Vycor Medical, Inc. (OTCQB: VYCO) reported financial results for the second quarter and first half of 2026, revealing a revenue decline primarily driven by international markets, while the company continues to strengthen the clinical evidence for its ViewSite Brain Access System (VBAS).
For the three months ended June 30, 2026, the company posted total revenue of $418,264, a 16% decrease from $496,353 in the same period last year. The Vycor Medical division, which markets the VBAS, generated $401,224 in revenue, down 17% from $481,788, with most of the decline attributable to international markets. In contrast, the NovaVision division, still in development, saw a 17% increase in revenue to $17,040.
For the six-month period, total revenue decreased 6% to $876,804 from $932,731, with Vycor Medical revenue down 7% to $841,665. The decrease was equally split between U.S. and international markets. Despite the revenue dip, the company reported operating profit of $52,659 for the first half, up from $38,340 in the prior year, reflecting disciplined expense management. Non-GAAP operating profit, which excludes non-cash items, was $82,740, compared to $106,100 in the 2025 period.
The company highlighted that international sales can be volatile, with large orders sometimes shifting between quarters. This lumpiness may explain the sharper decline in the second quarter, but the underlying trend suggests a need to stabilize demand.
More notably, Vycor continues to build a robust body of clinical evidence supporting VBAS. During 2026, three new peer-reviewed studies were published, bringing the total peer-reviewed papers to 53, with an additional 14 other clinical papers. One study focused on a complex pediatric tumor case, emphasizing the integration of neuronavigation with VBAS as a paramount strategy for surgical resection. Another retrospective study of 23 patients compared VBAS to traditional blade retractors, finding significantly fewer new neurological deficits in the tubular retractor group, implying safer tumor resection. The most recent paper reported on 29 adults undergoing minimally invasive suboccipital tubular resection for posterior fossa metastases, concluding that the technique enables effective decompression with low cerebrospinal fluid diversion rates.
These publications are critical for adoption, as neurosurgeons increasingly seek evidence-based devices. The safety advantages highlighted in the studies could drive wider usage of VBAS in both U.S. and international markets, potentially offsetting short-term revenue fluctuations.
Financially, the company maintained a strong gross margin of 82% for both the quarter and six months, though gross profit decreased 19% and 8%, respectively, due to lower sales. Operating expenses declined on both a GAAP and non-GAAP basis, with non-GAAP cash operating expenses for the quarter at $321,492, down from $329,559. However, the company reported a net loss available to common stockholders of $22,288 for the quarter and $164,365 for the six months, largely due to preferred stock dividends and interest expenses.
Vycor operates through two units: Vycor Medical, which produces the FDA-cleared ViewSite Brain Access System, and NovaVision, which offers therapy programs for visual disorders after stroke or brain injury. The VBAS has been used in over 350 U.S. hospitals and internationally, protected by 49 issued patents. NovaVision’s Visual Restoration Therapy remains the only FDA-cleared therapy for vision rehabilitation.
The company’s focus on clinical validation and cost control may position it for long-term growth, but investors should monitor international sales volatility and the progress of NovaVision development.
