OTC: VYCO
VYCOR MEDICAL INCCIK 0001424768 · SIC 3841 · Surgical & Medical Instruments
The Company was formed as a limited liability company under the laws of the State of New York on June 17, 2005 as “Vycor Medical LLC”. On August 14, 2007, we converted into a Delaware corporation and changed our name to “Vycor Medical, Inc.” (“Vycor”). The Company’s listing went effective on… About this business →
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Latest financial statements
From 10-Q filed Aug 14, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Comprehensive Income (Loss) (Unaudited)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 418,264 | 496,353 | 876,804 | 932,731 |
| Cost of Goods Sold | 73,819 | 81,082 | 157,206 | 158,926 |
| Gross Profit | 344,445 | 415,271 | 719,598 | 773,805 |
| Operating Expenses: | ||||
| Research and development | - | 4,201 | - | 9,963 |
| Depreciation and amortization | 14,883 | 14,881 | 28,863 | 29,761 |
| Selling, general and administrative | 322,711 | 345,043 | 638,076 | 695,741 |
| Total Operating Expenses | 337,594 | 364,125 | 666,939 | 735,465 |
| Operating income | 6,851 | 51,146 | 52,659 | 38,340 |
| Other (Expense) Income | ||||
| Interest expense: Related Party | (12,570) | (12,572) | (25,140) | (25,142) |
| Interest expense: Other | (13,264) | (12,862) | (26,403) | (26,001) |
| (Loss) gain on foreign currency exchange | (126) | 1 | (130) | 2 |
| Total Other (Expense) | (25,960) | (25,433) | (51,673) | (51,141) |
| Income (Loss) Before Provision for Income Taxes | (19,109) | 25,713 | 986 | (12,801) |
| Provision for income taxes | - | - | - | - |
| Net Income (Loss) from continuing operations | (19,109) | 25,713 | 986 | (12,801) |
| Loss from discontinued operations, net of tax | (3,179) | (1,826) | (3,166) | (1,875) |
| Net (Loss) Income | (22,288) | 23,887 | (2,180) | (14,676) |
| Preferred stock dividends | - | - | (162,185) | (162,185) |
| Net Income (Loss) Available to Common Stockholders | (22,288) | 23,887 | (164,365) | (176,861) |
| Other Comprehensive Income (Loss) | ||||
| Foreign Currency Translation Adjustment | (20) | - | (20) | - |
| Comprehensive Income (Loss) | (22,308) | 23,887 | (2,200) | (14,676) |
| Income (Loss) Per Share - basic and diluted | ||||
| Income (Loss) from continuing operations | (0.00) | 0.00 | (0.00) | (0.01) |
| Loss from discontinued operations | (0.00) | (0.00) | (0.00) | (0.00) |
| Income (Loss) available to common stockholders | (0.00) | 0.00 | (0.00) | (0.01) |
| Weighted Average Number of Shares Outstanding Basic | 33,372,796 | 33,372,796 | 33,372,796 | 33,372,796 |
| Weighted Average Number of Shares Outstanding –Diluted | 33,372,796 | 38,667,862 | 33,372,796 | 33,372,796 |
Consolidated Balance Sheets (Unaudited)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| ASSETS | ||
| Current Assets | ||
| Cash | 158,907 | 86,982 |
| Trade accounts receivable, net | 202,447 | 218,891 |
| Inventory | 190,508 | 159,202 |
| Prepaid expenses and other current assets | 83,695 | 97,230 |
| Current assets of discontinued operations | 320 | 1,117 |
| Total Current Assets | 635,877 | 563,422 |
| Fixed assets, net | 101,373 | 133,936 |
| Other assets | ||
| Non-current inventory, net | 39,777 | 71,779 |
| Security deposits | 6,000 | 6,000 |
| Operating lease right of use assets | 30,147 | 55,283 |
| Total Other Assets | 75,924 | 133,062 |
| TOTAL ASSETS | 813,174 | 830,420 |
| LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | ||
| Current Liabilities | ||
| Accounts payable | 111,784 | 84,755 |
| Accrued interest | 592,833 | 569,030 |
| Accrued interest Related Party | 225,650 | 245,679 |
| Accrued liabilities | 94,354 | 89,938 |
| Dividends payable Related Party | 3,081,515 | 2,919,330 |
| Notes payable | 303,674 | 326,978 |
| Notes payable Related Party | 493,373 | 493,373 |
| Current operating lease liabilities | 26,700 | 52,221 |
| Current liabilities of discontinued operations | 537 | 164 |
| Total Current Liabilities | 4,930,420 | 4,781,468 |
| Loan payable SBA EIDL | 133,978 | 135,831 |
| Total Liabilities | 5,064,398 | 4,917,299 |
| STOCKHOLDERS’ DEFICIENCY | ||
| Preferred stock, $0.0001 par value, 10,000,000 shares authorized | ||
| Preferred C Stock, 1 and 1 share issued and outstanding as at June 30, 2026 and December 31, 2025 respectively | - | - |
| Preferred D Stock, 270,306 and 270,306 shares issued and outstanding as at June 30, 2026 and December 31, 2025 respectively | 27 | 27 |
| Common Stock, $0.0001 par value, 55,000,000 shares authorized at June 30, 2026 and December 31, 2025; 33,476,130 shares issued and 33,372,796 shares outstanding at June 30, 2026 and December 31, 2025, respectively | 3,347 | 3,347 |
| Additional Paid-in Capital | 29,431,959 | 29,431,959 |
| Treasury Stock (103,334 shares of Common Stock as at June 30, 2026 and December 31, 2025 respectively, at cost) | (1,033) | (1,033) |
| Accumulated Deficit | (33,813,221) | (33,648,856) |
| Accumulated Other Comprehensive Income | 127,697 | 127,677 |
| Total Stockholders’ Deficiency | (4,251,224) | (4,086,879) |
| TOTAL LIABILITIES AND STOCKHOLDERS’ DEFICIENCY | 813,174 | 830,420 |
Consolidated Statements of Cash Flows (Unaudited)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Cash flows from operating activities: | ||
| Net loss | (2,180) | (14,676) |
| Adjustments to reconcile net loss to cash provided by operating activities: | ||
| Depreciation of fixed assets | 30,081 | 31,131 |
| Allowance for doubtful accounts accounts receivable | 8,340 | - |
| Stock based compensation | - | 36,629 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | 8,103 | 42,591 |
| Inventory | 695 | (8,304) |
| Prepaid expenses | 13,536 | (10,614) |
| Accrued interest Related Party | (20,029) | 25,142 |
| Accrued interest | 23,803 | 23,803 |
| Accounts payable | 27,029 | (37,527) |
| Accrued liabilities | 4,031 | (68,726) |
| Changes in discontinued operations, net | 1,170 | 275 |
| Cash provided by operating activities | 94,579 | 19,724 |
| Cash flows from investing activities: | ||
| Purchase of fixed assets | - | (3,618) |
| Sale and disposal of fixed assets | 2,482 | 841 |
| Cash provided by (used in) investing activities | 2,482 | (2,777) |
| Cash flows from financing activities: | ||
| Repayments Notes Payable Other | (25,156) | (22,895) |
| Cash used in financing activities | (25,156) | (22,895) |
| Effect of exchange rate changes on cash | 20 | - |
| Net increase (decrease) in cash | 71,925 | (5,948) |
| Cash at beginning of period | 86,982 | 105,648 |
| Cash at end of period | 158,907 | 99,700 |
| Supplemental Disclosures of Cash Flow information: | ||
| Cash paid for interest | 47,771 | 3,562 |
| Cash paid for income tax | - | - |
| Non-Cash Activities | ||
| Non-cash accrued dividends | 162,185 | 162,185 |
| Unamortized stock compensation | - | 12,209 |
Amounts as printed on the EDGAR/iXBRL face. Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗
About VYCOR MEDICAL INC
Source: Item 1 (Business) from the 10-K filed March 31, 2026. Description as filed by the company with the SEC.
ITEM
1. DESCRIPTION OF BUSINESS.
1.
Organizational History
The
Company was formed as a limited liability company under the laws of the State of New York on June 17, 2005 as “Vycor Medical LLC”.
On August 14, 2007, we converted into a Delaware corporation and changed our name to “Vycor Medical, Inc.” (“Vycor”).
The Company’s listing went effective on February 2009 and on November 29, 2010 Vycor completed the acquisition of substantially
all of the assets of NovaVision, Inc. (“NovaVision”) and on January 4, 2012 Vycor, through its wholly-owned NovaVision subsidiary,
completed the acquisition of all the shares of Sight Science Limited (“Sight Science”), a previous competitor to NovaVision.
2.
Overview of Business
Vycor
is dedicated to providing the medical community with innovative and superior surgical and therapeutic solutions and operates two distinct
business units within the medical device industry. Vycor Medical designs, develops and markets medical devices for use in neurosurgery.
NovaVision provides non-invasive rehabilitation therapies for those who have vision disorders resulting from neurological brain damage
such as that caused by a stroke. Both businesses adopt a minimally or non-invasive approach. The Company leverages joint resources across
the divisions to operate in a cost-efficient manner.
Vycor
Medical
Vycor
Medical designs, develops and markets medical devices for use in neurosurgery. Vycor Medical’s ViewSite Brain Access System (“VBAS”)
is a next generation retraction and access system. Vycor Medical is ISO 13485:2016 and MDSAP (Medical Device Single Audit Program) certified,
and VBAS has U.S. FDA 510(k) clearance and CE Marking for Europe (MDD Class III) for brain and spine surgeries, and regulatory approvals
in other international markets.
Read full description ↓
NovaVision
NovaVision
provides non-invasive, computer-based rehabilitation therapies targeted at people who have impaired vision as a result of stroke or other
brain injury.
Strategy
The
Company is continuing to execute on a plan to achieve revenue growth. The strategy for Vycor Medical includes: increasing market penetration
in the US; increasing international growth in territories where we are not represented or under-represented; continued new product development
in response to market demands and demonstrating applicability in a broader range of pathologies; and adding products complementary to
VBAS where the Company is able to leverage its existing distribution network.
Given
NovaVision’s resources, and the large size and diversity of its end markets, we believe that the most efficient way to tackle the
distribution of its patient and professional products is by partnering with entities that have either direct access to the end users
or the technological capability to leverage the NovaVision therapy platform, particularly in digital health and into non-medical areas.
Management is also open to a broad range of alternatives for NovaVision as a whole, which could comprise distribution and marketing partnerships,
licensing, merger or sale.
In
August 2024 the Company engaged the services of Maxim Group LLC to assist in its strategy to accelerate the growth of the Company through
strategic acquisitions and partnerships.
3
3.
Other Matters
Product
Liability Insurance
We
presently have Product Liability insurance for Vycor Medical and Professional Liability insurance for NovaVision.
Government
Regulations
We
are committed to an integrated total quality management system and to obtain and maintain regulatory certification for our products in
the markets in which we operate.
Vycor
Medical has the following regulatory certification/licensing:
●
ISO
13485:2016
●
MDSAP
(Medical Device Single Audit Program)
●
Fully
Quality Assurance System Directive 93/42/EEC for Medical Devices, Annex II (3)
●
EC
Design-Examination Certificate Directive 93/42/EEC for Medical Devices, Annex II (4)
Vycor
Medical’s VBAS family of devices have been classified as Class II products by the FDA and cleared for marketing through the 510(k)
process. NovaVision’s VRT product has been cleared as a Class U product through the 510(k) while its NeuroEyeCoach is registered
as an exempt Class 1 device.
Vycor
Medical has CE marking approval for distribution of its VBAS products in Europe as a Class III device under (EU) MDR and has a Health
Canada Medical Device License (MDL) for distribution in Canada as a Class II device. VBAS also has regulatory approvals in a number of
other international markets. NovaVison’s VRT and NeuroEyeCoach have CE mark registrations as Class I devices in Europe.
Employees
We
currently have 7 employees.
Website.
The
Company operates websites at www.vycormedical.com, www.vycorvbas.com, and www.novavision.com. NovaVision’s German partner maintains
the www.novavision.de website.