CVRx, Inc. (CVRX) vs Sanuwave Health Inc. (SNWV)

CVRx, Inc. and Sanuwave Health Inc. are both Medical Devices companies. CVRx, Inc. is the larger, with a market value of $39.2M against $19.4M — 2.0× the size. CVRx, Inc. has negative trailing earnings, so its P/E is not meaningful; Sanuwave Health Inc. trades at 1.3×. Sanuwave Health Inc. grew revenue faster over the last twelve months: 12.7% against 7.79%. Sanuwave Health Inc. has the higher net margin (34.7% vs −88.3%) and the higher return on invested capital (7.46% vs −225.0%). Across the 18 metrics below, Sanuwave Health Inc. leads on 12 and CVRx, Inc. on 6.

Valuation

Metric CVRX SNWV Medical Devices median
P/E n/m 1.26 25.58
P/S 0.65 0.44 2.54
P/B 2.84 6.91 2.48
Price to free cash flow n/m 2.06 28.81
EV/EBITDA n/m 8.59 11.51
EV/Sales 0.70 0.66 2.72
Earnings yield (139.58%) 79.46% (12.82%)
Free cash flow yield (107.16%) 48.64% (8.18%)

Profitability

Metric CVRX SNWV Medical Devices median
Gross margin 86.90% 76.33% 57.76%
Operating margin (81.90%) 3.41% (15.07%)
Net margin (88.28%) 34.66% (14.45%)
Free cash flow margin (69.69%) 21.29% (3.88%)
Return on equity (172.17%) (254.57%) (10.35%)
Return on assets (53.55%) 43.82% (17.26%)
Return on invested capital (224.98%) 7.46% (5.27%)

Growth

Metric CVRX SNWV Medical Devices median
Revenue growth (TTM) 7.79% 12.67% 10.41%
EPS growth (last fiscal year) 23.02% 105.53% 28.17%
Revenue growth, 5-year CAGR 56.40% 61.12% 15.74%
Net income growth, 5-year CAGR 0.00% 0.00% 0.00%

Health

Metric CVRX SNWV Medical Devices median
Debt to equity 4.24 6.88 0.04
Current ratio 6.80 1.28 2.74
Net debt to EBITDA 0.52 1.30 0.54

Dividend

Metric CVRX SNWV Medical Devices median
Dividend yield — — 1.02%
Payout ratio — — 0.37

Size

Metric CVRX SNWV Medical Devices median
Market cap 39.16m 19.35m 239.53m

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