Mobia Medical, Inc. (Nasdaq: MOBI) has set terms for its initial public offering, marketing 10.0 million shares at a price range of $14 to $16, implying a deal size of approximately $150 million at the midpoint. At the midpoint price of $15, the company would have an estimated post-offer market capitalization of approximately $500 million, based on 33.1 million shares outstanding following the offering. BofA Securities, J.P. Morgan, and Goldman Sachs are leading the deal alongside BTIG and Wolfe | Nomura Alliance.
Mobia Medical is a commercial-stage medical device company focused on stroke recovery, built around its Vivistim Paired Vagus Nerve Stimulation (VNS) System. The platform is the first and only FDA-approved therapy designed to improve motor function in chronic ischemic stroke patients with moderate to severe upper extremity impairment, targeting a large and historically underserved segment of the rehabilitation market.
Mobia’s core product, the Vivistim System, combines an implantable pulse generator with targeted vagus nerve stimulation delivered during rehabilitation exercises, leveraging neuroplasticity to improve motor recovery. The therapy has demonstrated clinically meaningful improvements in upper limb function, even years after stroke, positioning it as a differentiated solution in a market where traditional rehabilitation outcomes tend to plateau after the sub-acute phase.
The company is targeting a substantial market opportunity, with an estimated 4 million chronic ischemic stroke patients in the U.S. suffering from moderate to severe upper extremity impairment, and an initial addressable segment of roughly 1 million patients representing a potential $30+ billion opportunity based on system pricing.
From a financial standpoint, Mobia is early but scaling rapidly. Revenue reached $32.0 million in 2025, up from $15.6 million in 2024, representing 104.8% year-over-year growth, driven by increased adoption of the Vivistim System following its commercial launch. Gross margins expanded to 81.1%, reflecting the high-margin nature of implantable medical devices, while net losses widened to $46.5 million as the company continues to invest heavily in commercial infrastructure and clinical expansion.
Early 2026 trends suggest continued momentum, with first-quarter revenue expected to more than double year-over-year to approximately $12 million, supported by increased procedure volumes and stable pricing dynamics.
Mobia operates within the broader neurostimulation and medtech landscape, where comparable companies include implantable device and neuromodulation players such as LivaNova, Nevro, Axonics, and Inspire Medical Systems. Among these, Inspire provides a useful benchmark as a high-growth, implant-driven commercial model that scaled post-IPO through physician adoption and reimbursement expansion. Relative to peers, Mobia enters the public markets at an earlier stage, with lower revenue scale but a similarly compelling combination of clinical differentiation, large addressable market, and improving reimbursement dynamics.
Overall, Mobia Medical’s IPO represents a classic early-stage medtech growth story—pairing a clinically validated platform with strong initial adoption trends and a large unmet need. While profitability remains a longer-term objective, the company’s trajectory will be driven by continued physician adoption, reimbursement expansion, and execution against its commercial rollout strategy as it seeks to establish Vivistim as a new standard of care in chronic stroke recovery.
Mobia Medical is expected to debut on Friday, May 8th.