Vycor Medical (OTCQB: VYCO) grows 2025 revenue 17% to $1.86M
Rhea-AI Filing Summary
Vycor Medical, Inc. reported 2025 revenue of $1,863,400, up 17% from 2024, driven mainly by international growth in its Vycor Medical (VBAS) neurosurgery business. VBAS revenue reached $1,796,070, an 18% increase, while NovaVision contributed $67,330.
Gross profit rose to $1,561,107 with an 83% margin, down from 89% in 2024 due to new production, shipping, and higher international mix. On a GAAP basis, Vycor generated operating income of $33,900 but recorded a net loss available to common stockholders of $396,796, or $0.01 per share, after preferred dividends.
Excluding non-cash depreciation and stock-based compensation, non-GAAP cash operating expenses were $1,415,226 and non-GAAP operating profit improved to $145,881. Non-GAAP net loss available to common shareholders narrowed to $284,815, or $0.01 per share, indicating better underlying operating performance despite continued net losses.
Positive
- Revenue grew 17% to $1,863,400 in 2025, led by an 18% increase in VBAS neurosurgery sales and stronger international demand, while the company moved from an operating loss to a GAAP operating profit of $33,900 and a higher non-GAAP operating profit of $145,881.
Negative
- Despite improved operations, Vycor still posted a net loss available to common shareholders of $396,796 in 2025, or $0.01 per share, driven in part by $324,370 of preferred stock dividends, and gross margin declined to 83% from 89% year over year.
Insights
Vycor grows revenue double digits and turns a small operating profit, though net losses persist.
Vycor Medical lifted 2025 revenue to $1,863,400, a 17% increase, with its VBAS neurosurgery line contributing most of the growth. International markets were highlighted as the main driver, suggesting traction outside the U.S. while domestic sales also expanded.
GAAP results show a modest operating income of $33,900 versus a prior operating loss, but the company still posted a net loss available to common shareholders of $396,796 after preferred dividends. Gross margin slipped to 83% from 89% as new production and higher international mix raised costs.
On a non-GAAP basis, which excludes $63,143 of non-cash depreciation and $48,838 of stock-based compensation, operating profit improved to $145,881 and non-GAAP net loss narrowed to $284,815. Future filings for periods after December 31, 2025 will show whether the company can sustain profitability while managing costs and funding preferred dividends.
8-K Event Classification
Key Figures
Key Terms
non-GAAP Cash Operating Expenses financial
non-GAAP Operating Profit financial
Operating income (loss) financial
Preferred stock dividends financial
Visual Restoration Therapy (VRT) medical
Safe Harbor Statement regulatory
Earnings Snapshot
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
TABLE OF CONTENTS
| Item 2.02. | Results of Operations and Financial Conditions |
| Item 9.01 | Financial Statements and Exhibits |
| SIGNATURES | |
Item 2.02. Results of Operations and Financial Conditions
The information in this report and the exhibit attached hereto are being furnished pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall they be deemed incorporated by reference in any filing with the Securities and Exchange Commission under the Securities Act of 1934 or the Securities Act of 1933, except as shall be expressly set forth by specific reference to such filing.
On March 31, 2026, we issued a press release regarding our financial results for the year ended December 31, 2025. A copy of the press release is furnished as Exhibit 99.1 to this Form 8-K.
Non-GAAP Measures
We make reference to non-GAAP financial information in this press release together with a reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures. Specifically, we have provided non-GAAP Cash Operating Expenses and non-GAAP Cash Operating Loss measures that exclude Depreciation and non-cash Stock Compensation.
We believe that these non-GAAP financial measures provide investors with insight into what is used by management to conduct a more meaningful and consistent comparison of our ongoing operating results and trends, compared with historical results. This presentation is also consistent with the measures management uses to measure the performance of ongoing operating results against prior periods and against our internally developed targets. There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP and the reconciliation of non-GAAP financial measures in this press release.
Item 9.01. Financial Statements and Exhibits.
| (d) | Exhibits. |
| Exhibit 99.1. | Vycor Medical, Inc. Press Release dated March 31, 2026. | |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| Vycor Medical, Inc. | ||
| By: | /s/ Peter C. Zachariou | |
| Name: | Peter C. Zachariou | |
| Title: | Chief Executive Officer | |
| Dated: | March 31, 2026 | |
Exhibit 99.1
Vycor Medical Releases Financial Results for the for the Year Ended December 31, 2025
BOCA RATON, FL (March 31, 2026) – Vycor Medical, Inc. (“Vycor” or the “Company”) (OTCQB—VYCO), today announced financial results for the year ended December 31, 2025.
The Company operates through two business units: Vycor Medical, which produces the ViewSite™ Brain Access System (VBAS) for neurosurgery; and NovaVision®, a business in development which offers therapy programs to help patients recover from visual disorders after stroke or brain injury.
Company Highlights
| ● | The Vycor Medical division revenues increased by 18% over 2024 with most of the majority of the growth coming from international markets, although sales growth continued in the US. |
| ● | Operating profit was $33,900 compared to an operating loss of $(9,145) in 2024, and non-GAAP operating profit was $145,881 compared to 81,245 in 2024. |
| ● | During 2025, seven new peer-reviewed studies were published on the ViewSite Brain Access System (VBAS), bringing the total published peer reviewed clinical papers to 50, with an additional 14 other clinical papers. The studies reflecting the increasing international spread of the VBAS clinical data, with 2 papers published in the US, 3 in the UK, 1 in Japan and 1 in Mexico, all highlighting the clinical advantages of VBAS with respect to reduced brain tissue damage, improved patient outcomes and reduced hospital stay. |
| ● | A new clinical study on NovaVision’s NeuroEyeCoach was published, comparing results from using the program at home with using it in a clinic. The study concluded that both home-based and clinic-based patients showed meaningful improvements with no significant differences between the two settings in activities of daily living improvements, validating NeuroEyeCoach as an effective tool, whether used clinically or accessed remotely. This is an important study for the company given the significant drive in healthcare systems worldwide to access digital technologies in home settings. |
Financial Results
For
the year ended December 31, 2025, the Company reported revenue of $1,863,400, an increase of $274,076 (or 17%) over 2024. The Vycor Medical
division (VBAS) generated revenue of $1,796,070, an increase of $280,326 (or 18%) over 2024. Most of the increase came from international
growth, a key company strategy, although sales growth continued in the US. Gross profit for 2025 was $1,498,295, an 11% increase over
2024, generating a margin of 83% versus 89% in 2024, attributable to
| Years Ended December 31, | ||||||||
| 2024 | 2023 | |||||||
| Revenue | ||||||||
| Vycor Medical | $ | 1,796,070 | $ | 1,515,744 | ||||
| NovaVision | $ | 67,330 | $ | 73,580 | ||||
| $ | 1,863,400 | $ | 1,589,324 | |||||
| Gross Profit | ||||||||
| Vycor Medical | $ | 1,498,295 | $ | 1,355,878 | ||||
| NovaVision | $ | 62,812 | $ | 66,637 | ||||
| $ | 1,561,107 | $ | 1,422,515 | |||||
For the year ended December 31, 2025 the Company reported non-GAAP Cash Operating Expenses of $1,415,226 compared to $1,340,967 in 2024, and non-GAAP Operating Profit of $145,881 compared to $81,548 in 2024, an increase of $64,333.
Reconciliation of Non-GAAP Information
Non-GAAP Reconciliation
Management uses certain non-GAAP financial measures (including non-GAAP operating expenses and non-GAAP net loss and loss per share), which exclude non-cash depreciation of purchased assets and non-cash stock-based compensation. Management does not consider these costs in evaluating the continuing operations of the Company. Therefore, management calculates the non-GAAP financial measures provided in this earnings release excluding these costs and uses these non-GAAP financial measures to enable it to analyze further, and more consistently, the period-to-period financial performance of its core business operations. Management believes that providing investors with these non-GAAP measures gives them additional important information to enable them to assess, in the same way management assesses, the Company’s current and future continuing operations. There are limitations in using these non-GAAP financial measures because they are not prepared in accordance with GAAP and may be different from non-GAAP financial measures used by other companies. These non-GAAP financial measures should not be considered in isolation or as a substitute for GAAP financial measures. Investors and potential investors should consider non-GAAP financial measures only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP. Set forth below are reconciliations of the non-GAAP financial measures to the comparable GAAP financial measures.
On a GAAP basis for year ended December 31, 2025 the Company reported Operating Expenses of $1,527,207, an operating profit of $33,900, a net loss of $396,796 and a loss of $0.01 per share.
Vycor’s GAAP operating costs for year ended December 31, 2025 include non-cash depreciation of purchased assets ($63,143) and non-cash stock compensation charges ($48,838). The Company is providing additional non-GAAP financial measures that exclude these charges and expenses, and reconciliation of GAAP to non-GAAP results is provided in the tables included in this release.
On a non-GAAP basis, taking into account these adjustments, operating expenses for the year ended December 31, 2025 were $1,415,226, non-GAAP operating profit was $145,881, and non-GAAP net loss was $284,815 or $0.01 per share.
VYCOR MEDICAL, INC.
Consolidated Statements of Comprehensive Loss
(unaudited)
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| Revenue | $ | 1,863,400 | $ | 1,589,324 | ||||
| Cost of Goods Sold | 302,293 | 166,809 | ||||||
| Gross Profit | 1,561,107 | 1,422,515 | ||||||
| Operating Expenses: | ||||||||
| Research and development | 9,963 | 15,325 | ||||||
| Depreciation and amortization | 59,521 | 59,521 | ||||||
| Selling, general and administrative | 1,457,723 | 1,356,814 | ||||||
| Total Operating Expenses | 1,527,207 | 1,431,660 | ||||||
| Operating income (loss) | 33,900 | (9,145 | ) | |||||
| Other (Expense) Income | ||||||||
| Interest expense: Related Party | (50,283 | ) | (50,013 | ) | ||||
| Interest expense: Other | (53,299 | ) | (53,565 | ) | ||||
| Other income | - | 6,002 | ||||||
| Loss on foreign currency exchange | (508 | ) | (230 | ) | ||||
| Total Other (Expense) Income | (104,090 | ) | (97,806 | ) | ||||
| Loss Before Provision for Income Taxes | (70,190 | ) | (106,951 | ) | ||||
| Provision for income taxes | - | - | ||||||
| Net Loss from continuing operations | (70,190 | ) | (106,951 | ) | ||||
| Loss from discontinued operations, net of tax | (2,236 | ) | (249 | ) | ||||
| Net Loss | (72,426 | ) | (107,200 | ) | ||||
| Preferred stock dividends | (324,370 | ) | (324,370 | ) | ||||
| Net Loss Available to Common Stockholders | $ | (396,796 | ) | $ | (431,570 | ) | ||
| Other Comprehensive Income (Loss) | ||||||||
| Foreign Currency Translation Adjustment | - | - | ||||||
| Comprehensive Loss | $ | (72,426 | ) | $ | (107,200 | ) | ||
| Loss Per Share - basic and diluted | ||||||||
| Loss from continuing operations | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Loss from discontinued operations | $ | (0.00 | ) | $ | (0.00 | ) | ||
| Loss available to common stockholders | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Weighted Average Number of Shares Outstanding – Basic and Diluted | 33,372,796 | 32,884,882 | ||||||
VYCOR MEDICAL, INC.
Non-GAAP Reconciliation of Operating Loss and Net Loss
(unaudited)
| For the years ended December 31, | ||||||||
| 2025 | 2024 | |||||||
| GAAP Operating Expenses | $ | 1,527,207 | $ | 1,431,660 | ||||
| Non-cash depreciation of purchased assets (1) | (63,143 | ) | (63,910 | ) | ||||
| Non-cash stock-based compensation (2) | (48,838 | ) | (26,783 | ) | ||||
| Total Non-GAAP Operating Expense Adjustments | (111,981 | ) | (90,693 | ) | ||||
| Non GAAP Cash Operating Expenses | $ | 1,415,226 | $ | 1,340,967 | ||||
| GAAP Operating Profit (Loss) | $ | 33,900 | $ | (9,145 | ) | |||
| Non-GAAP Operating Expense Adjustments, as above | 111,981 | 90,693 | ||||||
| Non-GAAP Operating Profit | $ | 145,881 | $ | 81,548 | ||||
| GAAP Net Loss available to common shareholders | $ | (396,796 | ) | $ | (431,570 | ) | ||
| Non-GAAP Operating Expense Adjustments, as above | 111,981 | 90,693 | ||||||
| Non-GAAP Net Loss available to common shareholders | $ | (284,815 | ) | $ | (340,877 | ) | ||
| Non-GAAP Loss Per Share basic and diluted | $ | (0.01 | ) | $ | (0.01 | ) | ||
| Weighted Average Number of Shares Outstanding – Basic and Diluted | 33,372,796 | 32,884,882 | ||||||
(1) Non-Cash depreciation of purchased assets. These are non-cash charges related to assets which can be impacted by the timing and magnitude of acquisitions. We consider our operating results without these charges when evaluating our ongoing costs and performance and therefore exclude such charges when presenting non-GAAP financial measures.
(2) Non-Cash Stock-based compensation expense consists of expense relating to stock-based compensation issued to employees, outside directors and non-employees including stock options, restricted common stock, and warrants. Because of varying available valuation methodologies, subjective assumptions and the fact that these amounts vary in size and timing, we believe that the exclusion of stock-based compensation expense allows for a more accurate comparison of our financial results to previous periods. In addition, we believe it is useful to investors to understand the specific impact of stock-based compensation expenses on our operating results.
About Vycor Medical, Inc.
With corporate headquarters in Boca Raton, FL, Vycor Medical, Inc. (“Vycor”) is a publicly traded company (OTCQB: VYCO) dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and has a growing portfolio of FDA cleared or registered medical solutions that are changing and improving lives every day. The Company operates two business units: Vycor Medical and NovaVision, both of which adopt a minimally or non-invasive approach.
Vycor Medical’s FDA-cleared ViewSite™ Brain Access System (VBAS) a minimally invasive neurosurgical device designed to improve access to brain lesions while reducing tissue damage and enhancing patient outcomes. The VBAS system has been approved and used in over 350 hospitals in the US and in numerous countries internationally. VBAS is protected by 49 issued and 8 pending patents and has been validated through over 50 peer-reviewed studies. These studies demonstrate that use of VBAS results in: less brain tissue damage; less invasive procedure; improved access and better visibility; and reduced operating and recovery time. For an overview of Vycor Medical’s VBAS see VBAS Video.
NovaVision provides a suite of clinically supported vision rehabilitation therapies aimed at helping patients recover from visual impairments caused by stroke or other brain injury. The Visual Restoration Therapy (VRT) is the only commercialized FDA-cleared therapy for vision rehabilitation following neurological brain damage, making it a unique and important option for patients seeking to regain lost visual capabilities. The complementary NeuroEyeCoach program, clinically supported by a 296-patient study (the largest to date in the neuro visual space), enables dramatic improvements in patients’ ability to detect objects in the visual field by training them to make better eye movements with improvement in over 80% of patients. The NovaVision therapies, while showing a positive impact on these patients’ lives, still require significant development to allow them to successfully address their market potential. For an overview of NovaVision see NovaVision Video.
For the latest information on the company, including media and other coverage, and to learn more, please go online at www.vycormedical.com, www.vycorvbas.com or www.novavision.com.
Safe Harbor Statement
Information in this document constitute forward-looking statements or statements which may be deemed or construed to be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The words “forecast”, “anticipate”, “estimate”, “project”, “intend”, “expect”, “should”, “believe”, and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve, and are subject to known and unknown risks, uncertainties and other factors which could cause Vycor Medical’s actual results, performance (financial or operating) or achievements to differ from the future results, performance (financial or operating) or achievements expressed or implied by such forward-looking statements. The risks, uncertainties and other factors are more fully discussed in Vycor Medical’s filings with the U.S. Securities and Exchange Commission. All forward-looking statements attributable to Vycor Medical herein are expressly qualified in their entirety by the above-mentioned cautionary statement. Vycor Medical disclaims any obligation to update forward-looking statements contained in this estimate, except as may be required by law.
Vycor Medical, Inc. Contacts:
951 Broken Sound Parkway, Suite 320
Boca Raton, FL. 33487
(561) 558-2020
info@vycormedical.com
LinkedIn: https://www.linkedin.com/in/vycor-medical-inc/
Instagram: https://www.instagram.com/vycormedical/
Facebook: https://www.facebook.com/Vycor.Nova/
Twitter/X: https://x.com/vycormedical
YouTube: https://www.youtube.com/@vycormedical6049
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