Vycor Medical, Inc. (OTCQB: VYCO) announced financial results for the three and six months ended June 30, 2026, revealing a decrease in revenue primarily driven by international markets, while the company continues to bolster its clinical evidence for its flagship neurosurgical device.
For the second quarter of 2026, total revenue was $418,264, a 16% decrease from the $496,353 reported in the same period last year. The Vycor Medical division, which markets the ViewSite Brain Access System (VBAS), generated $401,224, down 17% from $481,788, with most of the decline attributed to international markets. The NovaVision division, still in development, saw a 17% increase in revenue to $17,040. For the first half of 2026, total revenue was $876,804, a 6% drop from $932,731, with the Vycor Medical division down 7% to $841,665, equally split between U.S. and international markets. NovaVision's six-month revenue rose 8% to $35,139.
Despite the revenue dip, the company maintained a robust gross margin of 82% for both the quarter and six-month period, slightly down from 83% in the prior year. Operating profit for the quarter was $6,851 compared to $51,146 in 2025, while for the six months it improved to $52,659 from $38,340. On a non-GAAP basis, which excludes non-cash items like depreciation and stock-based compensation, operating profit for the quarter was $22,952 versus $85,712, and for the six months it was $82,740 versus $106,100.
The company's performance reflects the lumpy nature of international sales, which can cause fluctuations between quarters. However, the underlying business remains focused on expanding the clinical adoption of VBAS. During 2026, three new peer-reviewed studies were published, bringing the total to 53 peer-reviewed papers and 14 other clinical papers. One study highlighted the integration of neuro-navigation systems with VBAS as a paramount strategy for resecting complex pediatric tumors. Another retrospective study of 23 patients found that tubular retractors like VBAS resulted in significantly fewer new neurological deficits compared to traditional blade retractors. A third study demonstrated that minimally invasive suboccipital tubular resection using VBAS effectively decompresses relatively large posterior fossa metastases with low cerebrospinal fluid diversion rates.
These studies add to the growing body of evidence supporting VBAS's benefits, including less brain tissue damage, reduced operating and recovery time, and improved surgical outcomes. The device is FDA-cleared and used in over 350 U.S. hospitals and internationally, protected by 49 issued patents and 8 pending.
The NovaVision division, which offers vision rehabilitation therapies for stroke and brain injury patients, continues to develop its market potential. Its Visual Restoration Therapy remains the only FDA-cleared therapy for vision rehabilitation following neurological damage, and its NeuroEyeCoach program has shown improvement in over 80% of patients in a 296-patient study.
Looking ahead, Vycor Medical's management emphasizes the importance of these clinical validations and the potential for growth in both domestic and international markets. The company's non-GAAP cash operating expenses decreased to $321,492 for the quarter and $636,858 for the six months, reflecting disciplined cost management. As the company continues to navigate market challenges, its focus on clinical evidence and product innovation positions it for long-term success in the neurosurgical and vision therapy spaces.
