revenue
54–56 $million
FY 2026
official guidance
MOBIA MEDICAL, INC.
Last · NASDAQ$8.36-0.14 (-1.65%)close · yahoo · 15h ago
Market cap$278.31M33.3M sh
P/E · TTM-2.8fwd -3.8 · eps -2.98 · loss
Beta—vs S&P 500
Div yield0.00%annual · TTM
52w range
$8.155$15.29
Volume119.2Ksession
| Revenue | $25.6M |
|---|---|
| Operating income | $-34.9M |
| Net income | $-38.8M |
| Free cash flow | $-35.0M |
| Operating margin | -136.3% |
| Net margin | -151.6% |
| Return on equity | -22.5% |
| Period | 2026 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
Strong BuyBuyHoldSellStrong Sell
Positive operating momentum supports the story, but I would not chase the stock without valuation and cash-burn visibility.
Q2 revenue rose 102% to $13.5 million, with 367 units sold and 35.5 active territories, while FY2026 guidance of $54 million-$56 million implies 69%-75% growth; the key tension is a $21.0 million quarterly net loss, $26.9 million of SG&A, and reimbursement coverage that remains unfinished.
Themes
- Vivistim Adoption
- Territory Expansion
- Medicare Reimbursement
- Commercial Coverage
- Clinical Durability
- Ipo Proceeds
Near term
The FY2026 guide requires sustained execution in the second half; management said adding approximately 4-5 active territories per quarter is comfortable, but declined to provide formal territory guidance.
Medicare reimbursement is currently approximately $45,000 under New Tech APC 1580, supporting near-term hospital economics, but the 2027 designation remains only a CMS proposal pending the November final rule.
Q3 cash outflows will include approximately $3.5 million of IPO-related expenses accrued in Q2, creating a temporary cash-timing headwind.
Longer term
The commercial model is still in scale-up rather than harvest mode: growth depends on both territory expansion and maintaining productivity per active territory.
Durable two-year clinical outcomes and reported real-world treatment of patients far beyond the pivotal trial's 10-year post-stroke range could broaden physician and patient adoption, though the commercial evidence remains less rigorous than the pivotal study.
Coverage development is a multi-year issue. Management cited claims being paid by a number of insurers, but acknowledged that broader coverage depends on additional real-world evidence and clinical data.
The $134 million IPO proceeds provide substantial capital to build the sales force, expand geographic access, and fund evidence generation, but the company must demonstrate operating leverage before that capital becomes attractive rather than merely enabling higher spend.
Red flags
Management repeatedly characterized the model as stable, predictable, and scalable, but provided limited quantitative disclosure on units per territory, payor mix, gross profit contribution, or the time and cost required to mature a territory.
The 2027 APC reimbursement support is not secured: management explicitly acknowledged that CMS's proposal is not final until November.
Commercial coverage is still described as being 'in development' and expected to evolve over years, leaving a meaningful risk that hospital adoption and patient access lag the territory buildout.
SG&A increased 85% year over year to $26.9 million versus $13.5 million of quarterly revenue, while net loss doubled year over year to $21.0 million even after excluding the $4 million noncash convertible-note charge.
The company is targeting roughly 1,500 U.S. stroke centers, but the call did not quantify penetration, program conversion rates, backlog, or the proportion of revenue coming from new versus mature territories.
Forward outlook
revenue growth
69–75 pct
FY 2026
official guidance
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
−$0.46
Est. revenue
14.0M
Earnings transcripts
Press & signals
- GlobeNewswire
Mobia Medical Reports Second Quarter 2026 Financial Results
- GlobeNewswire
Mobia Medical Appoints Myriam Curet, M.D., to its Board of Directors
- GlobeNewswire
Mobia Medical Appoints Reza Zadno, Ph.D., to its Board of Directors