SBDS

• Company Milestone

  • This is MOBIA Medical's first earnings call as a public company, following a successful IPO in May 2026 that raised $134 million in net proceeds
  • The IPO strengthened the company's balance sheet and provided capital to accelerate commercialization and growth

• Mission & Product Overview

  • MOBIA Medical develops therapy for chronic ischemic stroke survivors, a large underserved population with few treatment options for upper extremity motor impairment after the initial post-stroke recovery plateau
  • ViviStem is the first and only FDA-approved clinically validated therapy for this indication; it works by delivering vagus nerve stimulation paired with upper limb exercise to boost neuroplasticity, enabling lasting functional improvement
  • The therapy's efficacy has been proven in a large pivotal trial, with results independent of time post-stroke, and the company has commercially treated survivors up to 45 years post-stroke

• Clinical Updates

  • In July 2026, the company published two-year follow-up pivotal trial data in Neurology, demonstrating that functional improvements are durable for at least two years, with some patients showing further improvement between one and two years post-treatment
  • The data confirms that motor gains translate to meaningful improvements in patient-reported quality of life

• Commercial Operations

  • The company targets the ~1,500 primary and comprehensive stroke centers in the U.S., with a commercial model built to support the full patient journey from screening through treatment
  • Each territory is staffed by a territory manager (for hospital logistics and stakeholder relationships) and a therapy development specialist (a licensed therapist for clinical education and patient identification)
  • Growth priorities are: expansion into new territories to increase geographic coverage, increased utilization within existing territories via more efficient patient funnel management, and broader stakeholder education to build awareness of ViviStem as a valid treatment option
  • Reimbursement is stable: ViviStem has a Category 1 CPT code, and CMS assigned it to NewTek APC 1580 with 2026 Medicare reimbursement of approximately $45,000 per treatment

• Balance Sheet

  • As of June 30, 2026, the company held $177.1 million in cash and cash equivalents, including the net IPO proceeds

• This is the first time management is initiating full year 2026 revenue guidance, with an expected range of $54 million to $56 million, representing 69% to 75% year-over-year growth over full year 2025
  • The guidance reflects confidence in the company's consistent commercial execution, durable patient funnel, and ongoing momentum from new hospital program implementations
  • Management expects gross margin to remain in the low 80% range going forward
  • Management does not provide explicit quarterly guidance for active territory additions, but expects a pace of approximately 4 to 5 new active territories per quarter in the second half of 2026, maintaining the measured approach seen in Q2 2026

MOBIA Medical is a single-segment business focused on its ViviStem paired VNS therapy product. For Q2 2026, total revenue was $13.5 million, representing 102% year-over-year growth compared to $6.7 million in Q2 2025. Gross margin for the quarter was 83.2%, up 0.9 percentage points from 82.3% in the prior year period. Selling, general, and administrative expenses were $26.9 million, an 85% year-over-year increase. Research and development expenses were $2.3 million, a 61% year-over-year increase. Net loss for the quarter was $21.0 million, or $1.10 per share, compared to a net loss of $10.5 million, or $12.44 per share, in Q2 2025. 367 units were sold in the quarter, and the company had 35.5 average active territories, a 92% year-over-year increase.

• Forward-looking statements (including full year revenue guidance) are subject to material risks and uncertainties that could cause actual results to differ materially from expectations, per the safe harbor disclaimer
  • Final CMS approval of the NewTek APC 1580 code for 2027 is still pending, with a final ruling expected in November 2026
  • Broad coverage approval from commercial payers is still in development and expected to unfold over a multi-year timeline, dependent on additional real-world evidence
  • The company is currently in a investment phase for commercial scaling and is reporting net losses, with profitability not expected in the near term

Q: After a stronger-than-expected Q2 revenue beat, what drove the performance and what guided your first full-year guidance range? / A: Management confirmed Q2's strong results reflect that the company's strategy of expanding active territories and driving nationwide adoption is working. The guidance range reflects a disciplined, thoughtful approach that leverages MOBIA's stable, predictable commercial model, and management has high confidence in the projected significant growth trajectory. /

Q: What is the current status of reimbursement progress, and how will you deploy the net IPO proceeds? / A: Reimbursement is currently stable and predictable: the company already has a Category 1 CPT code and NewTek APC positioning, and multiple U.S. insurance providers are already paying claims. Broad coverage expansion is a multi-year process that will rely on additional real-world evidence. The vast majority of IPO proceeds are being used to build out the commercial organization, hiring territory managers and therapy development specialists to expand geographic access and build market awareness, with a smaller portion allocated to ongoing clinical development to generate additional real-world evidence. /

Q: How do you balance territory growth and per-territory productivity, and when will you remove current constraints on growth expansion? / A: MOBIA's growth comes from a combination of expanding the number of active territories and growing per-territory productivity, with a consistently durable average selling price. Management is taking a measured approach to deploying capital to ensure effective expansion, and is following the strategic plan laid out during the IPO. Future inflection points (including guideline updates, broad coverage decisions, and additional clinical data) will unlock more rapid growth over time, but the company is already delivering strong high growth today with its current model. /

Q: How do you guide for active territory additions in the back half of 2026, and has being a public company improved talent hiring? / A: Management expects a continued pace of approximately 4 to 5 new active territories per quarter in the back half, consistent with Q2's five additions, aligned with the company's measured expansion strategy. Going public has expanded MOBIA's platform to showcase its patient-focused mission and positive patient outcomes, which has strengthened the talent pipeline, as candidates are drawn to the company's meaningful work improving stroke survivors' lives. /

Q: How do you screen patients who are far post-stroke, outside the pivotal trial's original 9-month to 10-year range, to ensure good outcomes? / A: The pivotal trial was designed specifically to test efficacy across different time points post-stroke, and found no mechanistic reason that longer time post-stroke reduces response, so the approved label does not restrict use by time since stroke. Patients are screened based on their current functional status, personal treatment goals, and eligibility for the implantation procedure, and peer sharing from longer-post-stroke patients who have had good outcomes helps new patients make informed decisions about pursuing treatment.