| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| R&D Expense | $20.0M | +35.9% |
| SG&A Expense | $7.6M | +74.4% |
| Operating Income | -$27.6M | -44.7% |
| Pre-tax Income | -$28.2M | -50.0% |
| Income Tax | $2K | +0.0% |
| Net Income | -$28.2M | -50.0% |
| EPS (Basic) | -$12.36 | -2323.5% |
| EPS (Diluted) | -$12.36 | -2323.5% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Cash & Equivalents | $6.9M | -47.0% |
| Current Assets | $7.5M | -44.2% |
| Total Assets | $14.8M | -20.8% |
| Current Liabilities | $1.9M | +48.1% |
| Total Liabilities | $1.9M | +13.0% |
| Stockholders' Equity | $13.0M | -24.1% |
| Line Item | 2026-03-31 | Y/Y |
|---|---|---|
| Operating Cash Flow | -$23.8M | -51.1% |
| Capital Expenditures | $3.9M | +57.7% |
| Investing Cash Flow | -$3.9M | -57.7% |
| Financing Cash Flow | $21.5M | -2.5% |
| Free Cash Flow | -$27.7M | -52.0% |
Business Overview
Modular Medical is a medical device company focused on designing, developing, and commercializing innovative insulin pumps using modernized technology to expand pump adoption beyond highly motivated users to the mass market. The company received FDA clearance for its next-generation Pivot tubeless insulin delivery system in April 2026 and commenced commercial availability and initial shipments in June 2026, with plans to expand across metropolitan markets by late 2026 and obtain CE mark clearance for European markets by Q2 2027.
Forward Guidance
"We intend to expand commercial activities across metropolitan markets by late 2026." "We also intend to obtain Conformite Europeenne, or CE, mark clearance for our Pivot product, which would allow us to market and sell in Europe and certain other international markets. We expect to obtain CE mark clearance by the second quarter of 2027." The company believes its Pivot pump represents a total addressable market of approximately $3 billion.
Key Risk Factors
Key risks include: (1) ability to achieve marketable products and secure regulatory approvals and clearances from the FDA; (2) competition with larger and more substantial medical device companies in the diabetes marketplace; (3) ability to raise additional financing when needed and on favorable terms; (4) reliance on retaining key officers, directors and employees; (5) ability to generate significant revenues, achieve profitability, and manage business growth; and (6) compliance with applicable laws and regulations including FDA, SEC, and data privacy requirements.