Picard Medical, Inc. (PMI)
XASE:PMI
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Picard Medical, Inc.
(NYSE MKT:PMI)
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Rating:41Neutral
Price Target:
$0.14
â–¼(-92.09% Downside)
Action:Reiterated
Date:05/29/26
The score is primarily constrained by weak financial performance (large persistent losses, heavy cash burn, and negative equity), reinforced by bearish technicals (below key moving averages and negative MACD). Corporate updates show operational improvement and balance-sheet actions, but listing-compliance and going-concern risks remain significant; valuation is difficult to support given negative earnings and no dividend.
Positive Factors
Regulatory-approved market leadership
Regulatory approval in major jurisdictions plus an installed base of >2,100 implants creates durable barriers to entry, clinician familiarity, and established referral pathways. This entrenched position supports recurring revenue from drivers, rentals and disposables and strengthens long-term commercial adoption.
Negative Factors
Heavy and persistent cash burn
Very large negative operating and free cash flows signal ongoing reliance on external capital to sustain operations. Persistent burn increases refinancing frequency and dilution risk, constrains R&D and commercial investment flexibility, and creates structural vulnerability until profitability or significantly lower cash burn is achieved.
Read all positive and negative factors
Positive Factors
Negative Factors
Regulatory-approved market leadership
Regulatory approval in major jurisdictions plus an installed base of >2,100 implants creates durable barriers to entry, clinician familiarity, and established referral pathways. This entrenched position supports recurring revenue from drivers, rentals and disposables and strengthens long-term commercial adoption.
Read all positive factors
Picard Medical, Inc. (PMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
N/A
Dividend YieldN/A
Average Volume (3M)2.38M
Price to Earnings (P/E)―
Beta (1Y)-1.02
Revenue Growth80.70%
EPS Growth-19.57%
CountryUS
Employees75
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)-0.45
Shares Outstanding92,349,846
10 Day Avg. Volume2,124,305
30 Day Avg. Volume2,378,935
Financial Highlights & Ratios
PEG Ratio-0.39
Price to Book (P/B)34.04
Price to Sales (P/S)26.11
P/FCF Ratio-8.23
Enterprise Value/Market Cap10.00T>
Enterprise Value/Revenue42.46
Enterprise Value/Gross Profit279.18
Enterprise Value/Ebitda-12.16
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Picard Medical, Inc. Business Overview & Revenue Model
Company Description
Picard Medical, Inc., through its subsidiaries, engages in the designing, manufacturing, production, supply, marketing, and sale of medical device products. The company offers SynCardia TAH, an artificial heart for patients that is designed to fun...
Picard Medical, Inc. Financial Statement Overview
Summary
Income Statement
18
Very Negative
Balance Sheet
24
Negative
Cash Flow
16
Very Negative
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 5.48M | 4.94M | 4.39M | 5.04M | 4.11M |
| Gross Profit | 833.00K | 200.00K | -112.00K | -2.31M | -4.99M |
| EBITDA | -19.12M | -12.80M | -17.46M | -14.85M | -10.61M |
| Net Income | -29.85M | -27.00M | -21.05M | -15.57M | -11.17M |
Balance Sheet | |||||
| Total Assets | 11.22M | 22.55M | 12.11M | 11.37M | 15.44M |
| Cash, Cash Equivalents and Short-Term Investments | 121.00K | 7.45M | 96.00K | 244.00K | 152.00K |
| Total Debt | 2.57M | 6.97M | 20.93M | 9.41M | 1.96M |
| Total Liabilities | 12.67M | 18.76M | 35.84M | 14.93M | 4.07M |
| Stockholders Equity | -1.45M | 3.79M | -23.74M | -3.55M | 11.37M |
Cash Flow | |||||
| Free Cash Flow | -17.26M | -15.67M | -11.87M | -10.64M | -10.75M |
| Operating Cash Flow | -17.23M | -15.67M | -11.87M | -10.63M | -10.72M |
| Investing Cash Flow | -26.00K | 0.00 | 0.00 | -9.00K | -37.00K |
| Financing Cash Flow | 16.72M | 27.08M | 11.74M | 10.84M | 5.52M |
Picard Medical, Inc. Risk Analysis
Picard Medical, Inc. disclosed 56 risk factors in its most recent earnings report. Picard Medical, Inc. 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 2 New Risks
Picard Medical, Inc. Peers Comparison
UnderperformOutperform
Sector (51)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.86B | -0.30 | -43.30% | 2.27% | 22.53% | -2.21% | |
45 Neutral | $3.47M | -0.16 | -191.39% | ― | ― | 64.06% | |
41 Neutral | ― | -0.37 | 164.49% | ― | 80.70% | -19.57% | |
41 Neutral | $2.37M | -130.16 | -173.74% | ― | 130.35% | 92.24% | |
39 Underperform | $5.32M | -0.62 | -220.42% | ― | ― | 51.71% | |
| ― | $4.56M | -1.73 | -228.82% | ― | ― | 62.20% |
* Healthcare Sector Average
PMI
Picard Medical, Inc.
0.15
-4.99
-97.14%
AEMD
Aethlon Medical
2.21
-26.55
-92.32%
VTAK
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0.88
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HSCS
Heart Test Laboratories, Inc.
1.67
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AMIX
Autonomix Medical, Inc.
0.40
-1.25
-75.76%
Picard Medical, Inc. Corporate Events
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Picard Medical Highlights Strong Q1 Growth Amid Compliance Plan
Positive
May 29, 2026
On May 29, 2026, Picard Medical released a shareholder letter highlighting a transformational 2025 and strong early 2026 performance, with 2025 revenue up 12.5% to $4.9 million and a strengthened balance sheet following an IPO and debt conversions...
Business Operations and StrategyDelistings and Listing ChangesFinancial DisclosuresPrivate Placements and FinancingRegulatory Filings and Compliance
Picard Medical Faces NYSE Compliance Challenge Amid Growth
Negative
May 21, 2026
On May 8 and May 15, 2026, Picard Medical received notices from NYSE American that it had fallen below stockholders’ equity listing standards after reporting a $3.8 million equity balance at year-end 2025 and a $1.4 million stockholders̵...
Delistings and Listing ChangesPrivate Placements and FinancingRegulatory Filings and Compliance
Picard Medical Receives NYSE American Noncompliance Notice
Negative
May 11, 2026
On May 5, 2026, Picard Medical agreed to sell 16,666,667 common shares or equivalent pre-funded warrants, along with Series A and Series B warrants, in a registered public offering priced at about $0.30 per share, raising approximately $5 million ...
Business Operations and StrategyPrivate Placements and Financing
Picard Medical Announces Equity Offering and Warrant Exchange
Neutral
May 5, 2026
On May 5, 2026, Picard Medical, Inc. priced a “reasonable best efforts” equity offering with new and existing institutional investors, selling 16,666,667 common shares (or equivalents) together with Series A and Series B common warrant...
Private Placements and Financing
Picard Medical Enters Dilutive Convertible Note Financing Deal
Negative
Apr 13, 2026
On April 7, 2026, Picard Medical, Inc. entered into a securities purchase agreement with Quick Capital, LLC for a $555,555.56 convertible promissory note and 80,128 origination shares of common stock, receiving $490,000 in net cash proceeds after ...
Business Operations and StrategyFinancial Disclosures
Picard Medical Hosts First Annual Business Update Call
Positive
Mar 27, 2026
On March 25, 2026, Picard Medical held its first annual business update and earnings conference call to review financial and operating results for the year ended December 31, 2025. Management outlined the company’s mission, strategic overvie...
Business Operations and StrategyProduct-Related Announcements
Picard Medical Showcases Next-Generation Emperor Total Artificial Heart
Positive
Mar 20, 2026
On March 20, 2026, Picard Medical announced that its SynCardia unit will present new preclinical data on its next-generation Emperor Total Artificial Heart at the American College of Cardiology’s Annual Scientific Session in New Orleans, sch...
Business Operations and StrategyProduct-Related Announcements
Picard Medical Highlights Successful SynCardia Heart Transplant Bridge
Positive
Mar 19, 2026
On March 19, 2026, Picard Medical highlighted a UCSF Health case in which a male patient in his twenties with advanced biventricular heart failure was implanted with the SynCardia Total Artificial Heart on November 15, 2025. After 119 days of supp...
Business Operations and StrategyProduct-Related Announcements
Picard Medical Highlights Long-Term Total Artificial Heart Success
Positive
Mar 17, 2026
On March 17, 2026, Picard Medical announced that a 29-year-old patient successfully received a donor heart transplant on February 24, 2026, after being sustained entirely by the SynCardia Total Artificial Heart for more than four years. Implanted ...
Private Placements and FinancingShareholder Meetings
Picard Medical Shareholders Approve Expanded Capital Stock Authorization
Neutral
Mar 16, 2026
On March 10, 2026, Picard Medical, Inc. stockholders met virtually to vote on key capital structure proposals, with about 57.16% of the 73,701,176 outstanding common shares represented. Investors approved an amendment to increase authorized capita...
Business Operations and StrategyProduct-Related Announcements
Picard Medical Showcases SynCardia Artificial Heart on BTV
Positive
Mar 13, 2026
On March 13, 2026, Picard Medical announced that its SynCardia Total Artificial Heart will be featured on BTV – Business Television, with a segment airing on FOX Business News on March 14, 2026 at 5:00 p.m. Eastern Time. The broadcast aims t...
Business Operations and StrategyFinancial DisclosuresRegulatory Filings and Compliance
Picard Medical Schedules Annual Business and Cardiothoracic Update
Positive
Mar 13, 2026
On March 12, 2026, Picard Medical, Inc. announced it would host a webcasted Annual Business Update on March 25, 2026, following the filing of its Form 10-K for the fiscal year ended December 31, 2025. The virtual event will review fiscal year and ...
Business Operations and StrategyProduct-Related Announcements
Picard Medical Highlights Advancements in Total Artificial Heart Therapy
Positive
Mar 2, 2026
On March 2, 2026, Picard Medical announced that Vice President of Clinical Affairs Dr. Andre Simon would deliver three presentations at the Technology and Heart Failure Therapeutics 2026 conference in Boston, running from March 2 to March 4. His t...
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.