CapsoVision Reports First Quarter 2026 Financial Results
Rhea-AI Summary
CapsoVision (NASDAQ: CV) reported first quarter 2026 revenue of $2.8 million, stable year over year. Gross profit was $1.3 million with a 48% gross margin, impacted by U.S. trade policies and tariffs.
Operating expenses rose to $8.4 million, driven by CMOS sensor development with Canon and clinical trials. Cash and equivalents totaled $17.9 million following a $14 million private placement. The company highlighted growing CapsoCam Plus® usage, key GI network renewals, upcoming FDA review of its AI-assisted reading feature, and progress on colon and pancreatic cancer programs.
AI-generated analysis. Not financial advice.
Positive
- Revenue stable at $2.8 million versus Q1 2025
- Gross profit of $1.3 million in Q1 2026
- Cash and equivalents of $17.9 million at March 31, 2026
- Completed $14 million private placement equity financing on March 16, 2026
- CapsoCam Plus® used by over 167,000 patients to date
- Secured renewals with major GI networks including IU Health, Providence, Gastro Health
- Pipeline advancing: AI reading feature, second-gen CapsoCam Colon, pancreatic cancer UGI study
Negative
- Gross profit declined 11% to $1.3 million year over year
- Gross margin decreased to 48% from 54% in Q1 2025
- Capsule volume decreased by 3% year over year
- Operating expenses increased by $1.5 million to $8.4 million
Key Figures
Market Reality Check
Peers on Argus
CV was down 2.1% while close peers showed mixed moves: ARAY (-3.51%), MXCT (+8.5%), SGHT (+1.03%), BSGM (+39.91%), CVRX (-0.95%). Momentum scans only flagged ELMD slightly up, reinforcing a company-specific tone.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Mar 26 | Quarterly earnings | Positive | -0.3% | Reported Q4 and full-year 2025 revenue growth and strong gross margin. |
| Nov 13 | Quarterly earnings | Positive | -9.7% | Q3 2025 revenue up 19% YoY with higher capsule sales and new accounts. |
| Aug 14 | Quarterly earnings | Positive | -4.2% | Q2 2025 revenue rose 17% YoY with strong adoption and 55% margin. |
Earnings releases have typically been followed by negative price reactions despite growth-focused headlines, suggesting a pattern of selling on earnings.
Over the past year, CV’s earnings reports have highlighted steady revenue growth in CapsoCam Plus, expanding patient reach, and progress on AI-enabled and colon capsule programs. Q2, Q3, and full-year 2025 updates all emphasized double-digit revenue growth and pipeline milestones, yet shares fell between 4.23% and 9.7% after those announcements. Today’s Q1 2026 results, with flat revenue and margin pressure, fit into this sequence of operational progress paired with cautious market reactions.
Historical Comparison
Past three earnings releases saw an average -4.73% move despite growth headlines. The pre-news move of -2.1% and Q1 2026’s flat revenue and margin compression fit this cautious pattern.
Earnings updates have traced rising CapsoCam Plus revenue, growing patient counts, and continued investment in AI-assisted and colon capsule programs, while opex and development spending remain elevated.
Market Pulse Summary
This announcement highlights stable Q1 2026 revenue of $2.8 million but softer profitability, with gross profit down to $1.3 million and gross margin at 48% versus 54% a year ago, and operating expenses rising to $8.4 million. At the same time, over 167,000 patients have used CapsoCam Plus and cash reached $17.9 million after a $14 million financing. Investors may watch margin trends, AI feature clearance, colon capsule timelines, and future earnings updates.
Key Terms
capsule endoscopy medical
510(k) regulatory
private placement financial
AI-generated analysis. Not financial advice.
SARATOGA, Calif., May 14, 2026 (GLOBE NEWSWIRE) -- CapsoVision, Inc. (NASDAQ: CV), a commercial-stage medical technology company developing advanced imaging and AI-enabled capsule endoscopy solutions, today reported financial results for its first quarter ended March 31, 2026.
Recent Highlights
- Delivered first quarter revenue of
$2.8 million , stable compared to the first quarter of 2025. - Existing customers continued to expand clinical use of CapsoCam Plus® for small bowel disease detection, while procedure volume demonstrated growing adoption and end-user consumption.
- Secured key customer renewals with large GI networks, including Indiana University Health Systems, Providence Health Systems, and Gastro Health, reinforcing platform value and long-term relationships.
- CapsoCam Plus® used by over 167,000 patients as of March 31, 2026.
- CapsoVision’s AI-assisted reading feature for CapsoCam Plus, on track for anticipated FDA clearance mid-year, with commercial launch expected shortly thereafter, subject to FDA review timelines.
- Pipeline programs progressing as planned, including our second-generation of CapsoCam Colon with 510(k) submission expected in the third quarter of 2026, and initiation of a clinical study for CapsoCam UGI in pancreatic cancer detection with the first patient enrolled in May 2026.
- Completed a
$14 million private placement of public equity financing on March 16, 2026.
Management Commentary
“We saw continued strength in underlying utilization during the first quarter, reflecting deeper engagement across our installed base and the increasing role CapsoCam Plus® is playing in clinical practice,” said Johnny Wang, President and Chief Executive Officer of CapsoVision. “Importantly, we also secured key renewals with large GI networks, reinforcing the durability of our customer relationships and the value of our platform.
"At the same time, we are approaching an important inflection point with the anticipated FDA clearance of our AI-assisted reading feature for CapsoCam Plus®, which we believe will further enhance workflow efficiency for physicians and we received positive feedback at recent industry meetings. Across the pipeline, we remain on track, including progress on the second-generation of our CapsoCam Colon capsule and the recent initiation of our pancreatic cancer study with initial patient enrollment. Taken together, we believe we are well positioned to continue advancing our platform and executing on our long-term strategy.”
First Quarter 2026 Financial Results
Total revenue was
Gross profit was
Operating expenses were
Cash and cash equivalents totaled
On March 16, 2026, the Company closed a
Conference Call and Webcast
CapsoVision will host a conference call today, May 14, 2026, at 4:30 p.m. ET to discuss its first quarter financial results. Individuals interested in listening to the conference call may do so by dialing (800) 715-9871 for domestic callers or (646) 307-1963 for international callers and referencing conference ID 5439091, or from the webcast link on the Events page in the investor relations section of the company's website at www.capsovision.com.
To access the replay, please register via the webcast link on the Events page. The webcast will be available for one year following the completion of the call.
About CapsoVision
CapsoVision is a commercial-stage medical technology company focused on developing advanced imaging and AI-enabled solutions to transform the detection and screening of gastrointestinal diseases. Its flagship product, CapsoCam Plus®, is a wire-free, panoramic capsule endoscope that enables high-resolution visualization of the small bowel and supports cloud-based or direct capsule video retrieval. The Company’s next pipeline product, CapsoCam Colon™ with enhanced AI, is designed to enable non-invasive colon imaging and polyp detection. With a proprietary platform targeted to expand across multiple GI indications, including esophageal and pancreatic disorders, CapsoVision is advancing a new era in capsule-based diagnostics. For more information on CapsoVision, please visit www.capsovision.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements mean statements related to future events, which may impact our expected future business and financial performance, and often contain words such as “expected”, “positioned”, “on track”, “anticipate(s)”, “intend(s)”, “plan(s)”, “believe(s)”, “potential”, “will”, “should”, “could”, “would”, “may”, “continue”, “remain”, “advancing”, “approach(ing)”, or “target(ed)” and other words of similar meaning. Examples of these forward-looking statements include, but are not limited to, statements concerning possible or assumed future results of operations and financial position, including the Company’s expectations regarding the Company’s product and clinical development efforts, the timing and receipt of regulatory submissions and approvals (including anticipated FDA clearance of our AI-assisted reading feature for CapsoCam Plus® and commercial launch expected shortly thereafter), the Company’s plans, strategies and timing for its pipeline development (including the study for second-generation of CapsoCam Colon and related 510(k) submission, and the clinical study for CapsoCam UGI in pancreatic cancer detection) and the success of the Company’s plans and strategies. These forward-looking statements are based on the Company’s current expectations and inherently involve significant risks and uncertainties, including those beyond the Company’s control. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, market conditions, the Company’s financial condition and the availability of cash and financing, the success of the Company’s product and clinical development efforts, the failure to receive regulatory clearance and the failure to adapt the Company’s products for new indications. These and other risks and uncertainties are described more fully in the Company’s filings with the Securities and Exchange Commission (“SEC”), including the “Risk Factors” section of the Company’s most recent Form 10-K and Form 10-Q. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update or revise these statements, except as required by law.
Investor Relations Contact
Leigh Salvo
New Street Investor Relations
Investors@CapsoVision.com
Media Contact
Leslie Strickler and Paul Spicer
Être Communications
leslies@etrecommunications.com | (804) 240-0807
pauls@etrecommunications.com | (804) 503-9231
| CAPSOVISION, INC. CONDENSED BALANCE SHEETS (UNAUDITED) (in thousands, except par value and share amounts) | |||||
| March 31, 2026 | December 31, 2025 | ||||
| ASSETS | |||||
| Current Assets | |||||
| Cash and cash equivalents | $ | 17,933 | $ | 10,112 | |
| Accounts receivable, net | 1,925 | 2,498 | |||
| Inventory | 3,491 | 2,987 | |||
| Prepaid expenses and other current assets | 1,151 | 1,072 | |||
| Total current assets | 24,500 | 16,669 | |||
| Property and equipment, net | 620 | 611 | |||
| Operating lease right-of-use assets | 749 | 843 | |||
| Other long-term assets | 76 | 41 | |||
| TOTAL ASSETS | $ | 25,945 | $ | 18,164 | |
| LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||
| Current Liabilities | |||||
| Accounts payable | $ | 1,359 | $ | 1,143 | |
| Accrued expenses and other current liabilities | 3,494 | 2,697 | |||
| Deferred revenue | 84 | 177 | |||
| Operating lease liabilities – current | 426 | 410 | |||
| Total current liabilities | 5,363 | 4,427 | |||
| Operating lease liabilities – long-term | 362 | 477 | |||
| Total liabilities | 5,725 | 4,904 | |||
| Commitments and contingencies - Note 8 | |||||
| Stockholders’ Equity | |||||||
| Common stock, | 50 | 47 | |||||
| Additional paid-in capital | 182,868 | 168,878 | |||||
| Accumulated deficit | (162,698 | ) | (155,665 | ) | |||
| Total stockholders’ equity | 20,220 | 13,260 | |||||
| TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | $ | 25,945 | $ | 18,164 | |||
| CAPSOVISION, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (in thousands, except share and per-share amounts) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Net revenue | $ | 2,792 | $ | 2,783 | |||
| Costs of revenue | 1,463 | $ | 1,289 | ||||
| Gross profit | 1,329 | 1,494 | |||||
| OPERATING EXPENSES | |||||||
| Selling and marketing | 2,091 | 1,961 | |||||
| Research and development | 4,435 | 3,107 | |||||
| General and administrative | 1,896 | 1,808 | |||||
| Total operating expenses | 8,422 | 6,876 | |||||
| Operating loss | (7,093 | ) | (5,382 | ) | |||
| NON-OPERATING INCOME | |||||||
| Interest income, net | 59 | 6 | |||||
| Other non-operating income, net | 1 | 1 | |||||
| Total non-operating income, net | 60 | 7 | |||||
| Loss before income taxes | (7,033 | ) | (5,375 | ) | |||
| Provision for income taxes | — | — | |||||
| Net loss and comprehensive loss | $ | (7,033 | ) | $ | (5,375 | ) | |
| Net loss per share – basic and diluted | $ | (0.15 | ) | $ | (2.49 | ) | |
| Weighted average common shares outstanding – basic and diluted | 47,456,908 | 2,157,627 | |||||
| CAPSOVISION, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| CASH FLOWS FROM OPERATING ACTIVITIES | |||||||
| Net loss | $ | (7,033 | ) | $ | (5,375 | ) | |
| Adjustments to reconcile net loss to net cash used in operating activities: | |||||||
| Depreciation and amortization | 56 | 52 | |||||
| Loss on disposal of property and equipment | 1 | — | |||||
| Amortization of operating lease right-of-use assets | 94 | 85 | |||||
| Unrealized foreign exchange gains | (4 | ) | (12 | ) | |||
| Stock-based compensation | 334 | 152 | |||||
| Bad debt expense | — | 11 | |||||
| Changes in operating assets and liabilities: | |||||||
| Accounts receivable | 594 | 296 | |||||
| Inventory | (504 | ) | (408 | ) | |||
| Prepaid expenses and other current assets | 8 | (621 | ) | ||||
| Other long-term assets | (35 | ) | — | ||||
| Accounts payable | 198 | 134 | |||||
| Accrued expenses and other current liabilities | 417 | 833 | |||||
| Deferred revenue | (93 | ) | (48 | ) | |||
| Operating lease liabilities | (99 | ) | (85 | ) | |||
| Net cash used in operating activities | $ | (6,066 | ) | $ | (4,986 | ) | |
| CASH FLOWS FROM INVESTING ACTIVITIES | |||||||
| Purchases of property and equipment | (48 | ) | (40 | ) | |||
| Net cash used in investing activities | $ | (48 | ) | $ | (40 | ) | |
| CASH FLOWS FROM FINANCING ACTIVITIES | |||||||
| Proceeds from Private Placement | 14,000 | — | |||||
| Payment of Private Placement issuance costs | (87 | ) | — | ||||
| Proceeds from exercises of options on common stock and warrants | 39 | 34 | |||||
| Net cash provided by financing activities | $ | 13,952 | $ | 34 | |||
| Net increase (decrease) in cash and cash equivalents | 7,838 | (4,992 | ) | ||||
| Effect of exchange rate changes on cash and cash equivalents | (17 | ) | 71 | ||||
| Cash and cash equivalents at beginning of period | 10,112 | 9,319 | |||||
| Cash and cash equivalents at end of period | $ | 17,933 | $ | 4,398 | |||
| NON-CASH FINANCING AND INVESTING ACTIVITIES | |||||||
| Private Placement issuance costs in accounts payable and accruals | $ | 380 | — | ||||
