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CapsoVision

CV
27
Medical - Specialties · Healthcare
Price
$6.71
+0.32 (+5.01%)
Market Cap
$335.3M
Exchange
NASDAQ
Winston Score
27
Winston is worried
Below-average fundamentals — multiple weak pillars.

Share count rising — dilution

+535.8% over 2y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 38.6M (2023) → 245.6M (2025)

CapsoVision makes a small capsule that patients swallow to let doctors look inside the digestive system without surgery. The capsule contains a tiny camera that takes thousands of pictures as it travels through the body, and those images are sent wirelessly to a receiver worn by the patient. Doctors — mainly gastroenterologists at hospitals and outpatient clinics — use this technology to find problems like bleeding, ulcers, or abnormal tissue in the small intestine.

The company earns revenue by selling the disposable capsules and the related hardware and software systems to healthcare providers. CapsoVision operates primarily in the United States but has a presence in international markets as well. Its competitive position rests on its panoramic 360-degree imaging technology, which captures a wider view than traditional capsule endoscopy cameras. The key growth driver is broader adoption of capsule endoscopy as a less invasive alternative to traditional procedures, though reimbursement coverage decisions by insurers remain a meaningful risk to that expansion.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+0.3% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

-15.4% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$18M/ year

Rising (+21% vs prior year)

135.1% of revenue

7.5x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

92.1%ownership

Insiders own a meaningful stake in the company

Cash Runway

~9 months

$18M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Short runway — potential dilution ahead through share issuance

Heavy R&D investment

CapsoVision is putting 135% of revenue into R&D and that number is rising. That's 7.5x the sector average.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
47.6%
Healthy — 47.6% gross margin
Operating Margin
-254.3%
Losing money on operations — -254.3%
ROCE
-34.5%
Weak — -34.5% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY
+12.6%
Fast-growing sales (12.6% YoY)
EPS YoY
N/A
Data not available
EPS Consistency
0/8 quarters
Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion
N/A
Data not available
FCF Margin
-177.3%
Burning cash (-177.3%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity
0.02
Conservative — low debt load (0.02)
Interest Cover
N/A
Data not available

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Valuation

P/E Ratio (TTM)
N/M
Negative earnings — P/E not meaningful
P/E vs Forward
N/A
not available
Data not available

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Dividends

Not applicable for this business.
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