Overview
Compare with Apyx Medical Corp, Meihua International Medical Technologies Co., Ltd. or LENSAR, Inc., or pick any stock.
- TickerCVRX on Nasdaq1
- IndustrySurgical & Medical Instruments & Apparatus1
- HeadquartersMinneapolis1
- Websitewww.cvrx.com
- Incorporated inDE3
- Business address9201 West Broadway Avenue, Suite 650, Minneapolis, Mn 554453
- Filer category, Emerging growth company3
See how the biggest companies compare on our leaderboards
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 U.S. Food and Drug Administration (the “FDA”) that uses neuromodulation to improve the symptoms of patients with heart failure (“HF”). Barostim is an implantable device that delivers electrical pulses to baroreceptors located in the wall of the carotid artery to counteract decreased baroreceptor signaling, which creates an imbalance in the brain’s Autonomic Nervous System (“ANS”) resulting in excess neurohormones that drive HF progression. Barostim provides Baroreflex Activation Therapy (“BAT,” or “Barostim Therapy”), which links the cardiovascular system to the ANS. This therapy complements the pharmaceutical neurohormonal b…4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Regions
United States brought in 92% of the revenue CVRx (United States) broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $47.2M | $51.9M |
| Germany | $4.1M | $4.8M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue8¢$8.3M
- Research and development10¢$11.1M
- Selling, general and admin82¢$88.5M
- Income tax0¢$18.0K
Out of $56.7M in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Revenue | $56.7M | $51.3M |
| Cost of goods sold | $8.3M | $8.3M |
| Gross profit | $48.3M | $43.0M |
| Research and development | $11.1M | $11.1M |
| Selling, general and administrative | $88.5M | $91.3M |
| Total operating expenses | $99.6M | $102.4M |
| Loss from operations | -$51.3M | -$59.5M |
| Interest expense | -$5.8M | -$4.4M |
| Other income, net | $3.8M | $4.0M |
| Loss before income taxes | -$53.3M | -$59.9M |
| Benefit (provision) for income taxes | $18.0K | -$55.0K |
| Net loss | -$53.3M | -$60.0M |
| Cumulative translation adjustment | $2.0K | $1.0K |
| Comprehensive loss | -$53.3M | -$60.0M |
| Net loss per share, basic | -$2.04 | -$2.65 |
| Net loss per share, diluted | -$2.04 | -$2.65 |
| Weighted-average common shares used to compute net loss per share, basic | 26.1M shares | 22.6M shares |
| Weighted-average common shares used to compute net loss per share, diluted | 26.1M shares | 22.6M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $75.7M | $105.9M | |
| Accounts receivable, net of allowances of $871 and $780, respectively | $10.7M | $9.3M | $7.6M |
| Inventory | $12.2M | $12.1M | |
| Prepaid expenses and other current assets | $3.1M | $2.5M | |
| Total current assets | $101.6M | $129.8M | |
| Property and equipment, net | $2.2M | $2.5M | |
| Operating lease right-of-use asset | $878.0K | $1.1M | |
| Other non-current assets | $26.0K | $27.0K | |
| Total assets | $104.8M | $133.4M | |
| Accounts payable | $3.8M | $2.6M | |
| Accrued expenses | $9.5M | $8.2M | |
| Total current liabilities | $13.3M | $10.8M | |
| Long-term debt | $49.5M | $49.3M | |
| Operating lease liability, non-current portion | $638.0K | $877.0K | |
| Other long-term liabilities | $2.0M | $1.4M | |
| Total liabilities | $65.5M | $62.4M | |
| Common stock, $0.01 par value, 200,000,000 authorized as of December 31, 2025 and 2024; 26,311,607 and 25,324,684 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $263.0K | $253.0K | |
| Additional paid-in capital | $629.9M | $608.4M | |
| Accumulated deficit | -$590.7M | -$537.3M | |
| Accumulated other comprehensive loss | -$203.0K | -$206.0K | |
| Total stockholders' equity | $39.3M | $71.1M | $75.9M |
| Total liabilities and stockholders' equity | $104.8M | $133.4M | |
| Allowance for accounts receivable, net | $871.0K | $780.0K | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized | 200.0M shares | 200.0M shares | |
| Common stock, shares issued | 26.3M shares | 25.3M shares | |
| Common stock, shares outstanding | 26.3M shares | 25.3M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $75.7M | $105.9M | |
| Accounts receivable, net of allowances of $871 and $780, respectively | $10.7M | $9.3M | $7.6M |
| Inventory | $12.2M | $12.1M | |
| Prepaid expenses and other current assets | $3.1M | $2.5M | |
| Total current assets | $101.6M | $129.8M | |
| Property and equipment, net | $2.2M | $2.5M | |
| Operating lease right-of-use asset | $878.0K | $1.1M | |
| Other non-current assets | $26.0K | $27.0K | |
| Total assets | $104.8M | $133.4M | |
| Accounts payable | $3.8M | $2.6M | |
| Accrued expenses | $9.5M | $8.2M | |
| Total current liabilities | $13.3M | $10.8M | |
| Long-term debt | $49.5M | $49.3M | |
| Operating lease liability, non-current portion | $638.0K | $877.0K | |
| Other long-term liabilities | $2.0M | $1.4M | |
| Total liabilities | $65.5M | $62.4M | |
| Common stock, $0.01 par value, 200,000,000 authorized as of December 31, 2025 and 2024; 26,311,607 and 25,324,684 shares issued and outstanding as of December 31, 2025 and 2024, respectively | $263.0K | $253.0K | |
| Additional paid-in capital | $629.9M | $608.4M | |
| Accumulated deficit | -$590.7M | -$537.3M | |
| Accumulated other comprehensive loss | -$203.0K | -$206.0K | |
| Total stockholders' equity | $39.3M | $71.1M | $75.9M |
| Total liabilities and stockholders' equity | $104.8M | $133.4M | |
| Allowance for accounts receivable, net | $871.0K | $780.0K | |
| Common stock, par value (in dollars per share) | $0.01 | $0.01 | |
| Common stock, shares authorized | 200.0M shares | 200.0M shares | |
| Common stock, shares issued | 26.3M shares | 25.3M shares | |
| Common stock, shares outstanding | 26.3M shares | 25.3M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$53.3M | -$60.0M |
| Stock-based compensation | $11.1M | $19.1M |
| Depreciation of property and equipment | $756.0K | $619.0K |
| Loss on disposal of equipment | $86.0K | $0 |
| Amortization of deferred financing costs and loan discount | $241.0K | $203.0K |
| Accounts receivable | -$1.4M | -$1.7M |
| Inventory | -$98.0K | -$1.1M |
| Prepaid expenses and other current assets | -$543.0K | $531.0K |
| Accounts payable | $1.3M | $698.0K |
| Accrued expenses | $1.8M | $2.6M |
| Net cash used in operating activities | -$40.2M | -$39.1M |
| Purchase of property and equipment | -$580.0K | -$1.4M |
| Net cash used in investing activities | -$580.0K | -$1.4M |
| Proceeds from the exercise of common stock options | $793.0K | $2.7M |
| Proceeds from Employee Stock Purchase Plan | $753.0K | $803.0K |
| Proceeds from the issuance of common stock | $9.0M | $32.5M |
| Proceeds from debt financing | $0 | $20.0M |
| Debt financing costs | $0 | -$152.0K |
| Net cash provided by financing activities | $10.5M | $55.9M |
| Effect of currency exchange on cash and cash equivalents | $5.0K | -$1.0K |
| Net change in cash and cash equivalents | -$30.2M | $15.4M |
| Cash paid for interest | $5.0M | $3.6M |
No quarter-by-quarter statement was filed.
Corporate structure
CVRx (United States) sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of CVRx (United States)
- Jorey Chernett Filed SCHEDULE 13D/A on CVRx (United States), latest Oct 2, 2026 (3 filings since Aug 14, 2026)
- Johnson & Johnson Filed SCHEDULE 13G/A on CVRx (United States), latest Jan 12, 2026 (4 filings since Feb 7, 2022)
- NEW ENTERPRISE ASSOCIATES 10 L P Filed SCHEDULE 13D/A on CVRx (United States), latest Feb 20, 2025 (2 filings since Nov 7, 2024)
- Gilde Healthcare U.a. Cooperatieve Iv. Filed SCHEDULE 13D/A on CVRx (United States), latest Feb 6, 2025 (3 filings since Dec 29, 2023)
- Vensana Capital I GP, LLC Filed SCHEDULE 13G/A on CVRx (United States), latest Feb 6, 2025 (4 filings since Feb 10, 2022)
- Soleus Capital Master Fund, L.P. Filed SC 13G/A on CVRx (United States), latest Feb 14, 2023 (2 filings since Apr 29, 2022)
- GSK Filed SC 13G on CVRx (United States), latest Feb 6, 2023
- CVRx (United States) Minneapolis
Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What CVRx (United States) reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $6.4M5 Dec 31, 2025 | $5.9M5 Dec 31, 2024 | +8.1% |
| Accumulated depreciation | $4.1M5 Dec 31, 2025 | $3.4M5 Dec 31, 2024 | +21.7% |
| Property and equipment, net | $2.2M5 Dec 31, 2025 | $2.5M5 Dec 31, 2024 | −10.5% |
| Operating-lease assets (leased space) | $878.0K5 Dec 31, 2025 | $1.1M5 Dec 31, 2024 | −17.9% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $75.7M5 Dec 31, 2025 | $105.9M5 Dec 31, 2024 | −28.5% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $12.2M5 Dec 31, 2025 | $12.1M5 Dec 31, 2024 | +0.8% |
| Raw materials | $8.6M5 Dec 31, 2025 | $6.9M5 Dec 31, 2024 | +25.8% |
| Work in process | $473.0K5 Dec 31, 2025 | $353.0K5 Dec 31, 2024 | +34.0% |
| Finished goods | $3.1M5 Dec 31, 2025 | $4.9M5 Dec 31, 2024 | −36.6% |
Properties, in its own words
We lease 35,183 square feet of office space in Minneapolis, Minnesota, which houses our principal executive offices and our manufacturing facility. We lease this space under an operating lease agreement that commenced December 1, 2008 and expires August 31, 2028. We intend to add new facilities as we grow and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations.
Item 2 of the 10-K filed Feb 13, 2026.4
Leadership
Who has led CVRx (United States), and when. Pick a name to see everywhere that person has worked.
Chief executive
Chief financial officer
Chief operating officer
- Chief executive officerKevin Hykes Feb 14, 2024 to now12
- Chief executive officerNadim Yared Jun 29, 2021 to Feb 6, 202413
- Chief financial officerJared Oasheim Jun 29, 2021 to now14
- Chief operating officerBrent Binkowski Aug 13, 2025 to now15
Board members and other officers (17)
- Chief Medical OfficerPhilip B. Adamson Feb 14, 2025 to now16
- Chief Revenue OfficerRobert Allen John Jul 1, 2024 to now17
- SVP, U.S. SalesCraig E. Palmer Jan 28, 2022 to Mar 27, 202418
- VP of Reg. Affairs and QADean Bruhn-Ding Jun 29, 2021 to Aug 4, 202219
- Chief Strategy Officer and SecJohn Brintnall Jun 29, 2021 to Apr 26, 202220
- VP of Global Clinical ResearchLiz Galle Jun 29, 2021 to Oct 18, 202321
- Chief Marketing OfficerPaul Verrastro Jun 29, 2021 to now22
- Board memberMichael D. Dale Jun 3, 2026 to now23
- Board memberKevin J. Ballinger Sep 5, 2024 to now24
- Board memberKevin Hykes Dec 23, 2022 to now25
- Board memberAli Behbahani Jun 29, 2021 to Jun 7, 202426
- Board memberJohn M. Nehra Jun 29, 2021 to Jun 9, 202227
- Board memberJoseph P. Slattery Jun 29, 2021 to now28
- Board memberKirk G. Nielsen Jun 29, 2021 to now29
- Board memberMudit K. Jain Jun 29, 2021 to now30
- Board memberNadim Yared Jun 29, 2021 to Feb 6, 202413
- Board memberMartha Shadan Jul 14, 2021 to now31
Former names
- CVRX INCMay 23, 2003 to Jul 15, 20133
Timeline
- Sep 21, 20268-K Executive or director change32
- Aug 11, 20268-K Executive or director change33
- Aug 6, 20268-K Results of operations34
- Jun 9, 20268-K Executive or director change35
- Jun 3, 20268-K Shareholder vote36
- May 11, 20268-K Results of operations37
- Apr 13, 20268-K Results of operations; Other events38
- Mar 3, 20268-K Executive or director change39
- Feb 12, 20268-K Results of operations40
- Jan 12, 20268-K Entered a material agreement; Results of operations; New debt or obligation41
- Jan 12, 20268-K Entered a material agreement42
- Nov 5, 20258-K Results of operations43
- Feb 14, 2024New chief executive Kevin Hykes becomes CEO12
- Jun 29, 2021New chief executive Nadim Yared becomes CEO13
- 2001Founded Founded1
Calendar
Coming up
- Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.49) a share, on Nov 5, 2025.44
When it reported results
- Aug 6, 2026Reported quarterly or annual results34
- May 11, 2026Reported quarterly or annual results37
- Apr 13, 2026Reported quarterly or annual results38
- Feb 12, 2026Reported quarterly or annual results40
- Jan 12, 2026Reported quarterly or annual results41
- Nov 5, 2025Reported quarterly or annual results43
- Aug 4, 2025Reported quarterly or annual results45
- May 8, 2025Reported quarterly or annual results46
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
269 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 138 insider forms, 19 large holders, 44 other. The latest 20:
- Oct 2, 2026SCHEDULE 13D/A EDGAR
- Sep 21, 20268-K EDGAR
- Aug 24, 2026SCHEDULE 13D EDGAR
- Aug 14, 2026SCHEDULE 13G EDGAR
- Aug 13, 20264 EDGAR
- Aug 13, 20264 EDGAR
- Aug 11, 20268-K EDGAR
- Aug 6, 202610-Q EDGAR
- Aug 6, 20268-K EDGAR
- Jun 9, 20268-K EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20264 EDGAR
- Jun 3, 20263 EDGAR
- Jun 3, 20268-K EDGAR
- May 28, 2026SD EDGAR
The 269 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
50 open-market trades by officers, directors and large owners since October 2021: 30 buys and 20 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 13, 2026 | Binkowski BrentCHIEF OPERATING OFFICER | Buy | 26,223 | $2.91 | $76.3K | Form 4 |
| Aug 12, 2026 | Binkowski BrentCHIEF OPERATING OFFICER | Sale | 1,309 | $2.55 | $3.3K | Form 4 |
| Mar 2, 2026 | Adamson Philip B.Chief Medical Officer | Sale | 1,262 | $7.90 | $10.0K | Form 4 |
| Mar 2, 2026 | John Robert AllenChief Revenue Officer | Sale | 3,964 | $7.90 | $31.3K | Form 4 |
| Mar 2, 2026 | VERRASTRO PAULCHIEF MKTG & STRAT OFFICER | Sale | 1,284 | $7.90 | $10.1K | Form 4 |
| Mar 2, 2026 | OASHEIM JAREDCHIEF FINANCIAL OFFICER | Sale | 1,744 | $7.90 | $13.8K | Form 4 |
| Mar 2, 2026 | Hykes KevinPRES & CEO | Sale | 7,763 | $7.90 | $61.3K | Form 4 |
| Feb 20, 2026 | Jain Mudit K.Director | Buy | 46,800 | $6.36 | $297.6K | Form 4 |
| Feb 18, 2026 | Jain Mudit K.Director | Buy | 600 | $4.64 | $2.8K | Form 4 |
| Nov 26, 2025 | Johnson & Johnson Innovation - JJDC, Inc.10% owner | Sale | 6,337 | $10.03 | $63.6K | Form 4 |
| Nov 26, 2025 | JOHNSON & JOHNSON10% owner | Sale | 6,337 | $10.03 | $63.6K | Form 4 |
| Nov 25, 2025 | Johnson & Johnson Innovation - JJDC, Inc.10% owner | Sale | 16,000 | $10.03 | $160.5K | Form 4 |
| Nov 24, 2025 | JOHNSON & JOHNSON10% owner | Sale | 2,200 | $10.06 | $22.1K | Form 4 |
| Nov 21, 2025 | JOHNSON & JOHNSON10% owner | Sale | 500 | $10.00 | $5.0K | Form 4 |
| Nov 12, 2025 | JOHNSON & JOHNSON10% owner | Sale | 1,000 | $10.00 | $10.0K | Form 4 |
| Nov 7, 2025 | Johnson & Johnson Innovation - JJDC, Inc.10% owner | Sale | 200 | $10.00 | $2.0K | Form 4 |
| Nov 6, 2025 | Johnson & Johnson Innovation - JJDC, Inc.10% owner | Sale | 52,332 | $10.21 | $534.3K | Form 4 |
| May 15, 2025 | Nielsen Kirk G.Director | Buy | 10,966 | $5.45 | $59.8K | Form 4 |
| May 14, 2025 | Nielsen Kirk G.Director | Buy | 61,200 | $5.23 | $320.1K | Form 4 |
| May 13, 2025 | Jain Mudit K.Director | Buy | 150 | $5.26 | $789 | Form 4 |
All 50 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Jorey ChernettSCHEDULE 13D/A, 3 filings Aug 14, 2026 to Oct 2, 202647
- Johnson & JohnsonSCHEDULE 13G/A, 4 filings Feb 7, 2022 to Jan 12, 202648
- NEW ENTERPRISE ASSOCIATES 10 L PSCHEDULE 13D/A, 2 filings Nov 7, 2024 to Feb 20, 202549
- Gilde Healthcare U.a. Cooperatieve Iv.SCHEDULE 13D/A, 3 filings Dec 29, 2023 to Feb 6, 202550
- Vensana Capital I GP, LLCSCHEDULE 13G/A, 4 filings Feb 10, 2022 to Feb 6, 202551
- Soleus Capital Master Fund, L.P.SC 13G/A, 2 filings Apr 29, 2022 to Feb 14, 202352
- GSKSC 13G, 1 filing Feb 6, 202353
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Philip AdamsonChief Medical Officer | 66 | $549.5K | $1.4M54 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 88. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Johnson & Johnson | 4,024,861 | $20.7M | 2.6% | No change |
| NEA Management Company, LLC | 1,954,440 | $10.0M | 0.6% | −71,643 |
| BlackRock, Inc. | 1,245,459 | $6.4M | 0.0% | +218,900 |
| Royal Bank Of Canada | 1,233,212 | $6.3M | 0.0% | +526,262 |
| GSK plc | 1,007,583 | $5.2M | 0.9% | No change |
| Vanguard Capital Management LLC | 910,576 | $4.7M | 0.0% | −734 |
| Silvercrest Asset Management Group LLC | 878,109 | $4.5M | 0.0% | +306,088 |
| Geode Capital Management, LLC | 440,786 | $2.3M | 0.0% | +13,714 |
| PFM Health Sciences, LP | 369,572 | $1.9M | 0.2% | New |
| State Street Corp | 366,352 | $1.9M | 0.0% | +15,804 |
| Renaissance Technologies LLC | 230,000 | $1.2M | 0.0% | +210,700 |
| UBS Group AG | 224,233 | $1.2M | 0.0% | +120,423 |
| Tudor Investment Corp Et Al | 205,684 | $1.1M | 0.0% | +8,344 |
| Goldman Sachs Group Inc | 149,509 | $768.5K | 0.0% | −51,502 |
| Morgan Stanley | 144,977 | $745.2K | 0.0% | +5,613 |
| Kestra Advisory Services, LLC | 132,400 | $680.5K | 0.0% | +84,500 |
| Two Sigma Investments, LP | 132,398 | $680.5K | 0.0% | +18,231 |
| Vanguard Fiduciary Trust Co | 128,955 | $662.8K | 0.0% | +1,194 |
| Dimensional Fund Advisors LP | 127,971 | $659.9K | 0.0% | +75,330 |
| Northern Trust Corp | 124,767 | $641.3K | 0.0% | −25,356 |
| Vanguard Portfolio Management LLC | 105,915 | $544.4K | 0.0% | +11,066 |
| Aqr Capital Management LLC | 105,614 | $542.9K | 0.0% | +15,710 |
| Cresset Asset Management, LLC | 103,849 | $533.8K | 0.0% | −2,500 |
| Bnp Paribas Financial Markets | 97,309 | $500.2K | 0.0% | −1,361 |
| Quantinno Capital Management LP | 82,333 | $423.2K | 0.0% | −33,485 |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How CVRx (United States) is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARCVRx, Inc.2
- CIK0001235912
- Employer ID (EIN)41-19837444
- Filer statusNon-accelerated filer an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inDelaware4
- Fiscal year endsDecember 312
- Industry code (SIC)3841 Surgical & Medical Instruments & Apparatus2
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance2
- Business address9201 West Broadway Avenue, Suite 650, Minneapolis, MN 554452
- Phone76341628502
- Shares outstanding26,641,597 as of Jul 30, 202611
- Public float$112.4M as of Jun 30, 20254
- AuditorGRANT THORNTON LLP, Minneapolis, Minnesota PCAOB ID 248; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceMay 23, 20032
- Filings345 in all: 4 (144), 8-K (51), 3 (27), 10-Q (16), 144 (13), 4/A (7), S-8 (7), CORRESP (6)2
All 39 form types
10-K (5), DEF 14A (5), DEFA14A (5), SC 13G (5), SC 13G/A (5), REGDEX (4), SD (4), D (3), D/A (3), EFFECT (3), SC 13D/A (3), SCHEDULE 13D/A (3), UPLOAD (3), 424B5 (2), DRSLTR (2), S-3 (2), SC 13D (2), SCHEDULE 13G/A (2), 3/A (1), 424B4 (1), 8-A12B (1), CERT (1), DEL AM (1), DRS (1), DRS/A (1), PRE 14A (1), S-1 (1), S-1/A (1), S-1MEF (1), SCHEDULE 13D (1), SCHEDULE 13G (1)
- Latest filingsAnnual report (10-K) Feb 13, 2026
Quarterly report (10-Q) Aug 6, 2026
Proxy statement (DEF 14A) Apr 20, 2026
Latest 8-K (8-K) Sep 21, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Common stock, | CVRX | The Nasdaq Global Select Market |
From the cover page of the 10-K filed Feb 13, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks CVRx (United States) names in Item 1A of its 10-K filed Feb 13, 2026: 54 risks under these headings, as written.4
- Risks related to our business
- We have a history of significant losses, which we expect to continue, and we may not be able to achieve or sustain profitability. If we do not achieve and sustain profitability, our financial condition could suffer.
- We have a limited history operating as a commercial company and are highly dependent on a single product, Barostim. The failure to increase market acceptance in the U.S. for Barostim would negatively impact our business, liquidity, and results of operations.
- We have limited commercial sales experience marketing and selling Barostim, and if we are unable to continue to maintain and grow sales and marketing capabilities, we will be unable to generate sustained and increasing product revenue.
- We must demonstrate to physicians and patients the merits of Barostim.
- Our industry is highly competitive. If our competitors, many of which are large, well-established companies with substantially greater resources than us and have a long history of competing in the HF market, are better able to develop and market products that are safer, more effective, less costly, easier to use, or otherwise more attractive than Barostim, our business will be adversely impacted.
- If we fail to receive access to hospitals, our sales may decrease.
- We are dependent upon third-party manufacturers and suppliers, and in some cases a limited number of suppliers, making us vulnerable to supply shortages, loss or degradation in performance of the suppliers, price fluctuations, and ongoing supply chain disruptions, which could harm our business.
- Manufacturing risks may adversely affect our ability to manufacture our product and could reduce our gross margin and profitability.
- We operate at a facility in one location and any disruption at this facility could harm our business.
- Our international operations subject us to certain operating risks, which could adversely impact our results of operations and financial condition.
- Consolidation in the healthcare industry or group purchasing organizations could lead to demands for price concessions, which may affect our ability to sell Barostim at prices necessary to support our current business strategies.
The other 43 risks
- If we fail to properly manage our growth effectively, our business could suffer.
- If clinical studies for future indications do not produce results necessary to support regulatory clearance or approval in the U.S. or elsewhere, we will be unable to commercialize our products for these indications.
- We may face product liability claims that could be costly, divert management’s attention and harm our reputation.
- If we fail to retain our key executives or recruit and hire new employees, our operations and financial results may be adversely affected while we attract other highly qualified personnel.
- Failure to protect our information technology infrastructure against cyber-based attacks, network security breaches, service interruptions, or data corruption could significantly disrupt our operations and adversely affect our business and operating results.
- If important assumptions about the potential market for our product are inaccurate, or if we have failed to understand what people with HF are seeking in a treatment, we may not be able to increase our revenue or achieve profitability.
- Unfavorable economic conditions could adversely affect our business, financial condition, or results of operations.
- We may enter into strategic collaborations, in-licensing arrangements, or alliances with third parties that may not result in the development of commercially viable products or the generation of significant future revenue.
- We may seek to grow our business through acquisitions of complementary products or technologies, and the failure to manage acquisitions, or the failure to integrate them with our existing business, could impair our ability to execute our business strategies.
- If third-party payers do not provide adequate coverage and reimbursement for the use of Barostim, our revenue will be negatively impacted.
- A pandemic, epidemic or outbreak of an infectious disease in the U.S. or worldwide could adversely affect our business.
- The constant growth and development of technology, including the increased use of Artificial Intelligence (“AI”), present risks and challenges to our operations and the use of our products that could give rise to legal or regulatory action, damage our reputation or otherwise materially harm of our business.
- Risks related to intellectual property
- We may in the future become involved in lawsuits to protect or enforce our intellectual property or defend ourselves against intellectual property disputes, which could be expensive, time consuming and ultimately unsuccessful, and could result in the diversion of significant resources, thereby hindering our ability to effectively commercialize our existing or future products.
- Changes in patent law could diminish the value of patents in general, thereby impairing our ability to protect our existing and future products.
- Obtaining and maintaining patent protection depends on compliance with various procedural, document submission, fee payment and other requirements imposed by governmental patent agencies, and our patent protection could be reduced or eliminated for non-compliance with these requirements.
- We may not be able to adequately protect our intellectual property rights throughout the world.
- We may be subject to damages resulting from claims that we or our employees have wrongfully used or disclosed alleged trade secrets of our competitors or are in breach of non-disclosure or confidentiality agreements with our competitors.
- If our trademarks and trade names are not adequately protected, then we may not be able to build name recognition in our markets of interest and our business may be adversely affected.
- If we are unable to protect the confidentiality of our trade secrets, our business and competitive position may be harmed.
- Risks related to our financial and operating results
- We may be required to obtain additional funds in the future, and these funds may not be available on acceptable terms or at all.
- Our operating results may vary significantly annually or from quarter to quarter, which may negatively impact our stock price in the future.
- We are required to maintain high levels of inventory, which could consume a significant amount of our resources, reduce our cash flows and lead to inventory impairment charges.
- The seasonality of our business creates variance in our quarterly revenue, which makes it difficult to compare or forecast our financial results.
- We are subject to risks associated with currency fluctuations, and changes in foreign currency exchange rates could impact our results of operations.
- Our ability to use our net operating losses and tax credits to offset future taxable income and taxes may be subject to certain limitations, and we may not be able to utilize a significant portion of our net operating loss and tax credit carryforwards prior to their expiration.
- We are subject to complex tax rules, and any audits, investigations or tax proceedings could have a material adverse effect on our business, results of operations, and financial condition.
- Changes in U.S. and non-U.S. tax laws could adversely affect our financial condition and results of operations.
- Risks related to regulation of our industry
- Barostim is subject to extensive governmental regulation, and our failure to comply with applicable requirements could cause our business to suffer.
- Barostim is also subject to extensive governmental regulation in foreign jurisdictions, such as Europe, and our failure to comply with applicable requirements could cause our business to suffer.
- The misuse or off-label use of our product may harm our image in the marketplace, result in injuries that lead to product liability suits, which could be costly to our business, or result in costly investigations and sanctions from the FDA and other regulatory bodies if we are deemed to have engaged in inappropriate promotion.
- The discovery of serious safety issues with Barostim, or a recall of Barostim either voluntarily or at the direction of the FDA or another governmental authority, could harm our reputation, business, and financial results.
- Our products may cause or contribute to adverse medical events or be subject to failures or malfunctions that we are required to report to the FDA and European regulators, and if we fail to do so, we would be subject to sanctions that could harm our reputation, business, financial condition, and results of operations.
- We are subject to certain federal, state, and foreign fraud and abuse laws, transparency and privacy and security laws and regulations, which, if violated, could subject us to substantial penalties. Additionally, any challenge to or investigation into our practices under these laws and regulations could cause adverse publicity and be costly to respond to, and thus could harm our business.
- Healthcare legislative reform measures may have a material adverse effect on us.
- Risks related to our common stock
- We expect that the price of our common stock will fluctuate substantially, and you may not be able to resell shares of our common stock at or above the price you paid.
- Securities analysts may not publish favorable research or reports about our business or may publish no information at all, which could cause our stock price and trading volume to decline.
- We are an “emerging growth company,” and as a result of the reduced disclosure and governance requirements applicable to emerging growth companies, our common stock may be less attractive to investors.
- Because we have opted to take advantage of the JOBS Act provision which allows us to delay implementing new accounting standards, our financial statements may not be directly comparable to other public companies.
- If we are unable to maintain effective internal control over financial reporting in the future, investors may lose confidence in the accuracy and completeness of our financial reports and the market price of our common stock could be adversely affected.
- Our principal stockholders, management, and directors (one of whom is affiliated with one of our principal stockholders) own a significant percentage of our stock and will be able to exert significant control over matters subject to stockholder approval.
- Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware is the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders' ability to obtain a favorable judicial forum for disputes with us or our directors, officers, or employees.
- Anti-takeover provisions included in our amended and restated certificate of incorporation and amended and restated bylaws, as well as under Delaware law, could discourage a takeover.
- We do not currently intend to pay dividends on our common stock, and, consequently, your ability to achieve a return on your investment will depend on appreciation in the price of our common stock.
Legal proceedings
From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not currently a party to any material legal proceedings.
The opening of Item 3, Legal Proceedings.4
Links
- Websitewww.cvrx.com1
- WikidataQ50038324
- SEC EDGARCIK 1235912
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1WikidataCVRx (United States) on Wikidata
- 2
- 3
- 4
- 5
- 6
- 7
- 8
- 9
- 10
- 11
- 12SEC EDGARKevin Hykes, Chief executive officer
- 13SEC EDGARNadim Yared, Chief executive officer
- 14
- 15
- 16
- 17
- 18SEC EDGARCraig E. Palmer, SVP, U.S. Sales
- 19
- 20
- 21
- 22
- 23SEC EDGARMichael D. Dale, Board member
- 24SEC EDGARKevin J. Ballinger, Board member
- 25SEC EDGARKevin Hykes, Board member
- 26SEC EDGARAli Behbahani, Board member
- 27SEC EDGARJohn M. Nehra, Board member
- 28SEC EDGARJoseph P. Slattery, Board member
- 29SEC EDGARKirk G. Nielsen, Board member
- 30SEC EDGARMudit K. Jain, Board member
- 31SEC EDGARMartha Shadan, Board member
- 32SEC EDGARExecutive or director change
- 33SEC EDGARExecutive or director change
- 34SEC EDGARResults of operations
- 35SEC EDGARExecutive or director change
- 36SEC EDGARShareholder vote
- 37SEC EDGARResults of operations
- 38SEC EDGARResults of operations; Other events
- 39SEC EDGARExecutive or director change
- 40SEC EDGARResults of operations
- 41
- 42SEC EDGAREntered a material agreement
- 43SEC EDGARResults of operations
- 44NasdaqNasdaq calendar
- 45
- 46
- 47
- 48
- 49
- 50
- 51
- 52
- 53SEC EDGARGSK SC 13G on CVRx (United States)
- 54