Mobia Medical

MOBI

Market cap $422M

Mobia Medical went public, with shares dropping over 20% on debut, reflecting investor caution over mounting losses despite strong sales growth. Mobia Medical's Vivistim Paired VNS system targets a large stroke recovery market, with revenues doubling to $32M in 2025 but operating losses also nearly doubling. Despite robust top line momentum and a ~$200M net cash position, persistent lack of operating leverage and high per-patient costs raise concerns.