Picard Medical / SynCardia Reports Revenue Growth Based on Top-line Results for the First Quarter 2026

Picard Medical (NYSE American: PMI) reported preliminary, unaudited Q1 2026 revenue of $1.1 million, up 79.9% from $0.6 million a year earlier, driven by higher SynCardia Total Artificial Heart utilization and increased driver rental pricing and income.

Rhea-AI Summary

Picard Medical (NYSE American: PMI) reported preliminary, unaudited Q1 2026 revenue of $1.1 million, up 79.9% from $0.6 million a year earlier, driven by higher SynCardia Total Artificial Heart utilization and increased driver rental pricing and income.

The company cautioned the figures are preliminary and unaudited and expects to file its Form 10-Q on or before May 15, 2026.

Positive

• Revenue +79.9% to $1.1M in Q1 2026
• Higher recurring income from driver rental pricing
• Increased STAH utilization driving sales growth

Negative

• Preliminary, unaudited results may change materially
• Revenue concentration tied to U.S. reimbursement and pricing

Argus Apr 22 session

+6.69% close to close Open Argus

Details

News Market Reaction – PMI

On Apr 22, the day this news came out, PMI closed 6.69% above the previous close.

Data tracked by StockTitan Argus for the Apr 22 session.

Market Context

On Apr 22, the day this news came out, the stock closed 6.7% above the previous close. A strong posi...

Analysis

On Apr 22, the day this news came out, the stock closed 6.7% above the previous close. A strong positive reaction aligns with PMI’s history of notable moves on earnings updates, where prior results prompted average next-day changes of about 6.66%. The sharp 79.9% year-over-year revenue increase and growth in U.S. utilization could justify enthusiasm, but investors have also faced continued losses and financing needs in past filings, which may temper how sustainable any strength proves over subsequent sessions.

Key Figures

Q1 2026 revenue: $1.1 million Q1 2025 revenue: $0.6 million Revenue growth YoY: 79.9% +3 more

Q1 2026 revenue

$1.1 million

Three months ended March 31, 2026 (preliminary, unaudited)

Q1 2025 revenue

$0.6 million

Three months ended March 31, 2025 (prior-year comparator)

Revenue growth YoY

79.9%

Q1 2026 vs Q1 2025 top-line revenue

Quarter end date

March 31, 2026

End of reporting period for preliminary top-line results

10-Q filing deadline

May 15, 2026

Expected filing date for full Q1 2026 financial results

Share price pre-news

$0.85

Last close before Q1 2026 preliminary revenue announcement

Previous Earnings Reports

3 past events · Latest: Mar 25

Same Type 3 events

1. Mar 25

   Full-year earnings

   24h Move

   +3.0%

   Reported 2025 revenue growth to $4.94M and higher cash after public listing.

2. Nov 14

   Quarterly earnings

   24h Move

   +10.7%

   Q3 2025 results with 35% YoY revenue growth and narrowed gross loss.

3. Sep 15

   Quarterly earnings

   24h Move

   +6.3%

   Q2 2025 results showing 207% YoY revenue growth and recent IPO funding.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

total artificial heart, bridge to transplant, u.s. fda, health canada, +3 more

7 terms

total artificial heart medical

"maker of the world’s first total artificial heart approved by both the U.S. FDA"

A total artificial heart is a surgically implanted mechanical device that replaces the heart’s two main pumping chambers and takes over circulation, acting like a continuous pump that keeps blood moving through the body. Investors care because it is a high-cost, high-stakes medical product whose commercial success depends on clinical trial results, regulatory approvals, hospital adoption, reimbursement rules and long-term patient outcomes — factors that drive revenue potential and risk.

bridge to transplant medical

"utilization of our total artificial heart as a bridge to transplant."

A bridge to transplant is a temporary medical treatment or device used to keep a patient stable and alive while they wait for an organ transplant, such as a heart, lung, or liver. For investors, it signals a defined market for products and services that sustain patients during the waiting period—similar to a rental car keeping someone moving until their new car arrives—affecting demand, pricing, reimbursement and regulatory risk for related companies.

u.s. fda regulatory

"first total artificial heart approved by both the U.S. FDA and Health Canada"

The U.S. FDA is the federal agency that reviews and approves drugs, vaccines, medical devices and food products for safety and effectiveness before they can be sold in the United States. For investors, FDA actions act like a gatekeeper — approvals can open the door to large sales and higher company value, while rejections, delays or safety warnings can sharply cut a product’s market potential and a company’s revenue outlook.

health canada regulatory

"total artificial heart approved by both the U.S. FDA and Health Canada"

Health Canada is the government department responsible for overseeing the safety and regulation of health-related products and services in Canada, including medications, medical devices, and vaccines. Its approval and guidelines help ensure that these products are safe and effective for public use. For investors, Health Canada's decisions can influence the success of healthcare companies and affect the availability of new medical treatments in the Canadian market.

preliminary, unaudited financial

"announced preliminary, unaudited top-line revenues for the first quarter"

Preliminary, unaudited describes early financial figures released by a company that have been prepared by management but not yet checked by outside auditors. Think of it as a rough draft of a report: it gives investors a timely snapshot of results but can change after formal review, so it matters because those numbers carry more uncertainty and should be treated cautiously when making investment decisions.

quarterly report on form 10-q regulatory

"expects to file its full financial results in its Quarterly Report on Form 10-Q"

A quarterly report on Form 10-Q is a standardized financial filing public companies must submit to U.S. regulators every three months, summarizing recent financial results, cash flows, balance sheet changes, operations and material risks or legal developments. Investors treat it like a company report card that shows up-to-date facts rather than marketing copy, helping them track performance, spot trends, reassess risk and make buy or sell decisions.

financial close process technical

"subject to the completion of the Company’s quarter-end financial close process"

The financial close process is the routine set of steps a company uses at the end of a reporting period to gather, check and lock its accounting records so accurate financial statements can be produced. Think of it like balancing a household budget each month—matching receipts to charges, fixing errors, and confirming totals—because timely, reliable closes show investors the company’s true results and reduce the risk of surprises or restatements.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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– Growth driven by increased U.S. demand and pricing –

TUCSON, Ariz., April 22, 2026 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE American: PMI) (“Picard Medical” or the “Company”), parent company of SynCardia Systems, LLC, (“SynCardia”) maker of the world’s first total artificial heart approved by both the U.S. FDA and Health Canada, today announced preliminary, unaudited top-line revenues for the first quarter ended March 31, 2026.

Revenue rose 79.9% to $1.1 million for the three months ended March 31, 2026, from $0.6 million for the three months ended March 31, 2025, reflecting higher utilization of the SynCardia Total Artificial Heart (“STAH”) and increased driver rental income.

Growth was driven by higher STAH sales, which was due to favorable reimbursement and economic conditions in the United States. The Company also implemented pricing adjustments for its driver rental program during the quarter, contributing to higher recurring revenue.

Patrick NJ Schnegelsberg, Chief Executive Officer of Picard Medical, said, “Our preliminary revenue growth reflects progress across our commercial and operational initiatives, as well as increased utilization of our total artificial heart as a bridge to transplant. We remain focused on expanding patient access, supporting clinical partners, and advancing development of our next generation fully implantable total artificial heart platform.”

The revenue information in this release constitutes selected preliminary, unaudited financial data based on information available as of the date hereof and remains subject to the completion of the Company’s quarter-end financial close process and review. The Company’s independent registered public accounting firm has not audited, reviewed, or performed any procedures with respect to this preliminary financial data. Actual results may differ materially from these preliminary estimates.

Picard Medical expects to file its full financial results in its Quarterly Report on Form 10-Q with the Securities and Exchange Commission on or before May 15, 2026, and investors should review those materials for a comprehensive presentation of the Company’s results of operations and financial condition.

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 STAH 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 (the “SEC”) at www.sec.gov.

Forward-Looking Statements

This press release includes 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 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts.  Forward-looking statements can often be identified by words such as “remain,” “expand,” “expect” and “advance,” 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, expanding patient access, supporting clinical partners, and advancing development of our next generation fully implantable total artificial heart platform. 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. Additional information about the Company, including risk factors that may affect the Company’s business, financial condition, and results of operations, is contained in the Company's filings with the SEC, including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available free of charge on the SEC’s website at http://www.sec.gov and on the Company's investor relations website at https://picardmedical.com/.

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Picard Medical (PMI) preliminary revenues for Q1 2026?

Picard Medical reported preliminary Q1 2026 revenue of $1.1 million, a 79.9% increase year-over-year. According to the company, this rise reflects higher SynCardia Total Artificial Heart utilization and increased driver rental income.

Why did PMI revenue increase 79.9% in Q1 2026?

Revenue growth was driven by higher STAH utilization and pricing changes in the driver rental program. According to the company, favorable U.S. reimbursement and economic conditions also contributed to the increase.

Are Picard Medical's Q1 2026 results audited and final?

No, the Q1 2026 revenue figure is preliminary and unaudited and may change materially. According to the company, the independent auditor has not reviewed these preliminary numbers.

When will Picard Medical (PMI) file its full Q1 2026 results?

Picard Medical expects to file its complete Q1 2026 report on Form 10-Q on or before May 15, 2026. According to the company, investors should review that filing for comprehensive financial details.

How did driver rental pricing affect PMI's Q1 2026 recurring revenue?

Driver rental pricing adjustments contributed to higher recurring revenue during the quarter. According to the company, implemented pricing changes increased driver rental income and supported overall revenue growth.