Picard Medical Reports Second Quarter 2025 Financial Results
Strong commercial momentum driven by higher product sales,
Total revenue and $19.5 million IPO proceeds support expansion and innovation in artificial heart technology -
TUSCON, Ariz., Sept. 15, 2025 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE:PMI) ("Picard" or the "Company"), parent company of SynCardia Systems LLC, maker of the world's first U.S. and Canadian commercially-approved total artificial heart, announced financial results for the quarter and six months ended June 30, 2025. In early September, Picard successfully closed its initial public offering, raising gross proceeds of $19.5 million.
"Our second quarter results reflect strong sales growth for the SynCardia total artificial heart," said Patrick NJ Schnegelsberg, Chief Executive Officer of Picard Medical. "We achieved over 200% revenue growth year-over-year, strengthened our operating profile, and successfully completed our IPO the proceeds of which provide us with the capital to advance development of our next-generation fully implantable heart and expand access to the SynCardia platform globally."
Second Quarter 2025 Results
Revenue for the second quarter of 2025 increased 207% to $2.13 million, compared with $0.69 million in the second quarter of 2024. Growth was driven entirely by higher U.S. product sales. Gross loss narrowed to $0.13 million, a 67% improvement compared with the prior year. Operating loss improved 8% to $3.52 million, versus $3.82 million in the second quarter of 2024. Net loss was $6.72 million, compared to $4.06 million in the prior year quarter, with the loss increase including a $2.10 million higher non-cash debt discount amortized to interest expense and a $0.72 million increase in derivative loss.
Year-to-Date 2025 Results
For the six months ended June 30, 2025, revenue rose 3 % to $2.74 million, compared with $2.67 million in the first half of 2024. Gross loss was $0.49 million, compared with a gross profit of $0.43 million in the same period of 2024. Operating loss widened to $6.77 million, up 19% from $5.70 million in the prior year period. Net loss for the first half was $12.29 million, versus $6.01 million in the first half of 2024 with the loss increase including a $2.37 million higher non-cash debt discount amortized to interest expense and a $2.50 million increase in derivative loss.
Financial Summary
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