CapsoVision Inc
capsovision.comCapsoVision 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.
Products & 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.
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.
Customers & 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.
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
Financial Snapshot
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