H.C. Wainwright reiterated its buy rating on FocalTherics Inc. (NASDAQ: FOCL), maintaining a $10 price target as the company reported its second-strongest quarter of capital sales to date.
The medical technology firm, formerly known as EDAP TMS S.A., recorded 13 capital sales in the second quarter of 2026, up from 11 in the prior quarter and trailing only the 14 sales achieved in the fourth quarter of 2025. The installed base reached 184 systems globally, including 96 in the U.S. and 88 internationally, while HIFU revenue rose 39% year-over-year to $13.2 million.
Gross margins expanded to 55.6% from 51.1% in the same period last year, and the company maintained its full-year 2026 core HIFU revenue guidance of $50 million to $54 million. Two of the U.S. sales involved operating lease conversions from the University of Michigan and Vanderbilt University Medical Center, reflecting management’s push toward cash sales over leasing arrangements.
FocalTherics also completed an additional sale of American Depositary Shares (ADSs), raising approximately $5.6 million in net proceeds after an initial offering of 8.425 million ADSs at $4.75 per share. Underwriters exercised their option to purchase an additional 1.263 million ADSs, fully subscribed.
Shares of FocalTherics were trading at $4.18 at the time of the rating reiteration, suggesting potential upside of roughly 139% based on the $10 target. The stock has delivered 61% revenue growth over the last twelve months, though analysts anticipate a 26% sales decline in the current year.
