Vivani Medical, Inc. (VANI) fundamental analysis — strengths, weaknesses & financial health based on data analysis
No significant strengths identified
* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.
Vivani Medical, Inc. (VANI) stock price & volume — 10-year historical chart
Vivani Medical, Inc. (VANI) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR
Vivani Medical, Inc. (VANI) EPS & revenue vs analyst estimates — last 4 quarters
| Quarter | Date | EPS (Act vs Est) | Revenue (Act vs Est) |
|---|---|---|---|
| Q4 2025Latest | Nov 13, 2025 | $0.11vs $0.12+8.3% | — |
| Q3 2025 | Aug 13, 2025 | $0.12vs $0.10-20.0% | — |
| Q2 2025 | May 13, 2025 | $0.11vs $0.10-10.0% | — |
| Q2 2025 | Mar 31, 2025 | $0.11vs $0.10-10.0% | $398,000 |
Vivani Medical, Inc. (VANI) competitors in Neuromodulation and neuro devices — business model, growth, and fundamentals comparison
Vivani Medical, Inc. (VANI) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.
Vivani Medical, Inc. (VANI) annual income statement — 10-year revenue, gross profit & net income history
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Sales/Revenue | 3.98M | 7.96M | 6.9M | 3.38M | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | -55.47% | 99.85% | -13.41% | -51% | -100% | - | - | - | - | - |
| Cost of Goods Sold | 9.35M | 7.75M | 4.89M | 2.15M | 0 | 0 | 0 | 357K | 0 | 194K |
| COGS % of Revenue | 234.6% | 97.35% | 70.88% | 63.69% | - | - | - | - | - | - |
| Gross Profit | -5.36M▲ 0% | 211K▲ 103.9% | 2.01M▲ 851.7% | 1.23M▼ 38.9% | 0▼ 100.0% | 0▲ 0% | 0▲ 0% | -357K▲ 0% | 0▲ 100.0% | -194K▲ 0% |
| Gross Margin % | -134.6% | 2.65% | 29.12% | 36.31% | - | - | - | - | - | - |
| Gross Profit Growth % | -215.4% | 103.93% | 851.66% | -38.89% | -100% | - | - | - | 100% | - |
| Operating Expenses | 27.85M | 28.92M | 36.83M | 31.82M | 9.24M | 13.32M | 21.24M | 26.61M | 24.68M | 27.01M |
| OpEx % of Revenue | 698.77% | 363.13% | 534.12% | 941.82% | - | - | - | - | - | - |
| Selling, General & Admin | 21.77M | 23.56M | 26.63M | 15.33M | 2.38M | 2.32M | 5.37M | 10M | 8.93M | 9.22M |
| SG&A % of Revenue | 546.35% | 295.87% | 386.14% | 453.6% | - | - | - | - | - | - |
| Research & Development | 5.35M | 7.99M | 10.21M | 16.5M | 6.87M | 11M | 14.17M | 16.97M | 15.74M | 17.79M |
| R&D % of Revenue | 134.18% | 100.36% | 147.98% | 488.22% | - | - | - | - | - | - |
| Other Operating Expenses | 727K | -2.64M | 0 | 0 | 0 | 0 | 1.7M | -357K | 0 | 0 |
| Operating Income | -33.21M▲ 0% | -28.71M▲ 13.6% | -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% | -27.2M▲ 0% |
| Operating Margin % | -833.38% | -360.48% | -505% | -905.5% | - | - | - | - | - | - |
| Operating Income Growth % | -65.66% | 13.55% | -21.3% | 12.14% | 69.79% | -44.14% | -59.43% | -26.95% | 8.49% | - |
| EBITDA | -32.78M | -28.25M | -34.39M | -30.18M | -8.89M | -12.98M | -20.86M | -26.61M | -24.28M | -26.89M |
| EBITDA Margin % | -822.53% | -354.75% | -498.69% | -893.25% | - | - | - | - | - | - |
| EBITDA Growth % | -66.28% | 13.81% | -21.73% | 12.23% | 70.55% | -46% | -60.73% | -27.56% | 8.76% | -11.94% |
| D&A (Non-Cash Add-back) | 432K | 457K | 435K | 414K | 354K | 345K | 381K | 357K | 400K | 311K |
| EBIT | -33.18M | -28.52M | -35.09M | -33.59M | -9.24M | -13.32M | -19.54M | -25.65M | -24.68M | -26.6M |
| Net Interest Income | 0 | 0 | 0 | 362K | 16K | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 31K | 93K | 86K | 362K | 16K | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 31K | 193K | -269K | -3M | -36K | 550K | 7.35M | 1.31M | 1.19M | 1.18M |
| Pretax Income | -33.18M▲ 0% | -28.52M▲ 14.1% | -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% | -26.03M▲ 0% |
| Pretax Margin % | -832.6% | -358.06% | -508.9% | -994.14% | - | - | - | - | - | - |
| Income Tax | 31K | 93K | 86K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | -0.09% | -0.33% | -0.25% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -33.18M▲ 0% | -28.52M▲ 14.1% | -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% | -26.03M▲ 0% |
| Net Margin % | -832.6% | -358.06% | -508.9% | -994.14% | - | - | - | - | - | - |
| Net Income Growth % | -65.75% | 14.05% | -23.07% | 4.28% | 72.38% | -37.65% | -8.74% | -84.69% | 8.44% | -10.93% |
| Net Income (Continuing) | -33.18M | -28.52M | -35.09M | -33.59M | -9.28M | -12.77M | -13.89M | -25.65M | -23.49M | -26.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -5.99▲ 0% | -4.01▲ 33.1% | -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% | -0.44▲ 0% |
| EPS Growth % | -46.45% | 33.06% | -1.75% | 47.3% | 84.65% | 0% | 48.48% | -194.12% | 14% | -0.6% |
| EPS (Basic) | -5.99 | -4.01 | -4.08 | -2.15 | -0.33 | -0.33 | -0.17 | -0.50 | -0.43 | - |
| Diluted Shares Outstanding | 5.54M | 7.11M | 8.6M | 15.61M | 28.11M | 36.25M | 38.24M | 50.85M | 54.98M | 59.71M |
| Basic Shares Outstanding | 5.54M | 7.11M | 8.6M | 15.61M | 28.11M | 36.25M | 38.24M | 50.85M | 54.98M | 59.71M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Vivani Medical, Inc. (VANI) balance sheet — assets, liabilities & shareholders' equity
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Total Current Assets | 15.28M | 13.16M | 9.62M | 13.11M | 2.43M | 2.47M | 47.53M | 23.06M | 20.44M | 4.17M |
| Cash & Short-Term Investments | 10.88M | 7.84M | 4.47M | 11.33M | 2.08M | 2.18M | 45.08M | 20.65M | 18.35M | 2.63M |
| Cash Only | 10.88M | 604K | 4.47M | 11.33M | 2.08M | 2.18M | 45.08M | 20.65M | 18.35M | 2.63M |
| Short-Term Investments | 0 | 7.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 274K | 1.83M | 504K | 455K | 0 | 0 | 0 | 0 | 253K | 0 |
| Days Sales Outstanding | 25.1 | 83.92 | 26.68 | 49.15 | - | - | - | - | - | - |
| Inventory | 3.42M | 2.7M | 3.25M | 1.03M | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | 133.37 | 127.11 | 242.69 | 174.53 | - | - | - | - | - | - |
| Other Current Assets | 717K | 795K | 1.4M | 299K | 0 | 0 | 0 | 2.41M | 1.84M | 1.55M |
| Total Non-Current Assets | 1.53M | 1.33M | 1.06M | 3.49M | 2.79M | 2.98M | 3.6M | 22.73M | 21.12M | 20.87M |
| Property, Plant & Equipment | 1.49M | 1.3M | 1.02M | 3.46M | 2.59M | 2.78M | 1.96M | 21.34M | 19.65M | 19.51M |
| Fixed Asset Turnover | 2.68x | 6.13x | 6.73x | 0.98x | - | - | - | - | - | 0.00x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 2K | 0 | 0 | 0 | 0 | 0 | 0 | 1.34M | 1.34M | 4.01M |
| Other Non-Current Assets | 39K | 33K | 37K | 25K | 200K | 200K | 1.64M | 52K | 131K | 1.75M |
| Total Assets | 16.81M▲ 0% | 14.5M▼ 13.8% | 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% | 25.05M▲ 0% |
| Asset Turnover | 0.24x | 0.55x | 0.65x | 0.20x | - | - | - | - | - | 0.00x |
| Asset Growth % | -40.49% | -13.77% | -26.32% | 55.39% | -68.57% | 4.52% | 837.65% | -10.43% | -9.25% | -125.01% |
| Total Current Liabilities | 5.66M | 6.62M | 7.6M | 6.96M | 2.19M | 2.09M | 6.82M | 5.72M | 5.99M | 6.83M |
| Accounts Payable | 1.16M | 752K | 1.3M | 1.09M | 223K | 281K | 1.18M | 542K | 817K | 1.43M |
| Days Payables Outstanding | 45.13 | 35.4 | 97.45 | 185.38 | - | - | - | 554.15 | - | 2.36K |
| Short-Term Debt | 0 | 0 | 0 | 237K | 637K | 0 | 0 | 0 | 0 | 1.39M |
| Deferred Revenue (Current) | 85K | 48K | 167K | 335K | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 2.82M | 3.2M | 3.44M | 2.6M | 0 | 0 | 385K | 396K | 343K | 4.01M |
| Current Ratio | 2.70x | 1.99x | 1.27x | 1.88x | 1.11x | 1.18x | 6.97x | 4.03x | 3.41x | 3.41x |
| Quick Ratio | 2.10x | 1.58x | 0.84x | 1.74x | 1.11x | 1.18x | 6.97x | 4.03x | 3.41x | 3.41x |
| Cash Conversion Cycle | 113.33 | 175.63 | 171.91 | 38.29 | - | - | - | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 0 | 2.37M | 1.08M | 902K | 0 | 19.31M | 17.96M | 16.91M |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 16.91M |
| Capital Lease Obligations | 0 | 0 | 0 | 2.37M | 1.08M | 902K | 0 | 19.31M | 17.96M | 52.87M |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 4K | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | 5.66M | 6.62M | 7.6M | 9.32M | 3.27M | 2.99M | 6.82M | 25.04M | 23.95M | 23.74M |
| Total Debt | 0 | 0 | 0 | 2.6M | 2.47M | 1.81M | 955K | 20.7M | 19.31M | 18.29M |
| Net Debt | -10.88M | -604K | -4.47M | -8.72M | 386K | -366K | -44.12M | 42K | 961K | 15.66M |
| Debt / Equity | - | - | - | 0.36x | 1.27x | 0.74x | 0.02x | 1.00x | 1.10x | 1.10x |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | -0.68x |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | -0.58x |
| Interest Coverage | - | - | - | - | - | - | - | - | - | - |
| Total Equity | 11.15M▲ 0% | 7.88M▼ 29.3% | 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% | 1.31M▲ 0% |
| Equity Growth % | -44.99% | -29.31% | -60.87% | 135.89% | -73.2% | 26.41% | 1697.48% | -53.14% | -15.18% | -246.94% |
| Book Value per Share | 2.01 | 1.11 | 0.36 | 0.47 | 0.07 | 0.07 | 1.16 | 0.41 | 0.32 | 0.02 |
| Total Shareholders' Equity | 11.15M | 7.88M | 3.08M | 7.28M | 1.95M | 2.46M | 44.31M | 20.76M | 17.61M | 1.31M |
| Common Stock | 186.77M | 202.16M | 229.02M | 264.01M | 43.03M | 54.65M | 5K | 5K | 6K | 6K |
| Retained Earnings | -205.86M | -234.38M | -269.47M | -304.78M | -46.12M | -58.9M | -72.79M | -98.44M | -121.92M | -141.9M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -455K | -572K | -575K | -562K | -448K | 0 | 35K | 140K | 48K | 141K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Vivani Medical, Inc. (VANI) cash flow — operating, investing & free cash flow history
| Line item | Dec'16 | Dec'17 | Dec'18 | Dec'19 | Dec'20 | Dec'21 | Dec'22 | Dec'23 | Dec'24 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from Operations | -25.07M | -23.95M | -29.81M | -27.63M | -7.62M | -10.95M | -18.79M | -23.7M | -20.79M | -20.79M |
| Operating CF Margin % | -629.11% | -300.69% | -432.28% | -817.67% | - | - | - | - | - | - |
| Operating CF Growth % | -22% | 4.48% | -24.48% | 7.32% | 72.42% | -43.73% | -71.56% | -26.15% | 12.29% | -120.37% |
| Net Income | -33.18M | -28.52M | -35.09M | -33.59M | -9.28M | -12.77M | -13.89M | -25.65M | -23.49M | -26.03M |
| Depreciation & Amortization | 432K | 457K | 435K | 414K | 354K | 345K | 381K | 357K | 400K | 398K |
| Stock-Based Compensation | 3.37M | 3.78M | 0 | 0 | 1.04M | 1.67M | 1.3M | 1.86M | 1.61M | 1.07M |
| Deferred Taxes | 0 | 0 | 0 | -4.26M | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Cash Items | 8.08M | -324K | 4.7M | 9.78M | 123K | -627K | -6.91M | 1.02M | 336K | 589K |
| Working Capital Changes | -950K | 3.31M | 425K | 37K | 146K | 436K | 338K | -1.29M | 354K | 557K |
| Change in Receivables | 955K | -1.41M | 1.22M | 48K | 0 | 0 | 0 | 0 | 0 | -411K |
| Change in Inventory | 10K | 3.87M | -1.18M | -347K | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 446K | -419K | 554K | -213K | -18K | 13K | -1.94M | -602K | 248K | -27K |
| Cash from Investing | 4.89M | 2.84M | -163K | -493K | -150K | -572K | -338K | -887K | -556K | -1.2M |
| Capital Expenditures | -490K | -265K | -163K | -493K | -150K | -572K | -338K | -887K | -556K | -1.2M |
| CapEx % of Revenue | 12.3% | 3.33% | 2.36% | 14.59% | - | - | - | - | - | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Cash from Financing | 20.45M | 21.17M | 26.6M | 34.99M | 9.19M | 11.62M | 63.39M | 133K | 19.05M | 7.51M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 637K | 0 | 8M | 0 | 19.05M | 260K |
| Equity Issued (Net) | 1000K | 1000K | 1000K | 1000K | 1000K | 1000K | 16K | 133K | 1000K | 1.97M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 0 | 0 | 0 | 0 | 0 | 0 | 55.37M | 0 | -18.82M | -256K |
| Net Change in Cash | 10.64M▲ 0% | -3.04M▼ 128.5% | -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% | -17.02M▲ 0% |
| Free Cash Flow | -25.56M▲ 0% | -24.21M▲ 5.3% | -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% | -24.61M▲ 0% |
| FCF Margin % | -641.41% | -304.02% | -434.64% | -832.26% | - | - | - | - | - | - |
| FCF Growth % | -19.94% | 5.27% | -23.79% | 6.18% | 72.37% | -48.32% | -65.97% | -28.55% | 13.19% | -26.47% |
| FCF per Share | -4.61 | -3.41 | -3.49 | -1.80 | -0.28 | -0.32 | -0.50 | -0.48 | -0.39 | -0.39 |
| FCF Conversion (FCF/Net Income) | 0.76x | 0.84x | 0.85x | 0.82x | 0.82x | 0.86x | 1.35x | 0.92x | 0.89x | 0.95x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 1K | 1K | 0 | 1K | 2K | -2K |
Vivani Medical, Inc. (VANI) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios
| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | TTM |
|---|---|---|---|---|---|---|---|---|---|---|
| Return on Equity (ROE) | -211.21% | -299.66% | -640.05% | -648.56% | -201.17% | -578.62% | -59.39% | -78.85% | -122.42% | -1988.24% |
| Return on Invested Capital (ROIC) | -1086.95% | -570.15% | -886.73% | - | -1564.84% | -450.61% | -1393.77% | -192.7% | -94.01% | -94.01% |
| Gross Margin | -134.6% | 2.65% | 29.12% | 36.31% | - | - | - | - | - | - |
| Net Margin | -832.6% | -358.06% | -508.9% | -994.14% | - | - | - | - | - | - |
| Debt / Equity | - | - | - | 0.36x | 1.27x | 0.74x | 0.02x | 1.00x | 1.10x | 1.10x |
| FCF Conversion | 0.76x | 0.84x | 0.85x | 0.82x | 0.82x | 0.86x | 1.35x | 0.92x | 0.89x | 0.95x |
| Revenue Growth | -55.47% | 99.85% | -13.41% | -51% | -100% | - | - | - | - | - |
Vivani Medical, Inc. (VANI) stock FAQ — growth, dividends, profitability & financials explained
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 $26.0M for fiscal year 2024.
Vivani Medical, Inc. (VANI) has a return on equity (ROE) of -122.4%. Negative ROE indicates the company is unprofitable.
Vivani Medical, Inc. (VANI) had negative free cash flow of $24.6M in fiscal year 2024, likely due to heavy capital investments.
Vivani Medical, Inc. (VANI) financial analysis — history, returns, DCA and operating performance tools
Historical returns with dividends reinvested
Dollar cost averaging vs lump sum
Yield, growth, payout safety & DRIP
EPS trends, net income & profitability
Long-term charts & historical price data
Sales growth patterns & revenue breakdown
30 years of market, efficiency and balance-sheet ratios
DCF intrinsic value, peer multiples & estimates