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Picard Medical, Inc.
(PMI)
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Rating:43Neutral
Price Target:
$5.00
▲(5455.56% Upside)
Action:Reiterated
Date:08/04/26
The score is weighed down primarily by weak financial fundamentals—very large losses, heavy cash burn, and negative equity—alongside bearish technical trends with the stock trading well below major moving averages. Valuation signals are limited due to negative earnings, while corporate events provide only modest support as compliance progress is offset by ongoing listing-risk concerns.
Positive Factors
Unique market position (SynCardia TAH)
Being the sole FDA‑ and Health Canada‑approved total artificial heart with a >2,100 implant installed base creates a durable competitive moat. This entrenched clinical adoption supports recurring revenue (drivers/rentals), high barriers to entry, and long‑term customer relationships in a specialized market.
Negative Factors
Persistent heavy cash burn
Large and persistent negative operating and free cash flow indicate the business requires ongoing external financing to fund operations. This structurally increases dilution risk, constrains strategic flexibility, and raises the chance that capital markets access, not operations, will determine the company’s ability to execute longer‑term plans.
Read all positive and negative factors
Positive Factors
Negative Factors
Unique market position (SynCardia TAH)
Being the sole FDA‑ and Health Canada‑approved total artificial heart with a >2,100 implant installed base creates a durable competitive moat. This entrenched clinical adoption supports recurring revenue (drivers/rentals), high barriers to entry, and long‑term customer relationships in a specialized market.
Read all positive factors
Picard Medical, Inc. (PMI) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$9.03M
Dividend YieldN/A
Average Volume (3M)24.26M
Price to Earnings (P/E)―
Beta (1Y)-1.84
Revenue Growth80.70%
EPS Growth-19.57%
CountryUS
Employees75
SectorGeneral
Sector StrengthN/A
IndustryMedical - Devices
Share Statistics
EPS (TTM)-22.41
Shares Outstanding102,695,940
10 Day Avg. Volume60,852,368
30 Day Avg. Volume24,263,915
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 Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
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 associated companies, is dedicated to the entire process of medical device commercialization, from initial design and manufacturing to production, distribution, marketing, and sales. A key product in its portfolio...
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 | -23.73M | -26.49M | -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 | 3.27M | 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% | |
44 Neutral | $1.75M | -0.04 | -137.73% | ― | ― | 81.30% | |
43 Neutral | $9.03M | -0.20 | 499.20% | ― | 80.70% | -19.57% | |
42 Neutral | $8.50M | -0.56 | -358.44% | ― | -0.71% | 58.20% | |
41 Neutral | $905.98K | -0.04 | -196.44% | ― | 130.35% | 92.24% | |
40 Underperform | $3.34M | -0.05 | -239.36% | ― | ― | 62.20% |
* General Sector Average
PMI
Picard Medical, Inc.
3.63
-225.87
-98.42%
AEMD
Aethlon Medical
3.25
-63.75
-95.15%
VTAK
Catheter Precision
0.28
-3.12
-91.88%
HSCS
Heart Test Laboratories, Inc.
2.28
-1.26
-35.59%
AMIX
Autonomix Medical, Inc.
12.10
-13.94
-53.53%
Picard Medical, Inc. Corporate Events
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and Compliance
Picard Medical’s NYSE compliance plan supports growth
Positive
Jul 27, 2026
On July 22, 2026, Picard Medical, Inc. received notice that NYSE American accepted its compliance plan to regain adherence to the exchange’s continued listing standards after reporting low stockholders’ equity, a stockholders’ de...
Business Operations and StrategyDelistings and Listing ChangesRegulatory Filings and ComplianceShareholder MeetingsStock Split
Picard Medical announces 1-for-50 reverse stock split
Neutral
Jul 22, 2026
On July 21, 2026, Picard Medical, Inc. filed an amendment to its charter in Delaware to implement a 1-for-50 reverse stock split of its common shares, effective at 5:00 p.m. Eastern Time on July 31, 2026. Every 50 issued and outstanding shares wil...
Business Operations and StrategyExecutive/Board ChangesShareholder MeetingsStock Split
Picard Medical shareholders approve governance and capital changes
Neutral
Jul 21, 2026
At its Annual Meeting of Stockholders held on July 17, 2026, Picard Medical, Inc. shareholders approved all proposals on the agenda, including the election of four directors to serve until the 2027 annual meeting and an advisory vote endorsing exe...
Business Operations and StrategyFinancial DisclosuresShareholder MeetingsStock Split
Picard Medical Reports Strong Q1 Growth and Strategy
Positive
Jul 2, 2026
At its pre-recorded business update tied to the 2026 Annual Meeting of Stockholders, scheduled for July 17, 2026, Picard Medical reported first-quarter performance showing 85% year-over-year revenue growth, a 28% improvement in gross margin and a ...
Executive/Board Changes
Picard Medical Names Richard Fang Interim Chief Executive
Neutral
Jun 24, 2026
On June 24, 2026, Picard Medical, Inc., parent of total artificial heart maker SynCardia Systems, announced a leadership change following the June 18, 2026 departure of Chief Executive Officer Patrick NJ Schnegelsberg, who also left the board. The...
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...
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.