Vycor Medical, Inc. (OTCQB: VYCO) reported financial results for the second quarter of 2026, revealing a 16% decrease in revenue compared to the same period last year. The company, which operates two business units—Vycor Medical, maker of the ViewSite Brain Access System (VBAS), and NovaVision, a vision rehabilitation therapy developer—saw total revenue of $418,264 for the three months ended June 30, 2026, down from $496,353 in 2025. The decline was primarily attributed to the Vycor Medical division, where revenue fell 17% to $401,224, with most of the decrease coming from international markets.
Despite the revenue dip, the company highlighted significant clinical advancements. During 2026 to date, three new peer-reviewed studies were published on VBAS, bringing the total published peer-reviewed clinical papers to 53, with an additional 14 other clinical papers. One study focused on a complex pediatric tumor case, demonstrating the effectiveness of integrating neuronavigation systems with VBAS as "a paramount strategy for the surgical resection" of such lesions. Another retrospective study of 23 patients undergoing tumor resection compared outcomes using VBAS with traditional blade retractors, finding significantly fewer new neurological deficits at follow-up for the tubular retractor group, implying safer tumor resection. A third study on 29 consecutive adults undergoing minimally invasive suboccipital tubular resection of posterior fossa metastases concluded that this approach enables effective decompression with low cerebrospinal fluid diversion rates.
These publications are crucial for Vycor as they provide robust clinical evidence supporting the safety and efficacy of VBAS, potentially driving adoption among neurosurgeons. The company has already seen its device used in over 350 hospitals in the U.S. and internationally, and it is protected by 49 issued and 8 pending patents. The growing body of evidence could help expand its market presence, especially in international markets where sales have been volatile.
Financially, the company reported a gross profit of $327,225 for the second quarter, a 19% decrease from the prior year, with gross margins remaining strong at 82% and 83%, respectively. Operating profit on a GAAP basis was $6,851 for the quarter, down from $51,146 in the same period last year. On a non-GAAP basis, which excludes non-cash depreciation and stock-based compensation, operating profit was $22,952 compared to $85,712 in 2025. For the six months ended June 30, 2026, revenue totaled $876,804, a 6% decrease from $932,731 in 2025, with the Vycor Medical division generating $841,665, down 7%. Non-GAAP operating profit for the six months was $82,740, compared to $106,100 in the prior year.
The NovaVision division, still in development, generated revenues of $17,040 for the second quarter, a 17% increase year-over-year, and $35,139 for the six-month period, an 8% increase. NovaVision offers the only FDA-cleared therapy for vision rehabilitation following neurological brain damage, along with the complementary NeuroEyeCoach program.
Management noted that international sales can be lumpy, with large orders sometimes falling in different quarters, which explains the quarterly revenue decline. The company continues to focus on its core business operations and believes that the growing clinical evidence will support long-term growth.
