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Picard Medical (PMI) investor relations material
Picard Medical Registration Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Company overview and business model
Operates as a holding company with 100% ownership of SynCardia Systems, a medical technology firm producing the only FDA- and Health Canada-approved total artificial heart (TAH) for biventricular heart failure patients.
Over 2,100 SynCardia TAHs have been implanted in 27 countries; products include 50cc and 70cc TAHs, external drivers, and clinical support.
Customers are major medical centers; direct sales in the US, distributors internationally, including a dedicated entity for China.
Strategy focuses on product innovation (fully implantable TAH, next-gen drivers), expanding commercial reach, and deepening customer engagement.
Manufacturing is ISO 13485-certified and can scale to 450 TAHs per year at the Tucson, AZ facility.
Financial performance and metrics
Net loss of $21.1M in 2024 and $22.7M for the nine months ended September 30, 2025; accumulated deficit of $72.6M as of September 30, 2025.
Revenues decreased 13% to $4.4M in 2024; gross loss of $112K in 2024, with cost of revenues at 103% of sales.
For the nine months ended September 30, 2025, revenues increased 10% to $3.9M, but cost of revenues rose 20%, resulting in a gross loss of $615K.
Significant customer concentration: top customer accounted for 49% of revenue in the first nine months of 2025.
Cash and cash equivalents were $2.8M as of September 30, 2025; recurring operating losses and negative cash flows from operations.
Use of proceeds and capital allocation
No proceeds from the resale of shares by selling stockholders; may receive proceeds from warrant exercises, to be used for general corporate purposes.
Raised $17.4M net from common stock issuance in the nine months ended September 30, 2025; IPO proceeds used to fund operations into 2025.
Ongoing need for additional capital; future funding expected through equity and debt financings.
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