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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. Food and Drug Administration (the FDA ) that uses neuromodulation to improve the symptoms of patients with heart failure ( HF ).
The business is unprofitable at the operating level (-90.49% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue up 10.4% YoY with margins expanding 25.5pp.
Negative free cash flow of -$41M. The business is consuming cash, not generating it.
Profitability & Returns
Revenue (TTM)
$59M
▲ +10.4% YoY
Net Income (TTM)
-$53M
▲ +11.1% YoY
Op. Margin
-84.62%
▲ +25.5pp YoY
ROIC
-40.99%
▲ +2.9pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$40M
▼ -0.6% YoY
Op. Cash Flow (TTM)
-$40M
▼ -2.6% YoY
Net Debt
-$13M
Net Cash Position
Cash & Equiv.
$72M
5Y CAGR: +56.4%
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