Picard Medical, Inc. PMI
Picard Medical, Inc. ("PMI") was incorporated in the state of Delaware on April 8, 2021. Unless the context requires otherwise, in this Annual Report, the terms "we," "us," "our," the "Company," "Picard," the "Registrant," and similar references refer to the combined operations of PMI and its consolidated subsidiaries and affiliates, including SynCardia Systems, LLC ("SynCardia").
PMI functions as a holding company and owns 100% of the membership interests of SynCardia. Business operations are carried out by and through SynCardia, and accordingly most of the information in this Annual Report pertains to SynCardia's business. SynCardia is a medical technology company that manufactures and sells the only U.S. Food and Drug Administration ("FDA") and Health Canada approved Total Artificial Heart ("TAH"), which fully replaces the function of a failing human heart. To date, more than 2,100 SynCardia TAHs have been implanted in patients across 27 countries, and the SynCardia TAH is an established bridge to heart transplantation ("BTT") for patients with biventricular heart failure, also referred to as end-stage heart failure, in the United States and around the globe. SynCardia is also pursuing additional research and advancements in medical technology, including the next-generation, fully implantable and driver-less heart, the Emperor TAH. Both the SynCardia and Emperor TAH are subject to additional development and regulatory review.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- UNITED STATES - Geographic Concentration Risk - Revenue Benchmark
- Europe - Geographic Concentration Risk - Revenue Benchmark
- Other
| Region | FY2025 |
|---|---|
| UNITED STATES - Geographic Concentration Risk - Revenue Benchmark | $4.4M |
| Europe - Geographic Concentration Risk - Revenue Benchmark | $580.0K |
| Other | $0 |
As the company reported it, from the “Note 5 - Revenue - Disaggregation of Revenue (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Revenue | $4.9M | $4.4M | — |
| Cost of revenue | $5.1M | $4.5M | — |
| Gross profit | -$204.0K | -$112.0K | — |
| R&D | $3.0M | $3.4M | — |
| SG&A | $10.0M | $10.2M | — |
| Total operating expenses | $13.1M | $13.6M | — |
| Operating income | -$13.3M | -$13.7M | — |
| Pre-tax income | -$27.0M | -$21.1M | — |
| Income tax | $35.0K | $15.0K | — |
| Net income | -$27.0M | -$21.1M | — |
| EPS, basic | -0.75 | -2.99 | — |
| EPS, diluted | -0.75 | -2.99 | — |
| Shares, diluted (wtd. avg.) | 36.2M | 7.9M | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Cash and equivalents | $7.5M | $96.0K | — |
| Inventory | $7.3M | $8.1M | — |
| Total current assets | $20.7M | $9.8M | — |
| Property, plant and equipment | $183.0K | $227.0K | — |
| Goodwill | $615.0K | $615.0K | — |
| Other intangibles | $509.0K | $596.0K | — |
| Total assets | $22.5M | $12.1M | — |
| Accounts payable | $2.1M | $5.3M | — |
| Total current liabilities | $18.7M | $35.3M | — |
| Total liabilities | $18.8M | $35.8M | — |
| Retained earnings | -$76.8M | -$49.8M | — |
| Total equity | $3.8M | -$44.0M | -$23.8M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 |
|---|---|---|---|
| Operating cash flow | -$15.7M | -$11.9M | — |
| Depreciation and amortisation | $163.0K | $226.0K | — |
| Stock-based compensation | $754.0K | $886.0K | — |
| Investing cash flow | — | $0 | — |
| Financing cash flow | $27.1M | $11.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-017171.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | — | $4.4M | $4.9M |
| Gross profit | — | -$112.0K | -$204.0K |
| Net income | — | -$21.1M | -$27.0M |
Recent filings and events
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
- Other event Item 8.01
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event Item 8.01
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event Item 8.01
- Other event Item 8.01
- Officer or director change Item 5.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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