- 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 American: 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 $2.50 million increase in derivative loss.
Financial Summary
| ($ in thousands) | Q2 2025 | Q2 2024 | % Change | 6M 2025 | 6M 2024 | % Change | ||||||
| Revenue | 2,131 | 694 | +207% | 2,744 | 2,674 | +3% | ||||||
| Gross Profit/(Loss) | (127) | (382) | +67% | (485) | 425 | n/m | ||||||
| Operating Loss | (3,521) | (3,824) | +8% | (6,767) | (5,696) | -19% | ||||||
| Net Loss | (6,724) | (4,057) | -66% | (12,285) | (6,011) | -104% | ||||||
Note: n/m = not meaningful due to swing from profit to loss.
Outlook
Following the IPO completed in September, Picard expects to fund operations into 2026 under its current plan. The company remains focused on driving adoption of its commercially approved total artificial heart and progressing its next-generation fully implantable platform, the Emperor.
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 more information, please visit https://www.syncardia.com.
Forward-Looking Statements
This press release includes forward-looking statements that involve risks and uncertainties within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by words such as: "believe," "plan," "expects," "progressing," and similar references to future periods. Examples of forward-looking statements include, among others, statements we make regarding the use of proceeds to fund operations, driving adoption of the STAH and progressing its next-generation fully implantable platform. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company's expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related prospectus filed in connection with the initial public offering with the SEC. Copies are available on the SEC's website, http://www.sec.gov.
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
