CapsoVision Inc (CV) is a medical device company that develops and sells capsule endoscopy solutions for gastrointestinal tract imaging. Revenue comes from three streams: product sales of CapsoCam Plus capsules, service fees for capsule video reading, and a software-as-a-service subscription for cloud-based video delivery via CapsoCloud. The company completed its IPO in July 2025 and markets its products in the U.S. through a combination of a direct in-house sales team, group purchasing organizations, and independent sales representatives. Total revenue was $13.6 million for the year ended December 31, 2025, up approximately 15% from $11.8 million in FY2024, with international sales representing 21% of total revenue in FY2025. The company has an accumulated deficit of $155.7 million and reported a net loss of $25.3 million for FY2025, with cash and cash equivalents of $10.1 million as of December 31, 2025. As of December 31, 2025, CapsoVision had 28 full-time sales employees covering all U.S. states.

Revenue model

Three revenue streams: (1) product revenue from CapsoCam Plus capsule sales shipped with locally installed CapsoView software, (2) service revenue from cloud-based video delivery via CapsoCloud on a SaaS basis, and (3) service revenue from capsule video reading services. Product and reading service revenue is recognized at a point in time upon delivery; CapsoCloud SaaS revenue is recognized over time, typically within one fiscal quarter.

Products and services

CapsoCam Plus: a small bowel capsule endoscopy device. CapsoCloud: a cloud-based SaaS platform for uploading, viewing, and reporting on capsule videos. CapsoView: locally installed software for capsule video viewing. AI-assisted pathology detection for GI-tract abnormalities, including polyp detection in the colon, with a 510(k) submission filed December 26, 2025 for FDA clearance targeting mid-2026.

Customers and end markets

Clinicians and healthcare facilities performing gastrointestinal endoscopy procedures. As of December 31, 2025, one customer represented more than 10% of outstanding accounts receivable, with a balance of approximately $0.6 million. Average accounts receivable balance for FY2025 was $2.0 million, with 11% aged more than 60 days.

Value-chain role

Device manufacturer and software platform operator. CapsoVision designs and sells the capsule hardware, provides the cloud platform (CapsoCloud) and local software (CapsoView) for video review, and offers an off-site company-operated facility that processes capsule video uploads for CapsoCloud customers. CapsoCloud also accumulates patient data used to train AI-based GI-tract abnormality detection algorithms.

Geographic exposure

Primarily U.S.-focused. International sales accounted for 21% of total revenue in FY2025 and 23% in FY2024. U.S. distribution is through a direct sales force of 28 full-time employees covering all states, integrated GPOs, and select independent sales representatives as of December 31, 2025.

Source: SEC 10-K, filed 2026-03-26

Industry: Electromedical & Electrotherapeutic Apparatus