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Pulse Biosciences Inc (PLSE)
:PLSE
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Pulse Biosciences
(NASDAQ:PLSE)
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Rating:44Neutral
Price Target:―
Pulse Biosciences receives a low overall score due to persistent financial challenges such as continuous losses and cash burn. While technical indicators show some positive momentum, the valuation remains unattractive due to negative earnings. The earnings call provided a balanced view with notable advancements in technology and strengthened finances, but increased operational costs remain a concern. The CFO appointment is a positive strategic move but does not significantly affect the overall score.
Pulse Biosciences (PLSE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.07B
Dividend YieldN/A
Average Volume (3M)150.34K
Price to Earnings (P/E)―
Beta (1Y)1.80
Revenue GrowthN/A
EPS Growth-40.63%
CountryUS
Employees75
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-0.20
Shares Outstanding67,767,580
10 Day Avg. Volume123,130
30 Day Avg. Volume150,341
Financial Highlights & Ratios
PEG Ratio-4.17
Price to Book (P/B)8.85
Price to Sales (P/S)0.00
P/FCF Ratio-27.88
Enterprise Value/Market Cap0.00
Enterprise Value/Revenue0.00
Enterprise Value/Gross Profit0.00
Enterprise Value/Ebitda0.00
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Pulse Biosciences Business Overview & Revenue Model
Company DescriptionPulse Biosciences, Inc. is a medical technology company that focuses on developing and commercializing innovative therapeutic treatments leveraging its proprietary Nano-Pulse Stimulation (NPS) technology. Operating within the healthcare and medical device sectors, Pulse Biosciences aims to provide non-thermal, cellular-specific treatments for a range of dermatological and oncological conditions. The company's core product, the CellFX System, is designed to deliver precise energy pulses to treat benign and malignant lesions on the skin.
How the Company Makes MoneyPulse Biosciences generates revenue primarily through the sale and leasing of its CellFX System to dermatologists and other healthcare providers. The company may also earn revenue from service agreements, training, and support services related to the use of its systems. Additionally, Pulse Biosciences could engage in strategic partnerships or collaborations with other healthcare organizations to further expand the application of its technology and enhance its market presence. Key factors contributing to its earnings include the adoption and integration of its technology within clinical practices and potential expansion into international markets.
Pulse Biosciences Earnings Call Summary
Earnings Call Date:Nov 05, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 26, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant progress in clinical trials and regulatory approvals, promising initial revenues, and positive clinical outcomes. However, the financials showed increased costs and cash usage, resulting in a higher net loss.Q3-2025 Updates
Positive Updates
Progress in nPulse Vybrance System Adoption
The nPulse Vybrance percutaneous electrode system for soft tissue ablation showed strong product market fit in the pilot program. Over 200 patients have been treated, and procedure volumes increased sequentially this quarter.
Regulatory and Clinical Trial Advancements
Received FDA investigational device exemption approval for the nPulse cardiac surgery system for atrial fibrillation. Initiated NANOCLAMP AF study, the first PFA study approved by FDA for a surgical cardiac ablation device.
Positive Clinical Outcomes for nPulse 360 Catheter
Encouraging initial clinical outcomes from Europe for the nPulse 360 Catheter confirm its potential for advancing AF treatment. 150 patients enrolled in the ongoing feasibility study.
Initial Revenues Generated
Pulse Biosciences recognized initial revenues of $86,000 from nPulse capital and Vybrance disposable sales during the limited market release.
Negative Updates
Increased Costs and Net Loss
Total GAAP costs and expenses increased by $6.8 million to $20.5 million compared to the prior year. GAAP net loss was $19.4 million compared to $12.7 million in the prior year period.
Cash Usage Increase
Cash used in operating activities increased to $13 million for the third quarter, up from $9 million in the prior year period.
Company Guidance
During the Q3 2025 earnings call for Pulse Biosciences, the company provided several key metrics and guidance on their progress and future plans. Pulse Biosciences reported total revenue of $86,000, marking initial revenues from nPulse capital and Vybrance disposable sales following a limited market release. Total GAAP costs and expenses for the quarter increased to $20.5 million, up from $13.7 million in the prior year, largely due to expanding organizational expenses and noncash stock-based compensation of $5.6 million. The company recorded a GAAP net loss of $19.4 million, compared to $12.7 million in the previous year. Cash and cash equivalents as of September 30, 2025, were $95.2 million, down from $79 million the previous year. The company is focused on advancing its clinical trials, including the PRECISE-BTN study for benign thyroid nodules and the IDE pivotal study for the nPulse cardiac surgical system, with up to 136 patients to be enrolled across 20 sites. Additionally, they are progressing with European feasibility studies and expect to enroll 150 patients for the nPulse 360 Catheter in Europe. Looking ahead, the company anticipates growing disposables and system sales as procedure acceptance increases and plans to maintain commercial headcount while expanding market access and patient outcomes.Pulse Biosciences Financial Statement Overview
Summary
Pulse Biosciences faces significant financial challenges, marked by persistent losses, lack of revenue growth, and high cash burn. The financial health is buoyed by equity financing, yet this raises sustainability concerns without a clear path to operational profitability. Strategic adjustments are essential to improve revenue generation and operational efficiency, ensuring long-term viability.Income Statement
Pulse Biosciences has consistently struggled with profitability, as evidenced by negative net income and EBIT across all years. The absence of revenue in recent years highlights significant challenges in achieving market penetration and product adoption. The net profit margin is negative due to sustained losses, indicating a need for strategic pivots or operational improvements. The company has not shown revenue growth, which is critical for future viability.20
Very Negative
Balance Sheet
The balance sheet shows a relatively strong equity position with stockholders' equity increasing over recent years, supported by substantial financing inflows. The company maintains a low debt-to-equity ratio, indicating lower financial leverage and potential for future borrowing if needed. However, the negative equity in 2022 and fluctuating asset base reflect operational instability. The equity ratio has been volatile, reflecting the financial restructuring efforts undertaken by the company.30
Negative
Cash Flow
The cash flow statement indicates persistent negative operating cash flow, which is a critical concern for sustainability. Although there has been substantial financing inflow, this is primarily used to cover operational deficits. There is no positive free cash flow growth, and the free cash flow to net income ratio reflects ongoing cash burn. Operating cash flow to net income is negative, indicating inefficiencies in cash generation from core activities.25
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.66M | 0.00 | 0.00 | 700.00K | 1.42M | 0.00 |
| Gross Profit | 3.00K | -1.18M | -1.21M | -11.24M | -550.00K | -665.00K |
| EBITDA | -77.29M | -52.41M | -42.37M | -56.70M | -61.87M | -48.87M |
| Net Income | -74.73M | -53.59M | -42.21M | -58.51M | -63.66M | -49.74M |
Balance Sheet | ||||||
| Total Assets | 108.77M | 132.46M | 59.15M | 77.88M | 54.25M | 41.29M |
| Cash, Cash Equivalents and Short-Term Investments | 95.21M | 118.04M | 44.37M | 61.14M | 28.61M | 20.48M |
| Total Debt | 7.89M | 8.90M | 9.14M | 75.96M | 11.25M | 11.36M |
| Total Liabilities | 16.07M | 17.60M | 14.79M | 80.13M | 18.56M | 18.40M |
| Stockholders Equity | 92.69M | 114.86M | 44.36M | -2.25M | 35.69M | 22.89M |
Cash Flow | ||||||
| Free Cash Flow | -48.77M | -36.47M | -33.16M | -47.41M | -54.53M | -35.81M |
| Operating Cash Flow | -48.51M | -36.34M | -33.04M | -47.01M | -54.10M | -35.37M |
| Investing Cash Flow | -283.00K | -125.00K | -121.00K | -401.00K | 7.56M | 10.04M |
| Financing Cash Flow | 64.97M | 110.14M | 16.39M | 79.94M | 62.69M | 30.89M |
Pulse Biosciences Technical Analysis
Negative
18.21
Price Trends
17.06
Negative
16.29
Negative
16.99
Negative
Market Momentum
-0.44
Positive
33.50
Neutral
20.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLSE, the sentiment is Negative. The current price of 18.21 is above the 20-day moving average (MA) of 17.11, above the 50-day MA of 17.06, and above the 200-day MA of 16.99, indicating a bearish trend. The MACD of -0.44 indicates Positive momentum. The RSI at 33.50 is Neutral, neither overbought nor oversold. The STOCH value of 20.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for PLSE.
Pulse Biosciences Risk Analysis
Pulse Biosciences disclosed 61 risk factors in its most recent earnings report. Pulse Biosciences reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Pulse Biosciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
56 Neutral | $1.38B | -12.40 | -1.74% | ― | -8.15% | 13.50% | |
54 Neutral | $1.32B | ― | -5.98% | ― | -18.61% | 92.36% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
51 Neutral | $245.70M | ― | -25.78% | ― | 34.29% | -49.21% | |
50 Neutral | $1.86B | ― | -44.21% | ― | -3.43% | 38.98% | |
50 Neutral | $1.32B | ― | -24.65% | ― | -32.42% | -540.37% | |
44 Neutral | $1.07B | -13.62 | -86.99% | ― | ― | -40.63% |
* Healthcare Sector Average
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Pulse Biosciences Corporate Events
Executive/Board ChangesBusiness Operations and Strategy
Pulse Biosciences Strengthens Leadership with New CFO Appointment
Positive
Feb 4, 2025
Pulse Biosciences announced the appointment of Jon Skinner as Chief Financial Officer, effective February 3, 2025, to bolster its executive team as it scales the commercialization of its CellFX nanosecond PFA platform. Skinner, with extensive experience in financial leadership across healthcare and industrial sectors, brings strategic insights that are expected to aid in advancing Pulse Biosciences’ operational excellence and market positioning.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.