olivLaw · US equity research
CapsoVision, Inc. CV
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
CapsoVision develops capsule endoscopes with panoramic views and AI functions for detecting gastrointestinal conditions, focusing on the small bowel and the colon. The company remains loss-making, with quarterly revenue below 4 million dollars, and its financing and new product launch plans are in progress.
At the close of 04 Nov 2026, CapsoVision, Inc. (CV) stock was 6.85 USD (+2.24% on the day), with market capitalisation 342.8 m USD, beta 0.94, 52-week range 4.64–14.42 USD. Latest reported quarter (Q2 2026): revenue of 3.6 m USD (+9.9% YoY), net income of -7.5 m USD, diluted EPS -0.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 54.4
- neutral
- Bollinger (20, 2)
- 6.46 – 7.05
- in the upper half of the band · %B 0.66 · band width 8.8%
- SMA 50 / 200
- 6.46 / 6.36
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 0.10 / 0.11
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +4.0% | −2.0% | +6.0 pp | — |
| 3 months | +1.2% | −2.2% | +3.3 pp | — |
| 6 months | −2.3% | +4.3% | −6.5 pp | — |
| Year to date | −35.9% | +10.6% | −46.5 pp | — |
| 1 year | +49.2% | +10.5% | +38.8 pp | −2.6% |
| 3 years | unavailable | +73.7% | unavailable | −18.0% |
| 5 years | unavailable | +61.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 30 Jun 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 3.0 m | 3.5 m | 2.8 m | 3.3 m | 3.5 m | 3.9 m | 2.8 m | 3.6 m |
| Cost of revenue | 1.3 m | 1.7 m | 1.3 m | 1.5 m | 1.6 m | 2.0 m | 1.5 m | 1.8 m |
| Gross profit | 1.7 m | 1.7 m | 1.5 m | 1.8 m | 1.9 m | 2.0 m | 1.3 m | 1.9 m |
| Research & development | 4.5 m | 3.1 m | 3.1 m | 3.4 m | 6.1 m | 5.7 m | 4.4 m | 5.3 m |
| Operating income | -5.8 m | -4.6 m | -5.4 m | -4.7 m | -8.0 m | -7.5 m | -7.1 m | -7.6 m |
| Depreciation & amortisation | 52.0 k | 51.0 k | 52.0 k | 55.0 k | 54.0 k | 55.0 k | 56.0 k | 58.0 k |
| Pre-tax income | -5.8 m | -4.6 m | -5.4 m | -4.6 m | -7.9 m | -7.4 m | -7.0 m | -7.5 m |
| Income tax | 0 | 11.0 k | 0 | 0 | 0 | 24.0 k | 0 | 0 |
| Net income | -5.8 m | -4.6 m | -5.4 m | -4.6 m | -7.9 m | -7.4 m | -7.0 m | -7.5 m |
| Diluted EPS | -2.79 | -2.21 ≈ | -2.49 | -2.02 | -0.17 | -0.16 ≈ | -0.15 | -0.15 |
| Operating cash flow | -7.1 m ≈ | -5.4 m | -5.0 m | -4.5 m ≈ | -5.7 m ≈ | -7.7 m | -6.1 m | -8.4 m ≈ |
| Capex | 4.0 k ≈ | 0 | 40.0 k | 30.0 k ≈ | 12.0 k ≈ | 8.0 k | 48.0 k | 0 ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2024 | 2025 |
|---|---|---|
| Revenue | 11.8 m | 13.6 m |
| Revenue YoY | unavailable | +15.3% |
| Net income | -19.9 m | -25.3 m |
| Net income YoY | unavailable | unavailable |
| Diluted EPS | -9.85 | -1.03 |
| Diluted EPS YoY | unavailable | unavailable |
| net % | -169.3% | -186.8% |
| Free cash flow | -20.2 m | -23.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- unavailable USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 13.3 m USD
- Total assets
- 18.2 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.77x
- ROE
- unavailable
- ROA
- -144.8%
- FCF margin
- -169.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Revenue | 11.8 m | 13.6 m | SEC (XBRL)· 26 Mar 2026verified |
| Cost of revenue | 5.4 m | 6.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Gross profit | 6.4 m | 7.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Research & development | 15.1 m | 18.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Operating income | -19.9 m | -25.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Depreciation & amortisation | 206.0 k | 216.0 k | SEC (XBRL)· 26 Mar 2026verified |
| EBITDA | -19.7 m ≈ | -25.3 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Pre-tax income | -19.9 m | -25.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Income tax | 11.0 k | 24.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Net income | -19.9 m | -25.3 m | SEC (XBRL)· 26 Mar 2026verified |
| Diluted EPS | -9.85 | -1.03 | SEC (XBRL)· 26 Mar 2026verified |
| Weighted average diluted shares | 2.0 m | 24.6 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Receivables | 2.0 m | 2.5 m | SEC (XBRL)· 26 Mar 2026verified |
| Inventories | 2.6 m | 3.0 m | SEC (XBRL)· 26 Mar 2026verified |
| Current assets | 14.8 m | 16.7 m | SEC (XBRL)· 26 Mar 2026verified |
| Property, plant & equipment, net | 720.0 k | 611.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Total assets | 16.8 m | 18.2 m | SEC (XBRL)· 26 Mar 2026verified |
| Accounts payable | 749.0 k | 1.1 m | SEC (XBRL)· 26 Mar 2026verified |
| Current liabilities | 1.8 m | 4.4 m | SEC (XBRL)· 26 Mar 2026verified |
| Total liabilities | 2.7 m | 4.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Equity | -129.5 m † | 13.3 m † | SEC (XBRL)· 26 Mar 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2024 | 2025 | Source (latest year) |
|---|---|---|---|
| Operating cash flow | -20.1 m | -22.9 m | SEC (XBRL)· 26 Mar 2026verified |
| Capex | 153.0 k | 90.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Free cash flow | -20.2 m ≈ | -23.0 m ≈ | SEC (XBRL)· 26 Mar 2026derived |
| Investing cash flow | -153.0 k | -90.0 k | SEC (XBRL)· 26 Mar 2026verified |
| Financing cash flow | 15.1 m | 23.6 m | SEC (XBRL)· 26 Mar 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 3 of at least 6
- score weight coverage: 18.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 342.8 m USD
Key indicators
Coverage and freshness
Score by group
19% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | unavailable | unavailable | — |
| Net margin · Quality | -214.7% | 9 (vs peers) | 33% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | unavailable | unavailable | — |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.4x | 100 (on a fixed band) | 22% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -8.1% | 0 (on a fixed band) | 44% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/3 factors with a value
- Growth· partialunavailable · 0/2 factors with a value
- Quality· partial9/100 · 1/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
CapsoVision, Inc (CV). Latest full fiscal year: 2025; data up to 2026-06-30.
Figures computed from the financial statements: revenue 13.6 m USD in 2025; YoY growth 15.3%; net margin -214.7%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 18.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.4x
What contradicts it
- Net margin: -214.7%
- FCF yield: -8.1%
Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 126.5 bn | 24.3 | 10.7% | 13.9% | +8.4% | −6% / +25% |
| LIVNLivaNova PLC | 5.2 bn | 27.8 | 15.4% | 12.8% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +49% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.5 m | — | -59.2% | -63.1% | +5.1% | −3% / −94% |
| ECORelectroCore, Inc. | 75.7 m | — | — | -40.0% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
1- and 3-year price returns: for CV from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
CapsoVision develops capsule endoscopes with panoramic views and AI functions for detecting gastrointestinal conditions, focusing on the small bowel and the colon. The company remains loss-making, with quarterly revenue below 4 million dollars, and its financing and new product launch plans are in progress.13
SWOT
Strengths
- The 360-degree panoramic view and wire-free design are technical differentiators declared by the company.1
- The patent portfolio covers several aspects of the capsules and technology, creating an entry barrier.1
- The video database on the cloud platform can be used to train the company's own AI algorithms.1
Weaknesses
Opportunities
Risks
- Going concernhigh
The audited financial statements carry a note of substantial doubt about the company's ability to continue as a going concern, and additional financing is needed.1
- Single-product dependencehigh
Revenue so far comes exclusively from the small bowel capsule, so any problem in its sales directly affects the company.1
- Shareholder dilutionmedium
The at-the-market share sales programme and other financing could dilute existing shareholders.3
- Margin pressuremedium
Price competition and tariffs have reduced gross margin, and it could keep declining.3
Investment thesis
What would need to be true (bull case)
- If AI Highlights receives FDA clearance and launches in the US, revenue from the existing capsule could accelerate.
- The panoramic view and wire-free design could be lasting differentiators against competing systems.
- The patent portfolio and proprietary data for AI training could strengthen the long-term position.
What would break the thesis
- Continued net losses and the going concern note show that financing is essential for survival.
- Dependence on one product and a relatively small local market could limit growth.
- Price pressure and tariffs could reduce margins in the coming period.
What to watch
- FDA clearance of AI Highlights and US launchend of Q3 2026
- 510(k) submission for the second-generation CapsoCam ColonQ4 2026
- Use of the at-the-market programme and other financing2026
- Trend in gross margin and tariff costsQ3 2026
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
CapsoVision, Inc. is a commercial-stage medical technology company based in Saratoga, California, developing diagnostic and screening products for the gastrointestinal tract. Its current product combines the single-use CapsoCam capsule with the CapsoCloud and CapsoView software.1 Revenue comes from capsule sales, video reading services and access to the cloud platform.1
The company aims to extend its range beyond the small bowel through CapsoCam Colon, whose 510(k) submission to the FDA was reset to a second generation, with a target in the fourth quarter of 2026.23 New indications are also in progress, such as the study for early pancreatic cancer detection with CapsoCam UGI.2
In the second quarter of 2026, CapsoVision launched AI Highlights in the European Union, and FDA clearance for the US market is expected by the end of the third quarter of 2026.3 The company has noted that without the additional financing mentioned, its operations and planned clinical studies could be affected.1
Segments
CapsoCam Plus (small bowel)
The CapsoCam Plus capsule is so far the only source of revenue, with most sales in the US, where the company sells directly to gastroenterologists.1 Revenue from this product grew in 2025 compared with 2024, and the AI Highlights update is awaiting FDA clearance.13
CapsoCam Colon (colon)
CapsoCam Colon is the product in development meant to extend revenue beyond the small bowel, with AI polyp detection and 3D-sensor polyp measurement.1 The first generation will no longer be pursued, and the second generation is to be submitted to the FDA under the current plan.2
Market context
The global small bowel capsule endoscopy market is forecast at about 335 million dollars by 2030, and the colon market at about 311 million dollars in the same year, according to an independent report cited by the company.1 The estimates consider only products on the market at the time of the report.1
The US small bowel market is forecast at about 126 million dollars by 2030, which shows the limited size of the local market for a single product.1 Competition is dominated by end-view systems and wired body-worn recorders.1
Trends
- Telemedicine and at-home ingestiontailwind
FDA clearance in December 2024 for remote ingestion of the capsule could ease adoption among paediatric patients and those who prefer at-home procedures.1
- Artificial intelligence in diagnosistailwind
AI lesion detection for the small bowel and colon could reduce review time and make the procedure more financially attractive for clinics.13
- Price pressure and tariffsheadwind
Lower selling prices in a competitive market, together with new tariffs, reduced gross margin in the second quarter of 2026.3
- Regulatory requirements and delaysmixed
Delays in FDA review or refusals of clearance could postpone launches and raise research costs, making the product timeline more uncertain.23
Competitive position
The main competitor named in the source is Medtronic, with greater brand recognition and financial resources, whose PillCam COLON 2 is the only alternative on the US colon market.1 A Chinese competitor's US subsidiary was the first to use AI software for lesion detection in small bowel capsules.1
Current competitors generally use end-view systems and body-worn wired recorders, which mean upfront equipment costs and workflow complications. CapsoVision says its panoramic view and wire-free design are its competitive advantages.1
- MedtronicMDT
Competitor with greater brand recognition and financial resources; its PillCam COLON 2 is available in the US.1
- US subsidiary of a Chinese competitor
Was the first to use AI software for lesion detection in small bowel capsules, according to the source.1
- End-view capsule makers
Existing systems offer only limited views and require body-worn wired recorders, which makes them harder to use.1
- Conventional endoscopy providers
Optical colonoscopy remains the gold standard, and capsules are positioned as a less invasive alternative.1
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report28 Sept 2026Other events · Financial statements and exhibits
- Current report18 Sept 2026Material agreement · Financial statements and exhibits
- Current report18 Aug 2026Other events · Financial statements and exhibits
- Quarterly report13 Aug 2026
- Current report13 Aug 2026Material agreement · Results of operations · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers · Regulation FD disclosure
- Current report12 Jun 2026Shareholder vote
- Quarterly report14 May 2026
- Current report14 May 2026Results of operations · Financial statements and exhibits
- Proxy statement28 Apr 2026
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / CapsoVision, Inc. · 26 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / CapsoVision, Inc. · 13 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / CapsoVision, Inc. · 13 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.