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Picard Medical, Inc.
(PMI)
Picard Medical, Inc. (PMI) vs. SPDR S&P 500 ETF (SPY)
Picard Medical, Inc. Business Overview & Revenue Model
Picard Medical, Inc. Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 4.77M | 4.39M | 5.04M | 4.11M |
| Gross Profit | -479.00K | -112.00K | -2.31M | -4.99M |
| EBITDA | -24.21M | -17.46M | -14.85M | -10.61M |
| Net Income | -32.34M | -21.05M | -15.57M | -11.17M |
Balance Sheet | ||||
| Total Assets | 13.52M | 12.11M | 11.37M | 15.44M |
| Cash, Cash Equivalents and Short-Term Investments | 2.81M | 96.00K | 244.00K | 152.00K |
| Total Debt | 616.00K | 20.93M | 9.41M | 1.96M |
| Total Liabilities | 5.55M | 35.84M | 14.93M | 4.07M |
| Stockholders Equity | 7.97M | -23.74M | -3.55M | 11.37M |
Cash Flow | ||||
| Free Cash Flow | -14.45M | -11.87M | -10.64M | -10.75M |
| Operating Cash Flow | -14.45M | -11.87M | -10.63M | -10.72M |
| Investing Cash Flow | 0.00 | 0.00 | -9.00K | -37.00K |
| Financing Cash Flow | 17.29M | 11.74M | 10.84M | 5.52M |
Picard Medical, Inc. Peers Comparison
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% | |
46 Neutral | $10.17M | -0.47 | -220.42% | ― | -41.03% | 35.71% | |
45 Neutral | $2.84M | -0.05 | -191.39% | ― | ― | 76.53% | |
43 Neutral | ― | -3.20 | ― | ― | ― | ― | |
43 Neutral | $14.87M | -0.16 | -854.61% | ― | -12.39% | 44.61% | |
42 Neutral | $3.55M | -0.05 | -173.74% | ― | 82.96% | 82.04% | |
40 Underperform | $3.27M | -0.09 | -352.39% | ― | ― | 63.87% |
Picard Medical, Inc. Corporate Events
On January 13, 2026, Picard Medical launched the Cruxx to MedTech Podcast series in collaboration with advisory firm Cruxx, using patient survival narratives and executive commentary to spotlight the SynCardia Total Artificial Heart and its next-generation, fully implantable Emperor device. The series underscores the differentiated role of SynCardia’s platform as a potential alternative to heart transplantation amid a global shortage of donor hearts, aiming to raise awareness of the technology’s real-world impact and highlight the company’s commercial opportunity and strategic positioning in advanced cardiac care.
The most recent analyst rating on (PMI) stock is a Hold with a $1.50 price target. To see the full list of analyst forecasts on Picard Medical, Inc. stock, see the PMI Stock Forecast page.
On January 13, 2026, Picard Medical published a new investor presentation outlining SynCardia’s position as a market leader in total artificial heart technology and detailing the company’s mission to pioneer heart replacement as an alternative to transplantation amid a persistent shortage of donor hearts. The materials highlight SynCardia’s unique regulatory status, global clinical footprint and commercial strategy, while also providing an updated snapshot of Picard Medical’s market capitalization, share statistics and management structure, signaling an effort to sharpen investor communications and reinforce the company’s growth ambitions in the advanced cardiac device segment.
The most recent analyst rating on (PMI) stock is a Hold with a $2.00 price target. To see the full list of analyst forecasts on Picard Medical, Inc. stock, see the PMI Stock Forecast page.
On December 24, 2025, Picard Medical, Inc. announced it had entered into a securities purchase agreement with a single institutional investor for a private placement debt financing of up to $50 million in senior secured notes due December 26, 2028, along with warrants to purchase common stock, and closed an initial $15 million tranche of notes on December 26, 2025. The zero-coupon notes, secured by a first‑priority lien on substantially all company and certain subsidiary assets including key intellectual property, feature monthly amortization that can be paid in cash or stock, optional redemption at a premium, and the potential for an additional $35 million in subsequent notes, while the accompanying warrants cover more than 7 million shares with anti-dilution protections and potential forced exercise under specified trading conditions. The deal requires Picard to maintain a minimum $4 million cash balance, seek shareholder approval for warrant share issuances and a significant increase in authorized common stock, temporarily restrict new equity issuance, and file a resale registration statement for the underlying shares, while also granting the investor participation rights in future financings; net proceeds are earmarked for working capital and general corporate purposes, bolstering liquidity as the company advances its artificial heart franchise.
On December 18, 2025, Picard Medical, Inc. announced that its management team would ring the New York Stock Exchange opening bell that same day to commemorate the company’s transition to the public markets and highlight its ongoing work in total artificial heart therapy for end-stage heart failure patients. The ceremony underscores Picard Medical’s move into a new phase of growth as a newly public company, with executives emphasizing that public-market access is expected to support further development of its artificial heart platform, including the fully implantable Emperor system, and to build on its long-standing clinical leadership in mechanical circulatory support, signaling potential long-term benefits for patients, hospital partners and investors focused on advanced cardiac technologies.
On December 9, 2025, Picard Medical, Inc. announced a significant milestone as a patient surpassed eight years, or 2,900 days, living with the SynCardia Total Artificial Heart, marking the longest recorded duration for an artificial heart. This achievement underscores the SynCardia heart’s durability and life-saving potential, particularly in Serbia, where the longest-supported patients are treated, highlighting the dedication of the medical teams at IVDK Dedinje Hospital. Picard Medical is leveraging this success to develop the next generation of artificial heart systems, aiming to expand access and enhance long-term support globally.
On December 4, 2025, Picard Medical, Inc. presented in vitro data on their Emperor Total Artificial Heart at the 31st Annual Meeting of the International Society for Mechanical Circulatory Support in Vienna. The Emperor TAH demonstrated comparable autoregulation and afterload independence to the pneumatic SynCardia Total Artificial Heart, showcasing its potential for stable hemodynamic performance and surgical feasibility in acute in vivo tests, which could pave the way for future clinical applications.
On December 3, 2025, Picard Medical, Inc. announced that its CEO, Patrick NJ Schnegelsberg, will present data on the Emperor Total Artificial Heart at the CSI Focus D-HF conference in Frankfurt, Germany, scheduled for December 5-6, 2025. This participation highlights Picard Medical’s ongoing commitment to advancing heart failure device therapies and reinforces its position as a leader in the artificial heart industry.
On November 26, 2025, Picard Medical, Inc. secured a $1,000,000 short-term bridge financing through an unsecured promissory note with Fang Family Fund, LLC, an affiliate of the company’s Chairman, Mr. Richard Fang. The funds are intended for general corporate purposes, including working capital and operating expenses. The transaction was approved by the disinterested members of the Audit Committee and Board, with terms deemed fair and comparable to those with unaffiliated third parties. The company plans to repay the note by November 27, 2026, using cash from operations or future financing.
On November 26, 2025, Picard Medical, Inc. announced that Duffy Elmer will present in vitro data on the Emperor Total Artificial Heart at the 31st Annual Meeting of the International Society for Mechanical Circulatory Support in Vienna. The presentation will focus on the Emperor’s benchtop performance, highlighting its internal motor-driven design that enhances patient mobility and quality of life by eliminating the need for an external pneumatic driver.
On November 19, 2025, Picard Medical, Inc. announced that its subsidiary, SynCardia Systems LLC, successfully completed the first in vivo implantations of the Emperor Total Artificial Heart. This milestone marks a significant advancement in artificial heart technology, reinforcing Picard Medical’s leadership in the field. The Emperor TAH demonstrated stable and efficient performance in pre-clinical models, closely mimicking natural heart functions, and is expected to expand the total artificial heart market by offering a fully implantable system with enhanced usability and efficiency.