Carlsmed vs Cvrx
Carlsmed and Cvrx are similar in size: $50.5m and $56.7m of revenue in their latest fiscal years. Carlsmed grew faster (85.9% against 10.4%). Carlsmed kept more of each dollar of sales as profit: a net margin of -58.7% against -94.1%. Carlsmed carries less debt relative to equity (15.8% against 127.1%).
| Latest fiscal year | CarlsmedCARL, 2025 | CvrxCVRX, 2025 |
|---|---|---|
| Revenue | $50.5m | $56.7m |
| Revenue growth | 85.9% | 10.4% |
| Net income | −$29.6m | −$53.3m |
| Operating margin | -60.5% | -90.5% |
| Net margin | -58.7% | -94.1% |
| Return on equity | — | -96.6% |
| Free cash flow | −$29.6m | −$40.8m |
| Cash | $85.8m | $75.7m |
| Total debt | $15.6m | $50.0m |
| Debt to equity | 15.8% | 127.1% |
| Dividend per share | — | — |
| Dividend yield | — | — |
| Share buybacks | — | — |
| Employees | 127 | 223 |
| Market value | $397m | $36.4m |
| Price vs our value range | — | — |
| Moat score | — | 34 (Weak) |
| Insider trades, 12 months | 0 buys, 4 sales | 3 buys, 6 sales |