Mobia Medical — Third Quarter 2026 Earnings Summary

Financial Performance:

• Reported revenue of $15.6 million for the quarter ended September 30, 2026, representing a 73% increase from $9.0 million in the same period of 2025.
• Gross profit increased 81% to $13.0 million from $7.2 million in the prior year period, resulting in a gross margin of 83.2% compared to 79.6% in Q3 2025.
• Operating expenses rose 71% to $31.5 million from $18.4 million in Q3 2025, driven by higher personnel costs, increased headcount, sales commissions, and $2.2 million in additional stock-based compensation.
• Net loss was $17.3 million ($0.52 per share) for Q3 2026, compared to a net loss of $11.4 million ($13.31 per share) in Q3 2025; the improvement in loss per share reflects a significant increase in weighted-average common shares outstanding following the IPO.
• Cash and cash equivalents totaled $160.7 million as of September 30, 2026, up from $33.6 million as of December 31, 2025.
• Total assets were $181.2 million as of September 30, 2026, compared to $48.1 million at the end of 2025.
• Total liabilities were $23.3 million as of September 30, 2026, compared to $19.1 million at the end of 2025.

Guidance and Future Outlook:

• Raised full-year 2026 revenue guidance to a range of $57.0 million to $57.5 million, up from the previous range of $54.0 million to $56.0 million.
• The updated guidance implies full-year 2026 revenue growth of 78% to 79% over 2025.

Business Segments and Product Lines:

• Revenue growth was driven by broader adoption of the Vivistim System and increased product unit sales.
• Average active territories increased to 40 in the third quarter, compared to 22.5 in the prior year period.
• The Vivistim Paired VNS Therapy was included in the updated 2026 AHA Guideline for stroke recovery.
• The company's Vivistim System is the first and only FDA-approved implantable solution for improving upper limb function in chronic ischemic stroke survivors with moderate to severe upper extremity impairments.

Management Commentary and Tone:

• Richard Foust, President and CEO, described the quarter as delivering the company's "strongest results yet," attributing the 73% revenue growth to strong commercial execution and a predictable patient funnel.
• Management highlighted the inclusion of paired VNS in the 2026 AHA guidelines as validation of their evidence-based approach and recognition of the therapy's potential for stroke survivors.
• The CEO expressed confidence in generating greater access and awareness for the underserved patient population through continued commercial traction and an expanding territory footprint.

Other Key Points:

• The company completed an IPO, resulting in the conversion of outstanding redeemable convertible preferred stock and convertible notes into common stock, which significantly increased the share count.
• A conference call and webcast were scheduled for November 5, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss the results.
• The company operates in the medical device sector, specifically focusing on stroke recovery for survivors with life-altering motor impairments.