Vycor Medical reports second quarter 2026 results

Vycor Medical, Inc. (OTCQB: VYCO) reported financial results for the three and six months ended June 30, 2026, in a release filed with the SEC on Form 8-K. The company operates two business units. Vycor Medical produces the ViewSite Brain Access System (VBAS) for neurosurgeons. NovaVision, which remains in development, offers therapy programs for patients recovering from visual disorders after stroke or other brain injury.

The quarter

For the three months ended June 30, 2026, revenue was $418,264, compared with $496,353 in the 2025 period. The Vycor Medical division generated $401,224, a decrease of $80,564, or 17%. The release says most of that decrease came from international markets. NovaVision revenue was $17,040, a 17% increase over the 2025 period.

Gross profit was $344,445, compared with $415,271 a year earlier. Vycor Medical's gross profit was $327,225, a 19% decrease, and its gross margin was 82%, compared with 83% in the 2025 period.

Operating profit was $6,851, compared with $51,146 in the 2025 period. Non-GAAP operating profit was $22,952, compared with $85,712. The company's GAAP operating expenses were $337,594, which include non-cash depreciation of purchased assets of $16,101. On a GAAP basis, the company reported a net loss of $(22,288) for the quarter, or $(0.00) per share. On a non-GAAP basis, the net loss was $(6,187).

The six months

Revenue for the six months ended June 30, 2026 was $876,804, a decrease of 6% from the 2025 period. Vycor Medical division revenue was $841,665, a decrease of $58,643, or 7%, with the release saying the decrease was split equally between US and international markets. NovaVision revenue for the six months was $35,139, an 8% increase.

Operating profit for the six months was $52,659, compared with $38,340 a year earlier. Non-GAAP operating profit was $82,740, compared with $106,100. Net loss for the six months was $(2,180) before preferred stock dividends of $162,185, and net loss available to common stockholders was $(164,365), or $(0.00) per share. GAAP operating costs for the period include non-cash depreciation of purchased assets of $30,081.

Clinical publications

The company said three new peer-reviewed studies on VBAS were published during 2026 to date. That brings the total to 53 published peer-reviewed clinical papers, with an additional 14 other clinical papers. One study was a case study of a complex pediatric tumor case, which the release says highlighted the effectiveness of combining neuro-navigation systems with VBAS as "a paramount strategy for the surgical resection" of that type of lesion.

Another was a retrospective study of 23 patients undergoing tumor resection. It compared outcomes using VBAS with outcomes using traditional blade retractors and reported fewer new neurological deficits at follow up for the tubular retractor group. The most recent paper was a retrospective single-center study of 29 consecutive adults undergoing minimally invasive suboccipital tubular resection of posterior fossa metastases. The study concluded that the approach enables effective decompression of relatively large posterior fossa metastases, with low cerebrospinal fluid diversion rates. These are small retrospective studies and a single case report, as the release describes them, so they show associations in a few dozen patients and do not give the controlled comparison that would prove VBAS improves outcomes.

Financial position

The company's 10-K for 2025 reported research and development expense of $9,963, down from $15,325 in 2024. Its net loss was $72,426 for 2025, compared with $107,200 for 2024. Cash from operations was negative $13,471 in 2025, compared with $60,110 in 2024. Year-end cash and cash equivalents were $86,982 at December 31, 2025, compared with $105,648 a year earlier. The XBRL data shows cash and cash equivalents of $158,907 at June 30, 2026.

What comes next

The release does not give revenue or profit guidance for the second half of 2026. Revenue is falling on both the quarter and the half, the operating profit is a few thousand dollars on the quarter, and preferred dividends push the six-month result to a loss for common holders. NovaVision, still in development, brought in $35,139 for the half. On international sales, the company said they "can often be lumpy," with large orders sometimes falling in different quarters.

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