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CVRx (CVRX) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 5, 2026 · CVRx (CVRX) Q3 2026 earnings results →
Q3 2026 Revenue down 6% year over year to $13.8M · 102¢ of every $1 of revenue lost · operating margin -94.3%
CVRx made $13.8M in Q3 2026 (-6% Y/Y). Operating margin -94.3%, net loss $14.2M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 5, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $13.8M in Q3 2026, down 6% year over year and down 12% from the previous quarter.
Gross margin was 86.7%, down 0.1 points from Q3 2025. Operating costs exceeded revenue by $13.0M, an operating margin of -94.3%. Operating expenses grew 0% against a revenue fall of 6%. The quarter ended with a net loss of $14.2M, wider than the previous quarter's $14.0M loss.
Operating cash flow was −$10.9M. Non-cash charges added back $200K of depreciation and $2.9M of share-based compensation. Capital expenditures of $98K exceeded it, leaving free cash flow of −$11.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 5, 2026 | $13.8M | -6% | -94.3% | −$14.2M | −$10.9M |
| Q2 2026 | 10-Q | Aug 6, 2026 | $15.7M | +16% | -82.9% | −$14.0M | −$8.8M |
| Q1 2026 | 10-Q | May 12, 2026 | $14.8M | +20% | -82.3% | −$13.1M | −$12.2M |
| Q4 2025 | 10-K | Feb 13, 2026 | $16.0M | +4% | -69.8% | −$11.9M | −$9.8M |
| Q3 2025 | 10-Q | Nov 6, 2025 | $14.7M | +10% | -83.5% | −$12.9M | −$9.7M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $13.6M | +15% | -105.8% | −$14.7M | −$7.9M |
| Q1 2025 | 10-Q | May 9, 2025 | $12.3M | +15% | -108.8% | −$13.8M | −$12.8M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About CVRx
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.
In its own words, from its 10-K, filed Feb 13, 2026.
CVRx against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: -6% against the peers' median +5%. Operating margin: -94.3% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| CVRX CVRx | Q3 2026 | $13.8M | -6% | -94.3% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: CVRx 10-Q on SEC EDGAR · CIK 1235912 · Surgical & Medical Instruments & Apparatus
Guidance and outlook
13F: who owns CVRX and who is buying
More on CVRX
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results