Vycor Medical, Inc. (OTCQB: VYCO), a company specializing in minimally invasive neurosurgical and vision rehabilitation technologies, reported financial results for the three and six months ended June 30, 2026. The company's total revenue for the second quarter decreased by 16% to $418,264, compared to $496,353 in the same period last year. This decline was primarily attributed to a 17% drop in revenues from the Vycor Medical division, which sells the ViewSite Brain Access System (VBAS) to neurosurgeons, with most of the decrease stemming from international markets.
Despite the revenue dip, the company emphasized that international sales can be lumpy, with large orders often falling in different quarters. For the six-month period, total revenue decreased by 6% to $876,804, with the Vycor Medical division experiencing a 7% decline. However, the NovaVision division, which offers vision rehabilitation therapies for patients recovering from stroke or brain injury, saw revenue growth of 17% in the quarter and 8% year-to-date.
Gross profit for the second quarter was $344,445, a 17% decrease from the prior year, with a gross margin of 82% compared to 83% in 2025. On a GAAP basis, the company reported an operating profit of $6,851 for the quarter, down from $51,146 last year, and a net loss of $22,288, which includes preferred stock dividends. For the six months, operating profit increased to $52,659 from $38,340, but the net loss available to common stockholders was $164,365, largely due to preferred stock dividends.
Management also provided non-GAAP measures, which exclude non-cash items such as depreciation of purchased assets and stock-based compensation. Non-GAAP operating profit for the second quarter was $22,952, compared to $85,712 in 2025, while for the six months it was $82,740 versus $106,100. These adjustments are intended to give investors a clearer view of the company's cash operating performance.
Beyond the financials, Vycor highlighted significant clinical progress. During 2026 to date, three new peer-reviewed studies on the VBAS were published, bringing the total number of peer-reviewed clinical papers to 53, with an additional 14 other clinical papers. One study focused on a complex pediatric tumor case, underscoring the effectiveness of integrating neuro-navigation systems with VBAS as "a paramount strategy" for surgical resection. Another retrospective study of 23 patients undergoing tumor resection found that those treated with VBAS had significantly fewer new neurological deficits at follow-up compared to traditional blade retractors, implying safer tumor resection. The most recent paper reported on a retrospective single-center study of 29 adults undergoing minimally invasive suboccipital tubular resection using VBAS for posterior fossa metastases, concluding that this approach enables effective decompression with low cerebrospinal fluid diversion rates.
These findings are critical as they provide clinical evidence that VBAS may reduce tissue damage and improve patient outcomes, which could drive adoption among neurosurgeons. The company's technology is protected by 49 issued and 8 pending patents and has been used in over 350 hospitals in the U.S. and internationally.
Vycor Medical operates through two business units: Vycor Medical, which produces the ViewSite Brain Access System, and NovaVision, a development-stage business offering vision rehabilitation therapies, including the only FDA-cleared Visual Restoration Therapy for neurological vision loss. The NovaVision division generated revenues of $17,040 in the second quarter and $35,139 for the six months, with growth attributed to increased sales of its therapy programs.
While the revenue decline in the second quarter is a concern, the company's focus on clinical validation and its non-GAAP profitability in the first half of the year suggest a stable core business. The international sales volatility is expected to continue, but the growing body of clinical evidence supporting VBAS could help mitigate market fluctuations by strengthening its value proposition.
For more information on Vycor Medical and its products, visit www.vycormedical.com or www.novavision.com.
