Viva Las Vagus: Mobia Medical Deals a New Hand in Chronic Stroke Recovery; Initiating at Buy and $19 PT

研报英文原文证据摘录

Viva Las Vagus: Mobia Medical Deals a New Hand in Chronic Stroke Recovery; Initiating at Buy and $19 PT

Investment Thesis

Mobia Medical (MOBI) is a commercial-stage medical technology company and developer of Vivistim, the first and only FDA-

approved VNS platform for chronic ischemic stroke survivors living with moderate-to-severe upper extremity impairment.

Vivistim delivers intentional bursts of stimulation to the vagus nerve during functional movement, triggering the release ofMEDICAL key neuromodulators that place the brain in a heightened state of neuroplasticity, allowing surrounding neurons to take over

motor functions previously lost to stroke-damaged tissue and enabling durable restoration of upper limb function. MOBI is not

competing in an established market, it is the market. There are no other FDA-approved devices for chronic stroke recovery, and until

Vivistim's PMA approval in August 2021, patients who survived beyond the initial 3-to-6 month sub-acute rehabilitation window

had limited treatment options. The unmet need is substantial, with ~9M ischemic stroke survivors today. As advancements in acute

stroke care continue, more patients are surviving into the chronic phase with meaningful functional deficits, expanding MOBI's

addressable population over time. MOBI is supported by a robust body of clinical evidence, favorable coding and reimbursement

infrastructure and a highly concentrated customer base coupled with a highly motivated patient population that self-identifies andTECHNOLOGY

seeks treatment. We view MOBI as a high-conviction, long-horizon market development story, one where the clinical differentiation

AND is real, the market opportunity is large and well-documented, and the path to scale is achievable.

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