Modular Med Inc Financials
This page shows Modular Med Inc (MODD) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 26 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
A development-stage cash burn is being sustained by equity financing, while the balance sheet stays unusually light on debt.
Across FY2023-FY2025, financing inflows of$50.5M slightly exceeded cumulative free-cash burn of$46.5M . That is why cash still reached$13.1M in FY2025 despite persistent losses. The parallel rise in share count and the drop in liabilities to$1.7M show the business is currently funded by new equity rather than customers or lenders.
The spending mix became more development-heavy as R&D rose from
In FY2025, operating cash outflow was
Financial Health Signals
Based on FY2026 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Modular Med Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Modular Med Inc carries a low D/E ratio of 0.14, meaning only $0.14 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 99/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 4.03, Modular Med Inc holds $4.03 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 79/100.
Modular Med Inc generates a -217.9% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -110.2% the prior year.
Modular Med Inc passes 1 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution).
For every $1 of reported earnings, Modular Med Inc generates $0.84 in operating cash flow (-$23.8M OCF vs -$28.2M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Key Financial Metrics
Earnings & Revenue
Modular Med Inc's EBITDA was -$25.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 43.9% from the prior year.
Modular Med Inc reported -$28.2M in net income in fiscal year 2026. This represents a decrease of 50.0% from the prior year.
Modular Med Inc earned $-12.36 per diluted share (EPS) in fiscal year 2026. This represents a decrease of 2323.5% from the prior year.
Cash & Balance Sheet
Modular Med Inc generated -$27.7M in free cash flow in fiscal year 2026, representing cash available after capex. This represents a decrease of 52.0% from the prior year.
Modular Med Inc held $6.9M in cash against $0 in long-term debt as of fiscal year 2026.
Modular Med Inc had 5.41B shares outstanding in fiscal year 2026. This represents an increase of 9979.2% from the prior year.
Margins & Returns
Modular Med Inc's ROE was -217.9% in fiscal year 2026, measuring profit generated per dollar of shareholder equity. This is down 107.7 percentage points from the prior year.
Capital Allocation
Modular Med Inc invested $20.0M in research and development in fiscal year 2026. This represents an increase of 35.9% from the prior year.
Modular Med Inc invested $3.9M in capex in fiscal year 2026, funding long-term assets and infrastructure. This represents an increase of 57.7% from the prior year.
MODD Income Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $5.4M-3.4% | $5.6M+8.9% | $5.1M | N/A | $3.9M+4.1% | $3.7M+15.5% | $3.2M | N/A |
| SG&A Expenses | $1.8M-17.8% | $2.2M+33.9% | $1.7M | N/A | $1.0M-22.6% | $1.3M+27.5% | $1.0M | N/A |
| Operating Income | -$7.2M+7.5% | -$7.8M-15.1% | -$6.8M | N/A | -$4.9M+2.8% | -$5.0M-18.4% | -$4.2M | N/A |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | $2K | N/A | N/A | N/A | $2K | N/A | N/A |
| Net Income | -$7.4M+5.5% | -$7.8M-16.2% | -$6.7M | N/A | -$4.8M+3.1% | -$5.0M-19.8% | -$4.1M | N/A |
| EPS (Diluted) | $-0.11+21.4% | $-0.14-16.7% | $-0.12 | N/A | $-0.13+7.1% | $-0.14-16.7% | $-0.12 | N/A |
MODD Balance Sheet
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $10.3M-20.9% | $13.0M-8.4% | $14.2M-24.4% | $18.7M+54.2% | $12.1M+38.5% | $8.8M-12.9% | $10.1M-27.1% | $13.8M |
| Current Assets | $3.5M-41.7% | $5.9M-28.3% | $8.3M-38.7% | $13.5M+84.4% | $7.3M+75.6% | $4.2M-22.8% | $5.4M-44.2% | $9.7M |
| Cash & Equivalents | $2.9M-44.8% | $5.3M-29.3% | $7.5M-42.6% | $13.1M+87.4% | $7.0M+79.5% | $3.9M-22.9% | $5.1M-45.3% | $9.2M |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $4.4M+4.1% | $4.2M+80.6% | $2.3M+40.4% | $1.7M-12.1% | $1.9M+1.7% | $1.9M-9.8% | $2.1M-9.5% | $2.3M |
| Current Liabilities | $2.2M-46.1% | $4.0M+97.3% | $2.0M+62.1% | $1.3M-8.5% | $1.4M+11.2% | $1.2M-7.3% | $1.3M-7.8% | $1.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $5.9M-32.9% | $8.8M-26.0% | $11.8M-30.6% | $17.1M+66.4% | $10.3M+48.4% | $6.9M-13.7% | $8.0M-30.5% | $11.5M |
| Retained Earnings | -$106.6M-7.4% | -$99.2M-8.5% | -$91.5M-7.9% | -$84.8M-6.2% | -$79.8M-6.4% | -$75.0M-7.1% | -$70.1M-6.3% | -$65.9M |
MODD Cash Flow Statement
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$7.2M-32.2% | -$5.4M-0.7% | -$5.4M-24.6% | -$4.3M-5.2% | -$4.1M-8.8% | -$3.8M-6.1% | -$3.5M-1.3% | -$3.5M |
| Capital Expenditures | $1.2M+58.5% | $771K-17.5% | $934K-1.5% | $948K+74.9% | $542K+236.6% | $161K-80.9% | $842K+74.3% | $483K |
| Free Cash Flow | -$8.4M-35.5% | -$6.2M+2.0% | -$6.3M-19.9% | -$5.3M-13.4% | -$4.6M-18.1% | -$3.9M+10.5% | -$4.4M-10.1% | -$4.0M |
| Investing Cash Flow | -$1.2M-58.5% | -$771K+17.5% | -$934K+1.5% | -$948K-74.9% | -$542K-236.6% | -$161K+80.9% | -$842K-74.3% | -$483K |
| Financing Cash Flow | $6.0M+50.9% | $4.0M+442.4% | $733K-93.6% | $11.4M+47.0% | $7.7M+179.3% | $2.8M+1218.1% | $210K-98.1% | $11.2M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
MODD Financial Ratios
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Equity | -125.2%-36.3pp | -88.8%-32.3pp | -56.6% | N/A | -46.8%+24.9pp | -71.7%-20.1pp | -51.6% | N/A |
| Return on Assets | -71.7%-11.7pp | -60.0%-12.8pp | -47.3% | N/A | -39.5%+17.0pp | -56.5%-15.4pp | -41.1% | N/A |
| Current Ratio | 1.59+0.1 | 1.47-2.6 | 4.04-6.6 | 10.69+5.4 | 5.30+1.9 | 3.36-0.7 | 4.03-2.6 | 6.66 |
| Debt-to-Equity | 0.74+0.3 | 0.48+0.3 | 0.20+0.1 | 0.10-0.1 | 0.18-0.1 | 0.27+0.0 | 0.26+0.1 | 0.20 |
| FCF Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
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Frequently Asked Questions
Is Modular Med Inc profitable?
No, Modular Med Inc (MODD) reported a net income of -$28.2M in fiscal year 2026.
What is Modular Med Inc's EBITDA?
Modular Med Inc (MODD) had EBITDA of -$25.9M in fiscal year 2026, measuring earnings before interest, taxes, depreciation, and amortization.
What is Modular Med Inc's return on equity (ROE)?
Modular Med Inc (MODD) has a return on equity of -217.9% for fiscal year 2026, measuring how efficiently the company generates profit from shareholder equity.
What is Modular Med Inc's free cash flow?
Modular Med Inc (MODD) generated -$27.7M in free cash flow during fiscal year 2026. This represents a -52.0% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Modular Med Inc's operating cash flow?
Modular Med Inc (MODD) generated -$23.8M in operating cash flow during fiscal year 2026, representing cash generated from core business activities.
What are Modular Med Inc's total assets?
Modular Med Inc (MODD) had $14.8M in total assets as of fiscal year 2026, including both current and long-term assets.
What are Modular Med Inc's capital expenditures?
Modular Med Inc (MODD) invested $3.9M in capital expenditures during fiscal year 2026, funding long-term assets and infrastructure.
How much does Modular Med Inc spend on research and development?
Modular Med Inc (MODD) invested $20.0M in research and development during fiscal year 2026.
What is Modular Med Inc's current ratio?
Modular Med Inc (MODD) had a current ratio of 4.03 as of fiscal year 2026, which is generally considered healthy.
What is Modular Med Inc's debt-to-equity ratio?
Modular Med Inc (MODD) had a debt-to-equity ratio of 0.14 as of fiscal year 2026, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Modular Med Inc's return on assets (ROA)?
Modular Med Inc (MODD) had a return on assets of -190.4% for fiscal year 2026, measuring how efficiently the company uses its assets to generate profit.
What is Modular Med Inc's cash runway?
Based on fiscal year 2026 data, Modular Med Inc (MODD) had $6.9M in cash against an annual operating cash burn of $23.8M. This gives an estimated cash runway of approximately 4 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Modular Med Inc's Piotroski F-Score?
Modular Med Inc (MODD) has a Piotroski F-Score of 1 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Modular Med Inc's earnings high quality?
Modular Med Inc (MODD) has an earnings quality ratio of 0.84x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Modular Med Inc?
Modular Med Inc (MODD) scores 30 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.