Picard Medical, Inc. (PMI)
XASE:PMI
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Picard Medical, Inc.
(NYSE MKT:PMI)
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Rating:42Neutral
Price Target:
$0.45
▼(-75.05% Downside)
Action:ReiteratedDate:04/30/26
The score is held down primarily by very weak financial fundamentals (large ongoing losses and increasing cash burn despite a revenue rebound) and bearish technical signals (deeply oversold with a downtrend below key moving averages). Valuation provides limited support due to negative earnings and no stated dividend yield, while corporate events are mixed with clinical progress but elevated financing/dilution risk.
Positive Factors
Proven SynCardia Clinical Track Record
A demonstrated long-term implant record and multi-year patient support show the SynCardia system works as a durable bridge-to-transplant. Clinical longevity and real-world durability underpin adoption at transplant centers and reinforce a sustainable core revenue base for advanced heart-failure care.
Negative Factors
High and Worsening Cash Burn
Sustained negative operating and free cash flow, with cash burn accelerating, forces repeated capital raises and constrains strategic flexibility. Over 2–6 months, ongoing outflows make execution on R&D, commercialization, and regulatory milestones contingent on external funding availability.
Read all positive and negative factors
Positive Factors
Negative Factors
Proven SynCardia Clinical Track Record
A demonstrated long-term implant record and multi-year patient support show the SynCardia system works as a durable bridge-to-transplant. Clinical longevity and real-world durability underpin adoption at transplant centers and reinforce a sustainable core revenue base for advanced heart-failure care.
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)-0.01
Revenue Growth12.66%
EPS Growth-33.88%
CountryUS
Employees75
SectorHealthcare
Sector Strength45
IndustryMedical - Devices
Share Statistics
EPS (TTM)N/A
Shares Outstanding75,178,535
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/Revenue149.25
Enterprise Value/Gross Profit3.69K
Enterprise Value/Ebitda-37.95
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
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
12
Very Negative
Balance Sheet
28
Negative
Cash Flow
10
Very Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 |
|---|---|---|---|---|
Income Statement | ||||
| Total Revenue | 4.94M | 4.39M | 5.04M | 4.11M |
| Gross Profit | 200.00K | -112.00K | -2.31M | -4.99M |
| EBITDA | -12.80M | -17.46M | -14.85M | -10.61M |
| Net Income | -27.00M | -21.05M | -15.57M | -11.17M |
Balance Sheet | ||||
| Total Assets | 22.55M | 12.11M | 11.37M | 15.44M |
| Cash, Cash Equivalents and Short-Term Investments | 7.45M | 96.00K | 244.00K | 152.00K |
| Total Debt | 6.97M | 20.93M | 9.41M | 1.96M |
| Total Liabilities | 18.76M | 35.84M | 14.93M | 4.07M |
| Stockholders Equity | 3.79M | -23.74M | -3.55M | 11.37M |
Cash Flow | ||||
| Free Cash Flow | -15.67M | -11.87M | -10.64M | -10.75M |
| Operating Cash Flow | -15.67M | -11.87M | -10.63M | -10.72M |
| Investing Cash Flow | 0.00 | 0.00 | -9.00K | -37.00K |
| Financing Cash Flow | 27.08M | 11.74M | 10.84M | 5.52M |
Picard Medical, Inc. Risk Analysis
Picard Medical, Inc. disclosed 54 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 0 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 | $3.34M | -0.28 | -191.39% | ― | ― | 64.06% | |
45 Neutral | $2.53M | -92.65 | -173.74% | ― | 95.00% | 91.97% | |
42 Neutral | ― | -4.78 | 164.49% | ― | 12.66% | -33.88% | |
40 Underperform | $6.31M | -1.29 | -220.42% | ― | ― | 51.71% | |
| ― | $3.98M | -0.38 | -228.82% | ― | ― | 67.32% |
* Healthcare Sector Average
PMI
Picard Medical, Inc.
0.47
-4.67
-90.80%
AEMD
Aethlon Medical
2.13
-28.20
-92.98%
VTAK
Catheter Precision
0.94
-4.17
-81.60%
HSCS
Heart Test Laboratories, Inc.
1.98
-1.50
-43.10%
AMIX
Autonomix Medical, Inc.
0.35
-1.94
-84.76%
Picard Medical, Inc. Corporate Events
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...
Business Operations and Strategy
Picard Medical Highlights SynCardia Training at THS 2026
Positive
Feb 26, 2026
On February 26, 2026, Picard Medical announced that it and its SynCardia subsidiary will participate in the inaugural Hands-On Training Day at the Technology and Heart Failure Therapeutics 2026 conference in Boston on March 1, 2026. The company sa...
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.
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