CVRx (CVRX) Q3 Loss Near US$12.9 Million Reinforces Profitability Concerns Despite Growth Narratives

Setting the scene on CVRx's latest results

CVRx (CVRX) has reported third quarter FY 2025 revenue of US$14.7 million with a basic EPS loss of US$0.49, alongside trailing twelve month revenue of US$56.0 million and a basic EPS loss of US$2.02, giving investors a clear view of a company still in investment mode. The company has seen quarterly revenue move from US$11.8 million in Q2 2024 to US$14.7 million in Q3 2025. Quarterly basic EPS losses have ranged between US$0.43 and US$0.65 over the same period, set against a current share price of US$4.95. With revenue growth expectations running at 18.56% per year and margins still firmly in loss making territory, the story centers on how quickly those losses can be absorbed by top line momentum.

See our full analysis for CVRx.

With the numbers on the table, the next step is to see how this revenue driven story lines up with the widely followed narratives around CVRx's growth potential and ongoing unprofitability.

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TTM losses over US$52 million keep profitability out of reach

• On a trailing twelve month basis, CVRx generated US$56.0 million in revenue and reported a net loss of US$52.0 million, which works out to a basic EPS loss of US$2.02.
• Consensus narrative talks about improving reimbursement and a growing addressable market helping margins over time. However, the latest TTM loss of US$52.0 million and quarterly net loss of US$12.9 million show that, for now, earnings are still heavily driven by high operating costs rather than that potential upside.
  • Analysts pencil in revenue growth of about 21.1% a year, but current TTM losses are similar in size to TTM revenue, so any margin progress has a lot of ground to cover.
  • With basic EPS losses between US$0.43 and US$0.65 over the past six reported quarters, the path from today’s loss profile to the consensus earnings assumptions by 2028 is long and depends on much stronger unit economics than the accounts currently show.

Revenue growth forecasts sound promising, but the latest numbers show how much cash the business is still consuming before any profit story can emerge. 📊 Read the full CVRx Consensus Narrative.

Five year loss expansion versus bullish growth story

• Over the last five years, losses have expanded at about 15.6% a year, even as revenue is forecast to grow at 18.6% a year based on recent trends, so growth and losses have been moving together.
• Bulls argue that rapid account expansion and next generation technology could push revenue growth to around 23.1% a year. Yet the historical pattern of losses growing 15.6% a year means the optimistic view depends on a clear break from that trend.
  • Quarterly net losses sit in a fairly tight band between roughly US$10.7 million and US$14.7 million across the last six quarters, which has not yet reflected the sharp operating leverage that bullish investors are hoping to see.
  • Even in the seasonally stronger Q4 2024, when revenue reached US$15.3 million, net loss was still US$10.7 million, showing that higher sales on their own have not yet translated into positive earnings traction.

If you want to see how bullish investors connect this revenue story to their long term thesis, it is worth reading their full case in context. 🐂 CVRx Bull Case

Valuation on 2.3x P/S vs bears’ profitability worries

• CVRx trades on a P/S of around 2.3x, compared with about 2.5x for peers and 2.7x for the wider US Medical Equipment industry, while the company remains unprofitable and is forecast to stay that way over the next three years.
• Bears highlight that, despite this slightly lower P/S multiple, persistent losses and share price volatility make the stock risky, and the current results line up with that concern rather than contradict it.
  • The TTM basic EPS loss of US$2.02, alongside quarterly EPS losses hovering around the US$0.50 mark, supports the bearish point that profitability is still not in sight even with revenue growth.
  • Recent share price volatility above the wider US market, combined with ongoing multi year losses, helps explain why some cautious analysts anchor their view on the risk that the 2.3x P/S ratio may not fully compensate for the earnings profile yet.

For a closer look at how skeptics frame these risks against the current numbers, you can compare this update with their full bear case. 🐻 CVRx Bear Case

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for CVRx on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

See the numbers differently? Take a couple of minutes to put your own spin on this story and turn that view into a shareable narrative: Do it your way

A great starting point for your CVRx research is our analysis highlighting 2 key rewards and 2 important warning signs that could impact your investment decision.

See What Else Is Out There

CVRx is still recording sizeable losses close to its revenue base, with quarterly EPS firmly in the red and profitability not yet visible in the current numbers.

If that earnings profile feels a bit too aggressive for your comfort right now, compare it with our 85 resilient stocks with low risk scores to quickly focus on companies with more resilient risk profiles.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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