Vivani Medical Financials
This page shows Vivani Medical (VANI) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 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
Based on FY2025 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 Vivani Medical'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.
Vivani Medical carries a low D/E ratio of 1.50, meaning only $1.50 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 71/100, indicating a strong balance sheet with room for future borrowing.
Vivani Medical's current ratio of 2.71 indicates adequate short-term liquidity, earning a score of 51/100. The company can meet its near-term obligations, though with limited headroom.
Vivani Medical earns a strong 169.2% return on equity (ROE), meaning it generates $169 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is up from 133.4% the prior year.
Vivani Medical passes 2 of 9 financial strength tests. 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 generates $-0.91 in operating cash flow (-$24.3M OCF vs $26.6M 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
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. This represents an increase of 0.0% from the prior year.
Cash & Balance Sheet
Vivani Medical generated -$25.5M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 19.4% from the prior year.
Vivani Medical held $16.2M in cash against $0 in long-term debt as of fiscal year 2025.
Vivani Medical had 76M shares outstanding in fiscal year 2025. This represents an increase of 29.0% from the prior year.
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.
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.
VANI Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | N/A | N/A | N/A | N/A | $0 | 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 | $4.4M | N/A | $4.5M-5.0% | $4.8M+12.9% | $4.2M | N/A | $4.2M+19.6% | $3.5M |
| SG&A Expenses | $2.4M | N/A | $2.2M-18.4% | $2.7M+15.5% | $2.3M | N/A | $2.1M-2.9% | $2.2M |
| Operating Income | -$6.8M | N/A | -$6.7M+9.9% | -$7.5M-13.8% | -$6.6M | N/A | -$6.3M-11.1% | -$5.7M |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Income Tax | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Net Income | -$6.8M | N/A | -$6.5M+8.6% | -$7.1M-13.4% | -$6.3M | N/A | -$6.0M-12.8% | -$5.4M |
| EPS (Diluted) | $-0.08 | N/A | $-0.11+8.3% | $-0.12-9.1% | $-0.11 | N/A | $-0.11-10.0% | $-0.10 |
VANI Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $42.4M+7.5% | $39.4M+57.3% | $25.0M-13.4% | $28.9M-18.5% | $35.5M-14.7% | $41.6M-3.1% | $42.9M-11.0% | $48.2M |
| Current Assets | $21.5M+20.4% | $17.9M+328.7% | $4.2M-52.1% | $8.7M-41.3% | $14.8M-27.4% | $20.4M-4.5% | $21.4M-18.7% | $26.3M |
| Cash & Equivalents | $19.7M+21.7% | $16.2M+517.7% | $2.6M-61.3% | $6.8M-47.8% | $13.0M-29.1% | $18.4M-6.6% | $19.6M-21.2% | $24.9M |
| 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 | $23.3M-1.7% | $23.7M-0.3% | $23.7M-1.1% | $24.0M+0.7% | $23.8M-0.5% | $24.0M-2.5% | $24.6M+0.7% | $24.4M |
| Current Liabilities | $6.8M+2.6% | $6.6M-3.3% | $6.8M+1.7% | $6.7M+8.3% | $6.2M+3.6% | $6.0M-4.5% | $6.3M+8.4% | $5.8M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $19.1M+21.3% | $15.7M+1101.7% | $1.3M-73.3% | $4.9M-57.8% | $11.6M-34.0% | $17.6M-3.9% | $18.3M-23.1% | $23.8M |
| Retained Earnings | -$155.3M-4.6% | -$148.5M-4.7% | -$141.9M-4.8% | -$135.4M-5.6% | -$128.2M-5.2% | -$121.9M-5.2% | -$115.9M-5.5% | -$109.8M |
VANI Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$6.2M+7.8% | -$6.7M-5.8% | -$6.4M-4.3% | -$6.1M-17.9% | -$5.2M+11.2% | -$5.8M-2.7% | -$5.7M-17.9% | -$4.8M |
| Capital Expenditures | $3K-98.9% | $274K-66.7% | $823K+1059.2% | $71K+1320.0% | $5K-98.3% | $296K+622.0% | $41K+10.8% | $37K |
| Free Cash Flow | -$6.2M+11.4% | -$7.0M+2.5% | -$7.2M-16.5% | -$6.2M-19.2% | -$5.2M+15.4% | -$6.1M-7.1% | -$5.7M-17.9% | -$4.8M |
| Investing Cash Flow | -$3K+98.9% | -$274K+66.7% | -$823K-1059.2% | -$71K-1320.0% | -$5K+98.3% | -$296K-622.0% | -$41K-10.8% | -$37K |
| Financing Cash Flow | $9.7M-52.8% | $20.6M+598.5% | $2.9M+3203.2% | -$95K+44.1% | -$170K-103.5% | $4.8M+1030.7% | $427K+291.7% | $109K |
| 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 |
VANI Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| 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 | -35.5% | N/A | -498.9%-353.4pp | -145.5%-91.3pp | -54.2% | N/A | -33.0%-10.5pp | -22.5% |
| Return on Assets | -16.0% | N/A | -26.1%-1.3pp | -24.7%-6.9pp | -17.8% | N/A | -14.1%-3.0pp | -11.1% |
| Current Ratio | 3.18+0.5 | 2.71+2.1 | 0.61-0.7 | 1.30-1.1 | 2.40-1.0 | 3.420.0 | 3.41-1.1 | 4.55 |
| Debt-to-Equity | 1.22-0.3 | 1.50-16.6 | 18.13+13.2 | 4.89+2.8 | 2.05+0.7 | 1.36+0.0 | 1.34+0.3 | 1.02 |
| 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
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) generated -$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) generated -$24.3M in operating cash flow during fiscal year 2025, representing cash generated from 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 Piotroski F-Score?
Vivani Medical (VANI) has a Piotroski F-Score of 2 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 Vivani Medical's earnings high quality?
Vivani Medical (VANI) has an earnings quality ratio of -0.91x, 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 Vivani Medical?
Vivani Medical (VANI) scores 37 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.