Picard Medical (PMI) Q4 2025 earnings summary

Executive summary

• Achieved revenue growth of 12.5% year-over-year to $4.94 million for 2025, driven by increased U.S. adoption of the SynCardia platform, which now represents 88% of total revenue.

• Completed IPO/public listing, raising $35.5 million in capital, significantly strengthening the balance sheet and reducing legacy liabilities.

• Advanced development of the Emperor fully implantable artificial heart and next-generation driver technologies.

• Product revenue accounted for 96% of total revenue, reflecting continued adoption of the SynCardia Total Artificial Heart.

• Over 2,100 SynCardia Total Artificial Heart implants performed globally, reinforcing global leadership.

Financial highlights

• Total revenue was $4.94 million, up from $4.39 million in 2024, with U.S. revenue growing 33.5% year-over-year.

• Net loss was approximately $27.0 million, with $14.5 million in non-cash and financing-related items.

• Cash, cash equivalents, and restricted cash rose to $11.5 million at year-end, up from $0.1 million.

• Gross margin was negative at (4.1%) for 2025.

• Operating loss improved to $(13.3) million from $(13.7) million in 2024.

Outlook and guidance

• Focus on U.S. implant volume growth, gross margin improvement, and operational efficiency.

• Continued investment in next-generation technology platforms, including the Emperor Total Artificial Heart.

• Additional capital will be required to support ongoing operations and business plan execution.

• Plans to continue investing in commercialization, manufacturing scale, and product development.