Canaccord Genuity has adjusted its valuation stance on CVRx Inc (NASDAQ: CVRX), lowering its price target to $10.00 from $11.00 while holding on to a Buy recommendation for the medical device company. The move reflects Canaccord’s view that valuation multiples in the small-cap medical technology peer set have fallen, prompting a recalibration of fair value even as the firm retains a constructive rating.
Market data compiled by InvestingPro shows continued analyst support for CVRx, with a consensus recommendation of 1.67 - a Strong Buy - and target prices spanning from $7.00 to $14.00. At the time of the Canaccord update, the stock was trading at $5.38. InvestingPro’s Fair Value analysis suggests the shares may be trading below intrinsic value.
Financial results for the fourth quarter of 2025 provided a mix of outcomes. CVRx reported revenue of $16.0 million for the period, a 4% increase versus the prior year. That figure matched the company’s previously announced revenue range of $15.9 million to $16.1 million and surpassed Canaccord’s earlier forecast of $15.6 million as well as the consensus estimate of $15.5 million. On a trailing-twelve-month basis, InvestingPro calculates revenue growth of 18.4%, with total revenue of $55.97 million.
Despite the topline beat, certain operational and profitability metrics remain strained. An InvestingPro Tip highlights that the company is "quickly burning through cash," and analysts do not expect CVRx to be profitable in the current year. The street projects an EPS of -$2.01 for fiscal 2025.
Management reiterated full-year 2026 guidance on the company’s earnings call, emphasizing improving salesforce productivity as a driver of sustained growth through 2026. Canaccord noted that the salesforce is recovering from disruption experienced in early 2025, and that better productivity should support revenue progress as the year unfolds.
On the regulatory and reimbursement front, CVRx secured Centers for Medicare & Medicaid Services Category B coverage approval for its BENEFIT-HF trial, a development that enables patient enrollment to begin in the second quarter of 2026. Canaccord also flagged the January 1 implementation of Category I CPT codes for CVRx’s technology, which the firm believes should lessen reimbursement obstacles and ease commercial access for Barostim therapy.
Canaccord observed that favorable trial outcomes could materially enlarge the market opportunity for Barostim therapy. Specifically, the firm suggested successful BENEFIT-HF results might expand the total addressable market for the therapy by roughly three times.
Equity performance has been under pressure. InvestingPro data indicates CVRx shares have fallen 13.1% over the past week and 60.7% over the last year. Market reaction to the latest quarterly report was mixed: the company posted a small earnings-per-share shortfall in the fourth quarter, reporting -$0.46 versus an expected -$0.44, but it produced a revenue beat of $16.0 million compared with the anticipated $15.72 million. The stronger-than-expected revenue and the company’s forward guidance appeared to temper investor response despite the EPS miss.
Analysts and investors continue to watch several dynamics closely: execution of the salesforce recovery, progress and outcomes from BENEFIT-HF enrollment that begins in Q2 2026, and the practical effects of new CPT coding and Category B coverage on commercial uptake and reimbursement. For investors seeking deeper, consolidated analysis, InvestingPro offers a Pro Research Report covering CVRx as part of its broader coverage of more than 1,400 U.S. equities.
While Canaccord reduced its numeric price target based on comparables, the firm maintained a Buy rating, reflecting an expectation that operational improvements and regulatory developments could support medium-term growth. At the same time, persistent cash burn and continued unprofitability in the near term remain constraints on the share price.