Mauna Kea Technologies (ALMKT) Q2 2026 TU earnings summary

Executive summary

• Endomicroscopy is becoming standard in advanced endoscopy, with Cellvizio moving from innovation to essential equipment, supported by over 20 years of clinical data, 20+ FDA clearances, and 1,200+ peer-reviewed publications.

• H1 2026 sales rose to €3.2M, up 44% at constant currency and 39% as reported, driven by strong U.S. probe sales and rapid international expansion of CellTolerance.

• CellTolerance sales surged 145% to €0.9M, with EMEA & ROW up 261% year-over-year, reflecting robust adoption and new market entries.

• Confirmed trajectory toward profitability by end-2027, supported by sales growth, a strengthened balance sheet, and a solid pipeline for H2 2026.

• Operational highlights include expansion into four new international markets, addition of new PPU and probe accounts, and key clinical publications supporting product value.

Financial highlights

• Total revenue for H1 2026 reached €3.2M, up 44% at constant currency and 39% as reported compared to €2.3M in H1 2025.

• U.S. revenue grew by 10%, with probe sales up 33% and services up 17%.

• EMEA & Rest of World revenue surged 261%, driven by CellTolerance and strong momentum in Germany and new entries in UAE, Switzerland, and Spain.

• CellTolerance revenue increased 145% year-over-year, benefiting from a direct out-of-pocket model.

• Average probe selling price rose 6.5% versus 2024, with reduced discounting, especially for high-value AQ-Flex probes.

Segment performance

• Systems and probes drove growth, with probe sales up 79% and systems up 78% year-over-year.

• U.S.: Probe and service categories grew, while system sales declined temporarily due to phasing; PPU business rebounded sequentially.

• EMEA & ROW: All categories showed robust growth, with CellTolerance as a key driver and successful expansion into new territories.

• CellTolerance expanded to 27 paying centers in 9 countries, doubling U.S. centers and growing 2.3x internationally.