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VANIVivani Medical, Inc.
$1.15$68M
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VANI logoVivani Medical, Inc.(VANI)Earnings, Financials & Key Ratios

VANI•NASDAQ
Price updated Jun 19, 2026
SectorHealthcareIndustryMedical DevicesSub-IndustryNeuromodulation and neuro devices
AboutVivani Medical, Inc., a clinical stage company, develops various implants that treat chronic diseases with high unmet medical need. It engages in developing a portfolio of miniature drug implants to deliver minimally fluctuating drug profiles; and implantable visual prostheses devices to deliver useful artificial vision to blind individuals. The company is headquartered in Emeryville, California.Show more
  • Revenue$0
  • EBITDA-$27M-11.8%
  • Net Income-$27M-13.3%
  • EPS (Diluted)-0.43
  • ROE-159.62%-30.4%

VANI Key Insights

Vivani Medical, Inc. (VANI) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Profits declining 23.5% over 5 years
  • ✗Weak Piotroski F-Score: 1/9
  • ✗Shares diluted 13.5% in last year
  • ✗Trading more than 30% below 52-week high
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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VANI Price & Volume

Vivani Medical, Inc. (VANI) stock price & volume — 10-year historical chart

Loading chart...

VANI Growth Metrics

Vivani Medical, Inc. (VANI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-14.06%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM6.39%

Return on Capital

10 Years-249.03%
5 Years-143.06%
3 Years-69.92%
Last Year-80.61%

VANI Recent Earnings

Vivani Medical, Inc. (VANI) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 3/12 qtrs (25%)
Q2 2026Latest
May 13, 2026
Metric
Actual
Est
EPS
$0.08+0.0%
$0.08
Rev
—
—
Q2 2026
Mar 26, 2026
Metric
Actual
Est
EPS
$0.09+0.0%
$0.09
Rev
—
—
Q4 2025
Nov 13, 2025
Metric
Actual
Est
EPS
$0.11+8.3%
$0.12
Rev
—
—
Q3 2025
Aug 13, 2025
Metric
Actual
Est
EPS
$0.12-20.0%
$0.10
Rev
—
—
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 13, 2026
$0.08vs $0.08+0.0%
—
Q2 2026Mar 26, 2026
$0.09vs $0.09+0.0%
—
Q4 2025Nov 13, 2025
$0.11vs $0.12+8.3%
—
Q3 2025Aug 13, 2025
$0.12vs $0.10-20.0%
—
Based on last 12 quarters of dataView full earnings history →

VANI Peer Comparison

Vivani Medical, Inc. (VANI) competitors in Neuromodulation and neuro devices — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GKOS logoGKOSGlaukos CorporationDirect Competitor7.65B130.68-39.8432.33%-34.34%-26.46%0.21
BRNS logoBRNSBarinthus Biotherapeutics plcDirect Competitor27.05M0.66-0.40-100%-63.83%0.15
NVCR logoNVCRNovoCure LimitedProduct Competitor1.62B14.28-11.708.28%-25.66%-50.82%0.85
INVA logoINVAInnoviva, Inc.Product Competitor1.66B22.496.8218.52%118.91%47.59%0.23
TNDM logoTNDMTandem Diabetes Care, Inc.Product Competitor1.05B15.30-5.037.93%-9.2%-68.29%2.86
NVO logoNVONovo Nordisk A/SSupply Chain191.93B43.1912.186.43%37.2%66.36%0.67
LLY logoLLYEli Lilly and CompanySupply Chain1.04T1098.1347.8544.7%34.98%101.17%1.60
MDT logoMDTMedtronic plcSupply Chain101.86B79.3421.983.62%13%9.49%0.59

Compare VANI vs Peers

Vivani Medical, Inc. (VANI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs GKOS

Most directly comparable listed peer for VANI.

Scale Benchmark

vs LLY

Larger-name benchmark to compare VANI against a more recognizable public peer.

Peer Set

Compare Top 5

vs GKOS, BRNS, NVCR, INVA

VANI Income Statement

Vivani Medical, Inc. (VANI) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
7.96M6.9M3.38M0000000
Revenue Growth %
99.85%-13.41%-51%-100%------
Cost of Goods Sold
7.75M4.89M2.15M000357K0424K130K
COGS % of Revenue
97.35%70.88%63.69%-------
Gross Profit
211K▲ 0%
2.01M▲ 851.7%
1.23M▼ 38.9%
0▼ 100.0%
0▲ 0%
0▲ 0%
-357K▲ 0%
0▲ 100.0%
-424K▲ 0%
-130K▲ 0%
Gross Margin %
2.65%29.12%36.31%-------
Gross Profit Growth %
103.93%851.66%-38.89%-100%---100%--
Operating Expenses
28.92M36.83M31.82M9.24M13.32M21.24M26.61M24.68M27.13M27.68M
OpEx % of Revenue
363.13%534.12%941.82%-------
Selling, General & Admin
23.56M26.63M15.33M2.38M2.32M5.37M10M8.93M9.43M9.52M
SG&A % of Revenue
295.87%386.14%453.6%-------
Research & Development
7.99M10.21M16.5M6.87M11M14.17M16.97M15.74M18.13M18.17M
R&D % of Revenue
100.36%147.98%488.22%-------
Other Operating Expenses
-2.64M00001.7M-357K0-424K0
Operating Income
-28.71M▲ 0%
-34.83M▼ 21.3%
-30.6M▲ 12.1%
-9.24M▲ 69.8%
-13.32M▼ 44.1%
-21.24M▼ 59.4%
-26.96M▼ 26.9%
-24.68M▲ 8.5%
-27.56M▼ 11.7%
-27.81M▲ 0%
Operating Margin %
-360.48%-505%-905.5%-------
Operating Income Growth %
13.55%-21.3%12.14%69.79%-44.14%-59.43%-26.95%8.49%-11.67%-
EBITDA
-28.25M-34.39M-30.18M-8.89M-12.98M-20.86M-26.61M-24.28M-27.13M-27.36M
EBITDA Margin %
-354.75%-498.69%-893.25%-------
EBITDA Growth %
13.81%-21.73%12.23%70.55%-46%-60.73%-27.56%8.76%-11.76%-11.21%
D&A (Non-Cash Add-back)
457K435K414K354K345K381K357K400K424K452K
EBIT
-28.52M-35.09M-33.59M-9.24M-13.32M-19.54M-25.65M-24.68M-27.56M-27.81M
Net Interest Income
00362K16K000000
Interest Income
93K86K362K16K000000
Interest Expense
0000000000
Other Income/Expense
193K-269K-3M-36K550K7.35M1.31M1.19M947K727K
Pretax Income
-28.52M▲ 0%
-35.09M▼ 23.1%
-33.59M▲ 4.3%
-9.28M▲ 72.4%
-12.77M▼ 37.7%
-13.89M▼ 8.7%
-25.65M▼ 84.7%
-23.49M▲ 8.4%
-26.61M▼ 13.3%
-27.09M▲ 0%
Pretax Margin %
-358.06%-508.9%-994.14%-------
Income Tax
93K86K00000000
Effective Tax Rate %
-0.33%-0.25%0%0%0%0%0%0%0%0%
Net Income
-28.52M▲ 0%
-35.09M▼ 23.1%
-33.59M▲ 4.3%
-9.28M▲ 72.4%
-12.77M▼ 37.7%
-13.89M▼ 8.7%
-25.65M▼ 84.7%
-23.49M▲ 8.4%
-26.61M▼ 13.3%
-27.09M▲ 0%
Net Margin %
-358.06%-508.9%-994.14%-------
Net Income Growth %
14.05%-23.07%4.28%72.38%-37.65%-8.74%-84.69%8.44%-13.3%-14.06%
Net Income (Continuing)
-28.52M-35.09M-33.59M-9.28M-12.77M-13.89M-25.65M-23.49M-26.61M-27.09M
Discontinued Operations
0000000000
Minority Interest
0000000000
EPS (Diluted)
-4.01▲ 0%
-4.08▼ 1.7%
-2.15▲ 47.3%
-0.33▲ 84.7%
-0.33▲ 0.0%
-0.17▲ 48.5%
-0.50▼ 194.1%
-0.43▲ 14.0%
-0.43▲ 0.0%
-0.33▲ 0%
EPS Growth %
33.06%-1.75%47.3%84.65%0%48.48%-194.12%14%0%6.39%
EPS (Basic)
-4.01-4.08-2.15-0.33-0.33-0.17-0.50-0.43-0.43-
Diluted Shares Outstanding
7.11M8.6M15.61M28.11M36.25M38.24M50.85M54.98M62.39M81.27M
Basic Shares Outstanding
7.11M8.6M15.61M28.11M36.25M38.24M50.85M54.98M62.39M81.27M
Dividend Payout Ratio
----------

VANI Balance Sheet

Vivani Medical, Inc. (VANI) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
13.16M9.62M13.11M2.43M2.47M47.53M23.06M20.44M17.9M21.55M
Cash & Short-Term Investments
7.84M4.47M11.33M2.08M2.18M45.08M20.65M18.35M16.23M19.75M
Cash Only
604K4.47M11.33M2.08M2.18M45.08M20.65M18.35M16.23M19.75M
Short-Term Investments
7.24M000000000
Accounts Receivable
1.83M504K455K0000253K654K12K
Days Sales Outstanding
83.9226.6849.15-------
Inventory
2.7M3.25M1.03M0000000
Days Inventory Outstanding
127.11242.69174.53-------
Other Current Assets
795K1.4M299K0002.41M1.84M1.01M1.79M
Total Non-Current Assets
1.33M1.06M3.49M2.79M2.98M3.6M22.73M21.12M21.5M20.8M
Property, Plant & Equipment
1.3M1.02M3.46M2.59M2.78M1.96M21.34M19.65M20.11M19.37M
Fixed Asset Turnover
6.13x6.73x0.98x------0.00x
Goodwill
0000000000
Intangible Assets
0000000000
Long-Term Investments
0000001.34M1.34M1.34M2.68M
Other Non-Current Assets
33K37K25K200K200K1.64M52K131K48K1.44M
Total Assets
14.5M▲ 0%
10.68M▼ 26.3%
16.6M▲ 55.4%
5.22M▼ 68.6%
5.45M▲ 4.5%
51.13M▲ 837.6%
45.8M▼ 10.4%
41.56M▼ 9.2%
39.39M▼ 5.2%
42.35M▲ 0%
Asset Turnover
0.55x0.65x0.20x------0.00x
Asset Growth %
-13.77%-26.32%55.39%-68.57%4.52%837.65%-10.43%-9.25%-5.22%-67.42%
Total Current Liabilities
6.62M7.6M6.96M2.19M2.09M6.82M5.72M5.99M6.6M6.78M
Accounts Payable
752K1.3M1.09M223K281K1.18M542K817K1.03M1.47M
Days Payables Outstanding
35.497.45185.38---554.15-888.44K
Short-Term Debt
00237K637K00001.79M1.78M
Deferred Revenue (Current)
48K167K335K0000000
Other Current Liabilities
3.2M3.44M2.6M00385K396K343K3.78M3.53M
Current Ratio
1.99x1.27x1.88x1.11x1.18x6.97x4.03x3.41x2.71x3.18x
Quick Ratio
1.58x0.84x1.74x1.11x1.18x6.97x4.03x3.41x2.71x3.18x
Cash Conversion Cycle
175.63171.9138.29-------
Total Non-Current Liabilities
002.37M1.08M902K019.31M17.96M17.06M16.49M
Long-Term Debt
0000000017.06M16.49M
Capital Lease Obligations
002.37M1.08M902K019.31M17.96M017.28M
Deferred Tax Liabilities
0000000000
Other Non-Current Liabilities
0004K000000
Total Liabilities
6.62M7.6M9.32M3.27M2.99M6.82M25.04M23.95M23.66M23.27M
Total Debt
002.6M2.47M1.81M955K20.7M19.31M18.86M18.27M
Net Debt
-604K-4.47M-8.72M386K-366K-44.12M42K961K2.62M-1.47M
Debt / Equity
--0.36x1.27x0.74x0.02x1.00x1.10x1.20x0.96x
Debt / EBITDA
----------0.67x
Net Debt / EBITDA
---------0.05x
Interest Coverage
----------
Total Equity
7.88M▲ 0%
3.08M▼ 60.9%
7.28M▲ 135.9%
1.95M▼ 73.2%
2.46M▲ 26.4%
44.31M▲ 1697.5%
20.76M▼ 53.1%
17.61M▼ 15.2%
15.73M▼ 10.7%
19.09M▲ 0%
Equity Growth %
-29.31%-60.87%135.89%-73.2%26.41%1697.48%-53.14%-15.18%-10.68%-118.74%
Book Value per Share
1.110.360.470.070.071.160.410.320.250.23
Total Shareholders' Equity
7.88M3.08M7.28M1.95M2.46M44.31M20.76M17.61M15.73M19.09M
Common Stock
202.16M229.02M264.01M43.03M54.65M5K5K6K8K8K
Retained Earnings
-234.38M-269.47M-304.78M-46.12M-58.9M-72.79M-98.44M-121.92M-148.53M-155.31M
Treasury Stock
0000000000
Accumulated OCI
-572K-575K-562K-448K035K140K48K30K32K
Minority Interest
0000000000

VANI Cash Flow Statement

Vivani Medical, Inc. (VANI) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-23.95M-29.81M-27.63M-7.62M-10.95M-18.79M-23.7M-20.79M-24.32M-25.35M
Operating CF Margin %
-300.69%-432.28%-817.67%-------
Operating CF Growth %
4.48%-24.48%7.32%72.42%-43.73%-71.56%-26.15%12.29%-17%-74.59%
Net Income
-28.52M-35.09M-33.59M-9.28M-12.77M-13.89M-25.65M-23.49M-26.61M-27.09M
Depreciation & Amortization
457K435K414K354K345K381K357K400K424K452K
Stock-Based Compensation
3.78M001.04M1.67M1.3M1.86M1.61M1.48M1.13M
Deferred Taxes
00-4.26M0000000
Other Non-Cash Items
-324K4.7M9.78M123K-627K-6.91M1.02M336K152K437K
Working Capital Changes
3.31M425K37K146K436K338K-1.29M354K229K-289K
Change in Receivables
-1.41M1.22M48K00000-401K-522K
Change in Inventory
3.87M-1.18M-347K0000000
Change in Payables
-419K554K-213K-18K13K-1.94M-602K248K-222K432K
Cash from Investing
2.84M-163K-493K-150K-572K-338K-887K-556K-1.17M-1.17M
Capital Expenditures
-265K-163K-493K-150K-572K-338K-887K-556K-1.17M-1.17M
CapEx % of Revenue
3.33%2.36%14.59%-------
Acquisitions
0000000000
Investments
----------
Other Investing
0000000000
Cash from Financing
21.17M26.6M34.99M9.19M11.62M63.39M133K19.05M23.27M33.16M
Debt Issued (Net)
000637K08M019.05M11K141K
Equity Issued (Net)
21.17M26.6M34.99M8.55M11.62M16K133K18.82M23.26M33.08M
Dividends Paid
0000000000
Share Repurchases
00000000-28K0
Other Financing
0000055.37M0-18.82M0-67K
Net Change in Cash
-3.04M▲ 0%
-3.37M▼ 10.9%
6.86M▲ 303.6%
1.42M▼ 79.3%
97K▼ 93.2%
44.26M▲ 45533.0%
-24.45M▼ 155.2%
-2.3M▲ 90.6%
-2.12M▲ 7.9%
6.74M▲ 0%
Free Cash Flow
-24.21M▲ 0%
-29.97M▼ 23.8%
-28.12M▲ 6.2%
-7.77M▲ 72.4%
-11.52M▼ 48.3%
-19.13M▼ 66.0%
-24.59M▼ 28.6%
-21.34M▲ 13.2%
-25.49M▼ 19.4%
-26.52M▲ 0%
FCF Margin %
-304.02%-434.64%-832.26%-------
FCF Growth %
5.27%-23.79%6.18%72.37%-48.32%-65.97%-28.55%13.19%-19.45%-21.58%
FCF per Share
-3.41-3.49-1.80-0.28-0.32-0.50-0.48-0.39-0.41-0.33
FCF Conversion (FCF/Net Income)
0.84x0.85x0.82x0.82x0.86x1.35x0.92x0.89x0.91x0.98x
Interest Paid
0000000000
Taxes Paid
0001K1K01K2K00

VANI Key Ratios

Vivani Medical, Inc. (VANI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
-299.66%-640.05%-648.56%-201.17%-578.62%-59.39%-78.85%-122.42%-159.62%-264.04%
Return on Invested Capital (ROIC)
-570.15%-886.73%--1564.84%-450.61%-1393.77%-192.7%-94.01%-111.94%-119.77%
Gross Margin
2.65%29.12%36.31%-------
Net Margin
-358.06%-508.9%-994.14%-------
Debt / Equity
--0.36x1.27x0.74x0.02x1.00x1.10x1.20x0.96x
FCF Conversion
0.84x0.85x0.82x0.82x0.86x1.35x0.92x0.89x0.91x0.98x
Revenue Growth
99.85%-13.41%-51%-100%------
Related:VANI Dividend History·VANI Revenue History·VANI Price History·VANI P/E History·VANI Financial Ratios·VANI Institutional Holders

VANI SEC Filings & Documents

Vivani Medical, Inc. (VANI) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 13, 2026·SEC

Material company update

Mar 26, 2026·SEC

Material company update

Jan 27, 2026·SEC

10-K Annual Reports

3
FY 2026

Mar 26, 2026·SEC

FY 2025

Mar 31, 2025·SEC

FY 2024

Mar 26, 2024·SEC

10-Q Quarterly Reports

6
FY 2026

May 13, 2026·SEC

FY 2025

Nov 13, 2025·SEC

FY 2025

Aug 13, 2025·SEC

VANI Frequently Asked Questions

Vivani Medical, Inc. (VANI) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Vivani Medical, Inc. (VANI) grew revenue by 0.0% over the past year. Growth has been modest.

Vivani Medical, Inc. (VANI) reported a net loss of $27.1M for fiscal year 2025.

Dividend & Returns

Vivani Medical, Inc. (VANI) has a return on equity (ROE) of -159.6%. Negative ROE indicates the company is unprofitable.

Vivani Medical, Inc. (VANI) had negative free cash flow of $26.5M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in VANI back in 2012?

Total return calculator · dividends reinvested · 14+ years of data

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