Pulse Biosciences (PLSE)
NASDAQ:PLSE
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Pulse Biosciences
(NASDAQ:PLSE)
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Rating:47Neutral
Price Target:
$19.00
▲(0.42% Upside)
Action:ReiteratedDate:04/10/26
The score is held down primarily by very weak financial performance (minimal revenue, large losses, and accelerating cash burn). Offsetting this, the earnings narrative and recent corporate updates show meaningful clinical/regulatory progress that could improve the outlook if trials and commercialization milestones are met, while technicals remain soft in the near term and valuation signals are not supportive due to ongoing losses.
Positive Factors
Robust clinical efficacy (nPulse AF)
Consistently high procedural success and durable 12‑month outcomes materially de‑risk the core technology. Durable efficacy and safety data can drive clinician adoption, support favorable labeling and reimbursement, and sustain a durable competitive position in AF ablation markets.
Negative Factors
Minimal revenue and thin gross margin
Nominal product revenue and effectively zero gross margin show commercial traction is still nascent. Over the medium term, the company must materially scale installed base and consumable volumes to reach sustainable margins; failure to convert trials into repeatable sales will keep losses persistent.
Read all positive and negative factors
Positive Factors
Negative Factors
Robust clinical efficacy (nPulse AF)
Consistently high procedural success and durable 12‑month outcomes materially de‑risk the core technology. Durable efficacy and safety data can drive clinician adoption, support favorable labeling and reimbursement, and sustain a durable competitive position in AF ablation markets.
Read all positive factors
Pulse Biosciences (PLSE) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$1.29B
Dividend YieldN/A
Average Volume (3M)189.63K
Price to Earnings (P/E)―
Beta (1Y)1.40
Revenue GrowthN/A
EPS Growth-40.63%
CountryUS
Employees75
SectorHealthcare
Sector Strength45
IndustryMedical - Instruments & Supplies
Share Statistics
EPS (TTM)-0.18
Shares Outstanding67,989,075
10 Day Avg. Volume222,519
30 Day Avg. Volume189,626
Financial Highlights & Ratios
PEG Ratio-0.73
Price to Book (P/B)11.47
Price to Sales (P/S)2643.82
P/FCF Ratio-17.00
Enterprise Value/Market Cap1.01
Enterprise Value/Revenue3.70K
Enterprise Value/Gross Profit-1.81K
Enterprise Value/Ebitda-17.74
Forecast
1Y Price Target
$30.00Price Target Upside58.56% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering2
EPS Forecast (FY)-1.33
Revenue Forecast (FY)$3.23M
Pulse Biosciences Business Overview & Revenue Model
Company Description
Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a tunable, software-enabled, and console-based platform that delivers nano second duration pulses of electrical energy to non-thermally clear target...
How the Company Makes Money
Pulse Biosciences makes money primarily by selling (1) capital equipment and (2) recurring consumables used per procedure. The company’s revenue model generally includes: (a) sales of its NPS-based medical device systems (the upfront purchase of t...
Pulse Biosciences Earnings Call Summary
Earnings Call Date:Feb 19, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 07, 2026
Earnings Call Sentiment Neutral
The call conveyed strong clinical and technology progress—IDE approvals, compelling early efficacy data with high 12‑month success rates, rapid procedure times, and substantial IP expansion—which materially de-risks key scientific and regulatory milestones. However, the financial picture remains early-stage: product revenue is still nominal, gross margin was effectively negligible in the quarter, operating losses persist, cash reserves declined substantially year-over-year, and broader commercialization hinges on additional regulatory clearances and reimbursement processes that may take multiple quarters. Overall, the narrative balances important clinical/strategic momentum against clear near-term financial and commercialization constraints.Positive Updates
Strong Clinical Efficacy in nPulse Electrophysiology Feasibility Studies
European feasibility data presented at AF Symposium: 100% procedural success (6 months) and 96% procedural success (1 year) for evaluable patients; 90% freedom from atrial arrhythmia at 12 months (Kaplan–Meier). Reported routine ablation procedure times of 6–8 minutes (company assertion) with potential to cut total procedure times by over 50% versus legacy approaches.
Negative Updates
Very Limited Revenue Base and High COGS
Q4 2025 total revenue was only $264,000 while cost of product revenue was $260,000, leaving minimal gross margin from product sales in the quarter and signaling early-stage commercial traction.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Clinical Efficacy in nPulse Electrophysiology Feasibility Studies
European feasibility data presented at AF Symposium: 100% procedural success (6 months) and 96% procedural success (1 year) for evaluable patients; 90% freedom from atrial arrhythmia at 12 months (Kaplan–Meier). Reported routine ablation procedure times of 6–8 minutes (company assertion) with potential to cut total procedure times by over 50% versus legacy approaches.
Read all positive updates
Company Guidance
The company’s guidance focused on clinical and market development milestones and included numerous operational and financial metrics: clinically, Pulse expects to commence nPulse cardiac catheter IDE enrollment in the next 1–2 months and to start and complete enrollment in 2026 (IDE target ~155 patients), to complete enrollment in the NANOCLAMP AF surgical IDE (136 patients at ~20 sites) during 2026, to finish the PRECISE benign thyroid nodule study enrollment of 50 patients in the next few months and expand to 100 over the following two quarters, to complete an MD Anderson IDE for papillary thyroid microcarcinoma by year-end 2026, to finalize an EP CE submission in H2 2026 with potential CE Mark in 2027 and to file for a cardiac clamp CE submission by end‑2026; key clinical performance metrics cited include a 5‑second single‑shot PVI, routine procedure times of 6–8 minutes (potentially cutting total procedure times by >50%), 100% procedural success at 6 months, 96% procedural success at 1 year (evaluable patients), and 90% freedom from atrial arrhythmia at 12 months (KM); IP and commercial metrics included adding 67 issued and 77 pending patents in 2025 (total 250 issued, 180 pending), continued disciplined limited launch of Vybrance (Q4 Vybrance revenue $264k vs. $86k in Q3; Q4 cost of product revenue $260k), Q4 GAAP costs/expenses $18.5M (down $1.7M YoY) and non‑GAAP costs/expenses $13.3M (up $2.0M YoY), Q4 GAAP net loss $17.4M (non‑GAAP net loss $12.2M), cash and equivalents $80.7M (vs. $118M a year earlier; down $14.5M vs. Q3), Q4 operating cash use $14.8M (vs. $9.1M YoY, $13.0M in Q3), a $200M shelf registration to support funding needs, and emphasis on mapping partnerships and improved mapping integration for the IDE to accelerate adoption.Pulse Biosciences Financial Statement Overview
Summary
Income Statement
12
Very Negative
Balance Sheet
62
Positive
Cash Flow
28
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 350.00K | 0.00 | 0.00 | 700.00K | 1.42M |
| Gross Profit | -1.26M | 0.00 | -1.21M | -11.24M | -550.00K |
| EBITDA | -71.71M | -55.08M | -42.37M | -56.70M | -61.87M |
| Net Income | -72.78M | -53.59M | -42.21M | -58.51M | -63.66M |
Balance Sheet | |||||
| Total Assets | 96.11M | 132.46M | 59.15M | 77.88M | 54.25M |
| Cash, Cash Equivalents and Short-Term Investments | 80.73M | 118.04M | 44.37M | 61.14M | 28.61M |
| Total Debt | 7.53M | 8.90M | 9.14M | 75.96M | 11.25M |
| Total Liabilities | 15.46M | 17.60M | 14.79M | 80.13M | 18.56M |
| Stockholders Equity | 80.66M | 114.86M | 44.36M | -2.25M | 35.69M |
Cash Flow | |||||
| Free Cash Flow | -54.44M | -36.47M | -33.16M | -47.41M | -54.53M |
| Operating Cash Flow | -54.12M | -36.34M | -33.04M | -47.01M | -54.10M |
| Investing Cash Flow | -335.00K | -125.00K | -121.00K | -401.00K | 7.56M |
| Financing Cash Flow | 17.15M | 110.14M | 16.39M | 79.94M | 62.69M |
Pulse Biosciences Technical Analysis
Neutral
18.92
Price Trends
20.37
Negative
17.19
Positive
16.73
Positive
Market Momentum
-0.19
Positive
42.37
Neutral
17.70
Positive
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For PLSE, the sentiment is Neutral. The current price of 18.92 is below the 20-day moving average (MA) of 21.18, below the 50-day MA of 20.37, and above the 200-day MA of 16.73, indicating a neutral trend. The MACD of -0.19 indicates Positive momentum. The RSI at 42.37 is Neutral, neither overbought nor oversold. The STOCH value of 17.70 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral 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 3 New Risks
1.
Our operating results may fluctuate significantly, which makes our future operating results difficult to predict and could cause our operating results to fall below expectations. Q4, 2023
2.
We may fail to meet our publicly announced guidance or other expectations about our business and future operating results, which could cause our stock price to decline. Q4, 2023
3.
If we are unable to manage the anticipated growth of our business, our future revenue and operating results may be harmed. Q4, 2023
Pulse Biosciences Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
64 Neutral | $971.31M | -95.19 | -3.40% | ― | -18.82% | 92.56% | |
57 Neutral | $1.07B | -24.75 | -3.39% | ― | -9.49% | 58.97% | |
52 Neutral | $1.33B | -14.54 | -23.24% | ― | -32.42% | -540.37% | |
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
47 Neutral | $1.29B | -12.71 | -73.46% | ― | ― | -40.63% | |
46 Neutral | $161.34M | -5.36 | -178.57% | ― | 30.55% | -340.19% | |
45 Neutral | $1.09B | -1.76 | -46.45% | ― | -3.43% | 38.98% |
* Healthcare Sector Average
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Pulse Biosciences Corporate Events
Business Operations and StrategyExecutive/Board Changes
Pulse Biosciences appoints new COO to advance commercialization
Positive
Apr 9, 2026
On April 8, 2026, Pulse Biosciences appointed medical technology veteran Liane R. Teplitsky as Chief Operating Officer and expanded the role of Chief Medical Officer Dr. David Kenigsberg, moves the company says are intended to accelerate developme...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Launches Pivotal NANOPULSE-AF Clinical Study
Positive
Apr 7, 2026
On April 7, 2026 Pulse Biosciences announced it had enrolled and treated the first seven patients in its NANOPULSE-AF IDE pivotal clinical study evaluating the nPulse Cardiac Catheter System for recurrent, drug-resistant, symptomatic paroxysmal at...
Business Operations and StrategyExecutive/Board Changes
Pulse Biosciences Grants RSUs to Chief Technology Officer
Positive
Mar 27, 2026
On March 23, 2026, Pulse Biosciences, Inc. granted its Chief Technology Officer, Darrin R. Uecker, 100,000 restricted stock units as recognition for his continued leadership in developing the company’s atrial fibrillation treatment technolog...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Realigns Strategy Around nPulse AFib Platform
Positive
Mar 17, 2026
On March 17, 2026, Pulse Biosciences announced a strategic realignment to prioritize development and future commercialization of its nPulse Cardiac Catheter Ablation System for atrial fibrillation, following unprecedented European feasibility data...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Launches Thyroid Cancer Feasibility Study
Positive
Mar 12, 2026
On March 12, 2026, Pulse Biosciences announced that the first patients were enrolled in a multicenter, first-in-human feasibility study evaluating its nPulse Vybrance Percutaneous Electrode System for treating T1N0M0 papillary thyroid microcarcino...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Reports Durable Thyroid Nodule Ablation Results
Positive
Mar 9, 2026
On March 9, 2026, Pulse Biosciences reported long-term clinical durability data from its first-in-human feasibility study of the nPulse Vybrance Percutaneous Electrode System for benign thyroid nodule ablation, based on follow-up of 21 patients mo...
Business Operations and StrategyFinancial DisclosuresProduct-Related AnnouncementsRegulatory Filings and Compliance
Pulse Biosciences Highlights nPulse Cardiac Ablation Progress
Positive
Mar 4, 2026
On March 3, 2026, Pulse Biosciences posted an updated investor presentation outlining summary financial information and new details on its next generation nPulse cardiac catheter under development. The deck highlights the company’s strengthe...
Executive/Board Changes
Pulse Biosciences Announces Resignation of Chief Commercial Officer
Negative
Feb 27, 2026
On February 27, 2026, Pulse Biosciences, Inc. announced that Chief Commercial Officer Kevin P. Danahy resigned from the company, effective immediately, with the board noting his departure was not due to any disagreement over operations, policies, ...
Business Operations and StrategyPrivate Placements and Financing
Pulse Biosciences Establishes New $60 Million ATM Program
Neutral
Feb 19, 2026
On February 19, 2026, Pulse Biosciences entered into a new equity distribution agreement with TD Securities (USA) LLC, allowing the company to sell up to approximately $60 million of its common stock from time to time in at-the-market and other pe...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences Reports Strong nPulse Atrial Fibrillation Study Results
Positive
Feb 6, 2026
On February 5, 2026, Pulse Biosciences reported 6- and 12‑month results from its first‑in‑human feasibility study of the nPulse Cardiac Catheter System for treating atrial fibrillation, with data presented at the 31st Annual AF S...
Business Operations and StrategyProduct-Related Announcements
Pulse Biosciences updates investor deck on cardiac pipeline
Positive
Jan 14, 2026
On January 14, 2025, Pulse Biosciences, Inc. announced that it had posted an updated investor presentation on its website, detailing recent progress in its ongoing product development programs for the nPulse Vybrance Percutaneous Electrode, the nP...
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.