CVRx, Inc. Q3 2024 Financial Update

TL;DR

CVRx Q3 assets $242M, liabilities $20.9M. Strong balance sheet.

AI Summary

CVRx, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported total assets of $227.8 million and total liabilities of $20.8 million for the nine months ended September 30, 2024. For the third quarter of 2024, CVRx reported total assets of $242.0 million and total liabilities of $20.9 million.

Why It Matters

This filing provides investors with the latest financial snapshot of CVRx, Inc., detailing their asset and liability positions as of Q3 2024.

Risk Assessment

Risk Level: low — The filing is a routine quarterly report and does not contain immediate red flags.

Key Numbers

• $227.8M — Total Assets (9 months ended 09/30/2024) (Indicates the company's total resources.)
• $20.8M — Total Liabilities (9 months ended 09/30/2024) (Represents the company's total obligations.)
• $242.0M — Total Assets (Q3 2024) (Shows the company's resources at the end of the quarter.)
• $20.9M — Total Liabilities (Q3 2024) (Shows the company's obligations at the end of the quarter.)

Key Players & Entities

• CVRx, Inc. (company) — Filer of the 10-Q report
• 2024-09-30 (date) — End of the reporting period
• $227.8 million (dollar_amount) — Total assets for the nine months ended September 30, 2024
• $20.8 million (dollar_amount) — Total liabilities for the nine months ended September 30, 2024
• $242.0 million (dollar_amount) — Total assets for the third quarter of 2024
• $20.9 million (dollar_amount) — Total liabilities for the third quarter of 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-20240930x10q.htm (10-Q) — 1338KB
• cvrx-20240930xex31d1.htm (EX-31.1) — 13KB
• cvrx-20240930xex31d2.htm (EX-31.2) — 13KB
• cvrx-20240930xex32d1.htm (EX-32.1) — 8KB
• cvrx-20240930xex32d2.htm (EX-32.2) — 8KB
• 0001558370-24-014078.txt ( ) — 5700KB
• cvrx-20240930.xsd (EX-101.SCH) — 35KB
• cvrx-20240930_cal.xml (EX-101.CAL) — 48KB
• cvrx-20240930_def.xml (EX-101.DEF) — 139KB
• cvrx-20240930_lab.xml (EX-101.LAB) — 361KB
• cvrx-20240930_pre.xml (EX-101.PRE) — 263KB
• cvrx-20240930x10q_htm.xml (XML) — 886KB

Financial Statements

Financial Statements 5 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 (Unaudited) 5 Condensed Consolidated Statements of Operations and Comprehensive Loss for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 6 Condensed Consolidated Statements of Stockholders ' Equity for the three and nine months ended September 30, 2024 and 2023 (Unaudited) 7 Condensed Consolidated Statements of Cash Flows for the nine months ended September 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 32 Item 3. Defaults Upon Senior Securities 32 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 September 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

—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) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 100,161 $ 90,569 Accounts receivable, net of allowances of $ 522 and $ 508 , respectively 9,033 7,551 Inventory 11,892 10,983 Prepaid expenses and other current assets 2,786 2,987 Total current assets 123,872 112,090 Property and equipment, net 2,631 1,763 Operating lease right-of-use asset 1,144 1,349 Other non-current assets 26 27 Total assets $ 127,673 $ 115,229 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 3,276 $ 1,884 Accrued expenses 7,671 5,980 Total current liabilities 10,947 7,864 Long-term debt 49,214 29,222 Operating lease liability, non-current portion 951 1,160 Other long-term liabilities 1,378 1,036 Total liabilities 62,490 39,282 Commitments and contingencies (Note 10) Stockholders' equity: Common stock, $ 0.01 par value, 200,000,000 authorized as of September 30, 2024 and December 31, 2023; 24,203,658 and 20,879,199 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 242 209 Additional paid-in capital 591,844 553,326 Accumulated deficit ( 526,695 ) ( 477,381 ) Accumulated other comprehensive loss ( 208 ) ( 207 ) Total stockholders' equity 65,183 75,947 Total liabilities and stockholders' equity $ 127,673 $ 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 Nine months ended September 30, September 30, 2024 2023 2024 2023 Revenue $ 13,373 $ 10,511 $ 35,950

View Full Filing

View this 10-Q filing on SEC EDGAR