Vycor Medical Reports Q2 2026 Results Amid International Sales Dip and Growing Clinical Evidence for VBAS

Vycor Medical, Inc. (OTCQB: VYCO) reported financial results for the three and six months ended June 30, 2026, revealing a dip in revenue primarily attributed to international markets, while the company continues to build clinical evidence for its ViewSite Brain Access System (VBAS). The results underscore the challenges of lumpy international sales but also highlight the growing body of research supporting the device's benefits in neurosurgery.

For the second quarter of 2026, total revenue decreased 16% to $418,264, compared to $496,353 in the same period last year. The Vycor Medical division, which markets the VBAS, saw a 17% decline in revenue to $401,224, with most of the decrease coming from international markets. In contrast, the NovaVision division, which offers vision rehabilitation therapies, posted a 17% increase in revenue to $17,040. For the first half of 2026, total revenue was $876,804, down 6% from $932,731 in 2025, with the VBAS division experiencing a 7% drop, equally split between U.S. and international markets.

Despite the revenue decline, the company reported a gross margin of 82% for both the quarter and the six-month period, consistent with the prior year. Operating profit for the quarter was $6,851, down from $51,146 in the prior year, while non-GAAP operating profit, which excludes non-cash items, was $22,952 versus $85,712. For the six months, operating profit rose to $52,659 from $38,340, and non-GAAP operating profit was $82,740, down from $106,100.

Management attributed the revenue softness to timing of international orders, noting that such sales can be lumpy. However, the company emphasized that 2026 has already seen the publication of three new peer-reviewed studies on VBAS, bringing the total to 53 peer-reviewed clinical papers. One study highlighted the effectiveness of integrating neuro-navigation systems with VBAS for complex pediatric tumor cases. Another retrospective study of 23 patients found that using VBAS resulted in significantly fewer new neurological deficits compared to traditional blade retractors, implying safer tumor resection. A third study on minimally invasive suboccipital tubular resection using VBAS for posterior fossa metastases concluded that the approach enables effective decompression with low cerebrospinal fluid diversion rates.

These studies are crucial as they provide clinical validation of the device's safety and efficacy, which is essential for adoption among neurosurgeons and for reimbursement decisions. The growing evidence base could help mitigate the impact of fluctuating international sales by strengthening the product's value proposition in the U.S. market.

The company also provided a reconciliation of non-GAAP measures, which exclude non-cash depreciation and stock-based compensation. Management believes these measures offer a clearer view of ongoing operational performance. For the quarter, non-GAAP cash operating expenses were $321,492, down from $329,559, and for the six months, they were $636,858, down from $667,705.

Vycor Medical continues to operate through two business units: Vycor Medical, which produces the VBAS, and NovaVision, which is in development. The NovaVision division, although still in early stages, posted revenue growth, suggesting potential for future contributions. However, the company acknowledges that NovaVision requires significant development to reach its market potential.

Overall, while the quarterly results reflect a challenging sales environment internationally, the company's focus on clinical evidence and the expanding body of research supporting VBAS could position it for long-term growth. Investors will be watching whether the international sales rebound and whether the clinical data translates into increased adoption and revenue.