What Mobia Medical (MOBI) Said on Its Q3 Earnings Call

Key Points

• Q3 revenue rose 73% to $15.6 million, with roughly 425 Vivistim units sold; stronger-than-expected performance was driven mainly by existing programs.
• Mobia raised its 2026 revenue forecast to $57 million–$57.5 million, implying 78%–79% growth over 2025. Active territories increased 78% year over year to an average of 40.
• Gross margin improved to 83.2%, while operating expenses climbed to $31.5 million amid commercial expansion. Mobia ended September with $160.7 million in cash and expects to publish initial GRASP registry results in 2027.

Mobia Medical NASDAQ: MOBI raised its full-year revenue forecast after third-quarter sales rose 73%, driven by broader adoption of its Vivistim therapy at new and existing programs.

The company reported revenue of $15.6 million for the quarter ended Sept. 30, 2026, up from $9 million a year earlier. It sold approximately 425 units during the quarter.

Mobia now expects 2026 revenue of $57 million to $57.5 million, up from its previous forecast of $54 million to $56 million. The revised range represents growth of approximately 78% to 79% over 2025, Chief Financial Officer Bunker Curnes said on the company’s Nov. 5 earnings call.

Revenue exceeded the company’s expectations primarily because of performance at existing programs, Curnes said. President and CEO Richard Foust added during the question-and-answer session that a disproportionate share of growth came from existing customers, though the company did not provide a breakdown between territory expansion and productivity.

Commercial Expansion and Adoption

Mobia’s Vivistim therapy is intended for eligible chronic ischemic stroke survivors with moderate to severe upper-extremity impairments. Foust said the company is building programs around stroke hospitals that screen and implant patients, along with therapy sites that identify eligible patients and provide in-clinic therapy after implantation.

The company averaged 40 active territories in the third quarter, up 78% from 22.5 a year earlier. Mobia defines an active territory as one where a territory manager has been in the role for at least nine months.

Curnes said the company plans to continue adding territories at a measured and consistent pace, but did not provide a specific target. Commercial hiring remains a major investment priority, along with prior authorization and patient education, according to Foust.

Foust said the American Heart Association and American Stroke Association’s revised stroke recovery guidelines, which include paired vagus nerve stimulation as a treatment option for eligible chronic stroke survivors, have helped validate the therapy for physicians and patients. He cited one hospital system that decided to implement the therapy across its network after the guidelines were published.

Costs and Losses

Gross margin increased to 83.2% from 79.6% a year earlier, primarily because freight and tariff costs declined as a percentage of sales and inventory write-offs were lower, Curnes said. He said per-unit product costs remained relatively consistent and that Mobia expects gross margin to remain in the low 80s.

Operating expenses rose to $31.5 million from $18.4 million, primarily reflecting higher personnel costs as the company expanded its headcount, particularly in its commercial organization. The increase also included $2.2 million in additional stock-based compensation expense.

Mobia reported a net loss of $17.3 million, or $0.52 per share, compared with a loss of $11.4 million, or $13.31 per share, a year earlier. Curnes said the improvement in loss per share primarily reflected a significant increase in common shares outstanding following the company’s May 2026 initial public offering and the related conversion of preferred stock and notes.

Cash and cash equivalents totaled $160.7 million at the end of September.

Reimbursement and Clinical Evidence

Foust said Vivistim has a Category 1 CPT code associated with an average Medicare payment rate of approximately $45,000. Asked about a recently issued outpatient payment ruling, he said the outcome allows Mobia to continue its existing reimbursement strategy.

The company expects to publish the first part of its GRASP registry in 2027, Foust said. He described the publication as a potential milestone for demonstrating real-world evidence alongside the company’s randomized, sham-controlled study.

Real-world evidence is one factor in securing payer coverage, Foust said, along with the number of paid claims and the amount of patient data available at the relevant time point.

About Mobia Medical (NASDAQ:MOBI)

Mobia Medical Inc is a commercial-stage medical device company redefining stroke recovery for survivors living with life-altering motor impairments. Mobia Medical Inc is based in AUSTIN, Texas.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.