CVRx, Inc.
CVRX · Surgical & Medical Instruments & Apparatus · 26.5M shares · +30%/yr ↑ dilution · EDGAR filings ↗
Reference price $7.90 · est. market cap ~$210M — last insider sale, 2026-03-02 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Medical-device company (Barostim heart-failure neuromodulation) with operating losses and cash burn.
Strengths
- Liquidity — current ratio 7.6 (86th)
Risks
- Operating/net losses & cash burn — per metrics
- leverage (D/E 1.3) compounds the burn — per 10-K
- Adoption/reimbursement dependence — per 10-K
Notable findings
- Chronic dilutionShare count +30%/yr over 3y (dilution, book value/share -83%)
- Net lossNet loss (net margin -94.1%)
- Cash burnNegative free cash flow (-40.8M)
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC
- Exec changeRecent 8-K item 5.02 8-K ↗
- FDA approvalFDA clearance/approval — BAROSTIM NEO® System (2025-07-11)
- Insider buyingInsider buying — 2 open-market buy(s) by 1 insider(s) (~$300,377, last 6mo) Form 4 ↗
- Insider sellingInsider selling — 5 open-market sale(s) by 5 insider(s) (cluster of 5 insiders, last 6mo) Form 4 ↗
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Notable holderHeld by 5 notable fund(s): STATE STREET CORP, GOLDMAN SACHS GROUP INC, CITADEL ADVISORS LLC +2 more (as of 2026-03-31)
- New fund positionNotable fund(s) opened this quarter: RENAISSANCE TECHNOLOGIES LLC
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
85.3%
Operating margin
-90.5%
Net margin
-94.1%
Return on equity
-135.6%
Return on assets
-50.9%
ROIC
-45.6%
Revenue growth (QoQ)
-7.8%
Debt / equity
1.3×
Current ratio
7.6×
Free cash flow
-$41M
Tangible book value
$39M
Cash & investments
$76M
Cash runway
7q
Stock comp / revenue
19.5%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-06-01 | Jain Mudit K. | Grant | 8.7K | — |
| 2026-06-01 | Ballinger Kevin J. | Grant | 8.7K | — |
| 2026-06-01 | Nielsen Kirk G. | Grant | 8.7K | — |
| 2026-06-01 | SLATTERY JOSEPH P | Grant | 8.7K | — |
| 2026-06-01 | DALE MICHAEL D | Grant | 29K | — |
| 2026-06-01 | Hill, Mitch C. | Grant | 8.7K | — |
| 2026-06-01 | SHADAN MARTHA | Grant | 8.7K | — |
| 2026-03-02 | John Robert Allen | Sell | 4.0K | $7.90 |
| 2026-03-02 | OASHEIM JARED | Sell | 1.7K | $7.90 |
| 2026-03-02 | Adamson Philip B. | Sell | 1.3K | $7.90 |
| 2026-03-02 | Morrison Gregory | Grant | 34K | — |
| 2026-03-02 | Hykes Kevin | Sell | 7.8K | $7.90 |
| 2026-03-02 | VERRASTRO PAUL | Sell | 1.3K | $7.90 |
| 2026-02-27 | John Robert Allen | Grant | 35K | — |
| 2026-02-27 | Adamson Philip B. | Grant | 41K | — |
| 2026-02-27 | VERRASTRO PAUL | Grant | 45K | — |
| 2026-02-27 | OASHEIM JARED | Grant | 61K | — |
| 2026-02-27 | Binkowski Brent | Grant | 15K | — |
| 2026-02-27 | Hykes Kevin | Grant | 159K | — |
| 2026-02-20 | Jain Mudit K. | Buy | 47K | $6.36 |
| 2026-02-18 | Jain Mudit K. | Buy | 600 | $4.64 |
| 2025-11-26 | JOHNSON & JOHNSON | Sell | 6.3K | $10.03 |
| 2025-11-26 | JOHNSON & JOHNSON | Sell | 6.3K | $10.03 |
| 2025-11-25 | JOHNSON & JOHNSON | Sell | 16K | $10.03 |
| 2025-11-24 | JOHNSON & JOHNSON | Sell | 2.2K | $10.06 |
| 2025-11-21 | JOHNSON & JOHNSON | Sell | 500 | $10.00 |
| 2025-11-12 | JOHNSON & JOHNSON | Sell | 1.0K | $10.00 |
| 2025-11-07 | JOHNSON & JOHNSON | Sell | 200 | $10.00 |
| 2025-11-06 | JOHNSON & JOHNSON | Sell | 52K | $10.21 |
| 2025-08-11 | Binkowski Brent | Grant | 17K | — |
| 2025-05-15 | Nielsen Kirk G. | Buy | 11K | $5.45 |
| 2025-05-14 | Nielsen Kirk G. | Buy | 61K | $5.23 |
| 2025-05-13 | Jain Mudit K. | Buy | 150 | $5.26 |
| 2025-05-13 | Nielsen Kirk G. | Buy | 101K | $5.29 |
| 2025-05-12 | Jain Mudit K. | Buy | 1.5K | $4.66 |
| 2025-05-12 | Hykes Kevin | Buy | 5.0K | $4.84 |
| 2025-05-12 | Nielsen Kirk G. | Buy | 25K | $4.79 |
| 2025-02-28 | Adamson Philip B. | Grant | 20K | — |
| 2025-02-28 | Hykes Kevin | Grant | 98K | — |
| 2025-02-28 | OASHEIM JARED | Grant | 22K | — |
| 2025-02-28 | John Robert Allen | Grant | 55K | — |
| 2025-02-28 | VERRASTRO PAUL | Grant | 16K | — |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07232030 ↗ | Barostim-Enabled NEurohormonal Intervention For Improving Treatment of Heart Failure Heart Failure, Heart Failure NYHA Class II | NA | Enrolling By Invitation | 2033-01-01 |
| NCT04502316 ↗ | Real-World Experience - Barostim™ Advancing the Level of Clinical Evidence (REBALANCE Registry) Heart Failure | — | Active Not Recruiting | 2028-06-01 |
| NCT01471834 ↗ | Verification of the Efficacy and Safety of the BAROSTIM NEO System in the Treatment of Drug Resistant Hypertension High Blood Pressure | NA | Active Not Recruiting | 2012-05-01 |
| NCT01679132 ↗ | BAROSTIM NEO Hypertension Pivotal Trial Uncontrolled Hypertension | NA | Suspended | 2026-03-01 |
| NCT05860348 ↗ | Symptomatic CRT Patients: Real-World Experience - Barostim™ Advancing the Level of Clinical Evidence Heart Failure | — | Terminated | 2024-09-04 |
| NCT04600791 ↗ | BATwire Implant Kit Heart Failure | NA | Terminated | 2024-08-28 |
| NCT02876042 ↗ | BAROSTIM THERAPY™ In Heart Failure With Preserved Ejection Fraction Heart Failure | — | Unknown | 2024-07-01 |
| NCT02880631 ↗ | BAROSTIM THERAPY™ In Resistant Hypertension Hypertension | — | Unknown | 2024-07-01 |
| NCT02880618 ↗ | BAROSTIM THERAPY™ in Heart Failure With Reduced Ejection Fraction Heart Failure | — | Unknown | 2024-07-01 |
| NCT02627196 ↗ | Baroreflex Activation Therapy for Heart Failure Heart Failure | NA | Completed | 2023-10-01 |
| NCT00442286 ↗ | Rheos® Pivotal Trial Hypertension | NA | Completed | 2016-01-01 |
| NCT01720160 ↗ | BAROSTIM® Hope for Heart Failure Study Heart Failure | NA | Unknown | 2015-05-01 |
| NCT01471860 ↗ | BAROSTIM NEO System in the Treatment of Heart Failure Heart Failure | NA | Unknown | 2014-09-01 |
| NCT01484288 ↗ | Baroreflex Activation Therapy in Heart Failure Heart Failure | NA | Completed | 2013-07-01 |
| NCT00957073 ↗ | Rheos System for the Treatment of HFpEF Heart Failure Heart Failure | NA | Completed | 2012-10-01 |
| NCT00718939 ↗ | Rheos® Diastolic Heart Failure Trial Diastolic Heart Failure | NA | Completed | 2012-07-01 |
| NCT00710294 ↗ | Device Based Therapy in Hypertension Extension Trial Hypertension | NA | Completed | 2011-10-01 |
| NCT00710190 ↗ | Device Based Therapy in Hypertension Trial Hypertension | NA | Completed | 2011-10-01 |
| NCT01077180 ↗ | Rheos Feasibility Trial Hypertension | PHASE2 | Completed | 2007-12-01 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-09 | Exec/director changeExhibits | filing ↗ |
| 2026-06-03 | Shareholder vote | filing ↗ |
| 2026-05-11 | ResultsExhibits | filing ↗ |
| 2026-04-13 | ResultsOtherExhibits | filing ↗ |
| 2026-03-03 | Exec/director changeExhibits | filing ↗ |
| 2026-02-12 | ResultsExhibits | filing ↗ |
| 2026-01-12 | Material agreementExhibits | filing ↗ |
| 2026-01-12 | Material agreementResultsDebt obligationOtherExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-09 | 2026-06-07 | 0001104659-26-071595 ↗ |
| 8-K | 2026-06-03 | 2026-06-01 | 0001104659-26-070139 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001104659-26-059023 ↗ |
| 8-K | 2026-05-11 | 2026-05-11 | 0001104659-26-058655 ↗ |
| 8-K | 2026-04-13 | 2026-04-13 | 0001104659-26-042354 ↗ |
| 8-K | 2026-03-03 | 2026-02-27 | 0001104659-26-022952 ↗ |
| 10-K | 2026-02-13 | 2025-12-31 | 0001104659-26-014708 ↗ |
| 8-K | 2026-02-12 | 2026-02-12 | 0001104659-26-014303 ↗ |
| 8-K | 2026-01-12 | 2026-01-09 | 0001104659-26-002728 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001104659-26-002743 ↗ |
| 10-Q | 2025-11-06 | 2025-09-30 | 0001104659-25-107378 ↗ |
| 8-K | 2025-11-05 | 2025-11-05 | 0001104659-25-107013 ↗ |