CapsoVision (CV) Q4 2025 earnings summary

Executive summary

• Achieved 15% year-over-year revenue growth in 2025, with full year revenue at $13.6 million, driven by increased CapsoCam Plus adoption and new account growth.

• Over 161,000 patients imaged with CapsoCam Plus as of December 31, 2025, with 9,400 patients in Q4 alone, up 12% year-over-year.

• Advanced AI-enabled roadmap with 510(k) submission for AI-assisted reading module and progress on CapsoCam Colon Gen 2 and UGI programs.

• Strengthened balance sheet with $14 million private placement in March 2026 and IPO in July 2025, raising $23.4 million net.

• Operating expenses and net loss increased due to R&D, clinical studies, and public company transition.

Financial highlights

• Q4 2025 revenue reached $3.9 million, a 13% increase from Q4 2024; full year revenue was $13.6 million, up 15%.

• Gross profit for Q4 was $2 million, up 13% year-over-year; full year gross profit was $7.2 million, up 12%.

• Gross margin for Q4 2025 was 50%; full year gross margin was 53%, down from 54% in 2024.

• Operating expenses for 2025 were $32.7 million, up $6.4 million, mainly due to R&D and public company costs.

• Net loss for 2025 was $25.3 million, compared to $19.9 million in 2024.

Outlook and guidance

• Expect to submit 510(k) for CapsoCam Colon Gen 2 and its AI module in Q3 2026; commercial launch anticipated in the second half of 2027, pending FDA clearance.

• Initiating a clinical study for CapsoCam UGI in Q2 2026 to establish diagnostic criteria for pancreatic cancer.

• Focus remains on expanding AI-driven capsule platform, advancing regulatory pathways, and disciplined pipeline execution.