Picard Medical Reports Full Year 2025 Financial Results
MWN-AI** Summary
Picard Medical, Inc. (NYSE American: PMI) has reported its financial results for the fiscal year ending December 31, 2025, highlighting a period of significant transformation for the Company. Revenue reached $4.9 million, marking a notable 12.5% increase from the previous year. This growth was primarily driven by product revenue of $4.7 million, which constituted 96% of the total revenue, as the SynCardia Total Artificial Heart saw increased adoption among leading transplant centers.
Despite the revenue growth, the Company faced challenges with a gross margin of (4.1%), slightly down from (2.6%) in 2024, and an operating loss that came in at $(13.3) million, an improvement from $(13.7) million the previous year. Net losses also widened to $(27.0) million compared to $(21.1) million in 2024.
On a positive note, Picard Medical's liquidity position significantly strengthened by year-end, with cash and equivalents totaling $11.5 million, a substantial leap from just $0.1 million at the end of 2024. This enhancement was bolstered by $27.1 million net proceeds from financing activities, which included equity and debt financing.
CEO Patrick NJ Schnegelsberg stated that 2025 represented a pivotal year for Picard Medical, characterized by the company’s public listing and a solidified financial foundation while continuing to expand the reach of its groundbreaking artificial heart technology. The Company anticipates further investment in commercialization, manufacturing, and product development as part of its ongoing business strategy. Investors are encouraged to stay tuned for further operational updates.
MWN-AI** Analysis
Picard Medical, Inc. has reported its financial results for full-year 2025, revealing significant developments that could influence investor sentiment and market positioning. The company, known for its innovative Total Artificial Heart technology, achieved a revenue growth of 12.5% year-over-year, totaling $4.9 million in 2025. This increase, predominantly from product sales, signals a promising trajectory in the commercialization of its flagship product, the SynCardia Total Artificial Heart, which has been widely adopted across leading transplant centers.
Despite revenue growth, it's pertinent to note the gross margin, which showed a decline from (2.6%) in 2024 to (4.1%) in 2025. This underperformance in gross margins indicates rising costs or pricing pressures, which could dampen the profitability in the short term. Furthermore, the operating loss slightly improved to $13.3 million compared to $13.7 million in the previous year, but the net loss has increased substantially to $27 million, up from $21.1 million in 2024. This alarming trend in net losses signifies that while revenue generation is on the rise, operational and capital expenditure efficiencies are yet to be achieved.
On a more positive note, the substantial boost in cash reserves to $11.5 million, up from almost depleted levels of $0.1 million in 2024, can alleviate immediate liquidity concerns. This was bolstered by net proceeds of $27.1 million from financing activities, indicating robust market support and investor confidence.
In terms of market advice, investors should adopt a cautious but optimistic approach. While immediate losses may concern some investors, the company's investment into scaling operations and continued product development highlights its commitment to long-term growth. Seeking opportunities in the stock post-earnings may provide a beneficial entry point, particularly if management delivers on its growth promises and cost management strategies in upcoming quarters.
**MWN-AI Summary and Analysis is based on asking OpenAI to summarize and analyze this news release.
TUCSON, Ariz., March 25, 2026 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE American: PMI) (the “Company”), parent company of SynCardia Systems LLC, maker of the world’s first total artificial heart approved by both the U.S. FDA and Health Canada, today reported financial results for the year ended December 31, 2025. The year reflected a transformational period for the Company highlighted by revenue growth, improved operating performance, and a strengthened balance sheet following the successful completion of the Company public listing and related capital raises.
Key Financial Highlights
- Revenue of $4.9 million, an increase of 12.5 percent compared to 2024
- Product revenue of $4.7 million representing 96 percent of total revenue
- Gross margin was (4.1 percent) compared to (2.6 percent) in 2024
- Operating loss was $(13.3) million compared to $(13.7) million in 2024
- Net loss was $(27.0) million compared to $(21.1) million in 2024
- Cash, cash equivalents and restricted cash of $11.5 million at year end compared to $0.1 million (December 31, 2024)
- $17.4 million net proceeds raised from equity financings and $9.7 million net proceeds from debt financing during 2025
- Conversion of convertible debt and elimination of derivative liabilities
Management Commentary
“2025 was a transformational year for Picard Medical, marked by our public listing, balance sheet restructuring, and revenue growth,” said Patrick NJ Schnegelsberg, Chief Executive Officer of Picard Medical. “We strengthened our financial position while continuing to expand adoption of the SynCardia Total Artificial Heart. We will provide additional operational updates during our business update call on Wednesday, March 25, 2026, at 4:30 p.m. EDT.”
To register for the live webcast of the call, go to: https://lifescievents.com/event/gjpq036k/
An online replay will be available shortly after the call on the Company’s website, picardmedical.com, and continue to be available for 60 days.
Financial Results
Revenue
Total revenue for 2025 was $4.94 million, compared to $4.39 million in 2024, representing an increase of 12.5 percent. Product revenue was $4.75 million, while rental revenue was $0.19 million. Product revenue was driven by continued adoption of the SynCardia Total Artificial Heart across leading transplant centers. The SynCardia Total Artificial Heart remains the most widely used and clinically established total artificial heart system globally, with more than 2,100 implants performed to date.
Gross Profit (Loss)
Gross loss was $(0.2) million, compared to $(0.1) million in 2024. Gross margin was (4.1 percent) compared to (2.6 percent) in the prior year.
Operating Expenses
Operating expenses were $13.1 million, compared to $13.6 million in 2024. Research and development expenses were $3.0 million, and selling, general and administrative expenses were $10.0 million.
Operating Profit (Loss)
Operating loss was $(13.3) million, compared to $(13.7) million in 2024.
Net Loss
Net loss was $(27.0) million, compared to $(21.1) million in 2024.
Liquidity and Capital Resources
Cash, cash equivalents and restricted cash totaled $11.5 million as of December 31, 2025, compared to $0.1 million as of December 31, 2024.
Net cash used in operating activities was $(15.7) million, while net cash provided by financing activities was $27.1 million.
Outlook
The Company expects to continue investing in commercialization, manufacturing scale, and product development. Additional capital will be required to support operations and execute the Company’s business plan.
About Picard Medical and SynCardia
Picard Medical, Inc. is the parent company of SynCardia Systems, LLC (“SynCardia”), the Tucson, Arizona-based leader with the only commercially available total artificial heart technology for patients with end-stage heart failure. SynCardia develops, manufactures, and commercializes the SynCardia Total Artificial Heart (“STAH”), an implantable system that assumes the full functions of a failing or failed human heart. It is the first artificial heart approved by both the FDA and Health Canada, and it remains the only commercially available artificial heart in the United States and Canada. With more than 2,100 implants performed at hospitals across 27 countries, the SynCardia Total Artificial Heart is the most widely used and extensively studied artificial heart in the world.
For additional information about Picard Medical, please visit www.picardmedical.com or review the Company’s filings with the U.S. Securities and Exchange Commission at www.sec.gov.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs. Forward-looking statements can often be identified by words such as “expect,” “will,” “continue,” and “plan,” and similar expressions, and variations or negatives of these words. These statements include, but are not limited to, statements regarding the Company’s financial condition, future operating results, expectations for growth, capital requirements, and the Company’s outlook and plan for future investing. They are not guarantees of future results and are subject to risks, uncertainties and assumptions that could cause actual results to differ materially from those expressed in any forward-looking statements and are encourage to review the Company’s most recent Annual Report on Form 10-K and other filings with the SEC for a more complete discussion of the risks and other factors that could affect any forward-looking statements. The statements made herein speak only as of the date of this release and except as required by law, the Company does not undertake any obligation to publicly update or revise any forward-looking statements.
Contact:
Investors
Eric Ribner
Managing Director
LifeSci Advisors LLC
eric@lifesciadvisors.com
Picard Medical, Inc./SynCardia Systems, LLC
IR@picardmedical.com
General/Media
Brittany Lanza
blanza@syncardia.com
FAQ**
What specific strategies does Picard Medical Inc. PMI plan to implement to further enhance revenue growth following the 12.5% increase reported for 2025?
How does the gross margin of (4.1 percent) this year impact Picard Medical Inc. PMI’s long-term profitability and operational restructuring plans?
Given the net loss of $(27.0) million in 2025, what measures is Picard Medical Inc. PMI considering to improve financial performance in the upcoming years?
What role will the additional capital raised play in supporting the commercialization and product development pipeline at Picard Medical Inc. PMI?
**MWN-AI FAQ is based on asking OpenAI questions about Picard Medical Inc. (NYSE: PMI).
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