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Picard Medical (PMI) investor relations material
Picard Medical Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary14 Nov, 2025
Executive summary
Completed IPO in September 2025, raising $19.55 million gross ($15.2 million net), strengthening the balance sheet by retiring convertible debt and funding operations, R&D, market expansion, and debt repayment.
Focused on commercializing the SynCardia Total Artificial Heart, the only FDA-approved total artificial heart in the US, with over 2,100 implants globally.
Expanded patent portfolio with new patents in the US and China for next-generation artificial heart technology.
Strengthened board independence with the appointment of two new independent directors with expertise in capital markets and medical devices.
Continues to invest in next-generation devices and expects ongoing operating losses as it scales up revenue.
Financial highlights
Total revenue for the nine months ended September 30, 2025, was $3.93 million, up 11% year-over-year, with Q3 2025 revenue at $1.19 million, up 35% year-over-year, driven by US product sales and increased driver rentals.
Net loss for the nine months was $22.7 million, including $12.4 million in non-cash charges from derivative liabilities related to convertible debt conversion at IPO.
Gross loss for the nine months widened to $0.6 million, but Q3 2025 gross loss narrowed by 81% to $0.13 million as cost of revenue declined 15% year-over-year.
Operating loss for the nine months was $10.3 million, nearly flat year-over-year, while Q3 2025 operating loss narrowed to $3.36 million from $3.77 million in Q3 2024.
Cash and cash equivalents at September 30, 2025, were $2.8 million.
Outlook and guidance
Management expects continued operating losses and negative cash flows until revenue growth offsets fixed costs and R&D investments.
Substantial doubt exists about the ability to continue as a going concern without additional capital; IPO proceeds expected to fund operations into 2025.
New capital from the IPO is expected to accelerate research, development, and commercial expansion of the artificial heart platform.
IPO capital allocation priorities
Emperor TAH development timeline
Path to positive gross margin
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Next Picard Medical earnings date
Q4 202527 Feb, 2026
Next Picard Medical earnings date
Q4 202527 Feb, 2026
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