Mobia Medical, Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 5 November 2026: press release. Guidance figures: 2 raised. The quarter’s numbers.

Key takeaways

Revenue grew 73% year over year: Revenue was $15.6 million, up from $9.0 million in the prior year period, representing 73% growth. Source
Average active territories rose to 40: Average active territories in the quarter were 40, compared with 22.5 in the prior year period. Source
Paired VNS named in AHA guideline: The company announced that paired VNS was included in the updated 2026 AHA guideline for stroke recovery. Source
Gross margin rose to 83.2%: Gross margin was 83.2%, compared with 79.6% for the third quarter of 2025. Source
Operating expenses rose 71%: Operating expenses were $31.5 million, against $18.4 million a year earlier, as the company invested in its commercial organization. Source
Full-year revenue range raised: The company now expects full-year 2026 revenue of $57.0 million to $57.5 million, up from $54.0 million to $56.0 million. Source
Cash held at $160.7 million: Cash and cash equivalents were $160.7 million at September 30, 2026. Source

“This quarter, we delivered our strongest results yet. Revenue growth of 73% reflects the strength of our commercial execution and the predictable nature of our patient funnel”
Richard Foust, President and Chief Executive Officer

Guidance

Area	Period	Figure	Against last quarter
Revenue Source	Full year 2026	$57.0 million to $57.5 million	Raised from $54.0 million to $56.0 million
Revenue growth Source	Full year 2026 compared with full year 2025	78% to 79%	Raised from 69% to 75%

What changed from last quarter

Guidance raised: Full-year 2026 revenue guidance was raised to $57.0 million to $57.5 million from $54.0 million to $56.0 million. Source
New: The company announced that paired VNS was included in the updated 2026 AHA guideline for stroke recovery, an item not in the prior release. Source

Results and growth drivers

Revenue grew 73% year over year: Revenue was $15.6 million, up from $9.0 million in the prior year period, representing 73% growth. Source
Gross profit rose 81%: Gross profit was $13.0 million, compared with $7.2 million in the third quarter of 2025. Source
Per-share loss narrowed on share count: Net loss was $17.3 million, or $0.52 per share, compared with $11.4 million, or $13.31 per share, a year earlier. Source

Products, territories and clinical recognition

Average active territories rose to 40: Average active territories in the quarter were 40, compared with 22.5 in the prior year period. Source
Adoption and unit sales drove growth: Management attributed growth to broader adoption of the Vivistim System and increased product unit sales. Source
Access and awareness efforts continue: Management said it is making progress in greater access and awareness for the patient group, citing commercial traction and territory expansion. Source
Paired VNS named in AHA guideline: The company announced that paired VNS was included in the updated 2026 AHA guideline for stroke recovery. Source
VNS-REHAB data published earlier: The prior quarter's release announced two-year VNS-REHAB follow-up data published in Neurology.

“we were pleased to announce the inclusion of paired VNS in the updated AHA Stroke guidelines for 2026, serving as validation of our evidence-based approach to stroke recovery”
Richard Foust, President and Chief Executive Officer

Gross margin and cost of goods

Gross margin rose to 83.2%: Gross margin was 83.2%, compared with 79.6% for the third quarter of 2025. Source
Freight and tariff costs fell: Management attributed the margin change to lower freight and tariff costs as a share of revenue and lower inventory write-offs. Source
Gross margin matched prior quarter: Gross margin in the second quarter of 2026 was also 83.2%, compared with 82.3% a year earlier.

Operating expenses

Operating expenses rose 71%: Operating expenses were $31.5 million, against $18.4 million a year earlier, as the company invested in its commercial organization. Source
Personnel and stock pay drove costs: Higher personnel-related expenses, including headcount and sales commissions, and $2.2 million of added stock-based compensation drove the increase. Source
Operating expenses fell as share of revenue: Management said operating expenses declined as a percentage of revenue compared with the prior year period. Source

“further recognition of how Vivistim® Paired VNS ™ Therapy can redefine what is possible for stroke survivors”
Richard Foust, President and Chief Executive Officer

Full-year 2026 guidance

Full-year revenue range raised: The company now expects full-year 2026 revenue of $57.0 million to $57.5 million, up from $54.0 million to $56.0 million. Source
Full-year growth range raised: Expected 2026 growth over 2025 is 78% to 79%, compared with the earlier 69% to 75%. Source
Prior range set with August results: The earlier range of $54.0 million to $56.0 million was given with second-quarter results on August 11, 2026.

Cash and balance sheet

Cash held at $160.7 million: Cash and cash equivalents were $160.7 million at September 30, 2026. Source
Prior quarter-end cash was $177.1 million: Cash was $177.1 million at June 30, 2026, per the second-quarter release, which also reported about $134.0 million of IPO net proceeds.
Notes payable stood at $7.3 million: Notes payable, net of discount and deferred financing costs, was $7.3 million at September 30, 2026. Source

Figures management reported

Figure	Reported
Average active territories Source	40 in the quarter, compared with 22.5 in the prior year period

Earlier plans management reported on

Not stated: The earlier full-year 2026 revenue range was replaced with a higher range in this release. 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 Third Quarter 2026 Financial Results

Delivers revenue growth of 73% in the third quarter and raises full year 2026 revenue guidance

Austin, Texas, November 5, 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 September 30, 2026.

Third Quarter 2026 and Recent Highlights

Reported revenue of $15.6 million, representing 73% growth over the prior year period

Achieved gross margin of 83.2%

Increased average active territories in the quarter to 40, compared to 22.5 in the prior year period

Announced inclusion of paired VNS in the updated 2026 AHA Guideline for stroke recovery

Increased full year 2026 revenue guidance to be in the range of $57.0 million to $57.5 million compared to prior range of $54.0 million to $56.0 million

“This quarter, we delivered our strongest results yet. Revenue growth of 73% reflects the strength of our commercial execution and the predictable nature of our patient funnel,” said Richard Foust, President and Chief Executive Officer of Mobia Medical. “Additionally, we were pleased to announce the inclusion of paired VNS in the updated AHA Stroke guidelines for 2026, serving as validation of our evidence-based approach to stroke recovery and further recognition of how Vivistim® Paired VNS™ Therapy can redefine what is possible for stroke survivors. With our continued commercial traction and expanding territory footprint we are making substantial progress in generating greater access and awareness for this profoundly underserved patient population.”

Third Quarter 2026 Financial Results

Revenue increased by 73%, to $15.6 million for the third quarter of 2026, compared to $9.0 million for the third quarter of 2025. The growth was driven by broader adoption of the Vivistim System and increased product unit sales.

Gross profit increased by 81%, to $13.0 million for the third quarter of 2026, compared to $7.2 million for the third quarter of 2025. Gross margin was 83.2% for the third quarter of 2026, compared to 79.6% for the third quarter of 2025. The increase was primarily due to lower freight and tariff costs as a percentage of revenue and lower inventory write-offs compared to the prior year period.

Operating expenses increased 71% to $31.5 million for the third quarter of 2026, compared to $18.4 million for the third quarter of 2025, reflecting continued investment in the Company’s commercial organization to support revenue growth. The increase was primarily driven by higher personnel-related expenses, including increased headcount and higher sales commissions, as well as $2.2 million in additional stock-based compensation expense. Operating expenses declined as a percentage of revenue.

Net loss was $17.3 million, or $0.52 per share for the third quarter of 2026, compared to a net loss of $11.4 million, or $13.31 per share for the third quarter of 2025. The year-over-year improvement 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 September 30, 2026, cash and cash equivalents totaled $160.7 million.

2026 Outlook

The Company now expects revenue for the full year 2026 to be in the range of $57.0 million to $57.5 million, representing growth of 78% to 79% over the full year 2025, compared to the prior range of $54.0 million to $56.0 million.

Conference Call and Webcast Details

The Company will host a conference call today, November 5, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third 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,”

Forward-looking statements notice

“believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “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 Statements of Operations

(Unaudited)

(in thousands, except share and per share data)

	Three Months Ended		Nine Months Ended
	September 30,		September 30,
	2026	2025	2026	2025
Revenue	$15,616	$9,012	$41,195	$21,347
Cost of goods sold	2,616	1,836	7,016	4,035
Gross profit	13,000	7,176	34,179	17,312
Operating expenses
Research and development costs	2,548	1,605	6,518	4,377
Selling, general and administrative expenses	28,983	16,828	81,055	44,956
Total operating expenses	31,531	18,433	87,573	49,333
Loss from operations	(18,531)	(11,257)	(53,394)	(32,021)
Other income (expense)
Change in fair value of convertible notes payable	-	-	(4,870)	-
Interest expense	(257)	(244)	(868)	(724)
Other income, net	1,445	79	3,008	183
Total other income (expense), net	1,188	(165)	(2,730)	(541)
Loss before income taxes	(17,343)	(11,422)	(56,124)	(32,562)
Provision for income taxes	(2)	(1)	(4)	(4)
Net loss attributable to common stockholders	$(17,345)	$(11,423)	$(56,128)	$(32,566)
Net loss per share attributable to common stockholders
Basic	$(0.52)	$(13.31)	$(3.14)	$(38.72)
Diluted	$(0.52)	$(13.31)	$(3.14)	$(38.72)
Weighted average shares used to compute net loss per share
Basic	33,302,302	858,354	17,888,770	841,030
Diluted	33,302,302	858,354	17,888,770	841,030

Mobia Medical, Inc.

Condensed Balance Sheets

(Unaudited)

(in thousands)

	September 30,	December 31,
	2026	2025
	(unaudited)
Assets
Current assets
Cash and cash equivalents	$160,692	$33,587
Accounts receivable	7,005	4,435
Inventory	8,351	5,457
Deferred offering costs	-	935
Other current assets	2,175	1,943
Total current assets	178,223	46,357
Property and equipment, net	1,941	669
Right-of-use assets - operating leases	860	1,068
Other assets	143	55
Total assets	$181,167	$48,149
Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable	$3,300	$2,223
Operating lease liabilities, current	358	358
Product warranty liability	1,572	844
Accrued payroll, commissions, and bonuses	7,399	4,854
Accrued offering costs	-	935
Accrued and other current liabilities	2,486	992
Total current liabilities	15,115	10,206
Warrant liabilities	134	865
Notes payable, net of discount and deferred financing costs	7,301	7,130
Convertible notes payable	-	-
Operating lease liabilities, non-current	708	948
Total liabilities	23,258	19,149
Redeemable convertible preferred stock	-	179,773
Stockholders’ equity (deficit)
Common stock	333	9
Additional paid-in capital	371,493	7,007
Accumulated deficit	(213,917)	(157,789)
Total stockholders’ equity (deficit)	157,909	(150,773)
Total liabilities and stockholders’ equity (deficit)	$181,167	$48,149

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