Estados financieros detallados de CVRx, Inc. (CVRX): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
CVRx, Inc. registró ingresos de $56.7M en el último ejercicio fiscal, con un CAGR de 5 años del 56.4%.
Márgenes de los últimos 12 meses: margen bruto 86.6%, margen operativo -79.5%, margen neto -84.9%.
Al precio actual de $3.02, CVRX presenta beneficios negativos (P/E no significativo) y un ROE del -152.35%. La capitalización bursátil es de $80M.
Cuenta de Resultados (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $6.3M | $6.1M | $13.0M | $22.5M | $39.3M | $51.3M | $56.7M |
| Coste de Ventas | $1.7M | $1.4M | $3.6M | $5.0M | $6.3M | $8.3M | $8.3M |
| Beneficio Bruto | $4.6M | $4.6M | $9.4M | $17.5M | $33.0M | $43.0M | $48.3M |
| I+D | $8.7M | $6.4M | $7.5M | $10.0M | $11.6M | $11.1M | $11.1M |
| Generales y Administrativos | $6.1M | $9.7M | $27.9M | $50.0M | $64.5M | $91.3M | $88.5M |
| Gastos Operativos | $14.8M | $16.1M | $35.4M | $60.0M | $76.1M | $102.4M | $99.6M |
| Beneficio Operativo | -$10.2M | -$11.5M | -$26.0M | -$42.5M | -$43.1M | -$59.5M | -$51.3M |
| EBITDA | -$12.8M | -$11.5M | -$40.6M | -$40.7M | -$38.7M | -$54.9M | -$46.7M |
| Gastos por Intereses | $1.7M | $2.5M | $2.2M | $165000 | $1.8M | $4.4M | $5.8M |
| Beneficio Antes de Impuestos | -$14.6M | -$14.0M | -$43.0M | -$41.3M | -$41.1M | -$59.9M | -$53.3M |
| Impuestos | $73000 | $85000 | $91000 | $109000 | $147000 | $55000 | -$18000 |
| Beneficio Neto | -$14.6M | -$14.1M | -$43.1M | -$41.4M | -$41.2M | -$60.0M | -$53.3M |
| BPA | $-0.76 | $-0.73 | $-2.11 | $-2.02 | $-1.99 | $-2.65 | $-2.04 |
| BPA Diluido | $-0.76 | $-0.73 | $-2.11 | $-2.02 | $-1.99 | $-2.65 | $-2.04 |
| Acciones en Circulación (Diluidas) | $482581 | $387083 | $20.7M | $20.5M | $20.8M | $22.6M | $26.1M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $14.7M | $16.0M | $14.8M | $15.7M |
| Beneficio Bruto | $12.6M | $13.8M | $12.9M | $13.7M |
| Beneficio Operativo | -$12.3M | -$11.2M | -$12.2M | -$13.0M |
| EBITDA | -$11.2M | -$10.3M | -$11.4M | -$12.0M |
| Beneficio Neto | -$12.9M | -$11.9M | -$13.1M | -$14.0M |
| BPA | $-0.49 | $-0.46 | $-0.50 | $-0.53 |
| BPA Diluido | $-0.49 | $-0.46 | $-0.50 | $-0.53 |
Balance (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $25.7M | $59.1M | $142.1M | $106.2M | $90.6M | $105.9M | $75.7M |
| Inversiones a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cuentas por Cobrar | $719000 | $1.3M | $2.6M | $5.5M | $7.6M | $9.3M | $10.7M |
| Inventario | $2.1M | $3.3M | $3.9M | $7.0M | $11.0M | $12.1M | $12.2M |
| Activos Corrientes | $28.9M | $64.3M | $151.1M | $122.9M | $112.1M | $129.8M | $101.6M |
| Inmovilizado Material | $174000 | $410000 | $1.4M | $2.0M | $3.1M | $3.6M | $3.1M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $29.1M | $64.8M | $152.5M | $124.9M | $115.2M | $133.4M | $104.8M |
| Cuentas por Pagar | $437000 | $483000 | $510000 | $1.7M | $1.9M | $2.6M | $3.8M |
| Deuda a Corto | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $8.6M | $8.0M | $5.9M | $8.1M | $7.9M | $10.8M | $13.3M |
| Deuda a Largo | $19.0M | $19.3M | 0 | $6.7M | $29.2M | $49.3M | $50.2M |
| Pasivos Totales | $308.1M | $358.0M | $6.6M | $15.8M | $39.3M | $62.4M | $65.5M |
| Reservas | -$337.6M | -$351.7M | -$394.8M | -$436.2M | -$477.4M | -$537.3M | -$590.7M |
| Patrimonio Neto | -$279.0M | -$293.2M | $146.0M | $109.2M | $75.9M | $71.1M | $39.3M |
| Deuda Total | $19.0M | $19.3M | 0 | $7.1M | $30.6M | $50.4M | $50.8M |
| Deuda Neta | -$6.7M | -$39.8M | -$142.1M | -$99.1M | -$60.0M | -$55.5M | -$24.9M |
| Capital Circulante | $20.3M | $56.4M | $145.2M | $114.8M | $104.2M | $119.1M | $88.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $85.1M | $75.7M | $72.3M | $64.6M |
| Activos Totales | $111.3M | $104.8M | $99.7M | $92.3M |
| Pasivos Totales | $63.3M | $65.5M | $70.6M | $72.3M |
| Patrimonio Neto | $48.1M | $39.3M | $29.1M | $20.0M |
| Deuda Total | $50.5M | $50.8M | $59.4M | $59.4M |
Flujo de Caja (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$14.6M | -$14.1M | -$43.1M | -$41.4M | -$41.2M | -$60.0M | -$53.3M |
| Amortizaciones | $56000 | $75000 | $168000 | $412000 | $522000 | $619000 | $756000 |
| Compensación en Acciones | $66000 | $132000 | $1.9M | $3.9M | $6.3M | $19.1M | $11.1M |
| Cambio en Capital Circulante | -$1.3M | -$2.9M | -$1.6M | -$5.6M | -$4.8M | $949000 | $1.0M |
| Flujo de Caja Operativo | -$12.8M | -$16.1M | -$27.7M | -$42.7M | -$39.0M | -$39.1M | -$40.2M |
| Inversiones (CapEx) | -$106000 | -$311000 | -$1.2M | -$685000 | -$591000 | -$1.4M | -$580000 |
| Adquisiciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | -$1000 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$12.9M | -$16.4M | -$28.9M | -$43.4M | -$39.6M | -$40.5M | -$40.8M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$9.7M | -$9.8M | -$12.2M | -$8.8M |
| Inversiones (CapEx) | -$295000 | -$68000 | -$122000 | -$112000 |
| Flujo de Caja Libre | -$10.0M | -$9.8M | -$12.3M | -$8.9M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $2.9M | $2.8M | $2.9M | $3.7M |
Crecimiento y Márgenes (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | -3.3% | +115.4% | +72.4% | +74.9% | +30.5% | +10.4% |
| Crecimiento Beneficio Neto (anual) | | +3.6% | -205.3% | +3.8% | +0.6% | -45.5% | +11.1% |
| Crecimiento BPA (anual) | | +3.9% | -189.0% | +4.3% | +1.5% | -33.2% | +23.0% |
| Cambio en Acciones (anual) | | -19.8% | +5252.9% | -0.9% | +1.1% | +8.9% | +15.4% |
| Crecimiento FCF (anual) | | -27.3% | -76.2% | -50.0% | +8.6% | -2.3% | -0.6% |
| Margen Bruto | 73.1% | 76.2% | 72.1% | 77.8% | 84.1% | 83.8% | 85.3% |
| Margen Operativo | -162.9% | -190.2% | -199.2% | -189.3% | -109.7% | -116.0% | -90.5% |
| Margen EBITDA | -204.3% | -189.6% | -311.4% | -181.3% | -98.6% | -107.0% | -82.5% |
| Margen Neto | -233.9% | -233.1% | -330.5% | -184.4% | -104.8% | -116.9% | -94.1% |
| Margen FCF | -206.0% | -271.1% | -221.8% | -193.0% | -100.8% | -79.0% | -71.9% |
| Tasa Impositiva Efectiva | -0.5% | -0.6% | -0.2% | -0.3% | -0.4% | -0.1% | 0.0% |
Datos por Acción (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-26.71 | $-42.39 | $-1.40 | $-2.11 | $-1.91 | $-1.79 | $-1.56 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $482581 | $387083 | $20.7M | $20.5M | $20.7M | $22.6M | $26.1M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -152.35% |
| Rentabilidad sobre capital invertido | -59.64% |
| Rentabilidad sobre activos | -56.31% |
| Margen bruto | 86.60% |
| Margen operativo | -79.49% |
| Margen neto | -84.93% |
Salud financiera
| Deuda / Patrimonio | 2.98 |
| Ratio corriente | 8.04 |
| Piotroski F-Score | 4 |
| Altman Z-Score | -6.26 |
Ratios Clave (10 años)
| Año | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -36.84 | -38.36 | -5.80 | -9.08 | -15.80 | -4.78 | -3.48 |
| P/VC | -0.05 | -0.04 | 1.74 | 3.45 | 8.57 | 4.03 | 4.71 |
| P/V | 2.16 | 1.79 | 19.44 | 16.75 | 16.56 | 5.58 | 3.27 |
| Margen Bruto | 73.1% | 76.2% | 72.1% | 77.8% | 84.1% | 83.8% | 85.3% |
| Margen Operativo | -162.9% | -190.2% | -199.2% | -189.3% | -109.7% | -116.0% | -90.5% |
| Margen Neto | -233.9% | -233.1% | -330.5% | -184.4% | -104.8% | -116.9% | -94.1% |