CapsoVision Reports Second Quarter 2026 Financial Results

Rhea-AI Summary

CapsoVision (NASDAQ: CV) reported second quarter 2026 revenue of $3.6 million, up about 10% year over year, driven by a 13% increase in CapsoCam Plus capsule volume, partially offset by roughly 3% lower average selling prices. Gross profit was $1.9 million, with gross margin at 51% versus 55% a year ago.

Operating expenses rose to $9.5 million, mainly from clinical trials, Canon development work, public company costs, and stock-based compensation, leading to a net loss of $7.5 million. Cash and cash equivalents were $9.1 million on June 30, 2026. CapsoVision launched its AI Highlights feature internationally, continues advancing CapsoCam Colon toward a planned fourth-quarter 2026 510(k) submission, is enrolling a pancreatic cancer UGI study, added David S. Shields, M.D., to its board, and entered a $100 million at-the-market equity program with Cantor.

Positive

• Q2 2026 revenue $3.6 million, approximately 10% year-over-year growth
• CapsoCam Plus capsule volume up 13% year over year in Q2 2026
• AI Highlights launched commercially in the EU and other international markets
• CapsoCam Colon on track for planned 510(k) submission in Q4 2026
• ATM equity program of up to $100 million entered with Cantor
• Private placement proceeds of $14.0 million in first half 2026

Negative

• Gross margin declined to 51% from 55% in Q2 2025
• Operating expenses increased to $9.5 million from $6.5 million year over year in Q2
• Q2 2026 net loss widened to $7.5 million from $4.6 million
• Six-month 2026 net loss was $14.5 million versus $10.0 million in 2025
• Net cash used in operating activities $14.5 million for the first half of 2026
• Cash balance decreased to $9.1 million from $10.1 million at year-end 2025

News Explained

The $100 million ATM is available capacity, not reported funding; future share sales would increase the share count and dilute existing ownership.

CapsoVision entered an agreement for an at-the-market equity program allowing up to $100 million in future sales, but the release does not report that this program has sold shares or raised proceeds.

An at-the-market program permits the issuer to sell new shares gradually into the open market at prevailing prices; if issued, those additional shares increase the total share count and reduce existing holders’ percentage ownership absent offsetting changes.

Separately, the balance sheet reports 50,032,148 common shares issued and outstanding on June 30, 2026, versus 46,865,051 on December 31, 2025, while the cash-flow statement reports $14,000 thousand of private-placement proceeds during the first six months.

Cash and equivalents were $9,077 thousand at June 30, 2026, against $14,469 thousand of operating cash used during the first six months, so the ATM currently adds financing capacity rather than reported cash already on the balance sheet.

The next Form 10-Q or other financing filing should show whether ATM sales occurred, the proceeds received, and any resulting change in the common-share count.

Market Context

Recent Form 4 activity was classified as Net Buying. That platform record adds context to the quarte...

Analysis

Recent Form 4 activity was classified as Net Buying. That platform record adds context to the quarter's reported operating losses and financing disclosure; low short positioning was also reported, leaving cash use and execution as relevant watchpoints.

Key Figures

Q2 revenue: $3.6 million Patient usage: 176,000 patients FDA clearance timing: End of third quarter 2026 +5 more

8 metrics

Q2 revenue $3.6 million Second quarter 2026; up 10% year over year

Patient usage 176,000 patients CapsoCam Plus as of June 30, 2026

FDA clearance timing End of third quarter 2026 Anticipated clearance for AI Highlights

510(k) submission timing Fourth quarter of 2026 CapsoCam Colon

ATM offering Up to $100 million Sales agreement with Cantor

Gross margin 51% Q2 2026 versus 55% in Q2 2025

Operating expenses $9.5 million Q2 2026; $3.0 million increase from Q2 2025

Cash and equivalents $9.1 million As of June 30, 2026

Previous Earnings Reports

4 past events · Latest: May 14 (Positive)

Same Type Pattern 4 events

Date	Event	Sentiment	24h Move	Catalyst
May 14	First-quarter earnings	Positive	-11.6%	Revenue held steady while product adoption and pipeline programs advanced.
Mar 26	Full-year earnings	Positive	-0.3%	Revenue grew and the company submitted a 510(k) for its AI module.
Nov 13	Third-quarter earnings	Positive	-9.7%	Revenue and new accounts increased alongside clinical and product development.
Aug 14	Second-quarter earnings	Positive	-4.2%	Revenue, new accounts, and patient usage increased during the quarter.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings events all had negative 24-hour reactions, averaging -6.44%, despite announcements containing positive operating or product updates.

Key Terms

at-the-market equity offering program, 510(k), capsule endoscopy

3 terms

at-the-market equity offering program financial

"Entered into a sales agreement of up to $100 million providing for an at-the-market equity offering program"

A program that lets a company sell newly issued shares directly into the open market at whatever the current trading price is, usually through a broker, and do so gradually over time instead of all at once. Investors care because it can dilute existing ownership and put steady selling pressure on the stock price, while giving the company a flexible, on-demand way to raise cash — like adding small amounts of water to a pool rather than dumping in a bucket.

510(k) regulatory

"CapsoCam Colon™ on track for 510(k) submission in the fourth quarter of 2026"

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.

capsule endoscopy medical

"AI-assisted reading feature for CapsoCam Plus®, commercially in the European Union"

A capsule endoscopy is a diagnostic procedure in which a person swallows a pill-sized device that contains a tiny camera, light and transmitter; it wirelessly records images as it travels through the digestive tract. Investors care because the technology can replace or complement traditional, more invasive tests — affecting demand, device sales, recurring consumable revenue, regulatory approval paths and insurance coverage, all of which influence a medical company’s growth and profitability.

AI-generated analysis. How Rhea-AI works. Not financial advice.

See more from StockTitan in Google Search and AI answers. Adds StockTitan as a preferred source · opens Google

Add on Google Not now

SARATOGA, Calif., Aug. 13, 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 and provided a business update for its second quarter ended June 30, 2026.

Recent Highlights

• Reported second quarter 2026 revenue was $3.6 million, up 10% year over year.
• CapsoCam Plus® used by over 176,000 patients as of June 30, 2026.
• Launched AI Highlights™, the AI-assisted reading feature for CapsoCam Plus®, commercially in the European Union and other international markets to support physician review of small bowel capsule endoscopy studies using the CapsoCam Plus® system.
• Anticipate FDA clearance of AI Highlights™ by the end of the third quarter of 2026, with U.S. commercial launch expected shortly thereafter.
• Continued commercial momentum with expanding adoption across large hospital systems and GI networks, including key customer renewals and growing traction with new customers.
• Pipeline continues to advance with CapsoCam Colon™ on track for 510(k) submission in the fourth quarter of 2026, with ongoing enrollment in the CapsoCam UGI clinical study for pancreatic cancer detection.
• Appointed David S. Shields, M.D., to the Board of Directors, effective July 1, 2026.
• Entered into a sales agreement of up to $100 million providing for an at-the-market equity offering program with Cantor.

Management Commentary

"The second quarter marked another important step in the evolution of CapsoVision as we advanced both our commercial execution and product innovation. We were pleased to launch AI Highlights™ internationally, providing physicians in Europe with an AI-assisted workflow solution that complements our CapsoCam Plus® platform and reinforces our long-term vision of integrated, AI-enabled capsule endoscopy," said Johnny Wang, President and Chief Executive Officer of CapsoVision.

"Commercially, we continue to see encouraging momentum across our business. Revenue growth was in line with our expectations, hospital network adoption continues to expand, and we are adding new customers who recognize the value of our panoramic capsule platform. We also continue to hear strong interest from customers awaiting the U.S. launch of AI Highlights™, which we now anticipate following FDA clearance expected this fall. As we look toward the second half of the year, we remain focused on executing against our commercial strategy while advancing our broader product pipeline."

Second Quarter 2026 Financial Results

Total revenue was $3.6 million compared to $3.3 million in the second quarter of 2025. The primary driver for the revenue growth was a 13% increase in the number of CapsoCam Plus capsules sold offset by a period-over-period decrease of approximately 3% in the average selling price.

Gross profit was 1.9 million, an increase of $0.1 million, or 3% compared to the second quarter of 2025. Gross margin was 51%, compared to 55% in the second quarter of 2025. The decrease was due to a pressure on selling prices we have when operating in a highly competitive market and changes the U.S. government made to the trade policies and tariffs at the beginning of the year resulting in an increase in expenses for customs and tariffs.

Operating expenses were $9.5 million, a $3.0 million increase from the second quarter of 2025, driven primarily by expenses associated with the colon pivotal study and other clinical trials, non-recurring engineering services for the Canon development project, expenses for operating as a public company, and stock-based compensation.

Cash and cash equivalents totaled $9.1 million as of June 30, 2026.

Conference Call and Webcast

CapsoVision will host a conference call today, August 13, 2026, at 4:30 p.m. ET to discuss its second 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 9178774, 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)”, “planned”, “look forward”, 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 , the Company’s plans, strategies and timing for its pipeline development (including the anticipated timing of FDA clearance of AI Highlights™ and its subsequent U.S. commercial launch, the continued development and anticipated 510(k) submission for CapsoCam Colon™, 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 (including competition in the capsule endoscopy market), the Company’s financial condition and the availability of cash and financing (including through the Company’s at-the-market equity offering program), the success of the Company’s product and clinical development efforts, the failure to receive regulatory clearance or approval, changes in U.S. trade policies, tariffs or other government regulations that could increase the Company’s costs or affect the Company’s supply chain, 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)
	June 30, 2026				December 31, 2025
ASSETS
Current Assets
Cash and cash equivalents	$	9,077			$	10,112
Accounts receivable, net		2,265				2,498
Inventory		4,704				2,987
Prepaid expenses and other current assets		1,234				1,072
Total current assets		17,280				16,669
Property and equipment, net		562				611
Operating lease right-of-use assets		651				843
Other long-term assets		76				41
TOTAL ASSETS	$	18,569			$	18,164
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities
Accounts payable	$	475			$	1,143
Accrued expenses and other current liabilities		4,101				2,697
Deferred revenue		140				177
Operating lease liabilities – current		442				410
Total current liabilities		5,158				4,427
Operating lease liabilities – long-term		245				477
Total liabilities		5,403				4,904
Commitments and contingencies - Note 8

Stockholders’ Equity
Preferred stock, $0.001 par value: 10,000,000 shares authorized and none issued and outstanding as of June 30, 2026; 10,000,000 shares authorized and none issued and outstanding as of December 31, 2025		—				—
Common stock, $0.001 par value: 300,000,000 shares authorized as of June 30, 2026; 50,032,148 and 46,865,051 issued and outstanding as of June 30, 2026 and December 31, 2025, respectively		50				47
Additional paid-in capital		183,295				168,878
Accumulated deficit		(170,179	)			(155,665	)
Total stockholders’ equity		13,166				13,260
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$	18,569			$	18,164

CAPSOVISION, INC. CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (UNAUDITED) (in thousands, except share and per-share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
		2026				2025				2026				2025
Net revenue	$	3,643			$	3,315			$	6,435			$	6,098
Costs of revenue		1,772				1,504			$	3,235			$	2,793
Gross profit		1,871				1,811				3,200				3,305
OPERATING EXPENSES
Selling and marketing		1,936				1,847				4,027				3,808
Research and development		5,309				3,392				9,744				6,499
General and administrative		2,206				1,223				4,102				3,031
Total operating expenses		9,451				6,462				17,873				13,338
Operating loss		(7,580	)			(4,651	)			(14,673	)			(10,033	)
NON-OPERATING INCOME
Interest income, net		82				37				141				43
Other non-operating income (expense), net		17				(11	)			18				(10	)
Total non-operating income, net		99				26				159				33
Loss before income taxes		(7,481	)			(4,625	)			(14,514	)			(10,000	)
Provision for income taxes		—				—				—				—
Net loss and comprehensive loss	$	(7,481	)		$	(4,625	)		$	(14,514	)		$	(10,000	)
Net loss per share – basic and diluted	$	(0.15	)		$	(2.02	)		$	(0.30	)		$	(4.49	)
Weighted average common shares outstanding – basic and diluted		49,937,525				2,292,230				48,704,069				2,225,301

CAPSOVISION, INC. CONDENSED STATEMENTS OF CASH FLOWS (UNAUDITED) (in thousands)
	Six Months Ended June 30,
		2026				2025
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$	(14,514	)		$	(10,000	)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization		114				107
Loss on disposal of property and equipment		—				—
Amortization of operating lease right-of-use assets		192				171
Unrealized foreign exchange losses (gains)		15				(158	)
Stock-based compensation		911				322
Bad debt expense		—				11
Changes in operating assets and liabilities:
Accounts receivable		245				167
Inventory		(1,717	)			(413	)
Prepaid expenses and other current assets		(162	)			(939	)
Other long-term assets		(35	)			—
Accounts payable		(685	)			408
Accrued expenses and other current liabilities		1,404				1,019
Deferred revenue		(37	)			(35	)
Operating lease liabilities		(200	)			(172	)
Net cash used in operating activities	$	(14,469	)		$	(9,512	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchases of property and equipment		(48	)			(70	)
Net cash used in investing activities	$	(48	)		$	(70	)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from promissory note issuance		—				1,000
Proceeds from Private Placement		14,000				—
Payment of Private Placement issuance costs		(600	)			—
Payment of constructive dividend		(12	)			—
Proceeds from exercises of options on common stock and warrants		121				202
Net cash provided by financing activities	$	13,509			$	1,202
Net decrease in cash and cash equivalents		(1,008	)			(8,380	)
Effect of exchange rate changes on cash and cash equivalents		(27	)			127
Cash and cash equivalents at beginning of period		10,112				9,319
Cash and cash equivalents at end of period	$	9,077			$	1,066
SUPPLEMENTAL CASH FLOW DISCLOSURES
Cash paid for income taxes	$	11			$	7

FAQ

How did CapsoVision (NASDAQ: CV) perform in Q2 2026?

CapsoVision reported Q2 2026 revenue of $3.6 million, up about 10% year over year. According to CapsoVision, higher CapsoCam Plus capsule volume drove growth, while gross margin fell to 51% and net loss widened to $7.5 million.

What were CapsoVision’s key financial results for the first half of 2026 (CV)?

For the six months ended June 30, 2026, CapsoVision reported $6.4 million in net revenue and a net loss of $14.5 million. According to CapsoVision, net cash used in operating activities was $14.5 million, with cash and cash equivalents of $9.1 million at period end.

How is CapsoVision’s gross margin and operating expense trend in Q2 2026?

CapsoVision’s Q2 2026 gross margin was 51%, down from 55% a year earlier, while operating expenses increased to $9.5 million. According to CapsoVision, margin pressure reflected pricing and tariff impacts, and higher expenses came from clinical studies and public company costs.

What product and pipeline milestones did CapsoVision (CV) report for Q2 2026?

CapsoVision launched AI Highlights for CapsoCam Plus commercially in the EU and other markets and advanced CapsoCam Colon toward a planned Q4 2026 510(k) submission. According to CapsoVision, enrollment continues in the CapsoCam UGI pancreatic cancer detection study.

What is CapsoVision’s new at-the-market equity program with Cantor?

CapsoVision entered a sales agreement for an at-the-market equity program of up to $100 million with Cantor. According to CapsoVision, this facility provides flexibility to raise equity capital over time, subject to market conditions and company discretion.

What is CapsoVision’s cash position after Q2 2026 and how was it funded?

CapsoVision held $9.1 million in cash and cash equivalents as of June 30, 2026. According to CapsoVision, operating activities used $14.5 million in cash in the first half, partly offset by $14.0 million of private placement proceeds and option and warrant exercises.

How many patients have used CapsoCam Plus and what does it mean for CapsoVision?

As of June 30, 2026, more than 176,000 patients had used CapsoCam Plus. According to CapsoVision, this usage reflects growing adoption of its panoramic capsule endoscopy platform across hospital systems and GI networks, supporting recurring revenue from capsule sales and related services.