Mobia Medical, Inc.: Q2 FY2026 earnings call

What management said about Q2 FY2026, from the documents filed with the SEC on 11 August 2026: press release. The quarter’s numbers.

Key takeaways

Revenue more than doubled: Revenue reached $13.5 million in the quarter, up from $6.7 million in the prior-year quarter, an increase of 102%. Source
Gross margin rose to 83.2%: Gross margin was 83.2%, compared with 82.3% in the second quarter of 2025. Source
Operating expenses rose 83%: Operating expenses reached $29.2 million, up from $16.0 million in the second quarter of 2025. Source
Net loss reached $21.0 million: Net loss was $21.0 million for the quarter, equal to $1.10 per share. Source
IPO proceeds about $134.0 million: The IPO closed in May 2026, with net proceeds of about $134.0 million after underwriting discounts, commissions and offering costs. Source
Two-year VNS-REHAB data published: Management announced publication of two-year VNS-REHAB follow-up data in Neurology, reporting clinically meaningful improvement in upper-limb motor function, daily activities and quality of life. Source
Broader footprint and patient access: Management said that after the IPO it is positioned to broaden its footprint and speed patient access to the Vivistim System. Source

“with revenue more than doubling year-over-year, reflecting consistent growth and increased momentum in our commercial organization”
Richard Foust, President and CEO of Mobia Medical

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	Full year 2026	$54.0 million to $56.0 million
Revenue growth Source	Full year 2026, versus full year 2025	69% to 75%

What changed from last quarter

New: Completed an initial public offering with about $134.0 million in net proceeds. Source
New: Two directors were appointed to the Board of Directors. Source

Revenue and growth drivers

Revenue more than doubled: Revenue reached $13.5 million in the quarter, up from $6.7 million in the prior-year quarter, an increase of 102%. Source
Adoption and IPG units drove sales: Management attributed the increase mainly to higher adoption of the Vivistim System and a larger number of IPG units sold. Source
Gross profit rose 105%: Gross profit reached $11.2 million, up from $5.5 million a year earlier. Source

Margins and operating costs

Gross margin rose to 83.2%: Gross margin was 83.2%, compared with 82.3% in the second quarter of 2025. Source
Freight and tariffs cited in margin: Management said the margin change was primarily due to freight and tariff costs in cost of goods sold, partly offset by other product and warranty cost changes. Source
Operating expenses rose 83%: Operating expenses reached $29.2 million, up from $16.0 million in the second quarter of 2025. Source

“We are committed to redefining what recovery looks like for millions of ischemic stroke survivors who are living with chronic upper extremity impairment”
Richard Foust, President and CEO of Mobia Medical

Operating expenses and net loss

Commercial hiring lifted expenses: Management attributed the expense increase to higher personnel and commission costs in the commercial organization, plus higher development and general and administrative costs. Source
Net loss reached $21.0 million: Net loss was $21.0 million for the quarter, equal to $1.10 per share. Source
Per-share loss fell year over year: The prior-year quarter showed a net loss of $10.5 million, or $12.44 per share. Source

IPO, share count and cash

Share count increase drove per-share change: Management said the lower per-share loss primarily reflects a significant increase in weighted-average shares after the IPO and the conversion of preferred stock and convertible notes. Source
IPO proceeds about $134.0 million: The IPO closed in May 2026, with net proceeds of about $134.0 million after underwriting discounts, commissions and offering costs. Source
Cash stood at $177.1 million: Cash and cash equivalents were $177.1 million at June 30, 2026. Source

Clinical data and product

Two-year VNS-REHAB data published: Management announced publication of two-year VNS-REHAB follow-up data in Neurology, reporting clinically meaningful improvement in upper-limb motor function, daily activities and quality of life. Source
Vivistim described as first approved option: Management describes the Vivistim Paired VNS System as the first and only clinically validated, FDA-approved implantable solution for chronic ischemic stroke upper limb impairment. Source
Therapy pairs stimulation with movement: The company describes therapy as combining targeted vagus nerve stimulation with functional movement to promote neuroplasticity and motor improvement. Source

Strategy and leadership

Broader footprint and patient access: Management said that after the IPO it is positioned to broaden its footprint and speed patient access to the Vivistim System. Source
Mission centers on patients and providers: The company says it is mobilizing patients, providers and care partners toward a better way forward in stroke care. Source
Two directors added to board: Myriam Curet, M.D. and Reza Zadno, Ph.D. joined the Board, adding medtech operating experience and clinical leadership. Source

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Mobia Medical Reports Second Quarter 2026 Financial Results

Austin, Texas, August 11, 2026 - Mobia Medical, Inc. (Nasdaq: MOBI), a medical device company redefining stroke recovery for survivors living with life-altering motor impairments, today reported financial results for the quarter ended June 30, 2026.

Second Quarter 2026 and Recent Highlights

Reported revenue of $13.5 million, representing 102% growth over the prior year period

Achieved gross margin of 83.2%

Announced publication of two-year VNS-REHAB follow up data in Neurology®, demonstrating durable and clinically meaningful improvement in upper-limb motor function, activities of daily living, and quality of life

Completed initial public offering, raising approximately $134.0 million in net proceeds

Appointed Myriam Curet, M.D. and Reza Zadno, Ph.D. to the Board of Directors, adding strategic medtech operating experience and clinical leadership

“We delivered a strong second quarter, with revenue more than doubling year-over-year, reflecting consistent growth and increased momentum in our commercial organization,” said Richard Foust, President and CEO of Mobia Medical. “Following the completion of our IPO, we are well positioned to continue broadening our footprint and accelerating patient access to Vivistim® Paired VNS™ Therapy. We are committed to redefining what recovery looks like for millions of ischemic stroke survivors who are living with chronic upper extremity impairment, and we are still in the early stages of addressing this profound unmet clinical need.”

Second Quarter 2026 Financial Results

Revenue increased by 102%, to $13.5 million for the second quarter of 2026, compared to $6.7 million for the second quarter of 2025. The increase was driven primarily by higher adoption of the Vivistim System and an increased number of IPG units sold.

Gross profit increased by 105%, to $11.2 million for the second quarter of 2026, compared to $5.5 million for the second quarter of 2025. Gross margin was 83.2% for the second quarter of 2026, compared to 82.3% for the second quarter of 2025. The increase was primarily due to freight and tariff costs recognized in cost of goods sold during the period, partially offset by other changes in product and warranty costs.

Operating expenses increased 83% to $29.2 million for the second quarter of 2026, compared to $16.0 million for the second quarter of 2025. The increase was primarily due to higher personnel and commission expenses in the commercial organization to support the Company’s growth, as well as increased development costs and general and administrative expenses.

Net loss was $21.0 million, or $1.10 per share for the second quarter of 2026, compared to a net loss of $10.5 million, or $12.44 per share for the second quarter of 2025. The year-over-year decrease in net loss per share primarily reflects the significant increase in weighted-average common shares outstanding following the

Company’s IPO and the related conversion of its outstanding redeemable convertible preferred stock and convertible notes into common stock.

As of June 30, 2026, cash and cash equivalents totaled $177.1 million. The Company received approximately $134.0 million of net proceeds from its initial public offering, which closed in May 2026, after deducting the underwriters’ discounts and commissions, and offering costs.

2026 Outlook

The Company expects revenue for the full year 2026 to be in the range of $54.0 million to $56.0 million, representing growth of 69% to 75% over the full year 2025.

Conference Call and Webcast Details

The Company will host a conference call today, August 11, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its second quarter 2026 financial results. Those interested in listening to the conference call should register online using this link. Once registered, participants will receive dial-in numbers and a unique PIN to join the call. Participants are encouraged to register more than 15 minutes prior to the start of the call. A live and archived webcast can also be accessed via the News & Events page of the investor section of Mobia Medical’s website.

About Mobia Medical, Inc.

Mobia Medical, Inc. is a medical device company redefining stroke recovery for survivors living with life-altering motor impairments. The Company’s Vivistim® Paired VNS™ System is the first and only clinically validated, FDA-approved implantable solution designed to improve upper limb function in chronic ischemic stroke survivors with moderate to severe upper extremity impairments. Therapy with the Vivistim® Paired VNS™ System combines targeted vagus nerve stimulation with functional movement to promote neuroplasticity and drive meaningful improvements in motor function. Mobia Medical is mobilizing patients, providers, and care partners to establish a better way forward in stroke care.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding Mobia Medical’s full year 2026 revenue guidance and the assumptions underlying that guidance and Mobia Medical’s plans to broaden its commercial reach and accelerate patient access to the Vivistim System. Forward-looking statements can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,”

Forward-looking statements notice

“predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Mobia Medical cannot assure you that the forward-looking statements in this press release will prove to be accurate. Information in this press release may also include statements relating to past performance, which should not be regarded as a reliable indicator of future performance. Forward-looking statements are based on current expectations and assumptions together with projections of the future, which are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied. These risks and uncertainties include, among others, those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in Mobia Medical’s filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this press release, and Mobia Medical undertakes no obligation to update or revise any forward-looking statements except as required under applicable law. Mobia Medical may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements.

Condensed Balance Sheets

(Unaudited)

(in thousands, except share and per share data)

	June 30,	December 31,
	2026	2025
Assets
Current assets
Cash and cash equivalents	$177,090	$33,587
Accounts receivable	5,664	4,435
Inventory	6,949	5,457
Deferred offering costs	-	935
Other current assets	2,446	1,943
Total current assets	192,149	46,357
Property and equipment, net	2,060	669
Right-of-use assets - operating leases	932	1,068
Other assets	143	55
Total assets	$195,284	$48,149
Liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)
Current liabilities
Accounts payable	$2,359	$2,223
Operating lease liabilities, current	358	358
Product warranty liability	1,263	844
Accrued payroll, commissions, and bonuses	4,997	4,854
Accrued offering costs	3,500	935
Accrued and other current liabilities	1,995	992
Total current liabilities	14,472	10,206
Warrant liabilities	134	865
Notes payable, net of discount and deferred financing costs	7,279	7,130
Operating lease liabilities, non-current	790	948
Total liabilities	22,675	19,149
Redeemable convertible preferred stock	-	179,773
Stockholders’ equity (deficit)
Common stock	333	9
Additional paid-in capital	368,848	7,007
Accumulated deficit	(196,572)	(157,789)
Total stockholders’ equity (deficit)	172,609	(150,773)
Total liabilities, redeemable convertible preferred stock, and stockholders’ equity (deficit)	$195,284	$48,149

Mobia Medical, Inc.

Condensed Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

	Three Months Ended		Six Months Ended
	June 30,		June 30,
	2026	2025	2026	2025
Revenue	$13,505	$6,674	$25,579	$12,335
Cost of goods sold	2,267	1,184	4,400	2,199
Gross profit	11,238	5,490	21,179	10,136
Operating expenses
Research and development costs	2,278	1,418	3,970	2,772
Selling, general and administrative expenses	26,886	14,532	52,072	28,128
Total operating expenses	29,164	15,950	56,042	30,900
Loss from operations	(17,926)	(10,460)	(34,863)	(20,764)
Other income (expense)
Change in fair value of convertible notes payable	(4,142)	-	(4,870)	-
Interest expense	(254)	(241)	(611)	(480)
Other income (expense), net	1,281	213	1,563	104
Total other expense, net	(3,115)	(28)	(3,918)	(376)
Loss before provision for income tax	(21,041)	(10,488)	(38,781)	(21,140)
Provision for income tax	(2)	(2)	(2)	(3)
Net loss attributable to common stockholders	$(21,043)	$(10,490)	$(38,783)	$(21,143)
Net loss per share attributable to common stockholders
Basic	$(1.10)	$(12.44)	$(3.86)	$(25.41)
Diluted	$(1.10)	$(12.44)	$(3.86)	$(25.41)
Weighted average shares used to compute net loss per share attributable to common stockholders
Basic	19,089,211	843,168	10,054,267	832,224
Diluted	19,089,211	843,168	10,054,267	832,224

Contacts
Louisa Smith
Gilmartin Group, LLC investors@mobia.com
Media Inquiries Contact
Terri Clevenger tclevenger@waterhousebrands.com
Mobia Medical, Inc.