CapsoVision makes capsule endoscopy systems for diagnosing GI tract conditions. The core product is CapsoCam Plus, a single-use ingestible capsule that patients swallow; as it travels through the GI tract, it captures and stores video internally, which physicians later review to detect abnormalities in the small bowel, including GI bleeding, Crohn's disease, tumors, and polyps. CapsoVision sells directly to gastroenterologists in the U.S. through an in-house sales force, and internationally through roughly 55 exclusive distributors. Revenue is driven entirely by capsule unit sales — there is no capital equipment component, as CapsoCam Plus requires no wired data recorder hardware. Each procedure consumes one capsule, so revenue scales with procedure volume and pricing. Physician reimbursement flows through Medicare, Medicaid, or private insurers via established CPT codes, meaning demand is tied to payer coverage policies. Bundled software (CapsoCloud in the U.S.) enables cloud-based remote video review. CapsoVision's near-term pipeline centers on CapsoCam Colon, a second-generation colon capsule with 360° panoramic imaging and AI-assisted polyp detection, targeting an FDA submission in Q3 2026. CapsoVision is also pursuing AI-assisted pathology detection for CapsoCam Plus, pediatric and at-home use cases (both cleared in late 2024), and longer-term indications including esophageal varices and pancreatic cancer. R&D spending well exceeds current revenue, reflecting the company's early commercial stage and heavy pipeline investment.