CVRx, Inc. — Earnings Quality Grade F
CVRX · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 69 days, change +3 days YoY
AR growth 15.1% vs revenue growth 10.4%
Revenue grew 10.4% but CFFO declined -2.6%
Small-cap context: Small-cap revenue/CFFO ratio is sensitive to growth-stage working-capital draws.
Expense Quality
Inventory 0.8% vs COGS -0.3%. Normal
CapEx growth -57.4% vs revenue 10.4%. Normal
SG&A/Gross Profit = 183.0%, exceeds 70%
Gross margin 85.3%, change +1.6pp. Stable
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -12.5%. Low accruals
Cash $0.1B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -8.8x (<2x). Financial stress
Other assets -3.7% vs revenue 10.4%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -2.97 (< -2.22). Unlikely manipulator
Portfolio monitoring
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Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25