Vycor Medical, Inc. (OTCQB: VYCO) reported financial results for the three and six months ended June 30, 2026, revealing a mixed performance: while its NovaVision division saw revenue growth, the core Vycor Medical division experienced a decline in revenue, primarily due to lumpy international sales. The company also highlighted several new clinical studies that could strengthen its market position.
For the second quarter of 2026, total revenue was $418,264, a 16% decrease from $496,353 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. Gross profit for the quarter was $327,225, yielding a margin of 82%, slightly down from 83% in 2025. In contrast, NovaVision, the company's vision rehabilitation unit, saw revenue increase 17% to $17,040.
For the first half of 2026, total revenue decreased 6% to $876,804 from $932,731. Vycor Medical revenue fell 7% to $841,665, with the decline equally split between U.S. and international markets. Gross profit for the six months was $686,265, an 8% decrease, with margins holding at 82%. NovaVision revenue rose 8% to $35,139.
On a GAAP basis, the company reported an operating profit of $6,851 for Q2 2026, down from $51,146 in Q2 2025. For the six months, operating profit increased to $52,659 from $38,340. Non-GAAP operating profit for Q2 was $22,952, compared to $85,712 in the prior year, and for the six months was $82,740 versus $106,100. The non-GAAP adjustments exclude non-cash depreciation and stock-based compensation.
Management emphasized the importance of recent clinical publications for VBAS. Three new peer-reviewed studies were published in 2026, bringing the total to 53 peer-reviewed papers and 14 other clinical papers. One study highlighted the effectiveness of integrating neuro-navigation with VBAS in a complex pediatric tumor case, calling it "a paramount strategy for the surgical resection." Another retrospective study of 23 patients found that VBAS resulted in significantly fewer new neurological deficits compared to traditional blade retractors, implying safer tumor resection. The most recent study on 29 adults undergoing minimally invasive suboccipital resection of posterior fossa metastases concluded that the approach enables effective decompression with low cerebrospinal fluid diversion rates.
These clinical validations are crucial for Vycor as it seeks to differentiate VBAS in the neurosurgical market. The company's technology is already used in over 350 U.S. hospitals and internationally, protected by 49 issued patents. The new evidence could help drive adoption and potentially offset the volatility in international sales.
Vycor continues to advance its NovaVision division, which offers FDA-cleared vision rehabilitation therapy for stroke and brain injury patients. While still in development, the segment's steady revenue growth suggests potential for future contributions.
Investors will be watching whether the company can stabilize international revenues and leverage the growing body of clinical evidence to boost sales. The company's non-GAAP operating profitability, though lower than last year, indicates ongoing cost management. However, the net loss available to common stockholders widened to $164,365 for the six months, partly due to preferred stock dividends.
Vycor's focus on clinical outcomes and its established product portfolio position it to benefit from the growing demand for minimally invasive surgical solutions. The recent studies provide compelling evidence for VBAS's advantages, which could be a key driver for future growth.
