Picard Medical Reports Full Year 2025 Financial Results
Rhea-AI Summary
Picard Medical (NYSE American: PMI) reported 2025 results showing revenue growth, improved operating performance, and a stronger balance sheet after its public listing. Revenue was $4.94 million, up 12.5% year-over-year; cash totaled $11.5 million versus $0.1 million at year-end 2024.
Product revenue was $4.75 million; gross margin remained negative at (4.1%). Net loss widened to $(27.0) million, while operating loss improved slightly to $(13.3) million. The company raised net proceeds from equity and debt financings during 2025 and said additional capital will be required.
Positive
- Revenue +12.5% YoY to $4.94M
- Cash position strengthened to $11.5M from $0.1M
- Product revenue 96% of total ($4.75M)
- Operating loss improved to $(13.3M) from $(13.7M)
Negative
- Net loss widened to $(27.0M) from $(21.1M)
- Gross margin negative at (4.1%), worse than (2.6%)
- Net cash used in operations $(15.7M) in 2025
- Additional capital required to support operations
News Market Reaction – PMI
On the day this news was published, PMI gained 3.03%, reflecting a moderate positive market reaction. Argus tracked a trough of -8.0% from its starting point during tracking. Our momentum scanner triggered 3 alerts that day, indicating moderate trading interest and price volatility. This price movement added approximately $2M to the company's valuation, bringing the market cap to $78.12M at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
PMI was down 5.71% with several medical device peers also lower (CTKB -0.64%, KIDS -2.21%, LAB -1.55%), indicating a sector-tilted move rather than purely idiosyncratic trading.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 14 | Q3 2025 earnings | Positive | +10.7% | Q3 2025 revenue growth, narrower gross loss, improved operating loss post-IPO. |
| Sep 15 | Q2 2025 earnings | Positive | +6.3% | Q2 2025 revenue up 207% YoY with improved operating loss despite higher net loss. |
Prior earnings releases showed positive revenue growth and were followed by positive next‑day moves.
Recent earnings updates for Picard Medical have combined strong revenue growth with ongoing net losses. In Q2 2025, revenue increased 207% year over year to $2.13M, while net loss widened due to non-cash debt and derivative expenses. By Q3 2025, revenue reached $1.19M, with gross loss and operating loss improving and nine‑month revenue up 11%. Both earnings events coincided with double‑digit and mid‑single‑digit positive price moves, framing today’s full‑year 2025 report within a pattern of growth amid continued losses.
Historical Comparison
In the past year, PMI reported 2 earnings updates averaging a 8.47% positive move. Today’s -5.71% pre-news decline contrasts with the prior upbeat reactions to financial results.
Across recent earnings, Picard combined rapid revenue growth with balance sheet actions following its IPO, while working to narrow operating losses and support commercialization of the SynCardia Total Artificial Heart.
Market Pulse Summary
This announcement details full‑year 2025 performance with revenue of $4.94M, 12.5% growth over 2024, but a widened net loss of $27.0M and negative -4.1% gross margin. The balance sheet strengthened to $11.5M in cash and equivalents after $17.4M in equity and $9.7M in debt financing. Investors may track future updates on commercialization, manufacturing scale-up, and loss reduction relative to past earnings that previously coincided with positive stock moves.
Key Terms
total artificial heart medical
convertible debt financial
derivative liabilities financial
AI-generated analysis. Not financial advice.
Revenue Growth and Continued Adoption of SynCardia Total Artificial Heart
TUCSON, Ariz., March 25, 2026 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE American: PMI) (the “Company”), parent company of SynCardia Systems LLC, maker of the world’s first total artificial heart approved by both the U.S. FDA and Health Canada, today reported financial results for the year ended December 31, 2025. The year reflected a transformational period for the Company highlighted by revenue growth, improved operating performance, and a strengthened balance sheet following the successful completion of the Company public listing and related capital raises.
Key Financial Highlights
- Revenue of
$4.9 million , an increase of 12.5 percent compared to 2024 - Product revenue of
$4.7 million representing 96 percent of total revenue - Gross margin was (4.1 percent) compared to (2.6 percent) in 2024
- Operating loss was
$(13.3) million compared to$(13.7) million in 2024 - Net loss was
$(27.0) million compared to$(21.1) million in 2024 - Cash, cash equivalents and restricted cash of
$11.5 million at year end compared to$0.1 million (December 31, 2024) $17.4 million net proceeds raised from equity financings and$9.7 million net proceeds from debt financing during 2025- Conversion of convertible debt and elimination of derivative liabilities
Management Commentary
“2025 was a transformational year for Picard Medical, marked by our public listing, balance sheet restructuring, and revenue growth,” said Patrick NJ Schnegelsberg, Chief Executive Officer of Picard Medical. “We strengthened our financial position while continuing to expand adoption of the SynCardia Total Artificial Heart. We will provide additional operational updates during our business update call on Wednesday, March 25, 2026, at 4:30 p.m. EDT.”
To register for the live webcast of the call, go to: https://lifescievents.com/event/gjpq036k/
An online replay will be available shortly after the call on the Company’s website, picardmedical.com, and continue to be available for 60 days.
Financial Results
Revenue
Total revenue for 2025 was
Gross Profit (Loss)
Gross loss was
Operating Expenses
Operating expenses were
Operating Profit (Loss)
Operating loss was
Net Loss
Net loss was
Liquidity and Capital Resources
Cash, cash equivalents and restricted cash totaled
Net cash used in operating activities was
Outlook
The Company expects to continue investing in commercialization, manufacturing scale, and product development. Additional capital will be required to support operations and execute the Company’s business plan.
About Picard Medical and SynCardia
Picard Medical, Inc. is the parent company of SynCardia Systems, LLC (“SynCardia”), the Tucson, Arizona-based leader with the only commercially available total artificial heart technology for patients with end-stage heart failure. SynCardia develops, manufactures, and commercializes the SynCardia Total Artificial Heart (“STAH”), an implantable system that assumes the full functions of a failing or failed human heart. It is the first artificial heart approved by both the FDA and Health Canada, and it remains the only commercially available artificial heart in the United States and Canada. With more than 2,100 implants performed at hospitals across 27 countries, the SynCardia Total Artificial Heart is the most widely used and extensively studied artificial heart in the world.
For additional information about Picard Medical, please visit www.picardmedical.com or review the Company’s filings with the U.S. Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “expect,” “will,” “continue,” and “plan,” and similar expressions, and variations or negatives of these words. These statements include, but are not limited to, statements regarding the Company’s financial condition, future operating results, expectations for growth, capital requirements, and the Company’s outlook and plan for future investing. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements and are encourage to review the Company’s most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Contact:
Investors
Eric Ribner
Managing Director
LifeSci Advisors LLC
eric@lifesciadvisors.com
Picard Medical, Inc./SynCardia Systems, LLC
IR@picardmedical.com
General/Media
Brittany Lanza
blanza@syncardia.com
FAQ
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