CVRXMEDIUM SIGNALFINANCIAL10-K

CVRX significantly expanded its market opportunity assessment while burning through cash amid ongoing losses, though operational performance showed modest improvement.

The company increased its total addressable market estimate from $2.2 billion to $10.5 billion using a prevalence-based model while adding a separate $2.4 billion annual incidence-based opportunity, suggesting greater confidence in its Barostim therapy's commercial potential. However, the company burned through $30 million in cash while maintaining substantial operating losses, raising questions about runway and path to profitability despite improving operational metrics.

Comparing 2026-02-13 vs 2025-02-18View on EDGAR →
FINANCIAL ANALYSIS

CVRX showed mixed financial performance with gross profit growing modestly to $48.3 million and operating losses narrowing to $51.3 million, indicating improving operational efficiency. However, the company's cash position declined meaningfully from $105.9 million to $75.7 million while stockholders' equity fell to $39.3 million, reflecting continued cash burn amid ongoing losses. The overall picture suggests a company making operational progress but still requiring significant capital to reach profitability.

FINANCIAL STATEMENT CHANGES
Capital Expenditure
Cash Flow
-57.4%
$1.4M→$580K

Capex reduced 57.4% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Stockholders Equity
Balance Sheet
-44.7%
$71.1M→$39.3M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Cash & Equivalents
Balance Sheet
-28.5%
$105.9M→$75.7M

Cash decreased 28.5% — monitor burn rate and upcoming capital needs.

Current Liabilities
Balance Sheet
+23.7%
$10.8M→$13.3M

Current liabilities rose 23.7% — increased short-term obligations, watch current ratio.

Current Assets
Balance Sheet
-21.7%
$129.8M→$101.6M

Current assets declined 21.7% — monitor working capital adequacy and short-term liquidity.

Total Assets
Balance Sheet
-21.5%
$133.4M→$104.8M

Total assets contracted 21.5% — asset sales, write-downs, or balance sheet optimization underway.

Accounts Receivable
Balance Sheet
+15.1%
$9.3M→$10.7M

Receivables grew 15.1% — monitor days sales outstanding for collection efficiency.

Operating Income
P&L
+13.8%
-$59.5M→-$51.3M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Gross Profit
P&L
+12.5%
$43.0M→$48.3M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Net Income
P&L
+11.1%
-$60.0M→-$53.3M

Net income grew 11.1% — bottom-line growth signals improving overall business health.

LANGUAGE CHANGES
NEW — 2026-02-13
PRIOR — 2025-02-18
ADDED
As of February 6, 2026, there were 26,311,607 shares of the registrant s common stock, par value $0.01 per share outstanding.
We estimate our total market opportunity using both prevalence and incidence epidemiologic models in which prevalence reflects the total number of individuals indicated for therapy at a given time, while incidence captures the annual occurrence of new cases meeting the indication.
Based on these distinct models, we estimate that our prevalence-based market opportunity for HFrEF is $10.5 billion in the U.S.
Using an incidence-based model, we estimate an annual market opportunity of $2.4 billion in the U.S.
We currently believe, using a prevalence-based epidemiologic model, our market opportunity in the U.S.
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REMOVED
As of February 11, 2025, there were 26,036,032 shares of the registrant s common stock, par value $0.01 per share outstanding.
We estimate that our annual market opportunity for HFrEF is $2.2 billion in the U.S.
and $2.8 billion in select European Markets (Germany, France, Italy, Spain, and the United Kingdom, or European Five ).
We currently believe our annual market opportunity in the U.S.
is an estimated $2.2 billion, or 76,000 patients, based on this new long-term safety and effectiveness data as well as our commercial experience and, as discussed below, the new reimbursement assignment for Barostim in 2025.
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