CapsoVision Reports Fourth Quarter and Full Year 2025 Financial Results

Rhea-AI Summary

CapsoVision (NASDAQ: CV) reported fourth-quarter revenue of $3.9 million (+13% YoY) and full-year 2025 revenue of $13.6 million (+15% YoY). Gross profit for 2025 was $7.2 million with a 53% full-year gross margin. Operating expenses rose to $32.7 million, up $6.4 million year-over-year. Cash and cash equivalents were $10.1 million at year-end. The company submitted a 510(k) for an AI-assisted module for CapsoCam Plus and completed a $14 million private placement on March 16, 2026, after an IPO in July 2025.

Positive

• Revenue +15% for full year 2025 to $13.6 million
• CapsoCam Plus used by over 161,000 patients as of Dec 31, 2025
• 510(k) submission filed for AI-assisted CapsoCam Plus module
• $14 million private placement closed March 16, 2026 (plus $23.4 million IPO net proceeds)

Negative

• Operating expenses increased by $6.4 million to $32.7 million in 2025
• Cash and cash equivalents totaled $10.1 million as of Dec 31, 2025

News Market Reaction – CV

-0.27%

18 alerts

-0.27% News Effect

-27.4% Trough in 23 hr 39 min

-$1M Valuation Impact

$405.47M Market Cap

0.5x Rel. Volume

On the day this news was published, CV declined 0.27%, reflecting a mild negative market reaction. Argus tracked a trough of -27.4% from its starting point during tracking. Our momentum scanner triggered 18 alerts that day, indicating notable trading interest and price volatility. This price movement removed approximately $1M from the company's valuation, bringing the market cap to $405.47M at that time.

Data tracked by StockTitan Argus on the day of publication.

Key Figures

Q4 2025 Revenue: $3.9M Full Year 2025 Revenue: $13.6M Q4 2025 Gross Margin: 50% +5 more

8 metrics

Q4 2025 Revenue $3.9M Fourth quarter 2025; 13% increase over Q4 2024

Full Year 2025 Revenue $13.6M Full year 2025; 15% increase vs full year 2024

Q4 2025 Gross Margin 50% Fourth quarter 2025; same as Q4 2024

Full Year 2025 Gross Margin 53% Full year 2025; compared to 54% in 2024

Q4 2025 Operating Expenses $9.4M Fourth quarter 2025; $3.0M increase vs Q4 2024

Full Year 2025 Operating Expenses $32.7M Year ended Dec 31, 2025; $6.4M increase vs 2024

Cash & Equivalents $10.1M As of December 31, 2025

Private Placement Proceeds $14M Private placement of public equity closed March 16, 2026

Market Reality Check

Price: $7.51 Vol: Volume 465,341 is below t...

normal vol

$7.51 Last Close

Volume Volume 465,341 is below the 20-day average of 571,208, suggesting a moderate reaction to the earnings release. normal

Technical Shares at $8.27 are trading above the 200-day moving average of $5.64, despite the recent pullback from the $15.37 52-week high.

Peers on Argus

Alongside CV’s -4.83% move, scanner data shows mixed peer action: ARAY up about ...

1 Up 2 Down

Alongside CV’s -4.83% move, scanner data shows mixed peer action: ARAY up about 1.88%, while MXCT and ELMD are down around 0.60%, with the sector note citing a median move near -0.6%.

Previous Earnings Reports

2 past events · Latest: Nov 13 (Positive)

Same Type Pattern 2 events

Date	Event	Sentiment	Move	Catalyst
Nov 13	Q3 2025 earnings	Positive	-9.7%	Strong Q3 revenue growth and IPO cash but higher expenses and net loss.
Aug 14	Q2 2025 earnings	Positive	-4.2%	Double‑digit revenue growth and milestones including FDA 510(k) filing.

Pattern Detected

Earnings releases have previously coincided with negative next-day moves (about -4.23% and -9.7%), suggesting a pattern of cautious market reactions to results.

Recent Company History

Recent history shows CapsoVision steadily growing revenue while remaining investment-heavy. Q2 2025 revenue was $3.3M and Q3 2025 revenue $3.5M, both with double‑digit year‑over‑year growth. The company completed an IPO in July 2025 with net proceeds of $23.4M, and entered a CMOS sensor development agreement with Canon. Despite positive top‑line trends, prior earnings headlines on Aug 14, 2025 and Nov 13, 2025 triggered share declines, framing today’s full‑year and Q4 2025 update within a cautious trading pattern.

Historical Comparison

-7.0% avg move · Past earnings headlines saw an average move of -6.96%. Today’s -4.83% reaction to Q4 and full-year 2...

earnings

-7.0%

Average Historical Move earnings

Past earnings headlines saw an average move of -6.96%. Today’s -4.83% reaction to Q4 and full-year 2025 results is somewhat less negative but directionally consistent.

Earnings updates show sequential revenue growth from $3.3M in Q2 2025 to $3.5M in Q3 2025 and $3.9M in Q4 2025, alongside continued investment in Canon sensor development and AI-enabled capsule programs.

Market Pulse Summary

This announcement highlights double‑digit revenue growth in Q4 2025 to $3.9M and full‑year 2025 reve...

Analysis

This announcement highlights double‑digit revenue growth in Q4 2025 to $3.9M and full‑year 2025 revenue of $13.6M, driven by higher CapsoCam Plus capsule sales. However, operating expenses climbed to $32.7M for 2025 as the company invested in Canon CMOS sensors, AI technology, and clinical programs. A $14M private placement and prior IPO proceeds support this strategy. Investors may watch future earnings for margin trends, cash usage, and regulatory progress on AI and colon capsule initiatives.

Key Terms

510(k), food and drug administration (fda), private placement, initial public offering

4 terms

510(k) regulatory

"Submitted 510(k) application to the Food and Drug Administration (FDA)..."

A 510(k) is a U.S. regulatory submission that a medical device maker uses to show a new device is as safe and effective as an already-approved device, allowing the regulator to clear it for sale rather than requiring the longer, more stringent approval process. For investors, a cleared 510(k) usually means lower regulatory risk and a faster path to market, which can speed revenue generation and reduce uncertainty—similar to proving a new appliance works like a trusted existing model.

food and drug administration (fda) regulatory

"application to the Food and Drug Administration (FDA) for its in-house..."

A U.S. government agency that reviews and approves drugs, medical devices, vaccines, food safety measures and related products before they reach the market. Think of it as a gatekeeper whose decisions, inspections and safety warnings can make or break a product’s ability to sell; investors watch FDA actions closely because approvals speed revenue and failed reviews, delays or recalls can sharply change a company’s value.

private placement financial

"Completed a $14 million private placement of public equity financing..."

A private placement is a way for companies to raise money by selling securities directly to a small group of investors instead of through a public offering. This process is often quicker and less regulated, making it similar to offering a special, exclusive investment opportunity to select individuals or institutions. For investors, it can provide access to unique investment options that are not available on public markets.

initial public offering financial

"The Company completed an initial public offering in July 2025."

An initial public offering (IPO) is when a private company first sells its shares to the public and becomes a stock-listed company. It matters because it allows the company to raise money from a wide range of investors, helping it grow, while giving early shareholders a way to sell some of their ownership.

AI-generated analysis. Not financial advice.

SARATOGA, Calif., March 26, 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 the fourth quarter and full year ended December 31, 2025.

Recent Highlights

• Fourth quarter 2025 revenue was $3.9 million, a 13% increase over the fourth quarter of 2024. Full year 2025 revenue was $13.6 million, a 15% increase compared to full year 2024.
• New accounts grew 16% in the fourth quarter of 2025 over the comparable quarter in 2024. Full year 2025 new accounts grew 21% compared to full year 2024.
• CapsoCam Plus® used by over 161,000 patients as of December 31, 2025.
• Submitted 510(k) application to the Food and Drug Administration (FDA) for its in-house developed AI-assisted module for CapsoCam Plus®.
• Completed a $14 million private placement of public equity financing on March 16, 2026.
  

Management Commentary

“2025 was a year of important operational and strategic progress for CapsoVision,” said Johnny Wang, President and Chief Executive Officer. “We continued to expand adoption of CapsoCam Plus®, advanced our AI-enabled analytics capabilities, and submitted our AI module for CapsoCam Plus to the FDA, marking an important milestone as we work to enhance the efficiency and clinical value of capsule endoscopy. During the year, we also continued development of our next-generation colon capsule in ongoing dialogue with the FDA, as we refine the regulatory pathway for that program, as well as for our CapsoCam UGI pancreas initiative. We recently completed a $14 million private placement with participation from new and existing investors, reinforcing confidence in our long-term strategy and supporting continued investment in product innovation and pipeline advancement. As we enter 2026, we remain focused on disciplined execution, as we continue to advance our capsule platform and expand the role of AI-driven insights in gastrointestinal disease screening and diagnostics.”

Fourth Quarter and Full Year 2025 Financial Results

Fourth quarter 2025 revenue was $3.9 million, a 13% increase over the fourth quarter of 2024. Full year 2025 revenue was $13.6 million, a 15% increase compared to full year 2024. The primary growth driver was an increase in the number of CapsoCam Plus capsules sold.

Fourth quarter 2025 gross profit was $2.0 million, an increase of $0.2 million, or 13%, compared to the fourth quarter of 2024. Full year 2025 gross profit was $7.2 million, an increase of $0.8 million, or 12%, compared to full year 2024. Fourth quarter gross margin was 50%, compared to 50% in the fourth quarter of 2024. Full year 2025 gross margin was 53%, compared to 54% for full year 2024.

Fourth quarter 2025 operating expenses were $9.4 million, a $3.0 million increase from the fourth quarter of 2024, driven primarily by the development of the new CMOS image sensors under the development agreement with Canon Inc. and expenses for clinical trial activities associated with AI technology in small-bowel capsule and second generation of CapsoCam Colon.

Operating expenses for the year ended December 31, 2025 were $32.7 million, a $6.4 million increase compared to the year ended December 31, 2024, driven primarily by an increase in expenses associated with the development of the new CMOS image sensors under the development agreement with Canon Inc. and an increase in general and administrative expenses, as we were operating as a public company for half of the year.

Cash and cash equivalents totaled $10.1 million as of December 31, 2025.

The Company completed an initial public offering in July 2025. Net proceeds totaled $23.4 million, after deducting underwriting discounts, commissions and offering expenses. On March 16, 2026, the Company closed a $14 million private placement in public equity financing.

Conference Call and Webcast

CapsoVision will host a conference call today, March 26, 2026, at 4:30 p.m. ET to discuss the fourth quarter and full year 2025 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 2525025, 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”, “anticipates”, “intends”, “plans”, “believes”, “potential”, “will”, “should”, “could”, “would” or “may” 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, the Company’s plans, strategies and timing for its pipeline development (including plans to address future indications in terms of new GI pathologies, patient enrollment in support of new generation colon capsule, development of CapsoCam UGI pancreas initiative, and expanded patient populations and related timing of these efforts) 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, 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 prospectus filed on July 3, 2025 with the SEC, as part of the Company’s Registration Statement on Form S-1 (File No. 333-287148), and 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. BALANCE SHEETS (in thousands, except par value and share amounts)
	December 31, 2025			December 31, 2024
ASSETS
Current Assets
Cash and cash equivalents	$	10,112		$	9,319
Accounts receivable, net		2,498			2,001
Inventory		2,987			2,629
Prepaid expenses and other current assets		1,072			898
Total current assets		16,669			14,847
Property and equipment, net		611			720
Operating lease right-of-use assets		843			1,195
Other long-term assets		41			41
TOTAL ASSETS	$	18,164		$	16,803
LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)
Current Liabilities
Accounts payable	$	1,143		$	749
Accrued expenses and other current liabilities		2,697			569
Deferred revenue		177			132
Operating lease liabilities – current		410			351
Total current liabilities		4,427			1,801
Operating lease liabilities – long-term		477			887
Total liabilities		4,904			2,688
Commitments and contingencies - Note 9
Convertible Preferred Stock (each Series: $0.001 par value)
Series A, B, C, C-1, D, D-1, D-2, E, F-1, F-2, G, G-1, H: none and 153,682,280 shares authorized, none and 38,665,583 issued and outstanding, and liquidation preference of none and $152,378 as of December 31, 2025 and December 31, 2024, respectively		—			143,625

Total convertible preferred stock		—				143,625
Stockholders’ Equity
Common stock, $0.001 par value: 300,000,000 and 190,000,000 shares authorized; 46,865,051 and 2,090,945 issued and outstanding as of December 31, 2025 and December 31, 2024, respectively		47				2
Additional paid-in capital		168,878				838
Accumulated deficit		(155,665	)			(130,350	)
Total stockholders’ equity (deficit)		13,260				(129,510	)
TOTAL LIABILITIES, CONVERTIBLE PREFERRED STOCK, AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	18,164			$	16,803

CAPSOVISION, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (in thousands, except share and per-share amounts)
		Years Ended December 31,
		2025				2024
Net revenue	$	13,554			$	11,756
Costs of revenue		6,381			$	5,379
Gross profit		7,173				6,377
OPERATING EXPENSES
Selling and marketing		7,530				6,967
Research and development		18,310				15,120
General and administrative		6,849				4,207
Total operating expenses		32,689				26,294
Operating loss		(25,516	)			(19,917	)
NON-OPERATING INCOME
Interest income, net		269				26
Other non-operating income (expense), net		(44	)			4
Total non-operating income, net		225				30
Loss before income taxes		(25,291	)			(19,887	)
Provision for income taxes		24				11
Net loss and comprehensive loss	$	(25,315	)		$	(19,898	)
Net loss per share – basic and diluted	$	(1.03	)		$	(9.85	)
Weighted average common shares outstanding – basic and diluted		24,555,381				2,020,077

CAPSOVISION, INC. STATEMENTS OF CASH FLOWS (in thousands)
	Year ended December 31,
		2025				2024
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(25,315	)		$	(19,898	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		216				206
Loss on disposal of property and equipment		1				—
Amortization of operating lease right-of-use assets		351				315
Unrealized foreign exchange (gains) losses		(173	)			103
Stock in lieu of debt repayment		31				—
Stock-based compensation		826				156
Bad debt expense		11				8
Changes in operating assets and liabilities:
Accounts receivable		(478	)			(176	)
Inventory		(358	)			(434	)
Prepaid expenses and other current assets		(174	)			(316	)
Other long-term assets		—				1
Accounts payable		376				388
Accrued expenses and other current liabilities		2,128				(204	)
Deferred revenue		45				36
Operating lease liabilities		(351	)			(276	)
Net cash used in operating activities	$	(22,864	)		$	(20,091	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(90	)			(153	)
Net cash used in investing activities	$	(90	)		$	(153	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from issuance of Series H convertible preferred stock		—				15,000
Proceeds from IPO, net of commissions		26,557				—
Payment of IPO offering costs		(3,184	)			—
Proceeds from promissory note issuance		1,000				—
Repayment of promissory note		(1,000	)			—
Proceeds from exercises of options on common stock and warrants		231				74
Net cash provided by financing activities	$	23,604			$	15,074
Net increase (decrease) in cash and cash equivalents		650				(5,170	)
Effect of exchange rate changes on cash and cash equivalents		143				(70	)
Cash and cash equivalents at beginning of period		9,319				14,559
Cash and cash equivalents at end of year	$	10,112			$	9,319
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for income taxes	$	9			$	6
Cash paid for interest		15				—
NON-CASH FINANCING AND INVESTING ACTIVITIES
Underwriters warrants issued in connection with the IPO	$	519				—
Conversion of convertible preferred stock into common stock upon initial public offering	$	143,625				—

FAQ

What were CapsoVision (CV) revenue results for Q4 and full year 2025?

CapsoVision reported $3.9 million revenue for Q4 2025 and $13.6 million for full year 2025. According to the company, Q4 revenue rose 13% year-over-year and full-year revenue increased 15%, driven primarily by higher CapsoCam Plus capsule sales.

Has CapsoVision (CV) filed with the FDA for its AI-assisted CapsoCam Plus module?

Yes. The company submitted a 510(k) application for its AI-assisted CapsoCam Plus module. According to the company, this filing advances regulatory review of its in-house AI analytics for capsule endoscopy.

How much financing did CapsoVision (CV) raise recently and when was it closed?

CapsoVision completed a $14 million private placement on March 16, 2026 and completed an IPO in July 2025. According to the company, IPO net proceeds were $23.4 million, supporting product and pipeline investment.

How widely used is CapsoCam Plus according to CapsoVision (CV)?

CapsoVision reported CapsoCam Plus has been used by over 161,000 patients as of December 31, 2025. According to the company, that installed base supports continued commercial adoption and clinical data generation.

What drove CapsoVision's operating expense increase in 2025?

Operating expenses rose due to development and clinical activities, including work on new CMOS sensors with Canon. According to the company, higher R&D and public-company general and administrative costs increased expenses by $6.4 million year-over-year.