CVRx, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>CVRx, Inc. filed its Q1 2024 10-Q, detailing financial positions and equity changes.</b>

AI Summary

CVRx, Inc. (CVRX) filed a Quarterly Report (10-Q) with the SEC on May 10, 2024. CVRx, Inc. reported financial results for the quarter ended March 31, 2024. The filing includes detailed balance sheet information as of March 31, 2024, and December 31, 2023. Key equity components such as Common Stock, Retained Earnings, and Additional Paid-In Capital are presented for multiple periods. Information regarding share-based payment arrangements and stock incentive plans is detailed. Geographic data for employee stock options in the US, Germany, and other countries for Q1 2024 and Q1 2023 is provided.

Why It Matters

For investors and stakeholders tracking CVRx, Inc., this filing contains several important signals. This filing provides a snapshot of CVRx's financial health and equity structure as of the end of the first quarter of 2024, crucial for investors assessing financial stability. The detailed breakdown of stock-based compensation and options across different employee categories and regions offers insight into the company's human capital strategy and potential dilution.

Risk Assessment

Risk Level: low — CVRx, Inc. shows low risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags or significant negative disclosures, indicating a routine update on financial status.

Analyst Insight

Investors should review the detailed balance sheet and equity changes to understand the company's financial position and potential share dilution from stock-based compensation.

Key Numbers

• 21593173 — Total Equity (As of March 31, 2024)
• 20879199 — Total Equity (As of December 31, 2023)
• 21232009 — Current Liabilities (As of March 31, 2024)
• 20693224 — Current Liabilities (As of December 31, 2023)

Key Players & Entities

• CVRx, Inc. (company) — Filer
• 2024-03-31 (date) — Conformed Period of Report
• 2024-05-10 (date) — Filed as of date
• MINNEAPOLIS (location) — Business Address City
• DE (location) — State of Incorporation
• 001-40545 (filing_id) — SEC File Number

FAQ

Industry Context

CVRx, Inc. operates in the medical device industry, specifically focusing on implantable technologies for cardiovascular conditions.

Regulatory Implications

The company is subject to standard SEC reporting requirements for publicly traded companies, including the filing of quarterly (10-Q) and annual (10-K) reports.

What Investors Should Do

1. Analyze the changes in Total Equity between Q4 2023 and Q1 2024.
2. Review the details of stock-based compensation and its potential impact on future earnings per share.
3. Compare the geographic distribution of stock options granted in Q1 2024 versus Q1 2023.

Key Dates

• 2024-03-31: Quarterly Period End — Financial data presented in the 10-Q report.
• 2024-05-10: Filing Date — Date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This 10-Q filing provides updated financial data for the first quarter of 2024, following the previous 10-Q filing for the period ending December 31, 2023.

Key Financial Figures

• $0.01 — h registered Common stock, par value $0.01 per share CVRX The Nasdaq Global Se

Filing Documents

• cvrx-20240331x10q.htm (10-Q) — 1021KB
• cvrx-20240331xex31d1.htm (EX-31.1) — 13KB
• cvrx-20240331xex31d2.htm (EX-31.2) — 13KB
• cvrx-20240331xex32d1.htm (EX-32.1) — 8KB
• cvrx-20240331xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-007786.txt (&nbsp;) — 5040KB
• cvrx-20240331.xsd (EX-101.SCH) — 35KB
• cvrx-20240331_cal.xml (EX-101.CAL) — 47KB
• cvrx-20240331_def.xml (EX-101.DEF) — 139KB
• cvrx-20240331_lab.xml (EX-101.LAB) — 359KB
• cvrx-20240331_pre.xml (EX-101.PRE) — 262KB
• cvrx-20240331x10q_htm.xml (XML) — 740KB

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three months ended March 31, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders ' Equity for the three months ended March 31, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 (Unaudited) 8 Notes to Condensed Consolidated Financial Statements (Unaudited) 9 Item 2. Management ' s Discussion and Analysis of Financial Condition and Results of Operations 19 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 27 Item 4.

Controls and Procedures

Controls and Procedures 28 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 28 Item 1A.

Risk Factors

Risk Factors 28 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 29 Item 3. Defaults Upon Senior Securities 29 Item 4. Mine Safety Disclosures 29 Item 5. Other Information 29 Item 6. Exhibits 30 Exhibit Index

Signatures

Signatures 2 Table of Contents CVRx, Inc. Quarterly Report on Form 10-Q For the quarterly period ended March 31, 2024 Cautionary Note on Forward-Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q are forward-looking statements, including statements regarding our future results of operations and financial position, business strategy, clinical trial results, prospective products, product approvals, research and development costs, timing and likelihood of success, and the plans and objectives of management for future operations. In some cases, you can identify forward-looking statements by terms such as may,'' will,'' should,'' expect,'' plan,'' anticipate,'' could,'' intend,'' target,'' project,'' contemplate,'' believe,'' estimate,'' predict,'' potential'' or continue'' or the negative of these terms or other similar expressions, although not all forward-looking statements contain these words. The forward-looking statements in this Quarterly Report on Form 10-Q are only predictions and are based largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition, and results of operations. These forward-looking statements speak only as of the date of this Quarterly Report on Form 10-Q and are subject to a number of known and unknown risks, uncertainties and assumptions, including, but not limited to, the important factors discussed in Part I, Item 1A. "Risk Fact

—FINANCIAL INFORMATION

PART I —FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements CVRx, INC. Condensed Consolidated Balance Sheets (In thousands, except share and per share data) (Unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 80,115 $ 90,569 Accounts receivable, net of allowances of $ 647 and $ 508 , respectively 8,495 7,551 Inventory 11,056 10,983 Prepaid expenses and other current assets 2,656 2,987 Total current assets 102,322 112,090 Property and equipment, net 2,549 1,763 Operating lease right-of-use asset 1,274 1,349 Other non-current assets 26 27 Total assets $ 106,171 $ 115,229 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 2,608 $ 1,884 Accrued expenses 5,790 5,980 Total current liabilities 8,398 7,864 Long-term debt 29,270 29,222 Operating lease liability, non-current portion 1,092 1,160 Other long-term liabilities 1,150 1,036 Total liabilities 39,910 39,282 Commitments and contingencies (Note 10) Stockholders' equity: Common stock, $ 0.01 par value, 200,000,000 authorized as of March 31, 2024 and December 31, 2023; 21,593,173 and 20,879,199 shares issued and outstanding as of March 31, 2024 and December 31, 2023, respectively 216 209 Additional paid-in capital 565,822 553,326 Accumulated deficit ( 499,567 ) ( 477,381 ) Accumulated other comprehensive loss ( 210 ) ( 207 ) Total stockholders' equity 66,261 75,947 Total liabilities and stockholders' equity $ 106,171 $ 115,229 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Table of Contents CVRx, INC. Condensed Consolidated Statements of Operations and Comprehensive Loss (In thousands, except share and per share data) (Unaudited) Three months ended March 31, 2024 2023 Revenue $ 10,770 $ 7,979 Cost of goods sold 1,615 1,328 Gross profit 9,155 6,651 Operating ex

View Full Filing

View this 10-Q filing on SEC EDGAR