Vycor Medical, Inc.

What they do

Vycor operates two business units. The Vycor Medical division designs, develops and markets the ViewSite Brain Access System (VBAS), a tubular retractor used by neurosurgeons for brain access and tumor resection. NovaVision, acquired in 2010 and described in the 10-Q as a business in development, offers therapy programs to help patients recover from visual disorders after stroke or brain injury; the company also acquired Sight Science Limited in 2012. Vycor is listed on the OTCQB under the ticker VYCO.

Revenue drivers

• Vycor Medical (VBAS) — The dominant revenue source: device sales to neurosurgeons, mainly in the US and Europe. Generated $841,665 of the $876,804 total revenue in the first half of 2026, with gross margin around 82%.
• International VBAS sales — A disproportionate swing factor within the Vycor division. The company attributes most of the Q2 2026 revenue decline to international markets and says international sales are lumpy, with large orders falling in different quarters.
• NovaVision — Therapy programs for visual disorders after stroke or brain injury, still described as in development. It generated $35,139 in the first half of 2026, roughly 4% of total revenue, at a higher gross margin than the device business.

Recent performance

For the three months ended June 30, 2026, revenue was $418,264, down 16% year over year, with Vycor Medical division revenue of $401,224 (down 17%, mostly international) and NovaVision revenue of $17,040 (up 17%). Gross profit fell 19% to $327,225 and gross margin was 82% versus 83%. Operating profit for the quarter was $6,851 versus $51,146 a year earlier, and non-GAAP operating profit was $22,952 versus $85,712. For the six months ended June 30, 2026, revenue was $876,804, down 6%, while operating profit rose to $52,659 from $38,340.

Strategy

Management continues to invest in clinical validation of VBAS: three new peer-reviewed studies were published during 2026 to date, bringing total published peer-reviewed clinical papers to 53, plus 14 other clinical papers. The company cites a pediatric tumor case report, a 23-patient retrospective comparison against traditional blade retractors, and a 29-patient study of posterior fossa metastases as evidence for VBAS. NovaVision remains a development-stage operation rather than a growth driver. The 10-K shows R&D spending was minimal at $9,963 in 2025, down from $15,325 in 2024, and SG&A rose on investor relations, payroll and stock-based compensation, including amortization of an advisory agreement with Maxim Group LLC. No new financing or strategic transactions were disclosed in the 8-K items reviewed.

Risks

• Going concern / negative equity — At June 30, 2026, total liabilities were $5.1M against total assets of $813,174, leaving shareholder equity of negative $4.3M with only $158,907 of cash.
• Lumpy international demand — The company attributes its Q2 2026 revenue decline to international markets and states large international orders can fall in different quarters, making reported revenue volatile.
• Material weakness in controls — Management disclosed that a material weakness has existed since April 1, 2021 due to the resignation of independent audit committee members, leaving ineffective oversight of internal controls.
• Concentration in one product line — Roughly 96% of first-half 2026 revenue came from VBAS device sales, and over half of the 2025 revenue increase came from European demand, so the company depends on a single product and a narrow set of markets.

Outlook

Management does not provide specific forward guidance in the materials reviewed. It presents the Q2 2026 international decline as timing-related, noting that large international orders can be lumpy, and points to 53 peer-reviewed VBAS studies as continued clinical support. NovaVision is explicitly described as a business in development, and the company reports only minor ongoing costs from the wind-down of its discontinued German operations.