Mobia Medical Q2 FY26 earnings call MOBI

Mobia Medical successfully completed its initial public offering in May, raising $134 million in net proceeds. This capital infusion is intended to accelerate commercialization, patient access, and support the next phase of growth for Vivistim therapy. The strengthened balance sheet provides resources for expanding the commercial organization and geographic footprint, aligning with the company's IPO thesis.

Vivistim therapy is the first and only FDA-approved, clinically validated solution for chronic ischemic stroke survivors with moderate to severe upper limb impairment. The therapy uses paired VNS to boost neuroplasticity, with benefits proven in the VNS-REHAB pivotal study, demonstrating 2x to 3x greater improvement in upper limb function compared to sham therapy, durable for at least 2 years. The serviceable market in the United States alone is estimated at over $30 billion, targeting approximately 9 million ischemic stroke survivors.

The commercial model targets approximately 1,500 primary and comprehensive stroke centers in the US. The field team, comprising territory managers and therapy development specialists, works to establish Vivistim programs and drive awareness. The company focuses on expanding into new territories, increasing utilization in existing ones, and building awareness through education and engagement for all stakeholders. The process of launching new programs is becoming more efficient over time^⏳.

In Q2 FY26, Mobia Medical expanded its geographic footprint to 35.5 average active territories, marking a 92% increase year-over-year from 18.5 active territories in Q2 FY25. The company sold approximately 367 units in the quarter, driven by increasing utilization in existing territories and continued expansion into new hospital programs. Management noted that the commercial playbook is well-understood and scalable.

Vivistim has a Category I CPT code. For 2026, CMS assigned this CPT code to a New Technology APC 1580 under the Hospital Outpatient Prospective Payment System, with Medicare reimbursement of approximately $45,000. This is currently a proposal for 2027, with the final rule expected in November. Commercial coverage is "in development" and expected to evolve over several years, supported by real-world evidence and extension of VNS-REHAB studies.

The company's mission-driven culture and focus on patient outcomes, exemplified by patient stories, have positively impacted talent acquisition. Being a public company has provided a larger platform to showcase patient success, attracting candidates who are motivated by the mission to help stroke survivors regain independence. Management highlighted that the IPO has given them a bigger platform to talk about their work and attract talent.