Tearsheet

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

0

Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30%

Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Cardiovascular Disease Management, and Remote Patient Monitoring.

Weak multi-year price returns
2Y Excs Rtn is -91%, 3Y Excs Rtn is -134%

Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -50 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -85%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%

Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -67%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -68%

Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43%

Key risks
CVRX key risks include [1] its dependence on a single product, Show more.

0 Valuation becoming less expensive
P/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -30%
1 Megatrend and thematic drivers
Megatrends include Aging Population & Chronic Disease, and Digital Health & Telemedicine. Themes include Cardiovascular Disease Management, and Remote Patient Monitoring.
2 Weak multi-year price returns
2Y Excs Rtn is -91%, 3Y Excs Rtn is -134%
3 Not profitable at operating income level
Op Inc LTMOperating Income, Last Twelve Months is -50 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -85%
4 Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 19%
5 Not cash flow generative
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -67%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -68%
6 Yield minus risk free rate is negative
ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -43%
7 Key risks
CVRX key risks include [1] its dependence on a single product, Show more.

CVRX in ETFs

Weight = CVRX's share of each fund

VTI0.00%
IWM0.00%
IWO0.01%
VTWO0.00%
DFAS0.00%
IWV0.00%
DFAC0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 7/1/2026

CVRx (CVRX) stock has lost about 45% since 3/31/2026 because of the following key factors:

1. Significant Negative Market Reaction to Q1 2026 Earnings Despite Beats. CVRx reported strong Q1 2026 financial results on May 11, 2026, with revenue of $14.8 million, a 20% year-over-year increase, surpassing analyst estimates. The company also reported a narrower net loss per share of -$0.50, beating the consensus estimate by 2.8%. Despite these beats and an increase in gross margin guidance for fiscal year 2026, the stock experienced a substantial decline of 23.84% on the day of the announcement, indicating investor apprehension towards underlying concerns such as continued net losses, which were $13.1 million for Q1 2026.

2. Persistent Concerns Regarding Reimbursement Volatility and Category I CPT Transition. The Q1 2026 earnings call highlighted ongoing reimbursement volatility and risks associated with the Category I CPT transition, particularly concerning Medicare Advantage. The company's full-year 2026 revenue guidance, which was maintained between $63 million and $67 million, was predicated on consistent 30-day and 60-day prior authorization approval rates, introducing an element of uncertainty for investors regarding future revenue predictability.

Show more
Updated on 7/1/2026

CVRx (CVRX) stock has lost about 45% since 3/31/2026 because of the following key factors:

1. Significant Negative Market Reaction to Q1 2026 Earnings Despite Beats. CVRx reported strong Q1 2026 financial results on May 11, 2026, with revenue of $14.8 million, a 20% year-over-year increase, surpassing analyst estimates. The company also reported a narrower net loss per share of -$0.50, beating the consensus estimate by 2.8%. Despite these beats and an increase in gross margin guidance for fiscal year 2026, the stock experienced a substantial decline of 23.84% on the day of the announcement, indicating investor apprehension towards underlying concerns such as continued net losses, which were $13.1 million for Q1 2026.

2. Persistent Concerns Regarding Reimbursement Volatility and Category I CPT Transition. The Q1 2026 earnings call highlighted ongoing reimbursement volatility and risks associated with the Category I CPT transition, particularly concerning Medicare Advantage. The company's full-year 2026 revenue guidance, which was maintained between $63 million and $67 million, was predicated on consistent 30-day and 60-day prior authorization approval rates, introducing an element of uncertainty for investors regarding future revenue predictability.

3. Long-Term Unprofitability Outlook. CVRx continues to face significant net losses, reporting $13.1 million in Q1 2026. Analyst forecasts indicate that the company is expected to remain unprofitable for at least the next three years, which challenges the perception of a rapid path to profitability and likely contributes to investor caution despite projected revenue growth.

4. Analyst Price Target Reductions. During the period, several analyst firms adjusted their price targets for CVRx downwards. For instance, Canaccord Genuity lowered its price target to $10 from $11 on April 14, 2026, and JPMorgan also reduced its price target to $6 from $7, signaling a more conservative outlook on the stock's near-term valuation and growth potential.

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Stock Movement Drivers

Fundamental Drivers

The -45.5% change in CVRX stock from 3/31/2026 to 7/14/2026 was primarily driven by a -47.4% change in the company's P/S Multiple.
(LTM values as of)33120267142026Change
Stock Price ($)9.465.16-45.5%
Change Contribution By: 
Total Revenues ($ Mil)57594.3%
P/S Multiple4.42.3-47.4%
Shares Outstanding (Mil)2626-0.5%
Cumulative Contribution-45.5%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 7/14/2026
ReturnCorrelation
CVRX-45.5% 
Market (SPY)15.6%5.2%
Sector (XLV)8.0%21.0%

Fundamental Drivers

The -27.3% change in CVRX stock from 12/31/2025 to 7/14/2026 was primarily driven by a -30.6% change in the company's P/S Multiple.
(LTM values as of)123120257142026Change
Stock Price ($)7.105.16-27.3%
Change Contribution By: 
Total Revenues ($ Mil)56595.5%
P/S Multiple3.32.3-30.6%
Shares Outstanding (Mil)2626-0.7%
Cumulative Contribution-27.3%

LTM = Last Twelve Months as of date shown

Market Drivers

12/31/2025 to 7/14/2026
ReturnCorrelation
CVRX-27.3% 
Market (SPY)10.6%10.7%
Sector (XLV)2.7%16.5%

Fundamental Drivers

The -12.2% change in CVRX stock from 6/30/2025 to 7/14/2026 was primarily driven by a -20.0% change in the company's P/S Multiple.
(LTM values as of)63020257142026Change
Stock Price ($)5.885.16-12.2%
Change Contribution By: 
Total Revenues ($ Mil)535911.7%
P/S Multiple2.92.3-20.0%
Shares Outstanding (Mil)2626-1.8%
Cumulative Contribution-12.2%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2025 to 7/14/2026
ReturnCorrelation
CVRX-12.2% 
Market (SPY)22.7%17.9%
Sector (XLV)19.0%22.3%

Fundamental Drivers

The -66.6% change in CVRX stock from 6/30/2023 to 7/14/2026 was primarily driven by a -81.0% change in the company's P/S Multiple.
(LTM values as of)63020237142026Change
Stock Price ($)15.445.16-66.6%
Change Contribution By: 
Total Revenues ($ Mil)2659124.0%
P/S Multiple12.12.3-81.0%
Shares Outstanding (Mil)2126-21.5%
Cumulative Contribution-66.6%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2023 to 7/14/2026
ReturnCorrelation
CVRX-66.6% 
Market (SPY)75.6%26.0%
Sector (XLV)24.9%19.7%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
CVRX Return-56%50%71%-60%-44%-24%-81%
Peers Return19%-12%2%8%5%-20%-3%
S&P 500 Return27%-19%24%23%16%10%100%

Monthly Win Rates [3]
CVRX Win Rate29%58%50%33%33%43% 
Peers Win Rate50%48%48%58%50%43% 
S&P 500 Win Rate75%42%67%75%67%57% 

Max Drawdowns [4]
CVRX Max Drawdown--62%-64%-79%-74%-49% 
Peers Max Drawdown-22%-37%-29%-24%-29%-40% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: INSP, LIVN, MDT, BSX, ABT.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 7/14/2026 (YTD)

How Low Can It Go

EventCVRXS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-31.1%-9.5%
  % Gain to Breakeven45.2%10.5%
  Time to Breakeven21 days24 days
2023 SVB Regional Banking Crisis
  % Loss-59.0%-6.7%
  % Gain to Breakeven143.9%7.1%
  Time to Breakeven155 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-62.0%-24.5%
  % Gain to Breakeven163.2%32.4%
  Time to Breakeven203 days427 days

Compare to INSP, LIVN, MDT, BSX, ABT

In The Past

CVRx's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventCVRXS&P 500
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-31.1%-9.5%
  % Gain to Breakeven45.2%10.5%
  Time to Breakeven21 days24 days
2023 SVB Regional Banking Crisis
  % Loss-59.0%-6.7%
  % Gain to Breakeven143.9%7.1%
  Time to Breakeven155 days31 days
2022 Inflation Shock & Fed Tightening
  % Loss-62.0%-24.5%
  % Gain to Breakeven163.2%32.4%
  Time to Breakeven203 days427 days

Compare to INSP, LIVN, MDT, BSX, ABT

In The Past

CVRx's stock fell 0.0% during the 2024 Yen Carry Trade Unwind. Such a loss loss requires a 0.0% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About CVRx (CVRX)

CVRx, Inc. (CVRX) is a commercial-stage medical device company specializing in neuromodulation solutions for cardiovascular diseases. The company designs, manufactures, and commercializes innovative technologies aimed at improving outcomes for patients suffering from specific heart conditions.

The core of CVRx's offering is Barostim, a proprietary neuromodulation device. Barostim is indicated to alleviate symptoms in patients diagnosed with heart failure (HF) characterized by reduced ejection fraction, also known as systolic heart failure. This device represents a key therapeutic option for addressing this significant unmet medical need.

CVRx markets and distributes Barostim through a multi-channel approach, leveraging both its direct sales force and a network of sales agents and independent distributors. Its primary customer base consists of healthcare providers treating heart failure patients across key markets including the United States, Germany, and broader Europe, with ongoing international expansion.

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Here are a few analogies to describe CVRx:

  • It's like Medtronic, but focused on nerve stimulation devices for heart failure.
  • Imagine a specialized Boston Scientific dedicated to neuromodulation for heart conditions.

AI Analysis | Feedback

  • Barostim: A neuromodulation device designed to improve symptoms for patients with heart failure with reduced ejection fraction.

AI Analysis | Feedback

CVRx (CVRX) is a medical device company that sells its products primarily to healthcare institutions rather than directly to individual patients. The Barostim device, which CVRx manufactures, is an implantable neuromodulation device used for heart failure, requiring surgical implantation and ongoing clinical management within a healthcare setting.

Therefore, CVRx's major customers are healthcare providers and institutions. However, unlike some B2B companies that have a few large, publicly traded corporate customers, CVRx sells to a broad network of hospitals and cardiac centers. Medical device companies typically do not disclose specific names of individual hospitals, healthcare systems, or clinics as "major customers" because sales are distributed across many such institutions, and no single entity usually accounts for a material portion of revenue. Furthermore, these healthcare institutions are often non-profit or privately held, and therefore do not have public stock symbols.

The primary categories of institutions that purchase CVRx's products are:

  • Hospitals: Specifically, those with cardiology departments, heart failure clinics, and electrophysiology or cardiac surgery programs capable of implanting and managing the Barostim device.
  • Specialized Cardiac Treatment Centers: Clinics and centers focused on cardiovascular diseases and advanced heart failure management that provide comprehensive care including device implantation and follow-up.

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Kevin Hykes, President and Chief Executive Officer

Kevin Hykes has served as President and Chief Executive Officer of CVRx since February 2024, and as a director on the Board since December 2022. Previously, Mr. Hykes was the Chief Executive Officer of Augmedics, Inc., an augmented reality surgical navigation company, from December 2021 to February 2024. He also served as President and CEO of Bardy Diagnostics, which was acquired by Hillrom in August 2021. Before that, he was President and CEO of Relievant Medsystems, Chairman and CEO of Metavention, Inc., and CEO of Cameron Health, Inc., which was acquired in 2013. He was also Chief Commercial Officer of Visiogen, Inc., which was acquired in 2010. Mr. Hykes has served as a Venture Advisor to Vensana Capital, a medtech-focused investment firm, since November 2019, and was an Operating Partner at Versant Ventures, a healthcare-focused venture capital firm, from 2013 to 2017.

Jared Oasheim, Chief Financial Officer

Jared Oasheim has served as CVRx's Chief Financial Officer since October 2020 and has over 20 years of finance experience. He joined the company in August 2015 as VP of Finance/Controller. Prior to CVRx, Mr. Oasheim held various leadership roles at three emerging growth technology companies after starting his career with KPMG LLP. He also has experience with a publicly traded company (Compellent/Dell), a company filing for an IPO (BioAmber), and PE/VC backed companies (CVRx and Sport Ngin).

Paul Verrastro, Chief Marketing and Strategy Officer

Paul Verrastro has served as CVRx's Chief Marketing Officer since January 2021 and became Chief Marketing and Strategy Officer in June 2022. He has over 34 years of experience in the cardiac rhythm market. Before joining CVRx, Mr. Verrastro managed his own consulting business, working with clients such as St. Jude Medical, Abbott Cardiovascular, and Medtronic CRDM. His career began as a sales representative for Medtronic, followed by roles at Guidant Corporation as Director of Implantable Cardiac Defibrillators Marketing, Vice President of Marketing for Guidant in Europe, and Vice President of Global Marketing for their CRM division. He later rejoined Medtronic as Vice President of Global Strategic Marketing.

Dr. Philip B. Adamson, Chief Medical Officer

Dr. Philip B. Adamson has served as CVRx's Chief Medical Officer since May 2024. Prior to CVRx, Dr. Adamson served as Divisional Vice President and Chief Medical Officer of the Heart Failure division at Abbott Laboratories from February 2015 to May 2024. He also held positions as Vice President and Medical Director at St. Jude Medical and Director of the Heart Failure Treatment Program at Oklahoma Heart Hospital. Dr. Adamson was also an Associate Professor at the University of Oklahoma Health Sciences Center for over 20 years. He was the co-principal investigator of the CHAMPION Trial, which led to the FDA approval of the CardioMEMS HF System.

Robert John, Chief Revenue Officer

Robert John has served as CVRx's Chief Revenue Officer since June 2024. He brings over 28 years of experience in clinical and sales roles in cardiac rhythm management, electrophysiology, and heart failure. Mr. John previously served as Divisional Vice President at Abbott for Abbott's Heart Failure and CRM (EMEA) businesses. Before that, he was Senior Vice President, Heart Failure from July 2008 to June 2017. He held multiple commercial leadership positions at St. Jude Medical and also had commercial roles at Medtronic, Guidant, and Pfizer.

AI Analysis | Feedback

The key risks to CVRx, Inc.'s business include its heavy reliance on a single product and associated market adoption challenges, its ongoing financial losses, and a current securities fraud investigation.

CVRx, Inc. faces significant risk due to its substantial reliance on Barostim as its sole revenue-generating product. The company's ability to achieve sustained revenue growth is highly dependent on the widespread market acceptance of Barostim in the U.S. and internationally. Furthermore, the risk of declining reimbursement rates for Barostim could severely hinder its market adoption and overall revenue growth. As a medical device company, CVRx is also exposed to regulatory and reimbursement challenges inherent in the healthcare sector.

The company has a history of substantial losses and is not currently profitable, with expectations of incurring net losses for several more years as it invests in commercialization and research and development. CVRx exhibits negative operating and net margins, and its Altman Z-Score places it in a distress zone, suggesting a potential risk of bankruptcy. These financial challenges indicate a need for significant financial resources, and the company may need to seek additional funding, which could be challenging given current market conditions.

Additionally, CVRx is currently under investigation for potential securities law violations following a weak first-quarter 2025 earnings report. This probe could lead to significant legal and financial repercussions for the company, including potential class-action lawsuits and increased stock volatility.

AI Analysis | Feedback

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AI Analysis | Feedback

CVRx, Inc. (CVRX) targets significant addressable markets with its Barostim neuromodulation device for heart failure with reduced ejection fraction (HFrEF). The estimated addressable markets for Barostim are:
  • United States: CVRx estimates a U.S. total addressable market (TAM) of $2.2 billion annually for Barostim, as of Q3 2025. Another estimate for the current indicated patient population in the U.S. is 339,000 patients, representing a $10.5 billion market opportunity.
  • Europe: The company estimates an annual market opportunity of $1.5 billion in select European markets, specifically the European Five (Germany, France, Italy, Spain, and the U.K.).
Additionally, CVRx indicates that the ongoing BENEFIT-HF trial, if successful in a broader heart failure population, could potentially expand the addressable market in the U.S. to $30 billion, encompassing 983,000 patients.

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Expected Drivers of Future Revenue Growth for CVRx (CVRX)

CVRx, Inc. (NASDAQ: CVRX) is expected to drive future revenue growth over the next 2-3 years through several key initiatives focused on expanding the adoption and accessibility of its Barostim neuromodulation therapy for heart failure patients. These drivers include:

  • Expansion of the U.S. Sales Organization and Active Implanting Centers: CVRx continues to focus on building a robust sales organization and expanding its footprint in the United States by increasing the number of sales territories and active implanting centers. This strategy aims to broaden access to Barostim therapy for more patients and drive deeper penetration within high-potential accounts.
  • Favorable Reimbursement Dynamics and Reduced Barriers to Adoption: The transition to Category I CPT codes, effective January 1, 2026, is anticipated to significantly reduce friction in the prior authorization process and improve overall reimbursement rates for Barostim procedures. Additionally, increased Medicare payment for the Barostim implant procedure, effective January 1, 2024, from approximately $29,000 to $45,000, is expected to enhance access for Medicare heart failure patients by ensuring adequate facility reimbursement.
  • Increased Physician and Patient Awareness of Barostim Therapy: The company is actively working to increase awareness of Barostim among both physicians and patients. This ongoing education and market development are crucial for driving the adoption and utilization of the therapy in the eligible heart failure population.
  • Potential Market Expansion through the BENEFIT-HF Clinical Trial: CVRx has initiated the BENEFIT-HF trial, a prospective, multi-center, randomized controlled trial designed to evaluate Barostim's impact on all-cause mortality and heart failure decompensation events in an expanded population of heart failure patients. If successful, this trial has the potential to significantly increase the addressable market for Barostim therapy, with the possibility of tripling the current addressable market opportunity.

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Share Issuance

  • CVRx issued 543,462 shares of common stock for gross proceeds of $9.5 million under an at-the-market offering for the three months ended March 31, 2025.
  • The company has remaining capacity to issue and sell up to $6.7 million of additional shares under its at-the-market offering.
  • As of December 31, 2025, 26,311,607 shares were issued and outstanding, an increase from 25,324,684 shares as of December 31, 2024.

Inbound Investments

  • On January 9, 2026, CVRx amended its term loan agreement with Innovatus Capital Partners, LLC to increase the existing facility by $50 million, potentially reaching an aggregate principal amount of up to $100 million subject to milestones.
  • An additional $10 million was borrowed under this amended term loan agreement, bringing the total outstanding principal amount of term loans to $60 million.

Capital Expenditures

  • CVRx's future liquidity and capital funding requirements are influenced by investments in its U.S. commercial infrastructure and sales forces.
  • Capital is allocated to research and development (R&D) activities for product enhancements and to expand indications of its neuromodulation solutions.
  • The company also allocates capital towards commercialization activities, including product sales, marketing, manufacturing, and distribution.

Better Bets vs. CVRx (CVRX)

Latest Trefis Analyses

TitleDate
0DASHBOARDS 
1CVRx Earnings Notes12/16/2025
2Can CVRx Stock Recover If Markets Fall?10/17/2025
Title
0ARTICLES

Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

CVRXINSPLIVNMDTBSXABTMedian
NameCVRx Inspire .LivaNova MedtronicBoston S.Abbott L. 
Mkt Price5.1649.1579.1279.3042.6388.3364.14
Mkt Cap0.11.44.3101.663.3153.933.8
Rev LTM599151,43336,36320,61545,13411,024
Op Inc LTM-50511926,8274,1067,7052,149
FCF LTM-40971615,4263,2987,3781,730
FCF 3Y Avg-41601125,2702,5256,3191,319
CFO LTM-401372467,3304,3419,4642,293
CFO 3Y Avg-40951697,0543,5438,5191,856

Growth & Margins

CVRXINSPLIVNMDTBSXABTMedian
NameCVRx Inspire .LivaNova MedtronicBoston S.Abbott L. 
Rev Chg LTM11.7%8.9%12.4%8.4%17.4%6.6%10.3%
Rev Chg 3Y Avg32.3%25.9%11.1%5.2%16.5%2.9%13.8%
Rev Chg Q19.6%1.6%14.3%9.9%11.6%7.8%10.7%
QoQ Delta Rev Chg LTM4.3%0.4%3.3%2.5%2.7%1.8%2.6%
Op Inc Chg LTM1.4%3.0%19.1%4.4%26.6%8.0%6.2%
Op Inc Chg 3Y Avg-4.2%90.3%106.7%5.8%24.4%3.9%15.1%
Op Mgn LTM-84.6%5.6%13.4%18.8%19.9%17.1%15.2%
Op Mgn 3Y Avg-102.3%2.0%9.8%18.4%18.5%16.6%13.2%
QoQ Delta Op Mgn LTM5.9%0.0%-1.0%0.1%0.1%-1.1%0.1%
CFO/Rev LTM-67.0%14.9%17.1%20.2%21.1%21.0%18.6%
CFO/Rev 3Y Avg-79.6%11.3%12.7%20.7%19.9%19.9%16.3%
FCF/Rev LTM-68.0%10.6%11.2%14.9%16.0%16.3%13.1%
FCF/Rev 3Y Avg-81.3%6.8%8.4%15.5%14.0%14.8%11.2%

Valuation

CVRXINSPLIVNMDTBSXABTMedian
NameCVRx Inspire .LivaNova MedtronicBoston S.Abbott L. 
Mkt Cap0.11.44.3101.663.3153.933.8
P/S2.31.53.02.83.13.42.9
P/Op Inc-2.727.522.514.915.420.017.7
P/EBIT-2.923.326.314.815.417.716.6
P/E-2.610.840.421.217.824.519.5
P/CFO-3.410.317.613.914.616.314.2
Total Yield-38.7%9.3%2.5%8.3%5.6%6.8%6.2%
Dividend Yield0.0%0.0%0.0%3.6%0.0%2.7%0.0%
FCF Yield 3Y Avg-13.3%2.8%4.1%4.6%2.3%3.2%3.0%
D/E0.40.00.10.30.20.20.2
Net D/E-0.1-0.2-0.00.20.20.20.1

Returns

CVRXINSPLIVNMDTBSXABTMedian
NameCVRx Inspire .LivaNova MedtronicBoston S.Abbott L. 
1M Rtn2.6%15.1%-0.3%-0.2%-9.1%0.2%-0.0%
3M Rtn-33.2%-13.5%21.7%-9.2%-33.2%-12.0%-12.8%
6M Rtn-15.5%-46.8%29.0%-16.3%-54.7%-28.1%-22.2%
12M Rtn-29.8%-62.3%79.9%-8.8%-59.1%-31.7%-30.8%
3Y Rtn-67.8%-84.9%50.4%-0.2%-19.6%-13.5%-16.6%
1M Excs Rtn3.5%13.8%-3.0%-2.4%-11.6%-3.5%-2.7%
3M Excs Rtn-43.5%-20.1%13.0%-18.6%-42.1%-21.3%-20.7%
6M Excs Rtn-44.7%-58.3%14.6%-25.6%-64.6%-37.3%-41.0%
12M Excs Rtn-45.0%-82.8%58.0%-29.5%-79.2%-52.2%-48.6%
3Y Excs Rtn-133.7%-155.7%-16.7%-69.6%-90.0%-83.3%-86.6%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment5751392213
Total5751392213


Price Behavior

Price Behavior
Market Price$5.16 
Market Cap ($ Bil)0.1 
First Trading Date06/30/2021 
Distance from 52W High-52.3% 
   50 Days200 Days
DMA Price$5.74$7.58
DMA Trenddowndown
Distance from DMA-10.1%-31.9%
 3M1YR
Volatility88.1%79.0%
Downside Capture281.36205.87
Upside Capture20.38117.90
Correlation (SPY)8.4%18.0%
CVRX Betas & Captures as of 6/30/2026

 1M2M3M6M1Y3Y
Beta0.760.350.720.731.151.58
Up Beta-0.71-1.620.410.640.831.25
Down Beta2.60-0.48-1.12-1.110.061.19
Up Capture7%-15%-8%90%172%525%
Bmk +ve Days11244067140429
Stock +ve Days10192657117357
Down Capture92%255%304%170%154%112%
Bmk -ve Days10172358112321
Stock -ve Days10213564125377

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CVRX
CVRX-24.5%79.2%-0.01-
Sector ETF (XLV)18.7%15.8%0.8922.8%
Equity (SPY)21.7%12.6%1.2817.8%
Gold (GLD)20.5%27.9%0.6510.0%
Commodities (DBC)27.3%18.9%1.14-0.5%
Real Estate (VNQ)13.0%13.9%0.649.0%
Bitcoin (BTCUSD)-47.0%42.7%-1.379.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CVRX
CVRX-25.6%90.4%0.13-
Sector ETF (XLV)5.9%14.9%0.2221.2%
Equity (SPY)13.1%17.1%0.5928.5%
Gold (GLD)17.2%18.4%0.765.0%
Commodities (DBC)8.6%19.5%0.336.5%
Real Estate (VNQ)2.7%18.9%0.0422.7%
Bitcoin (BTCUSD)12.8%53.4%0.4211.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with CVRX
CVRX-15.7%90.6%0.08-
Sector ETF (XLV)10.0%16.6%0.4921.0%
Equity (SPY)15.4%17.9%0.7328.4%
Gold (GLD)11.2%16.1%0.574.9%
Commodities (DBC)6.3%18.0%0.276.8%
Real Estate (VNQ)5.0%20.7%0.2122.5%
Bitcoin (BTCUSD)57.3%66.2%0.9711.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date6302026
Short Interest: Shares Quantity1.8 Mil
Short Interest: % Change Since 61520264.7%
Average Daily Volume0.3 Mil
Days-to-Cover Short Interest5.4 days
Basic Shares Quantity26.4 Mil
Short % of Basic Shares7.0%

Earnings Returns History

Updated 6/12/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/2026-23.8%-14.2%-30.2%
2/12/2026-13.0%7.4%38.3%
11/5/20252.7%-2.8%-8.0%
8/4/2025-9.9%-0.5%3.6%
5/8/2025-38.7%-20.4%-19.9%
2/4/2025-7.2%-10.3%-28.7%
10/29/202431.0%43.6%42.6%
7/29/2024-14.5%-8.7%5.1%
...
SUMMARY STATS   
# Positive101010
# Negative101010
Median Positive7.5%20.0%22.8%
Median Negative-11.4%-9.5%-26.8%
Max Positive31.0%43.6%56.9%
Max Negative-38.7%-47.8%-55.6%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
5/11/2026-23.8%-14.2%-30.2%
2/12/2026-13.0%7.4%38.3%
11/5/20252.7%-2.8%-8.0%
8/4/2025-9.9%-0.5%3.6%
5/8/2025-38.7%-20.4%-19.9%
2/4/2025-7.2%-10.3%-28.7%
10/29/202431.0%43.6%42.6%
7/29/2024-14.5%-8.7%5.1%
4/30/2024-34.8%-47.8%-55.6%
1/25/2024-6.7%-14.4%-26.7%
10/26/20232.4%6.1%56.9%
7/25/20235.4%9.0%5.3%
4/27/202322.8%33.4%39.8%
1/26/20232.9%28.7%-18.1%
11/1/20221.1%16.1%40.9%
7/28/202217.0%24.1%0.1%
4/25/202211.4%23.9%7.3%
2/15/2022-6.3%-7.2%-26.8%
11/4/20219.6%9.4%-34.1%
8/4/2021-4.4%-8.5%-14.6%
SUMMARY STATS   
# Positive101010
# Negative101010
Median Positive7.5%20.0%22.8%
Median Negative-11.4%-9.5%-26.8%
Max Positive31.0%43.6%56.9%
Max Negative-38.7%-47.8%-55.6%

SEC Filings

Expand for More
Report DateFiling DateFiling
03/31/202605/12/202610-Q
12/31/202502/13/202610-K
09/30/202511/06/202510-Q
06/30/202508/05/202510-Q
03/31/202505/09/202510-Q
12/31/202402/18/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/10/202410-Q
12/31/202302/09/202410-K
09/30/202310/31/202310-Q
06/30/202308/03/202310-Q
03/31/202305/11/202310-Q
12/31/202202/10/202310-K
09/30/202211/04/202210-Q
06/30/202208/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
03/31/202605/12/202610-Q
12/31/202502/13/202610-K
09/30/202511/06/202510-Q
06/30/202508/05/202510-Q
03/31/202505/09/202510-Q
12/31/202402/18/202510-K
09/30/202411/01/202410-Q
06/30/202408/02/202410-Q
03/31/202405/10/202410-Q
12/31/202302/09/202410-K
09/30/202310/31/202310-Q
06/30/202308/03/202310-Q
03/31/202305/11/202310-Q
12/31/202202/10/202310-K
09/30/202211/04/202210-Q
06/30/202208/01/202210-Q
03/31/202205/02/202210-Q
12/31/202102/22/202210-K
09/30/202111/08/202110-Q
06/30/202108/09/202110-Q
03/31/202106/23/2021S-1/A

Recent Forward Guidance

Updated 7/12/2026

Latest: Q1 2026 Earnings Reported 5/11/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q2 2026 Total Revenue15.10 Mil15.60 Mil16.10 Mil9.9% Higher NewGuidance: 14.20 Mil for Q1 2026
2026 Total Revenue63.00 Mil65.00 Mil67.00 Mil0 AffirmedGuidance: 65.00 Mil for 2026
2026 Gross Margin85.0%86.0%87.0% 1.0%RaisedGuidance: 85.0% for 2026
2026 Operating Expenses103.00 Mil105.00 Mil107.00 Mil0 AffirmedGuidance: 105.00 Mil for 2026

Prior: Q4 2025 Earnings Reported 2/12/2026

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q1 2026 Revenue13.70 Mil14.20 Mil14.70 Mil-8.4% Lower NewActual: 15.50 Mil for Q4 2025
2026 Revenue63.00 Mil65.00 Mil67.00 Mil15.9% Higher NewActual: 56.10 Mil for 2025
2026 Gross Margin84.0%85.0%86.0% -0.5%Lower NewActual: 85.5% for 2025
2026 Operating Expenses103.00 Mil105.00 Mil107.00 Mil6.6% Higher NewActual: 98.50 Mil for 2025

Q3 2025 Earnings Reported 11/5/2025

Forward GuidanceGuidance Change
MetricLowMidHigh% Chg% DeltaChangePrior
Q4 2025 Total Revenue15.00 Mil15.50 Mil16.00 Mil   
2025 Total Revenue55.60 Mil56.10 Mil56.60 Mil0.2% RaisedGuidance: 56.00 Mil for 2025
2025 Gross Margin85.0%85.5%86.0% 2.0%RaisedGuidance: 83.5% for 2025
2025 Operating Expenses98.00 Mil98.50 Mil99.00 Mil1.5% RaisedGuidance: 97.00 Mil for 2025

Insider Activity

Updated 6/3/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Adamson, Philip BChief Medical OfficerDirectSell31620267.901,2629,973486,632Form
2Verrastro, PaulCHIEF MKTG & STRAT OFFICERDirectSell30320267.901,28410,146478,480Form
3Oasheim, JaredCHIEF FINANCIAL OFFICERDirectSell30320267.901,74413,781764,166Form
4John, Robert AllenChief Revenue OfficerDirectSell30320267.903,96431,326679,899Form
5Hykes, KevinPRES & CEODirectSell30320267.907,76361,3492,246,240Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Adamson, Philip BChief Medical OfficerDirectSell31620267.901,2629,973486,632Form
2Verrastro, PaulCHIEF MKTG & STRAT OFFICERDirectSell30320267.901,28410,146478,480Form
3Oasheim, JaredCHIEF FINANCIAL OFFICERDirectSell30320267.901,74413,781764,166Form
4John, Robert AllenChief Revenue OfficerDirectSell30320267.903,96431,326679,899Form
5Hykes, KevinPRES & CEODirectSell30320267.907,76361,3492,246,240Form
6Jain, Mudit KSee footnoteBuy22320266.3646,800297,5926,232,788Form
7Jain, Mudit KDirectBuy21820264.646002,78526,226Form
8Johnson, & Johnson Johnson & Johnson Innovation - JJDC, Inc.Sell1201202510.036,33763,56040,529,836Form
9Johnson, & Johnson Johnson & Johnson Innovation - JJDC, Inc.Sell1125202510.062,20022,13240,714,812Form
10Johnson, & Johnson Johnson & Johnson Innovation - JJDC, Inc.Sell1125202510.005005,00040,493,980Form
11Johnson, & Johnson Johnson & Johnson Innovation - JJDC, Inc.Sell1114202510.001,00010,00040,498,980Form
12Johnson, & Johnson Johnson & Johnson Innovation - JJDC, Inc.Sell1110202510.002002,00040,508,980Form
13Johnson, & Johnson Johnson & Johnson Innovation - JJDC, Inc.Sell1110202510.2152,332534,31041,361,711Form

Investor Activity (13F)

Updated Jul 15, 2026
13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank and community-bank filers are excluded.

Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Johnson & Johnson$38.1 Mil5.8%16Hold13F
GSK plc$9.5 Mil1.6%13Hold13F
NEA Management Company, LLC$19.2 Mil1.1%26Hold13F
Active Manager
Active Manager
Active ManagerValue% of PortfolioTotal PositionsQoQFiling
Johnson & Johnson$38.1 Mil5.8%16Hold13F
NEA Management Company, LLC$19.2 Mil1.1%26Hold13F
GSK plc$9.5 Mil1.6%13Hold13F
Core Cache Last Updated: 7/14/2026