BOSTON — Mauna Kea Technologies (Euronext Growth: ALMKT), a medical technology company specializing in advanced endoscopic imaging, reported a 37% increase in product and service revenue for the first half of 2026, driven by growing demand for its CellTolerance platform in Europe and international markets.
Product and service revenue reached €3.2 million, compared with €2.3 million during the same period in 2025. Gross margin improved to 65%, up from 63% a year earlier.
Despite the growth in product sales, total revenue declined 13% to €3.2 million from €3.7 million, reflecting the scheduled conclusion of noncash licensing revenue recognition associated with a previous agreement with Tasly.
The company reported a net loss of €4.8 million, compared with €4.7 million in the first half of 2025. Operating losses widened to €4.2 million from €3 million.
“The first half of 2026 was consistent with our roadmap. Growth was driven by CellTolerance®, with dynamic sales in Europe, notably in Germany and Switzerland, and first sales in new markets such as the United Arab Emirates, Australia and Spain, while we maintained strict cost discipline,” said Sacha Loiseau, Ph.D., Chairman and CEO of Mauna Kea Technologies.
The company expanded its international presence after obtaining regulatory clearances in the United Arab Emirates, Turkey, Switzerland and the United Kingdom. Revenue from Europe and other international markets increased to €1.1 million from €300,000 a year earlier.
In the United States, revenue remained stable at approximately €2 million as Mauna Kea reorganized its commercial operations. The company established a dedicated Clinical Associates team to provide clinical support and increase utilization of its Cellvizio imaging platform.
The team, completed in June with four members, works alongside territory managers to support existing customers. Mauna Kea also added four new CellTolerance accounts in the United States, including a major hospital system.
The company highlighted several clinical developments supporting the use of Cellvizio, its probe- and needle-based confocal laser endomicroscopy platform.
An independent South Korean meta-analysis involving 33 studies and 2,350 patients found that adding Cellvizio to standard endoscopy increased dysplasia detection rates in Barrett’s esophagus from 10% to 28%, while reducing the average number of biopsies by 48.5%.
Research involving pancreatic cysts also advanced, with findings from the CLIMB study selected for presentation at Digestive Disease Week 2026.
Additionally, a prospective study involving patients with ulcerative colitis found that all 29 patients who achieved a specific measure of healing assessed through Cellvizio remained relapse-free over 24 months, compared with a 33% relapse rate among those who did not achieve that measure.
On the financial side, Mauna Kea reported cash and cash equivalents of €2.3 million as of June 30, down from €5 million at the end of 2025. Financial debt totaled €11.8 million.
The company also announced expanded financial support from longtime shareholder and partner Vester Finance, which increased its shareholder financing facility from €4 million to €5 million.
Based on the facility and its current growth projections, Mauna Kea expects to have sufficient resources to fund operations through the end of 2027.
The financing arrangement can be repaid in cash or newly issued shares, potentially resulting in shareholder dilution.
Mauna Kea said it remains focused on expanding CellTolerance internationally, increasing Cellvizio adoption in the United States and advancing clinical evidence supporting its endoscopic imaging technologies.
The company is scheduled to release its third-quarter 2026 revenue results on October 20.
