Vivani Medical Financials
Vivani Medical (VANI) reported $0 in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Vivani’s business mechanic is funding a low-capex R&D burn with external capital while reported profit does not finance operations.
Across FY2023-FY2025, reported net income was positive while operating cash flow stayed near-$24M each year and operating income remained negative, so the reported profit is being created below the operating line rather than by the core expense structure. That shows up again in FY2025, when$23.3M of financing inflow helped support operations even as the share count moved materially above FY2023 levels, making capital raising part of the company’s operating loop.
The cash burn is operating, not capital-intensive: FY2025 free cash flow of
Near-term liquidity still covers current obligations, but the cushion is thinning: the current ratio fell from 7.0x in FY2022 to 2.7x in FY2025 as equity kept shrinking. That matters because leverage can rise even if liabilities are fairly steady, simply because recurring losses and cash burn keep reducing the equity base underneath them.
Financial Health Signals
Vivani Medical does not currently provide enough eligible data for a peer-relative financial health score, so none is published. The signals and metrics below are current.
Vivani Medical scores -4.02, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($127.2M) relative to total liabilities ($23.7M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Vivani Medical passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), neither operating efficiency signal passes.
For every $1 of reported earnings, Vivani Medical used $0.91 of operating cash (-$24.3M OCF vs $26.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely.
Key Financial Metrics
Earnings & Revenue
Vivani Medical generated $0 in revenue in fiscal year 2025.
Vivani Medical's EBITDA was -$27.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 11.8% from the prior year.
Vivani Medical reported $26.6M in net income in fiscal year 2025. This represents an increase of 13.3% from the prior year.
Vivani Medical earned -$0.43 per diluted share (EPS) in fiscal year 2025. That is unchanged from the prior year.
Cash & Balance Sheet
Vivani Medical recorded an outflow of $25.5M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 19.4% from the prior year.
Vivani Medical held $16.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Vivani Medical's ROE was 169.2% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 35.8 percentage points from the prior year.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Not reported for fiscal year 2025.
Capital Allocation
Vivani Medical invested $18.1M in research and development in fiscal year 2025. This represents an increase of 15.1% from the prior year.
Vivani Medical invested $1.2M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 111.0% from the prior year.
Not reported for fiscal year 2025.
VANI Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | $0 | $0 | N/A | N/A | $260K-74.0% | $1.0M-70.4% | $3.4M-51.0% | $6.9M-13.4% | $8.0M+99.1% | $4.0M-55.1% | $8.9M+161.8% | $3.4M+117.3% | $1.6M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | $130K-74.0% | $500K-76.8% | $2.2M-56.0% | $4.9M-4.5% | $5.1M-49.2% | $10.1M+90.4% | $5.3M+48.8% | $3.6M-36.8% | $5.6M |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | $130K-74.0% | $500K-59.3% | $1.2M-38.9% | $2.0M-29.5% | $2.8M+146.7% | -$6.1M-266.6% | $3.7M+2385.6% | -$160K+96.1% | -$4.1M |
| R&D Expenses | N/A | $18.1M+15.1% | $15.7M-7.2% | $17.0M+19.8% | $14.2M+28.8% | $11.0M+127.5% | $4.8M-63.2% | $13.1M+31.4% | $10.0M+26.8% | $7.9M+47.6% | $5.3M+76.1% | $3.0M-39.8% | $5.0M+55.2% | $3.2M |
| SG&A Expenses | N/A | $9.4M+5.6% | $8.9M-10.7% | $10.0M+41.4% | $7.1M+204.7% | $2.3M-60.9% | $5.9M-35.6% | $9.2M-13.7% | $10.7M-2.2% | $10.9M+8.5% | $10.1M+22.6% | $8.2M+25.3% | $6.6M+57.5% | $4.2M |
| Operating Income | N/A | -$27.6M-11.7% | -$24.7M+8.5% | -$27.0M-26.9% | -$21.2M-59.4% | -$13.3M+10.6% | -$14.9M+56.1% | -$34.0M+3.5% | -$35.2M-23.0% | -$28.6M+13.9% | -$33.2M-65.7% | -$20.0M+5.6% | -$21.2M-18.0% | -$18.0M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | $2K-77.8% | $9K+12.5% | $8K |
| Income Tax | N/A | N/A | $2K | N/A | N/A | N/A | N/A | $0 | $0 | N/A | N/A | N/A | N/A | N/A |
| Net Income | N/A | $26.6M+13.3% | $23.5M-8.4% | $25.7M+284.7% | -$13.9M-8.7% | -$12.8M+14.2% | -$14.9M+55.7% | -$33.6M+4.3% | -$35.1M-23.1% | -$28.5M+14.1% | -$33.2M-65.7% | -$20.0M+43.1% | -$35.2M-53.3% | -$23.0M |
| EPS (Diluted) | — | -$0.430.0% | -$0.43+14.0% | -$0.50 | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VANI Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $39.4M-5.2% | $41.6M-9.2% | $45.8M-10.4% | $51.1M+837.6% | $5.5M+22.3% | $4.5M-73.1% | $16.6M+55.4% | $10.7M-26.3% | $14.5M-13.8% | $16.8M-40.5% | $28.2M-34.4% | $43.1M | N/A |
| Current Assets | $17.9M-12.4% | $20.4M-11.4% | $23.1M-51.5% | $47.5M+1825.0% | $2.5M-42.2% | $4.3M-67.4% | $13.1M+36.3% | $9.6M-26.9% | $13.2M-13.9% | $15.3M-42.9% | $26.8M-36.2% | $42.0M | N/A |
| Cash & Equivalents | $16.2M-11.6% | $18.4M-11.1% | $20.7M-54.2% | $45.1M+1969.6% | $2.2M+4.7% | $2.1M-81.6% | $11.3M+153.3% | $4.5M-43.0% | $7.8M-27.9% | $10.9M-31.9% | $16.0M+2578252.2% | $619-99.0% | $62K |
| Inventory | N/A | N/A | N/A | N/A | N/A | $295K-71.3% | $1.0M-68.3% | $3.3M+20.4% | $2.7M-21.0% | $3.4M-58.4% | $8.2M+43.5% | $5.7M | N/A |
| Accounts Receivable | N/A | N/A | N/A | N/A | N/A | N/A | $455K-9.7% | $504K-72.5% | $1.8M+568.2% | $274K-81.7% | $1.5M+112.0% | $708K | N/A |
| Total Liabilities | $23.7M-1.2% | $24.0M-4.3% | $25.0M+267.0% | $6.8M+128.3% | $3.0M+19.0% | $2.5M-73.1% | $9.3M+22.7% | $7.6M+14.9% | $6.6M+16.8% | $5.7M-29.1% | $8.0M-5.5% | $8.5M | N/A |
| Current Liabilities | $6.6M+10.3% | $6.0M+4.6% | $5.7M-16.1% | $6.8M+227.0% | $2.1M | N/A | $7.0M-8.4% | $7.6M+14.9% | $6.6M+16.8% | $5.7M-29.1% | $8.0M-5.5% | $8.5M | N/A |
| Total Equity | $15.7M-10.7% | $17.6M-15.2% | $20.8M-53.1% | $44.3M+1697.5% | $2.5M+26.4% | $1.9M-73.2% | $7.3M+135.9% | $3.1M-60.9% | $7.9M-29.3% | $11.1M-45.0% | $20.3M-41.5% | $34.6M+475.4% | -$9.2M |
| Retained Earnings | -$148.5M-21.8% | -$121.9M-23.9% | -$98.4M-35.2% | -$72.8M-23.6% | -$58.9M+81.6% | -$319.7M-4.9% | -$304.8M-13.1% | -$269.5M-15.0% | -$234.4M-13.9% | -$205.9M-19.2% | -$172.7M-13.1% | -$152.7M | N/A |
Not reported in any period shown, so not listed: Goodwill, Long-Term Debt.
VANI Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$25.3M | -$24.3M-17.0% | -$20.8M+12.3% | -$23.7M-26.1% | -$18.8M-71.6% | -$11.0M+34.9% | -$16.8M+39.1% | -$27.6M+7.3% | -$29.8M-24.5% | -$23.9M+4.5% | -$25.1M-22.0% | -$20.5M-20.2% | -$17.1M+1.9% | -$17.4M |
| Capital Expenditures | $1.2M | $1.2M+111.0% | $556K-37.3% | $887K+162.4% | $338K-40.9% | $572K+73.3% | $330K-33.1% | $493K+202.5% | $163K-38.5% | $265K-45.9% | $490K-35.7% | $762K+36.1% | $560K+127.6% | $246K |
| Free Cash Flow | -$26.5M | -$25.5M-19.4% | -$21.3M+13.2% | -$24.6M-28.6% | -$19.1M-66.0% | -$11.5M+32.8% | -$17.2M+39.0% | -$28.1M+6.2% | -$30.0M-23.8% | -$24.2M+5.3% | -$25.6M-19.9% | -$21.3M-20.7% | -$17.7M+0.1% | -$17.7M |
| Investing Cash Flow | -$1.2M | -$1.2M-111.0% | -$556K+37.3% | -$887K-162.4% | -$338K+40.9% | -$572K-941.2% | $68K+113.8% | -$493K-202.5% | -$163K+38.5% | -$265K+45.9% | -$490K-102.8% | $17.5M+167.5% | -$25.9M-470.5% | -$4.5M |
| Financing Cash Flow | $39.1M | $23.3M+22.1% | $19.1M+14226.3% | $133K-99.8% | $63.4M+445.5% | $11.6M+35.1% | $8.6M-75.4% | $35.0M+31.5% | $26.6M+25.7% | $21.2M+3.5% | $20.5M+641.3% | $2.8M-93.7% | $43.8M+99.3% | $22.0M |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
VANI Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | 50.0%0.0pp | 50.0%+13.7pp | 36.3%+7.2pp | 29.1%-6.7pp | 35.8% | -152.3% | 41.1%+45.8pp | -4.7% | -259.7% |
| Operating Margin | N/A | N/A | N/A | N/A | -5124.2% | -1489.6% | -1004.9% | -509.9% | -359.2% | -830.3% | -225.3% | -624.5% | -1150.0% |
| Net Margin | N/A | N/A | N/A | N/A | -4912.7% | -1488.0% | -994.1% | -508.6% | -358.1% | -829.5% | -224.9% | -1035.3% | -1467.7% |
| Return on Equity | 169.2%+35.8pp | 133.4%+9.8pp | 123.6%+154.9pp | -31.4%+486.8pp | -518.2%+244.9pp | -763.1%-301.3pp | -461.8%+676.2pp | -1137.9%-776.1pp | -361.8%-64.2pp | -297.6%-198.8pp | -98.8%+2.9pp | -101.7% | N/A |
| Return on Assets | 67.5%+11.0pp | 56.5%+0.5pp | 56.0%+83.2pp | -27.2%+207.1pp | -234.2%+99.4pp | -333.6%-131.3pp | -202.4%+126.2pp | -328.5%-131.8pp | -196.7%+0.7pp | -197.4%-126.5pp | -70.9%+10.9pp | -81.7% | N/A |
| Current Ratio | 2.71-0.7x | 3.42-0.6x | 4.03-2.9x | 6.97+5.8x | 1.18 | N/A | 1.88+0.6x | 1.27-0.7x | 1.99-0.7x | 2.70-0.7x | 3.35-1.6x | 4.97 | N/A |
| Debt-to-Equity | 1.50+0.1x | 1.36+0.2x | 1.21+1.1x | 0.15-1.1x | 1.21-0.1x | 1.290.0x | 1.28-1.2x | 2.46+1.6x | 0.84+0.3x | 0.51+0.1x | 0.39+0.1x | 0.24 | N/A |
| FCF Margin | N/A | N/A | N/A | N/A | -4431.9% | -1715.2% | -832.3% | -434.4% | -304.0% | -639.0% | -239.4% | -519.2% | -1129.3% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Gross Margin, Operating Margin, Net Margin, FCF Margin.
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Where Vivani Medical Ranks
Frequently Asked Questions
What is Vivani Medical's annual revenue?
Vivani Medical (VANI) reported $0 in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Vivani Medical profitable?
Yes, Vivani Medical (VANI) reported a net income of $26.6M in fiscal year 2025.
What is Vivani Medical's EBITDA?
Vivani Medical (VANI) had EBITDA of -$27.1M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Vivani Medical's return on equity (ROE)?
Vivani Medical (VANI) has a return on equity of 169.2% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Vivani Medical's free cash flow?
Vivani Medical (VANI) recorded an outflow of $25.5M in free cash flow during fiscal year 2025. This represents a -19.4% 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 Vivani Medical's operating cash flow?
Vivani Medical (VANI) recorded an outflow of $24.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Vivani Medical's total assets?
Vivani Medical (VANI) had $39.4M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Vivani Medical's capital expenditures?
Vivani Medical (VANI) invested $1.2M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Vivani Medical spend on research and development?
Vivani Medical (VANI) invested $18.1M in research and development during fiscal year 2025.
What is Vivani Medical's current ratio?
Vivani Medical (VANI) had a current ratio of 2.71 as of fiscal year 2025, which is generally considered healthy.
What is Vivani Medical's debt-to-equity ratio?
Vivani Medical (VANI) had a debt-to-equity ratio of 1.50 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Vivani Medical's return on assets (ROA)?
Vivani Medical (VANI) had a return on assets of 67.5% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Vivani Medical's cash runway?
Based on fiscal year 2025 data, Vivani Medical (VANI) had $16.2M in cash against an annual operating cash burn of $24.3M. This gives an estimated cash runway of approximately 8 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 Vivani Medical's Altman Z-Score?
Vivani Medical (VANI) has an Altman Z-Score of -4.02, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Vivani Medical's Piotroski F-Score?
Vivani Medical (VANI) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 Vivani Medical's earnings high quality?
For every $1 of reported earnings, Vivani Medical (VANI) used $0.91 of operating cash (-$24.3M OCF vs $26.6M net income). Earnings that no cash stands behind rest on accounting accruals, which cannot be repeated indefinitely. 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.