Picard Medical Reports Second Quarter 2025 Financial Results

Rhea-AI Summary

Picard Medical (NYSE American: PMI), maker of the first U.S. and Canadian approved total artificial heart, reported significant Q2 2025 financial results. The company achieved 207% year-over-year revenue growth to $2.13 million, driven by strong U.S. product sales.

The company recently completed its IPO raising $19.5 million in gross proceeds. Despite revenue growth, Picard reported a net loss of $6.72 million in Q2 2025, compared to $4.06 million in Q2 2024, primarily due to increased non-cash debt expenses and derivative losses. The company's operating loss improved 8% to $3.52 million.

For the first half of 2025, revenue increased 3% to $2.74 million, while net loss widened to $12.29 million. Following the IPO, Picard expects to fund operations into 2026, focusing on artificial heart adoption and developing its next-generation Emperor platform.

Positive

• Revenue grew 207% year-over-year to $2.13 million in Q2 2025
• Successfully completed IPO raising $19.5 million in gross proceeds
• Q2 2025 operating loss improved 8% to $3.52 million
• Q2 2025 gross loss improved 67% compared to prior year
• Operations funded into 2026 following IPO proceeds

Negative

• Q2 2025 net loss increased 66% to $6.72 million
• First half 2025 operating loss widened 19% to $6.77 million
• Gross profit swung to $0.49 million loss in first half 2025 from $0.43 million profit in 2024
• First half 2025 net loss more than doubled to $12.29 million
• Significant impact from non-cash debt expenses and derivative losses

Insights

Financial Analyst

Picard shows impressive 207% Q2 revenue growth but widening net losses amid recent $19.5M IPO to fund artificial heart technology development.

Picard Medical's Q2 results present a mixed financial picture with both encouraging and concerning signals. The 207% year-over-year revenue jump to $2.13 million demonstrates strong commercial traction for their artificial heart technology, primarily driven by U.S. product sales. This growth trajectory is particularly impressive in the medical device sector where adoption typically faces significant hurdles.

However, beneath the top-line growth lie several financial challenges. Despite the narrowing gross loss (improved by 67%), Picard remains unprofitable at the gross margin level – unusual for a medical device company at this stage. More concerning is the significant widening of net losses to $6.72 million from $4.06 million year-over-year, with substantial increases in non-cash debt discount amortization ($2.10 million) and derivative losses ($0.72 million).

The first-half results further complicate the picture, with revenue growth slowing dramatically to just 3% and a troubling shift from gross profit to loss. The 104% increase in net loss for the six-month period signals mounting financial pressure despite improving Q2 sales.

The recently completed $19.5 million IPO provides crucial operating runway "into 2026" but represents a relatively modest raise for a company developing sophisticated medical technology. This suggests Picard may need additional capital infusions before achieving sustainable cash flow, especially considering the development costs for their next-generation "Emperor" fully implantable heart platform.

• Strong commercial momentum driven by higher product sales –
• Total revenue and $19.5 million IPO proceeds support expansion and innovation in artificial heart technology -
  
  

TUSCON, Ariz., Sept. 15, 2025 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE American: PMI) (“Picard” or the “Company”), parent company of SynCardia Systems LLC, maker of the world’s first U.S. and Canadian commercially-approved total artificial heart, announced financial results for the quarter and six months ended June 30, 2025. In early September, Picard successfully closed its initial public offering, raising gross proceeds of $19.5 million.

“Our second quarter results reflect strong sales growth for the SynCardia total artificial heart,” said Patrick NJ Schnegelsberg, Chief Executive Officer of Picard Medical. “We achieved over 200% revenue growth year-over-year, strengthened our operating profile, and successfully completed our IPO the proceeds of which provide us with the capital to advance development of our next-generation fully implantable heart and expand access to the SynCardia platform globally.”

Second Quarter 2025 Results

Revenue for the second quarter of 2025 increased 207% to $2.13 million, compared with $0.69 million in the second quarter of 2024. Growth was driven entirely by higher U.S. product sales. Gross loss narrowed to $0.13 million, a 67% improvement compared with the prior year. Operating loss improved 8% to $3.52 million, versus $3.82 million in the second quarter of 2024. Net loss was $6.72 million, compared to $4.06 million in the prior year quarter, with the loss increase including a $2.10 million higher non-cash debt discount amortized to interest expense and a $0.72 million increase in derivative loss.

Year-to-Date 2025 Results

For the six months ended June 30, 2025, revenue rose 3 % to $2.74 million, compared with $2.67 million in the first half of 2024. Gross loss was $0.49 million, compared with a gross profit of $0.43 million in the same period of 2024. Operating loss widened to $6.77 million, up 19% from $5.70 million in the prior year period. Net loss for the first half was $12.29 million, versus $6.01 million in the first half of 2024 with the loss increase including a $2.37 million higher non-cash debt discount amortized to interest expense and a $2.50 million increase in derivative loss.

Financial Summary

($ in thousands)	Q2 2025		Q2 2024		% Change		6M 2025		6M 2024		% Change
Revenue	2,131		694		+207%		2,744		2,674		+3%
Gross Profit/(Loss)	(127)		(382)		+67%		(485)		425		n/m
Operating Loss	(3,521)		(3,824)		+8%		(6,767)		(5,696)		-19%
Net Loss	(6,724)		(4,057)		-66%		(12,285)		(6,011)		-104%

Note: n/m = not meaningful due to swing from profit to loss.

Outlook

Following the IPO completed in September, Picard expects to fund operations into 2026 under its current plan. The company remains focused on driving adoption of its commercially approved total artificial heart and progressing its next-generation fully implantable platform, the Emperor.

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 more information, please visit https://www.syncardia.com.

Forward-Looking Statements

This press release includes forward-looking statements that involve risks and uncertainties within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: “believe,” “plan,” “expects,” “progressing,” and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the use of proceeds to fund operations, driving adoption of the STAH and progressing its next-generation fully implantable platform. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC's website, http://www.sec.gov.

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

What were Picard Medical's (PMI) Q2 2025 revenue and growth rate?

Picard Medical reported Q2 2025 revenue of $2.13 million, representing a 207% increase compared to $0.69 million in Q2 2024, driven by higher U.S. product sales.

How much did Picard Medical raise in its IPO in September 2025?

Picard Medical successfully completed its IPO in early September 2025, raising $19.5 million in gross proceeds.

What was PMI's net loss for Q2 2025?

Picard Medical reported a net loss of $6.72 million in Q2 2025, compared to $4.06 million in Q2 2024, with the increase primarily due to higher non-cash debt discount amortization and derivative losses.

How long will Picard Medical's current funding last?

Following the September 2025 IPO, Picard Medical expects to have sufficient funding to support operations into 2026 under its current plan.

What are Picard Medical's main products and development focus?

Picard Medical, through SynCardia Systems, produces the world's first U.S. and Canadian commercially-approved total artificial heart and is developing a next-generation fully implantable platform called the Emperor.