CVRx Q2 2024 Update: Assets $217.1M, Liabilities $20.9M

TL;DR

CVRX Q2: Assets $217.1M, Liab $20.9M. Financials look stable.

AI Summary

CVRx, Inc. filed its 10-Q for the period ending June 30, 2024. The company reported total assets of $217.1 million and total liabilities of $20.9 million for the quarter. This filing provides an update on the company's financial position and operational performance.

Why It Matters

This 10-Q filing provides investors with a crucial update on CVRx's financial health, including its asset and liability figures, which are key indicators for assessing the company's stability and future prospects.

Risk Assessment

Risk Level: low — The filing is a standard quarterly report and does not contain immediate red flags or significant negative developments.

Key Numbers

• $217.1M — Total Assets (As of June 30, 2024, indicating the company's resources.)
• $20.9M — Total Liabilities (As of June 30, 2024, showing the company's obligations.)
• 21628542 — Common Stock (Number of shares outstanding for the period ending June 30, 2024.)
• 20711850 — Common Stock (Number of shares outstanding for the period ending June 30, 2023.)

Key Players & Entities

• CVRx, Inc. (company) — Filer of the 10-Q report
• 2024-06-30 (date) — End of the reporting period
• $217.1 million (dollar_amount) — Total assets as of June 30, 2024
• $20.9 million (dollar_amount) — Total liabilities as of June 30, 2024

FAQ

Key Financial Figures

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

Filing Documents

• cvrx-20240630x10q.htm (10-Q) — 1336KB
• cvrx-20240630xex31d1.htm (EX-31.1) — 13KB
• cvrx-20240630xex31d2.htm (EX-31.2) — 13KB
• cvrx-20240630xex32d1.htm (EX-32.1) — 8KB
• cvrx-20240630xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-010719.txt ( ) — 5690KB
• cvrx-20240630.xsd (EX-101.SCH) — 35KB
• cvrx-20240630_cal.xml (EX-101.CAL) — 47KB
• cvrx-20240630_def.xml (EX-101.DEF) — 141KB
• cvrx-20240630_lab.xml (EX-101.LAB) — 364KB
• cvrx-20240630_pre.xml (EX-101.PRE) — 265KB
• cvrx-20240630x10q_htm.xml (XML) — 881KB

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and six months ended June 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders ' Equity for the three and six months ended June 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 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 29 Item 4.

Controls and Procedures

Controls and Procedures 30 Part II Other Information Item 1.

Legal Proceedings

Legal Proceedings 30 Item 1A.

Risk Factors

Risk Factors 30 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 31 Item 3. Defaults Upon Senior Securities 31 Item 4. Mine Safety Disclosures 32 Item 5. Other Information 32 Item 6. Exhibits 32 Exhibit Index

Signatures

Signatures 2 Table of Contents CVRx, Inc. Quarterly Report on Form 10-Q For the quarterly period ended June 30, 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 Facto

—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) June 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 70,400 $ 90,569 Accounts receivable, net of allowances of $ 656 and $ 508 , respectively 8,606 7,551 Inventory 11,224 10,983 Prepaid expenses and other current assets 1,762 2,987 Total current assets 91,992 112,090 Property and equipment, net 2,763 1,763 Operating lease right-of-use asset 1,200 1,349 Other non-current assets 26 27 Total assets $ 95,981 $ 115,229 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,516 $ 1,884 Accrued expenses 5,610 5,980 Total current liabilities 9,126 7,864 Long-term debt 29,319 29,222 Operating lease liability, non-current portion 1,023 1,160 Other long-term liabilities 1,265 1,036 Total liabilities 40,733 39,282 Commitments and contingencies (Note 10) Stockholders' equity: Common stock, $ 0.01 par value, 200,000,000 authorized as of June 30, 2024 and December 31, 2023; 21,712,357 and 20,879,199 shares issued and outstanding as of June 30, 2024 and December 31, 2023, respectively 217 209 Additional paid-in capital 568,837 553,326 Accumulated deficit ( 513,596 ) ( 477,381 ) Accumulated other comprehensive loss ( 210 ) ( 207 ) Total stockholders' equity 55,248 75,947 Total liabilities and stockholders' equity $ 95,981 $ 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 Six months ended June 30, June 30, 2024 2023 2024 2023 Revenue $ 11,807 $ 9,500 $ 22,577 $ 17,479 Cost of goods sol

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View this 10-Q filing on SEC EDGAR