Conavi Medical Reports Fiscal First Quarter 2026 Results and Operational Highlights

Executive Summary

• Conavi Medical closed a $12 M public equity offering on Jan 13, 2026, issuing 26,666,670 common shares at $0.45 per share to fund FDA 510(k) clearance and U.S. market launch preparations.
• Fiscal Q1 2026 results showed revenue of $0.2 M, operating loss of $5.1 M and net loss of $2.7 M; cash on hand was $1.0 M at quarter‑end.
• The company terminated a $270,000 loan with MaRS Investment Accelerator Fund by issuing 75,000 common shares subject to a four‑month hold period.

Key Details

• Equity Offering: Gross proceeds ≈ $12 M; 26,666,670 common shares issued at $0.45 per share. Proceeds earmarked for FDA 510(k) clearance efforts, U.S. market release preparation, and general corporate purposes.
• Fiscal Q1 2026 Financials (CAD):
• Revenue: $0.2 M (down from $8.6 M prior year, which included a one‑time milestone).
• Operating expenses: $5.4 M (vs. $6.8 M prior year).
• Operating loss: $5.1 M.
• Net loss: $2.7 M, or $0.04 per common share (vs. net loss of $7.0 M, $0.18 per share prior year).
• Cash & cash equivalents: $1.0 M as of Dec 31, 2025.
• Loan Termination: Agreement with MaRS IAF to cancel a $270,000 loan dated June 1, 2011; satisfaction via issuance of 75,000 common shares subject to a four‑month statutory hold period.
• Clinical Publication: Peer‑reviewed study in Cardiovascular Research demonstrated superior plaque characterization using Conavi’s hybrid IVUS‑OCT deep‑learning classifier versus single‑modality imaging and expert readers (analysis of 10 cadaveric human hearts).
• Regulatory Outlook: Anticipated U.S. FDA 510(k) clearance for next‑generation Novasight Hybrid™ system in the first half of 2026; targeted U.S. market release planned for Q3 2026.
• Conference Attendance: Conavi will attend LSI USA ’26 (Mar 16‑20, 2026) in Dana Point, California.

Notable Quotes

“Conavi is approaching a key inflection point with anticipated U.S. FDA 510(k) clearance of our next‑generation Novasight Hybrid™ system in the first half of 2026,” – Thomas Looby, President & CEO.