CapsoVision Capsule Sales Rebound After a Flat First Quarter
Second-quarter revenue reached $3.6 million as capsule volume rose 13% and the company launched AI Highlights in Europe.
CapsoVision, Inc. (CV), a commercial-stage medical technology company developing imaging and AI-enabled capsule endoscopy, reported second-quarter 2026 revenue of $3.6 million, up 10% from $3.3 million a year earlier.
That year-over-year gain reversed a sequential stall. First-quarter 2026 revenue had been $2.8 million, unchanged from the year-earlier period, when a 3% drop in capsule volume was offset by a slight rise in average selling price. In the second quarter, the mix flipped: the primary driver of growth was a 13% increase in CapsoCam Plus capsules sold, offset by an approximately 3% period-over-period decrease in average selling price.
President and Chief Executive Officer Johnny Wang said revenue growth was in line with expectations and that hospital-network adoption continued to expand, with key customer renewals and new customers. Cumulative CapsoCam Plus use reached more than 176,000 patients as of June 30, 2026, up from more than 167,000 at March 31.
Gross profit was $1.9 million, up 3% from $1.8 million in the second quarter of 2025, after an 11% year-over-year decline in the first quarter. Gross margin compressed to 51% from 55% a year earlier, after already falling to 48% in the first quarter from 54%. The second-quarter margin decline reflected selling-price pressure in a highly competitive market and U.S. trade-policy and tariff changes that raised customs and tariff expenses.
Operating expenses were $9.5 million, a $3.0 million increase from $6.5 million in the second quarter of 2025. The rise was driven primarily by the colon pivotal study and other clinical trials, non-recurring engineering services for the Canon development project, public-company costs, and stock-based compensation. Research and development was $5.3 million, selling and marketing $1.9 million, and general and administrative $2.2 million. Operating loss was $7.6 million.
Net loss widened to $7.5 million, or $0.15 a share, from $4.6 million, or $2.02 a share, a year earlier, as weighted-average shares outstanding rose to about 50 million from about 2.3 million after the July 2025 IPO.
The company launched AI Highlights, the AI-assisted reading feature for CapsoCam Plus, commercially in the European Union and other international markets. It now anticipates FDA clearance by the end of the third quarter of 2026, with a U.S. commercial launch expected shortly thereafter, versus a mid-year clearance expectation in the first-quarter release. Wang said customers were awaiting the U.S. launch.
CapsoCam Colon 510(k) submission timing moved to the fourth quarter of 2026 from the third quarter expected in the first-quarter release. Enrollment continued in the CapsoCam UGI clinical study for pancreatic cancer detection.
Cash and cash equivalents were $9.1 million as of June 30, 2026, down from $17.9 million at March 31 after a $14 million private placement closed on March 16. The company entered an at-the-market equity offering program of up to $100 million with Cantor. Inventory was $4.7 million. Common shares outstanding were 50.0 million.