CapsoVision (CV) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue grew 10% year-over-year to $3.6 million, driven by a 13% increase in CapsoCam Plus capsule sales and expanding adoption, partially offset by a 3% decline in average selling price due to competitive pressures.

• AI Highlights launched commercially in the EU and other international markets; U.S. launch pending FDA clearance expected by end of Q3 2026.

• Net loss for Q2 2026 was $7.5 million, or $0.15 per share, up 62% year-over-year, reflecting higher R&D and G&A expenses.

• CapsoCam Plus adoption surpassed 176,000 patients, with new hospital systems and GI networks added and key customer renewals.

• Advanced pipeline with CapsoCam Colon 510(k) submission expected in Q4 2026 and ongoing UGI clinical study for pancreatic cancer detection.

Financial highlights

• Q2 2026 revenue was $3.6 million, up from $3.3 million in Q2 2025; six months ended June 30, 2026 revenue was $6.4 million.

• Gross profit was $1.9 million, up from $1.8 million; gross margin declined to 51% from 55% due to pricing and tariff pressures.

• Operating expenses rose to $9.5 million, up from $6.5 million, mainly from R&D, clinical trials, and public company costs.

• Operating loss for Q2 2026 was $7.6 million, compared to $4.7 million in Q2 2025.

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

Outlook and guidance

• Expects continued commercial momentum in H2 2026, with revenue in the second half higher than the first.

• FDA clearance and U.S. launch of AI Highlights anticipated by end of Q3 2026; CapsoCam Colon 510(k) submission expected in Q4.

• Management expects continued losses and negative cash flows until further revenue growth and product launches are achieved.

• Additional capital raising likely required before year-end 2026 to fund operations and clinical studies.

• Ongoing investments in pipeline programs, including CapsoCam Colon and other diagnostic applications.