MOBI: Post-IPO Stock Deficit? Expect Story to Rehab Image Over Time – Initiate Outperform

研报英文原文证据摘录

MOBI: Post-IPO Stock Deficit? Expect Story to Rehab Image Over Time – Initiate Outperform

Medical Supplies & Devices

Medical Supplies & Devices - Market Weight

MOBIA MEDICAL, INC. (MOBI) June 2, 2026

MOBI: Post-IPO Stock Deficit? Expect Story to Rehab Rating:

Image Over Time – Initiate Outperform Outperform

Price:

$13.10

The Wolfe Byte Price Target:

Initiate coverage of MOBI with Outperform rating and long-term DCF-derived $19

% Upside:target price of $19 per share which approximates 6x 2027 revenue. 45.0%

View MOBI Model

Mobia Medical sells the Vivistim System, an implanted vagus nerve stimulator FDA View Comp Table

approved mid-2021. Stimulation of the vagus nerve improves brain neuroplasticity Company Information

and helps enhance outcomes of task-specific rehabilitation in ischemic stroke 52-Week Range $12 - $13

survivors with moderate-to-severe upper extremity deficit. The first full year of US Market Cap. (M) $433

commercial launch was 2023. Enterprise Value (MM) $588 Shares Out. (MM) 33.1

Value Traded (MM) $0.83This market – vagus nerve stimulation for task-specific stroke rehabilitation – does Avg. 0.0% SI% of Float

not exist at scale yet – Mobia is building it. Vivistim is 1 of 1 in this space – we see no

direct device competition on the horizon. Drugs have pursued functional recovery post 14

stroke as an indication but have only failed and near/mid-term pipeline appears dry. 13.5

There are equipment/prosthesis solutions available/under development but evidence 13

12.5quality and/or outcomes underwhelm.

Size of opportunity? TAM is not the problem. More than 400,000 people survive 11.5

an ischemic stroke each year in the US. The cumulative number of ischemic stroke 11

survivors alive in the US? Probably >8 million. After significant adjustment to these Jun-26