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VANI logoVivani Medical, Inc.(VANI)Earnings, Financials & Key Ratios

VANI•NASDAQ
$1.25
$74M mkt cap·Price updated May 6, 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-$24M+8.8%
  • Net Income-$23M+8.4%
  • EPS (Diluted)-0.43+14.0%
  • ROE-122.42%-55.3%
  • ROIC-94.01%+51.2%
  • Debt/Equity1.10+10.0%
Technical→

VANI Key Insights

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

✓Strengths

No significant strengths identified

✗Weaknesses

  • ✗Weak Piotroski F-Score: 1/9
  • ✗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.

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-10.93%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-0.6%

Return on Capital

10 Years-248.28%
5 Years-156.11%
3 Years-72.75%
Last Year-65.24%

VANI Recent Earnings

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

Full history →
●Beat EPS 3/12 qtrs (27%)
Q4 2025Latest
Nov 13, 2025
EPS
$0.11
Est $0.12
+8.3%
Revenue
—
Q3 2025
Aug 13, 2025
EPS
$0.12
Est $0.10
-20.0%
Revenue
—
Q2 2025
May 13, 2025
EPS
$0.11
Est $0.10
-10.0%
Revenue
—
Q2 2025
Mar 31, 2025
EPS
$0.11
Est $0.10
-10.0%
Revenue
$398,000
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q4 2025LatestNov 13, 2025
$0.11vs $0.12+8.3%
—
Q3 2025Aug 13, 2025
$0.12vs $0.10-20.0%
—
Q2 2025May 13, 2025
$0.11vs $0.10-10.0%
—
Q2 2025Mar 31, 2025
$0.11vs $0.10-10.0%
$398,000
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
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
GKOS logoGKOSGlaukos CorporationDirect Competitor7.92B135.27-41.2432.33%-34.34%-26.46%0.21
BRNS logoBRNSBarinthus Biotherapeutics plcDirect Competitor25.94M0.64-0.39-100%-63.83%0.15
NVCR logoNVCRNovoCure LimitedProduct Competitor1.88B16.50-13.528.28%-25.66%-50.82%0.85
INVA logoINVAInnoviva, Inc.Product Competitor1.91B22.526.8218.52%118.91%46.47%0.23
TNDM logoTNDMTandem Diabetes Care, Inc.Product Competitor1.24B18.03-5.937.93%-20.17%-141.98%2.86
NVO logoNVONovo Nordisk A/SSupply Chain203.36B45.7612.656.43%33.14%61.1%0.67
LLY logoLLYEli Lilly and CompanySupply Chain932.64B987.1143.0144.7%34.98%101.17%1.60
MDT logoMDTMedtronic plcSupply Chain99.48B77.6021.503.62%13%9.45%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
Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Sales/Revenue3.98M7.96M6.9M3.38M000000
Revenue Growth %-55.47%99.85%-13.41%-51%-100%-----
Cost of Goods Sold9.35M7.75M4.89M2.15M000357K0194K
COGS % of Revenue234.6%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 Expenses27.85M28.92M36.83M31.82M9.24M13.32M21.24M26.61M24.68M27.01M
OpEx % of Revenue698.77%363.13%534.12%941.82%------
Selling, General & Admin21.77M23.56M26.63M15.33M2.38M2.32M5.37M10M8.93M9.22M
SG&A % of Revenue546.35%295.87%386.14%453.6%------
Research & Development5.35M7.99M10.21M16.5M6.87M11M14.17M16.97M15.74M17.79M
R&D % of Revenue134.18%100.36%147.98%488.22%------
Other Operating Expenses727K-2.64M00001.7M-357K00
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)432K457K435K414K354K345K381K357K400K311K
EBIT-33.18M-28.52M-35.09M-33.59M-9.24M-13.32M-19.54M-25.65M-24.68M-26.6M
Net Interest Income000362K16K00000
Interest Income31K93K86K362K16K00000
Interest Expense0000000000
Other Income/Expense31K193K-269K-3M-36K550K7.35M1.31M1.19M1.18M
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 Tax31K93K86K0000000
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 Operations0000000000
Minority Interest0000000000
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 Outstanding5.54M7.11M8.6M15.61M28.11M36.25M38.24M50.85M54.98M59.71M
Basic Shares Outstanding5.54M7.11M8.6M15.61M28.11M36.25M38.24M50.85M54.98M59.71M
Dividend Payout Ratio----------

VANI Balance Sheet

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
Total Current Assets15.28M13.16M9.62M13.11M2.43M2.47M47.53M23.06M20.44M4.17M
Cash & Short-Term Investments10.88M7.84M4.47M11.33M2.08M2.18M45.08M20.65M18.35M2.63M
Cash Only10.88M604K4.47M11.33M2.08M2.18M45.08M20.65M18.35M2.63M
Short-Term Investments07.24M00000000
Accounts Receivable274K1.83M504K455K0000253K0
Days Sales Outstanding25.183.9226.6849.15------
Inventory3.42M2.7M3.25M1.03M000000
Days Inventory Outstanding133.37127.11242.69174.53------
Other Current Assets717K795K1.4M299K0002.41M1.84M1.55M
Total Non-Current Assets1.53M1.33M1.06M3.49M2.79M2.98M3.6M22.73M21.12M20.87M
Property, Plant & Equipment1.49M1.3M1.02M3.46M2.59M2.78M1.96M21.34M19.65M19.51M
Fixed Asset Turnover2.68x6.13x6.73x0.98x-----0.00x
Goodwill0000000000
Intangible Assets0000000000
Long-Term Investments2K0000001.34M1.34M4.01M
Other Non-Current Assets39K33K37K25K200K200K1.64M52K131K1.75M
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 Turnover0.24x0.55x0.65x0.20x-----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 Liabilities5.66M6.62M7.6M6.96M2.19M2.09M6.82M5.72M5.99M6.83M
Accounts Payable1.16M752K1.3M1.09M223K281K1.18M542K817K1.43M
Days Payables Outstanding45.1335.497.45185.38---554.15-2.36K
Short-Term Debt000237K637K00001.39M
Deferred Revenue (Current)85K48K167K335K000000
Other Current Liabilities2.82M3.2M3.44M2.6M00385K396K343K4.01M
Current Ratio2.70x1.99x1.27x1.88x1.11x1.18x6.97x4.03x3.41x3.41x
Quick Ratio2.10x1.58x0.84x1.74x1.11x1.18x6.97x4.03x3.41x3.41x
Cash Conversion Cycle113.33175.63171.9138.29------
Total Non-Current Liabilities0002.37M1.08M902K019.31M17.96M16.91M
Long-Term Debt00000000016.91M
Capital Lease Obligations0002.37M1.08M902K019.31M17.96M52.87M
Deferred Tax Liabilities0000000000
Other Non-Current Liabilities00004K00000
Total Liabilities5.66M6.62M7.6M9.32M3.27M2.99M6.82M25.04M23.95M23.74M
Total Debt0002.6M2.47M1.81M955K20.7M19.31M18.29M
Net Debt-10.88M-604K-4.47M-8.72M386K-366K-44.12M42K961K15.66M
Debt / Equity---0.36x1.27x0.74x0.02x1.00x1.10x1.10x
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 Share2.011.110.360.470.070.071.160.410.320.02
Total Shareholders' Equity11.15M7.88M3.08M7.28M1.95M2.46M44.31M20.76M17.61M1.31M
Common Stock186.77M202.16M229.02M264.01M43.03M54.65M5K5K6K6K
Retained Earnings-205.86M-234.38M-269.47M-304.78M-46.12M-58.9M-72.79M-98.44M-121.92M-141.9M
Treasury Stock0000000000
Accumulated OCI-455K-572K-575K-562K-448K035K140K48K141K
Minority Interest0000000000

VANI Cash Flow Statement

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

Line itemDec'16Dec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24TTM
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 & Amortization432K457K435K414K354K345K381K357K400K398K
Stock-Based Compensation3.37M3.78M001.04M1.67M1.3M1.86M1.61M1.07M
Deferred Taxes000-4.26M000000
Other Non-Cash Items8.08M-324K4.7M9.78M123K-627K-6.91M1.02M336K589K
Working Capital Changes-950K3.31M425K37K146K436K338K-1.29M354K557K
Change in Receivables955K-1.41M1.22M48K00000-411K
Change in Inventory10K3.87M-1.18M-347K000000
Change in Payables446K-419K554K-213K-18K13K-1.94M-602K248K-27K
Cash from Investing4.89M2.84M-163K-493K-150K-572K-338K-887K-556K-1.2M
Capital Expenditures-490K-265K-163K-493K-150K-572K-338K-887K-556K-1.2M
CapEx % of Revenue12.3%3.33%2.36%14.59%------
Acquisitions0000000000
Investments----------
Other Investing0000000000
Cash from Financing20.45M21.17M26.6M34.99M9.19M11.62M63.39M133K19.05M7.51M
Debt Issued (Net)0000637K08M019.05M260K
Equity Issued (Net)1000K1000K1000K1000K1000K1000K16K133K1000K1.97M
Dividends Paid0000000000
Share Repurchases0000000000
Other Financing00000055.37M0-18.82M-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)0.76x0.84x0.85x0.82x0.82x0.86x1.35x0.92x0.89x0.95x
Interest Paid0000000000
Taxes Paid00001K1K01K2K-2K

VANI Key Ratios

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

Metric201620172018201920202021202220232024TTM
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---0.36x1.27x0.74x0.02x1.00x1.10x1.10x
FCF Conversion0.76x0.84x0.85x0.82x0.82x0.86x1.35x0.92x0.89x0.95x
Revenue Growth-55.47%99.85%-13.41%-51%-100%-----

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 $26.0M for fiscal year 2024.

Dividend & Returns

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.

Explore More VANI

Vivani Medical, Inc. (VANI) financial analysis — history, returns, DCA and operating performance tools

Total Return Calculator

Historical returns with dividends reinvested

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DCA Calculator

Dollar cost averaging vs lump sum

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Dividend History

Yield, growth, payout safety & DRIP

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Earnings History

EPS trends, net income & profitability

→

Price History

Long-term charts & historical price data

→

Revenue History

Sales growth patterns & revenue breakdown

→

Financial Ratios

30 years of market, efficiency and balance-sheet ratios

→

Valuation

DCF intrinsic value, peer multiples & estimates

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