Recent Highlights
- Reported second quarter 2026 revenue was
$3.6 million , up 10% year over year. - CapsoCam Plus® used by over 176,000 patients as of
June 30, 2026 . - Launched AI Highlights™, the AI-assisted reading feature for CapsoCam Plus®, commercially in the European Union and other international markets to support physician review of small bowel capsule endoscopy studies using the CapsoCam Plus® system.
- Anticipate FDA clearance of AI Highlights™ by the end of the third quarter of 2026, with
U.S . commercial launch expected shortly thereafter. - Continued commercial momentum with expanding adoption across large hospital systems and GI networks, including key customer renewals and growing traction with new customers.
- Pipeline continues to advance with CapsoCam Colon™ on track for 510(k) submission in the fourth quarter of 2026, with ongoing enrollment in the CapsoCam UGI clinical study for pancreatic cancer detection.
- Appointed
David S. Shields , M.D., to the Board of Directors, effectiveJuly 1, 2026 . - Entered into a sales agreement of up to
$100 million providing for an at-the-market equity offering program with Cantor.
Management Commentary
"The second quarter marked another important step in the evolution of CapsoVision as we advanced both our commercial execution and product innovation. We were pleased to launch AI Highlights™ internationally, providing physicians in
"Commercially, we continue to see encouraging momentum across our business. Revenue growth was in line with our expectations, hospital network adoption continues to expand, and we are adding new customers who recognize the value of our panoramic capsule platform. We also continue to hear strong interest from customers awaiting the
Second Quarter 2026 Financial Results
Total revenue was
Gross profit was 1.9 million, an increase of
Operating expenses were
Cash and cash equivalents totaled
Conference Call and Webcast
CapsoVision will host a conference call today,
To access the replay, please register via the webcast link on the Events page. The webcast will be available for one year following the completion of the call.
About CapsoVision
CapsoVision is a commercial-stage medical technology company focused on developing advanced imaging and AI-enabled solutions to transform the detection and screening of gastrointestinal diseases. Its flagship product, CapsoCam Plus®, is a wire-free, panoramic capsule endoscope that enables high-resolution visualization of the small bowel and supports cloud-based or direct capsule video retrieval. The Company’s next pipeline product, CapsoCam Colon™ with enhanced AI, is designed to enable non-invasive colon imaging and polyp detection. With a proprietary platform targeted to expand across multiple GI indications, including esophageal and pancreatic disorders, CapsoVision is advancing a new era in capsule-based diagnostics. For more information on CapsoVision, please visit www.capsovision.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expected”, “positioned”, “on track”, “anticipate(s)”, “intend(s)”, “plan(s)”, “believe(s)”, “potential”, “will”, “should”, “could”, “would”, “may”, “continue”, “remain”, “advancing”, “approach(ing)”, “planned”, “look forward”, or “target(ed)” and other words of similar meaning. Examples of these forward-looking statements include, but are not limited to, statements concerning possible or assumed future results of operations and financial position, including the Company’s expectations regarding the Company’s product and clinical development efforts, the timing and receipt of regulatory submissions and approvals , the Company’s plans, strategies and timing for its pipeline development (including the anticipated timing of FDA clearance of AI Highlights™ and its subsequent
Investor Relations Contact
New Street Investor Relations
Investors@CapsoVision.com
Media Contact
Être Communications
leslies@etrecommunications.com | (804) 240-0807
pauls@etrecommunications.com | (804) 503-9231
CONDENSED BALANCE SHEETS (UNAUDITED) (in thousands, except par value and share amounts) | |||||||
| ASSETS | |||||||
| Current Assets | |||||||
| Cash and cash equivalents | $ | 9,077 | $ | 10,112 | |||
| Accounts receivable, net | 2,265 | 2,498 | |||||
| Inventory | 4,704 | 2,987 | |||||
| Prepaid expenses and other current assets | 1,234 | 1,072 | |||||
| Total current assets | 17,280 | 16,669 | |||||
| Property and equipment, net | 562 | 611 | |||||
| Operating lease right-of-use assets | 651 | 843 | |||||
| Other long-term assets | 76 | 41 | |||||
| TOTAL ASSETS | $ | 18,569 | $ | 18,164 | |||
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||
| Current Liabilities | |||||||
| Accounts payable | $ | 475 | $ | 1,143 | |||
| Accrued expenses and other current liabilities | 4,101 | 2,697 | |||||
| Deferred revenue | 140 | 177 | |||||
| Operating lease liabilities – current | 442 | 410 | |||||
| Total current liabilities | 5,158 | 4,427 | |||||
| Operating lease liabilities – long-term | 245 | 477 | |||||
| Total liabilities | 5,403 | 4,904 | |||||
| Commitments and contingencies - Note 8 | |||||||
| Stockholders’ Equity | |||||||
| Preferred stock, | — | — | |||||
| Common stock, | 50 | 47 | |||||
| Additional paid-in capital | 183,295 | 168,878 | |||||
| Accumulated deficit | (170,179 | ) | (155,665 | ) | |||
| Total stockholders’ equity | 13,166 | 13,260 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 18,569 | $ | 18,164 | |||
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (in thousands, except share and per-share amounts) | |||||||||||||||
| Three Months Ended | Six Months Ended | ||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||
| Net revenue | $ | 3,643 | $ | 3,315 | $ | 6,435 | $ | 6,098 | |||||||
| Costs of revenue | 1,772 | 1,504 | $ | 3,235 | $ | 2,793 | |||||||||
| Gross profit | 1,871 | 1,811 | 3,200 | 3,305 | |||||||||||
| OPERATING EXPENSES | |||||||||||||||
| Selling and marketing | 1,936 | 1,847 | 4,027 | 3,808 | |||||||||||
| Research and development | 5,309 | 3,392 | 9,744 | 6,499 | |||||||||||
| General and administrative | 2,206 | 1,223 | 4,102 | 3,031 | |||||||||||
| Total operating expenses | 9,451 | 6,462 | 17,873 | 13,338 | |||||||||||
| Operating loss | (7,580 | ) | (4,651 | ) | (14,673 | ) | (10,033 | ) | |||||||
| NON-OPERATING INCOME | |||||||||||||||
| Interest income, net | 82 | 37 | 141 | 43 | |||||||||||
| Other non-operating income (expense), net | 17 | (11 | ) | 18 | (10 | ) | |||||||||
| Total non-operating income, net | 99 | 26 | 159 | 33 | |||||||||||
| Loss before income taxes | (7,481 | ) | (4,625 | ) | (14,514 | ) | (10,000 | ) | |||||||
| Provision for income taxes | — | — | — | — | |||||||||||
| Net loss and comprehensive loss | $ | (7,481 | ) | $ | (4,625 | ) | $ | (14,514 | ) | $ | (10,000 | ) | |||
| Net loss per share – basic and diluted | $ | (0.15 | ) | $ | (2.02 | ) | $ | (0.30 | ) | $ | (4.49 | ) | |||
| Weighted average common shares outstanding – basic and diluted | 49,937,525 | 2,292,230 | 48,704,069 | 2,225,301 | |||||||||||
CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Six Months Ended | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss | $ | (14,514 | ) | $ | (10,000 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 114 | 107 | |||||
| Loss on disposal of property and equipment | — | — | |||||
| Amortization of operating lease right-of-use assets | 192 | 171 | |||||
| Unrealized foreign exchange losses (gains) | 15 | (158 | ) | ||||
| Stock-based compensation | 911 | 322 | |||||
| Bad debt expense | — | 11 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 245 | 167 | |||||
| Inventory | (1,717 | ) | (413 | ) | |||
| Prepaid expenses and other current assets | (162 | ) | (939 | ) | |||
| Other long-term assets | (35 | ) | — | ||||
| Accounts payable | (685 | ) | 408 | ||||
| Accrued expenses and other current liabilities | 1,404 | 1,019 | |||||
| Deferred revenue | (37 | ) | (35 | ) | |||
| Operating lease liabilities | (200 | ) | (172 | ) | |||
| Net cash used in operating activities | $ | (14,469 | ) | $ | (9,512 | ) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Purchases of property and equipment | (48 | ) | (70 | ) | |||
| Net cash used in investing activities | $ | (48 | ) | $ | (70 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from promissory note issuance | — | 1,000 | |||||
| Proceeds from Private Placement | 14,000 | — | |||||
| Payment of Private Placement issuance costs | (600 | ) | — | ||||
| Payment of constructive dividend | (12 | ) | — | ||||
| Proceeds from exercises of options on common stock and warrants | 121 | 202 | |||||
| Net cash provided by financing activities | $ | 13,509 | $ | 1,202 | |||
| Net decrease in cash and cash equivalents | (1,008 | ) | (8,380 | ) | |||
| Effect of exchange rate changes on cash and cash equivalents | (27 | ) | 127 | ||||
| Cash and cash equivalents at beginning of period | 10,112 | 9,319 | |||||
| Cash and cash equivalents at end of period | $ | 9,077 | $ | 1,066 | |||
| SUPPLEMENTAL CASH FLOW DISCLOSURES | |||||||
| Cash paid for income taxes | $ | 11 | $ | 7 | |||
