of Revenue | $2.0M+4.9% | $1.9M-14.1% | $2.2M+13.5% | $1.9M-9.4% | $2.1M+5.1% | $2.0M-20.8% | $2.6M+14.4% | $2.2M |
| Gross Profit | $13.7M+6.5% | $12.9M-6.8% | $13.8M+8.4% | $12.8M+11.4% | $11.4M+11.0% | $10.3M-19.3% | $12.8M+14.8% | $11.1M |
| R&D Expenses | $3.1M+1.5% | $3.1M+2.8% | $3.0M-4.6% | $3.1M+27.4% | $2.5M-1.9% | $2.5M-10.3% | $2.8M+12.0% | $2.5M |
| SG&A Expenses | $23.6M+7.6% | $22.0M-0.2% | $22.0M+0.6% | $21.9M-6.3% | $23.4M+10.0% | $21.2M+4.9% | $20.2M-6.4% | $21.6M |
| Operating Income | -$13.0M-7.1% | -$12.2M-8.7% | -$11.2M+8.8% | -$12.3M+14.7% | -$14.4M-7.0% | -$13.4M-30.8% | -$10.3M+21.0% | -$13.0M |
| Interest Expense | $1.6M+1.7% | $1.6M+9.5% | $1.4M-4.3% | $1.5M+0.5% | $1.5M+1.1% | $1.5M-4.1% | $1.5M+58.7% | $958K |
| Income Tax | $3K+200.0% | $1K+114.3% | -$7K-133.3% | -$3K0.0% | -$3K+40.0% | -$5K+93.0% | -$71K-251.1% | $47K |
| Net Income | -$14.0M-7.0% | -$13.1M-9.9% | -$11.9M+7.3% | -$12.9M+12.7% | -$14.7M-7.0% | -$13.8M-29.2% | -$10.7M+18.7% | -$13.1M |
| EPS (Diluted) | -$0.53-6.0% | -$0.50-11.1% | -$0.45+8.2% | -$0.49+14.0% | -$0.57-7.5% | -$0.53-32.5% | -$0.40+29.8% | -$0.57 |
CVRX Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $92.3M-7.5% | $99.7M-4.8% | $104.8M-5.9% | $111.3M-6.9% | $119.6M-7.7% | $129.6M-2.9% | $133.4M+4.5% | $127.7M |
| Current Assets | $89.5M-7.5% | $96.8M-4.8% | $101.6M-5.8% | $107.9M-7.1% | $116.1M-7.9% | $126.1M-2.8% | $129.8M+4.8% | $123.9M |
| Cash & Equivalents | $64.6M-10.7% | $72.3M-4.5% | $75.7M-11.1% | $85.1M-10.4% | $95.0M-7.4% | $102.7M-3.1% | $105.9M+5.8% | $100.2M |
| Inventory | $13.0M+5.0% | $12.4M+1.6% | $12.2M+7.1% | $11.4M-2.8% | $11.7M+0.4% | $11.7M-3.6% | $12.1M+1.8% | $11.9M |
| Accounts Receivable | $9.4M+3.3% | $9.1M-14.6% | $10.7M+29.9% | $8.2M+14.8% | $7.2M-20.6% | $9.0M-2.8% | $9.3M+2.6% | $9.0M |
| Total Liabilities | $72.3M+2.4% | $70.6M+7.9% | $65.5M+3.5% | $63.3M+2.7% | $61.6M+2.3% | $60.2M-3.4% | $62.4M-0.2% | $62.5M |
| Current Liabilities | $11.1M+17.3% | $9.5M-28.8% | $13.3M+18.7% | $11.2M+15.8% | $9.7M+13.9% | $8.5M-20.9% | $10.8M-1.7% | $10.9M |
| Long-Term Debt | $58.6M+0.1% | $58.5M+18.1% | $49.5M+0.1% | $49.5M+0.1% | $49.4M+0.1% | $49.3M+0.1% | $49.3M+0.1% | $49.2M |
| Total Equity | $20.0M-31.5% | $29.1M-26.0% | $39.3M-18.2% | $48.1M-17.1% | $57.9M-16.5% | $69.4M-2.4% | $71.1M+9.0% | $65.2M |
| Retained Earnings | -$617.8M-2.3% | -$603.8M-2.2% | -$590.7M-2.1% | -$578.7M-2.3% | -$565.8M-2.7% | -$551.1M-2.6% | -$537.3M-2.0% | -$526.7M |
Not reported in any period shown, so not listed: Goodwill.
CVRX Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$8.8M+27.4% | -$12.2M-24.7% | -$9.8M-0.5% | -$9.7M-22.3% | -$7.9M+37.8% | -$12.8M-59.4% | -$8.0M+23.1% | -$10.4M |
| Capital Expenditures | $112K-8.2% | $122K+79.4% | $68K-76.9% | $295K+186.4% | $103K-9.6% | $114K+119.2% | $52K+40.5% | $37K |
| Free Cash Flow | -$8.9M+27.3% | -$12.3M-25.0% | -$9.8M+1.8% | -$10.0M-24.4% | -$8.0M+37.6% | -$12.9M-59.8% | -$8.1M+22.8% | -$10.4M |
| Investing Cash Flow | -$112K+8.2% | -$122K-79.4% | -$68K+76.9% | -$295K-186.4% | -$103K+9.6% | -$114K-119.2% | -$52K-40.5% | -$37K |
| Financing Cash Flow | $1.2M-86.3% | $8.9M+2066.3% | $410K+298.1% | $103K-73.7% | $392K-95.9% | $9.6M-30.5% | $13.8M-65.6% | $40.2M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
CVRX Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 87.4%+0.2pp | 87.2%+0.9pp | 86.3%-0.5pp | 86.8%+2.5pp | 84.3%+0.8pp | 83.5%+0.3pp | 83.2%+0.1pp | 83.2% |
| Operating Margin | -82.9%-0.6pp | -82.3%-12.5pp | -69.8%+13.7pp | -83.5% | -105.8% | -108.8% | -67.0%+30.3pp | -97.3% |
| Net Margin | -89.4%-0.6pp | -88.8%-14.3pp | -74.5%+13.1pp | -87.6% | -108.4% | -111.5% | -69.4%+28.5pp | -98.0% |
| Return on Equity | -70.4%-25.3pp | -45.1%-14.7pp | -30.3%-3.6pp | -26.8%-1.3pp | -25.4%-5.6pp | -19.9%-4.9pp | -15.0%+5.1pp | -20.1% |
| Return on Assets | -15.2%-2.1pp | -13.2%-1.8pp | -11.4%+0.2pp | -11.6%+0.8pp | -12.3%-1.7pp | -10.6%-2.6pp | -8.0%+2.3pp | -10.3% |
| Current Ratio | 8.04-2.2x | 10.20+2.6x | 7.63-2.0x | 9.62-2.4x | 11.99-2.8x | 14.83+2.8x | 12.06+0.7x | 11.32 |
| Debt-to-Equity | 2.94+0.9x | 2.01+0.8x | 1.26+0.2x | 1.03+0.2x | 0.85+0.1x | 0.710.0x | 0.69-0.1x | 0.76 |
| FCF Margin | -56.9%+26.3pp | -83.2%-21.9pp | -61.3%+6.8pp | -68.1%-8.9pp | -59.2% | -104.3% | -52.5%+25.6pp | -78.1% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Where Cvrx, Inc. Ranks
Frequently Asked Questions
What is Cvrx, Inc.'s annual revenue?
Cvrx, Inc. (CVRX) reported $56.7M in total revenue for fiscal year 2025. This represents a 10.4% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Cvrx, Inc.'s revenue growing?
Cvrx, Inc. (CVRX) revenue grew by 10.4% year-over-year, from $51.3M to $56.7M in fiscal year 2025.
Is Cvrx, Inc. profitable?
No, Cvrx, Inc. (CVRX) reported a net income of -$53.3M in fiscal year 2025, with a net profit margin of -94.1%.
What is Cvrx, Inc.'s EBITDA?
Cvrx, Inc. (CVRX) had EBITDA of -$50.5M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Cvrx, Inc. have?
As of fiscal year 2025, Cvrx, Inc. (CVRX) had $75.7M in cash and equivalents against $49.5M in long-term debt.
What is Cvrx, Inc.'s gross margin?
Cvrx, Inc. (CVRX) had a gross margin of 85.3% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Cvrx, Inc.'s operating margin?
Cvrx, Inc. (CVRX) had an operating margin of -90.5% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Cvrx, Inc.'s net profit margin?
Cvrx, Inc. (CVRX) had a net profit margin of -94.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Cvrx, Inc.'s return on equity (ROE)?
Cvrx, Inc. (CVRX) has a return on equity of -135.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Cvrx, Inc.'s free cash flow?
Cvrx, Inc. (CVRX) recorded an outflow of $40.8M in free cash flow during fiscal year 2025. This represents a -0.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Cvrx, Inc.'s operating cash flow?
Cvrx, Inc. (CVRX) recorded an outflow of $40.2M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Cvrx, Inc.'s total assets?
Cvrx, Inc. (CVRX) had $104.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Cvrx, Inc.'s capital expenditures?
Cvrx, Inc. (CVRX) invested $580K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Cvrx, Inc. spend on research and development?
Cvrx, Inc. (CVRX) invested $11.1M in research and development during fiscal year 2025.
What is Cvrx, Inc.'s current ratio?
Cvrx, Inc. (CVRX) had a current ratio of 7.63 as of fiscal year 2025, which is generally considered healthy.
What is Cvrx, Inc.'s debt-to-equity ratio?
Cvrx, Inc. (CVRX) had a debt-to-equity ratio of 1.26 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Cvrx, Inc.'s return on assets (ROA)?
Cvrx, Inc. (CVRX) had a return on assets of -50.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Cvrx, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Cvrx, Inc. (CVRX) held $75.7M in cash, cash equivalents and investments, and reported an operating cash outflow of $40.2M over that year. Dividing the one by the other, the reported balance equals about 23 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Cvrx, Inc.'s Altman Z-Score?
Cvrx, Inc. (CVRX) has an Altman Z-Score of -7.23, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Cvrx, Inc.'s Piotroski F-Score?
Cvrx, Inc. (CVRX) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Cvrx, Inc.'s earnings high quality?
Cvrx, Inc. (CVRX) reported a net loss of $53.3M while operations used $40.2M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Cvrx, Inc. cover its interest payments?
Cvrx, Inc. (CVRX) reported an operating loss of $51.3M against $5.8M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Cvrx, Inc.?
Cvrx, Inc. (CVRX) scores 50 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.