Mobia Medical Reports Third Quarter 2026 Financial Results

Higher revenue and gross margin accompanied a wider quarterly net loss as operating expenses increased 71%.

Rhea-AI Summary

Mobia Medical (Nasdaq: MOBI) reported third-quarter 2026 revenue of $15.6 million, up 73% from the same period last year. Gross profit rose 81% to $13.0 million, and gross margin increased to 83.2% from 79.6%, helped by lower relative freight and tariff costs and fewer inventory write-offs.

Operating expenses increased 71% to $31.5 million. Net loss widened to $17.3 million from $11.4 million, although loss per share fell to $0.52 from $13.31 following an increase in weighted-average shares. Cash and cash equivalents totaled $160.7 million at September 30. Average active territories increased to 40 from 22.5 a year earlier, and paired vagus nerve stimulation was included in the updated 2026 AHA stroke recovery guideline. Mobia raised its full-year revenue outlook to $57.0 million–$57.5 million, representing expected growth of 78%–79%, from $54.0 million–$56.0 million.

11 points · 1 major

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0 major · 8 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Major point. Forward-looking: it has not happened yet and may not happen.2026 revenue guidance increased to $57.0 million–$57.5 million, implying expected growth of 78%–79%, from $54.0 million–$56.0 million.
• Moderate pointThird-quarter revenue rose 73% to $15.6 million, driven by broader Vivistim adoption and increased unit sales.
• Moderate pointThird-quarter gross profit rose 81% to $13.0 million, versus $7.2 million a year earlier.
• Moderate pointGross margin increased to 83.2% from 79.6%, with lower relative freight and tariff costs and fewer inventory write-offs.
• Moderate pointCash and cash equivalents increased to $160.692 million at September 30, from $33.587 million at December 31, 2025.
• Moderate pointAverage active territories increased to 40 in the quarter, compared with 22.5 a year earlier.

5 minor points

• Minor pointPaired vagus nerve stimulation was included in the updated 2026 AHA guideline for stroke recovery.
• Minor pointOperating expenses declined as a percentage of revenue in the third quarter.
• Minor pointNine-month revenue increased to $41.195 million from $21.347 million in the comparable 2025 period.
• Minor pointNine-month gross profit increased to $34.179 million from $17.312 million in the comparable 2025 period.
• Minor pointThird-quarter other income, net, increased to $1.445 million from $79,000 a year earlier.

Negative

• Moderate pointThird-quarter net loss widened to $17.345 million from $11.423 million; lower per-share loss primarily reflected increased shares.
• Moderate pointThird-quarter operating expenses increased 71% to $31.5 million, reflecting continued commercial investment.
• Moderate pointThird-quarter operating loss widened to $18.531 million from $11.257 million a year earlier.
• Minor pointNine-month net loss widened to $56.128 million from $32.566 million in the comparable 2025 period.
• Minor pointNine-month operating expenses increased to $87.573 million from $49.333 million in the comparable 2025 period.

3 minor points

• Minor pointNine-month operating loss widened to $53.394 million from $32.021 million in the comparable 2025 period.
• Minor pointNine-month convertible-note fair-value expense was $4.870 million, versus none in the comparable 2025 period.
• Minor pointInterest expense increased to $257,000 for the quarter from $244,000; nine-month expense rose to $868,000 from $724,000.

News Explained

Mobia links the post-IPO increase in weighted-average shares to preferred-stock and note conversions into common stock; those added shares reduce existing holders’ ownership percentages absent offsetting changes.

Key Figures

Revenue: $15.6 million Gross profit: $13.0 million Gross margin: 83.2% +4 more

Revenue

$15.6 million

Q3 2026; up 73% year over year

Gross profit

$13.0 million

Q3 2026; up 81% year over year

Gross margin

83.2%

Q3 2026, compared with 79.6% in Q3 2025

Operating expenses

$31.5 million

Q3 2026; up 71% year over year

Net loss

$17.3 million

Q3 2026, compared with $11.4 million in Q3 2025

Cash and cash equivalents

$160.7 million

As of September 30, 2026

2026 revenue guidance

$57.0 million–$57.5 million

Raised from $54.0 million–$56.0 million; growth of 78%–79% over 2025

Previous Earnings Reports

1 past event · Latest: Aug 11

Same Type 1 event

1. Aug 11

   Quarterly earnings

   24h Move

   -8.4%

   Q2 revenue rose 102%, gross margin reached 83.2%, and FY2026 revenue guidance was $54.0–$56.0 million.

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

Key Terms

convertible notes, stock-based compensation, weighted-average common shares outstanding, vagus nerve stimulation

4 terms

convertible notes financial

"conversion of its outstanding redeemable convertible preferred stock and convertible notes into common stock"

Convertible notes are a type of short-term loan that a company receives from investors, which can later be turned into company shares instead of being paid back in cash. They matter to investors because they offer a way to support a company early on while giving the potential to own a stake in its success if the company grows and later raises more funding.

stock-based compensation financial

"$2.2 million in additional stock-based compensation expense."

Stock-based compensation is when a company pays employees, directors or consultants with shares or the right to buy shares instead of or in addition to cash. It matters to investors because issuing stock or options spreads ownership thinner (like cutting a pie into more slices), which can reduce each existing share’s claim on profits and can also change reported earnings; investors watch it to assess true cost of running the business and how management is incentivized.

View in glossary

weighted-average common shares outstanding financial

"increase in weighted-average common shares outstanding following the Company’s IPO"

Weighted-average common shares outstanding is the average number of a company’s common shares that were available during a reporting period, adjusted for shares issued, repurchased, or converted so the count reflects time-weighted changes. Think of it like averaging how many slices of a pie were on the table over a meal: it makes per-share measures such as earnings per share meaningful and comparable by accounting for changes in the share count, which affects investor ownership and valuation.

vagus nerve stimulation medical

"combines targeted vagus nerve stimulation with functional movement"

Vagus nerve stimulation is a medical therapy that uses mild electrical pulses to activate the vagus nerve, a major nerve that helps control heart rate, digestion, mood and inflammation; think of it as a pacemaker that nudges the body’s internal communication lines. Investors care because the approach is delivered via devices or wearable systems that require regulatory approval, reimbursement and clinical evidence—factors that directly affect market size, revenue potential and company risk.

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Delivers revenue growth of 73% in the third quarter and raises full year 2026 revenue guidance

AUSTIN, Texas, Nov. 05, 2026 (GLOBE NEWSWIRE) -- Mobia Medical, Inc. (Nasdaq: MOBI), a medical device company redefining stroke recovery for survivors living with life-altering motor impairments, today reported financial results for the quarter ended September 30, 2026.

Third Quarter 2026 and Recent Highlights

• Reported revenue of $15.6 million, representing 73% growth over the prior year period
• Achieved gross margin of 83.2%
• Increased average active territories in the quarter to 40, compared to 22.5 in the prior year period
• Announced inclusion of paired VNS in the updated 2026 AHA Guideline for stroke recovery
• Increased full year 2026 revenue guidance to be in the range of $57.0 million to $57.5 million compared to prior range of $54.0 million to $56.0 million
  

“This quarter, we delivered our strongest results yet. Revenue growth of 73% reflects the strength of our commercial execution and the predictable nature of our patient funnel,” said Richard Foust, President and Chief Executive Officer of Mobia Medical. “Additionally, we were pleased to announce the inclusion of paired VNS in the updated AHA Stroke guidelines for 2026, serving as validation of our evidence-based approach to stroke recovery and further recognition of how Vivistim® Paired VNS™ Therapy can redefine what is possible for stroke survivors. With our continued commercial traction and expanding territory footprint we are making substantial progress in generating greater access and awareness for this profoundly underserved patient population.”

Third Quarter 2026 Financial Results

Revenue increased by 73%, to $15.6 million for the third quarter of 2026, compared to $9.0 million for the third quarter of 2025. The growth was driven by broader adoption of the Vivistim System and increased product unit sales.

Gross profit increased by 81%, to $13.0 million for the third quarter of 2026, compared to $7.2 million for the third quarter of 2025. Gross margin was 83.2% for the third quarter of 2026, compared to 79.6% for the third quarter of 2025. The increase was primarily due to lower freight and tariff costs as a percentage of revenue and lower inventory write-offs compared to the prior year period.

Operating expenses increased 71% to $31.5 million for the third quarter of 2026, compared to $18.4 million for the third quarter of 2025, reflecting continued investment in the Company’s commercial organization to support revenue growth. The increase was primarily driven by higher personnel-related expenses, including increased headcount and higher sales commissions, as well as $2.2 million in additional stock-based compensation expense. Operating expenses declined as a percentage of revenue.

Net loss was $17.3 million, or $0.52 per share for the third quarter of 2026, compared to a net loss of $11.4 million, or $13.31 per share for the third quarter of 2025. The year-over-year improvement in net loss per share primarily reflects the significant increase in weighted-average common shares outstanding following the Company’s IPO and the related conversion of its outstanding redeemable convertible preferred stock and convertible notes into common stock.

As of September 30, 2026, cash and cash equivalents totaled $160.7 million.

2026 Outlook

The Company now expects revenue for the full year 2026 to be in the range of $57.0 million to $57.5 million, representing growth of 78% to 79% over the full year 2025, compared to the prior range of $54.0 million to $56.0 million.

Conference Call and Webcast Details

The Company will host a conference call today, November 5, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 2026 financial results. Those interested in listening to the conference call should register online using this link. Once registered, participants will receive dial-in numbers and a unique PIN to join the call. Participants are encouraged to register more than 15 minutes prior to the start of the call. A live and archived webcast can also be accessed via the News & Events page of the investor section of Mobia Medical’s website.

About Mobia Medical, Inc.

Mobia Medical, Inc. is a medical device company redefining stroke recovery for survivors living with life-altering motor impairments. The Company’s Vivistim® Paired VNS™ System is the first and only clinically validated, FDA-approved implantable solution designed to improve upper limb function in chronic ischemic stroke survivors with moderate to severe upper extremity impairments. Therapy with the Vivistim® Paired VNS™ System combines targeted vagus nerve stimulation with functional movement to promote neuroplasticity and drive meaningful improvements in motor function. Mobia Medical is mobilizing patients, providers, and care partners to establish a better way forward in stroke care.

Forward Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that involve substantial risks and uncertainties. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including statements regarding Mobia Medical’s full year 2026 revenue guidance and the assumptions underlying that guidance and Mobia Medical’s plans to broaden its commercial reach and accelerate patient access to the Vivistim System. Forward-looking statements can be identified by terms such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will,” “would,” or similar expressions and the negatives of those terms. Mobia Medical cannot assure you that the forward-looking statements in this press release will prove to be accurate. Information in this press release may also include statements relating to past performance, which should not be regarded as a reliable indicator of future performance. Forward-looking statements are based on current expectations and assumptions together with projections of the future, which are inherently uncertain and involve risks and uncertainties that could cause actual results to differ materially and adversely from those expressed or implied. These risks and uncertainties include, among others, those discussed under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” and elsewhere in Mobia Medical’s filings with the U.S. Securities and Exchange Commission. These statements speak only as of the date of this press release, and Mobia Medical undertakes no obligation to update or revise any forward-looking statements except as required under applicable law. Mobia Medical may not actually achieve the plans, intentions, or expectations disclosed in its forward-looking statements, and you should not place undue reliance on these forward-looking statements.

Investor Relations Contact

Louisa Smith
Gilmartin Group, LLC
investors@mobia.com

Media Inquiries Contact

Terri Clevenger
tclevenger@waterhousebrands.com

Mobia Medical, Inc.
Condensed Statements of Operations
(Unaudited)
(in thousands, except share and per share data)
		Three Months Ended								Nine Months Ended
		September 30,								September 30,
		2026				2025				2026				2025
Revenue		$	15,616			$	9,012			$	41,195			$	21,347
Cost of goods sold			2,616				1,836				7,016				4,035
Gross profit			13,000				7,176				34,179				17,312
Operating expenses
Research and development costs			2,548				1,605				6,518				4,377
Selling, general and administrative expenses			28,983				16,828				81,055				44,956
Total operating expenses			31,531				18,433				87,573				49,333
Loss from operations			(18,531	)			(11,257	)			(53,394	)			(32,021	)
Other income (expense)
Change in fair value of convertible notes payable			—				—				(4,870	)			—
Interest expense			(257	)			(244	)			(868	)			(724	)
Other income, net			1,445				79				3,008				183
Total other income (expense), net			1,188				(165	)			(2,730	)			(541	)
Loss before income taxes			(17,343	)			(11,422	)			(56,124	)			(32,562	)
Provision for income taxes			(2	)			(1	)			(4	)			(4	)
Net loss attributable to common stockholders		$	(17,345	)		$	(11,423	)		$	(56,128	)		$	(32,566	)
Net loss per share attributable to common stockholders
Basic		$	(0.52	)		$	(13.31	)		$	(3.14	)		$	(38.72	)
Diluted		$	(0.52	)		$	(13.31	)		$	(3.14	)		$	(38.72	)
Weighted average shares used to compute net loss per share
Basic			33,302,302				858,354				17,888,770				841,030
Diluted			33,302,302				858,354				17,888,770				841,030

Mobia Medical, Inc.
Condensed Balance Sheets
(Unaudited)
(in thousands)
		September 30,				December 31,
		2026				2025
		(unaudited)
Assets
Current assets
Cash and cash equivalents		$	160,692			$	33,587
Accounts receivable			7,005				4,435
Inventory			8,351				5,457
Deferred offering costs			—				935
Other current assets			2,175				1,943
Total current assets			178,223				46,357
Property and equipment, net			1,941				669
Right-of-use assets — operating leases			860				1,068
Other assets			143				55
Total assets		$	181,167			$	48,149
Liabilities and stockholders’ equity (deficit)
Current liabilities
Accounts payable		$	3,300			$	2,223
Operating lease liabilities, current			358				358
Product warranty liability			1,572				844
Accrued payroll, commissions, and bonuses			7,399				4,854
Accrued offering costs			—				935
Accrued and other current liabilities			2,486				992
Total current liabilities			15,115				10,206
Warrant liabilities			134				865
Notes payable, net of discount and deferred financing costs			7,301				7,130
Convertible notes payable			—				—
Operating lease liabilities, non-current			708				948
Total liabilities			23,258				19,149
Redeemable convertible preferred stock			—				179,773
Stockholders’ equity (deficit)
Common stock			333				9
Additional paid-in capital			371,493				7,007
Accumulated deficit			(213,917	)			(157,789	)
Total stockholders’ equity (deficit)			157,909				(150,773	)
Total liabilities and stockholders’ equity (deficit)		$	181,167			$	48,149

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Mobia Medical's third-quarter 2026 financial results?

Mobia reported $15.6 million in revenue, up 73% year over year, and a net loss of $17.3 million. Gross margin increased to 83.2% from 79.6%, while operating expenses rose 71% to $31.5 million.

What is Mobia Medical's updated 2026 revenue guidance?

Mobia expects full-year 2026 revenue of $57.0 million to $57.5 million, representing growth of 78% to 79% over 2025. Its previous guidance was $54.0 million to $56.0 million.

Why did MOBI's loss per share improve while its third-quarter net loss widened?

The company attributed the improvement primarily to increased weighted-average common shares following its IPO and the related conversion of redeemable convertible preferred stock and convertible notes. Weighted-average shares rose to 33,302,302 from 858,354, while loss per share fell to $0.52 from $13.31.