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    Picard Medical, Inc.

    Company overview

    Market capitalization
    $10.78M
    Employees
    75
    Latest publication
    2026-09-29
    About Picard Medical, Inc.

    Picard Medical, Inc., together with its subsidiaries, engages in the designing, manufacturing, production, supply, marketing, and sale of medical device products. The company offers SynCardia TAH, an artificial heart for patients that is designed to function as a failed human heart in patients suffering from advanced heart failure. The company operates in the United States, Europe, and internationally. The company was incorporated in 2021 and is headquartered in Tucson, Arizona. Picard Medical, Inc. operates as a subsidiary of Hunniwell Picard I, Llc.

    Company website

    Financial statements

    Income Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Revenue2,954,000USD1,150,000USD1,008,999USD1,187,000USD2,131,000USD620,000USD836,000USD881,000USD
    Cost Of Revenue2,338,000USD875,000USD194,000USD1,317,000USD2,258,000USD978,000USD700,000USD1,554,000USD
    Gross Profit616,000USD275,000USD815,000USD-130,000USD-127,000USD-358,000USD136,000USD-673,000USD
    Research Development1,374,000USD1,895,000USD498,000USD951,000USD743,000USD808,000USD789,000USD961,000USD
    Selling General Administrative3,871,000USD2,891,000USD2,867,000USD2,406,000USD2,651,000USD2,080,000USD2,919,000USD2,810,000USD
    Total Operating Expenses5,245,000USD4,786,000USD3,361,000USD3,357,000USD3,394,000USD2,888,000USD3,708,000USD3,771,000USD
    Operating Income-4,629,000USD-4,511,000USD-2,546,000USD-3,487,000USD-3,521,000USD-3,246,000USD-3,572,000USD-4,444,000USD
    Total Other Income Expense Net-1,024,000USD-3,105,000USD-1,774,000USD-6,939,000USD-3,203,000USD-2,284,000USD-5,281,000USD-1,762,000USD
    Income Before Tax-5,653,000USD-7,616,000USD-4,320,000USD-10,426,000USD-6,724,000USD-5,530,000USD-8,853,000USD-6,206,000USD
    Income Tax Expense7,000USD—-31,000USD—796,000USD31,000USD-15,000USD—
    Net Income-5,660,000USD-7,616,000USD-4,289,000USD-10,426,000USD-7,520,000USD-5,561,000USD-8,838,000USD-6,206,000USD
    Net Income Applicable To Common Shares-5,660,000USD——-10,426,000USD-7,520,000USD-6,341,000USD——
    Interest Expense—5,000USD7,000USD2,404,000USD2,427,000USD555,000USD1,431,000USD1,382,000USD
    Net Interest Income—-5,000USD-2,301,000USD-2,404,000USD-2,427,000USD-555,000USD-1,431,000USD-1,382,000USD
    Tax Provision—0USD4,000USD0USD0USD31,000USD-15,000USD0USD
    Net Income From Continuing Ops—-7,616,000USD-4,291,000USD-10,426,000USD-6,724,000USD-5,561,000USD-8,838,000USD-6,206,000USD
    Ebitda—-4,511,000USD-2,546,000USD-7,895,000USD-4,171,000USD-4,846,000USD-7,296,000USD-4,702,000USD
    Reconciled Depreciation—136,000USD130,000USD127,000USD126,000USD129,000USD126,000USD122,000USD
    Interest Income———6,939,000USD3,203,000USD2,284,000USD0USD0USD
    Ebit———-8,022,000USD-4,297,000USD-4,975,000USD-7,422,000USD-4,824,000USD
    Depreciation And Amortization———127,000USD126,000USD129,000USD126,000USD122,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Income Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Revenue4,940,000USD4,391,000USD5,043,000USD4,113,000USD
    Cost Of Revenue4,740,000USD4,503,000USD7,354,000USD9,101,000USD
    Gross Profit200,000USD-112,000USD-2,311,000USD-4,988,000USD
    Research Development3,000,000USD3,380,000USD2,213,000USD1,902,000USD
    Selling General Administrative10,004,000USD10,220,000USD10,978,000USD4,177,000USD
    Total Operating Expenses13,000,000USD13,600,000USD13,191,000USD6,079,000USD
    Operating Income-12,800,000USD-13,712,000USD-15,502,000USD-11,067,000USD
    Interest Expense5,393,000USD3,067,000USD140,000USD5,000USD
    Net Interest Income-7,687,000USD-3,067,000USD-138,000USD4,000USD
    Income Before Tax-27,000,000USD-21,070,000USD-15,571,000USD-11,157,000USD
    Tax Provision35,000USD-15,000USD-2,000USD11,000USD
    Net Income-27,000,000USD-21,055,000USD-15,569,000USD-11,168,000USD
    Net Income From Continuing Ops-27,002,000USD-21,055,000USD-15,569,000USD-11,168,000USD
    Ebitda-12,800,000USD-17,460,000USD-14,846,000USD-10,607,000USD
    Reconciled Depreciation512,000USD543,000USD585,000USD545,000USD
    Total Other Income Expense Net-14,200,000USD-7,358,000USD-69,000USD-90,000USD
    Interest Income—7,358,000USD2,000USD9,000USD
    Income Tax Expense—-15,000USD-2,000USD11,000USD
    Ebit—-18,003,000USD-15,431,000USD-11,152,000USD
    Depreciation And Amortization—543,000USD585,000USD545,000USD
    Net Income Applicable To Common Shares—-23,737,000USD-18,002,000USD-12,670,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USDQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USD
    Total Assets9,167,000USD11,220,000USD22,548,000USD13,521,000USD11,703,000USD11,963,000USD12,106,000USD12,151,000USD
    Cash And Equivalents38,000USD——2,813,000USD410,000USD688,000USD——
    Total Current Assets7,592,000USD9,509,000USD20,726,000USD11,588,000USD9,643,000USD9,777,000USD9,791,000USD9,753,000USD
    Other Current Assets970,000USD1,347,000USD5,349,000USD1,060,000USD937,000USD927,000USD955,000USD1,194,000USD
    Total Liabilities7,451,000USD———————
    Total Current Liabilities7,451,000USD12,659,000USD18,695,000USD5,373,000USD45,636,000USD40,212,000USD35,325,000USD26,600,000USD
    Other Current Liabilities515,000USD———————
    Total Stockholder Equity1,716,000USD-1,448,000USD3,789,000USD7,968,000USD-34,228,000USD-28,657,000USD-23,736,000USD-15,133,000USD
    Total Equity Including Noncontrolling Interest1,716,000USD———————
    Inventory5,970,000USD7,445,000USD7,303,000USD6,552,000USD6,996,000USD8,043,000USD8,115,000USD7,926,000USD
    Property Plant Equipment Net365,000USD609,000USD698,000USD787,000USD892,000USD997,000USD1,104,000USD1,165,000USD
    Goodwill615,000USD———————
    Intangible Assets465,000USD487,000USD509,000USD531,000USD553,000USD574,000USD596,000USD618,000USD
    Accounts Payable3,323,000USD2,711,000USD2,079,000USD3,120,000USD6,370,000USD5,520,000USD5,293,000USD5,092,000USD
    Short Term Debt235,000USD2,565,000USD6,911,000USD436,000USD15,181,000USD22,405,000USD20,410,000USD15,892,000USD
    Common Stock0USD8,000USD7,000USD7,000USD1,000USD1,000USD1,000USD—
    Retained Earnings-90,119,000USD-84,459,000USD-76,843,000USD-72,552,000USD-62,126,000USD-55,402,000USD-49,841,000USD-41,003,000USD
    Accumulated Other Comprehensive Income269,000USD246,000USD228,000USD230,000USD262,000USD277,000USD278,000USD269,000USD
    Total Liab—12,668,000USD18,759,000USD5,553,000USD45,931,000USD40,620,000USD35,842,000USD27,284,000USD
    Other Current Liab—7,383,000USD9,705,000USD1,817,000USD24,085,000USD12,287,000USD9,622,000USD5,616,000USD
    Capital Stock—8,000USD7,000USD7,000USD20,266,000USD20,266,000USD20,266,000USD20,265,000USD
    Good Will—615,000USD615,000USD615,000USD615,000USD615,000USD615,000USD615,000USD
    Cash—121,000USD7,451,000USD2,813,000USD410,000USD688,000USD96,000USD6,000USD
    Cash And Short Term Investments—121,000USD7,451,000USD2,813,000USD410,000USD688,000USD96,000USD6,000USD
    Net Debt—2,453,000USD-476,000USD-2,061,000USD15,066,000USD22,125,000USD20,831,000USD16,507,000USD
    Short Long Term Debt—2,857,000USD6,448,000USD—21,562,000USD21,977,000USD19,976,000USD15,497,000USD
    Short Long Term Debt Total—2,574,000USD6,975,000USD752,000USD15,476,000USD22,813,000USD20,927,000USD16,513,000USD
    Net Receivables—596,000USD623,000USD1,163,000USD1,300,000USD119,000USD625,000USD627,000USD
    Property Plant Equipment Gross—1,233,000USD1,297,000USD1,368,000USD1,454,000USD1,540,000USD1,627,000USD1,743,000USD
    Common Stock Shares Outstanding—74,437,715shares73,694,000shares54,452,140shares88,227,460shares72,056,144shares72,056,144shares72,056,144shares
    Non Current Assets Total—1,711,000USD1,822,000USD1,933,000USD2,060,000USD2,186,000USD2,315,000USD2,398,000USD
    Non Current Liabilities Total—9,000USD64,000USD180,000USD295,000USD408,000USD517,000USD684,000USD
    Net Working Capital—-3,150,000USD2,031,000USD6,215,000USD-35,993,000USD-30,435,000USD-25,534,000USD-16,847,000USD
    Unclassified Current Liabilities—-2,857,000USD-6,448,000USD—-21,562,000USD-21,977,000USD-19,976,000USD-15,497,000USD
    Unclassified Equity—82,749,000USD80,390,000USD80,276,000USD7,369,000USD6,201,000USD5,560,000USD5,336,000USD
    Non Current Liabilities Other———————63,000USD
    SourceDisclosureDeterministicFinalLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Balance sheet Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Total Assets22,548,000USD12,106,000USD11,374,000USD15,440,000USD
    Intangible Assets509,000USD596,000USD684,000USD771,000USD
    Other Current Assets5,349,000USD955,000USD883,000USD1,003,000USD
    Total Liab18,759,000USD35,842,000USD14,926,000USD4,071,000USD
    Total Stockholder Equity3,789,000USD-23,736,000USD-3,552,000USD11,369,000USD
    Other Current Liab9,705,000USD9,622,000USD1,762,000USD720,000USD
    Common Stock7,000USD1,000USD1,000USD0USD
    Capital Stock7,000USD20,266,000USD20,266,000USD20,265,000USD
    Retained Earnings-76,843,000USD-49,841,000USD-28,786,000USD-13,217,000USD
    Good Will615,000USD615,000USD615,000USD615,000USD
    Cash7,451,000USD96,000USD244,000USD152,000USD
    Cash And Short Term Investments7,451,000USD96,000USD244,000USD152,000USD
    Total Current Assets20,726,000USD9,791,000USD8,761,000USD12,123,000USD
    Total Current Liabilities18,695,000USD35,325,000USD9,212,000USD2,999,000USD
    Net Debt-476,000USD20,831,000USD9,167,000USD1,807,000USD
    Short Term Debt6,911,000USD20,410,000USD4,367,000USD887,000USD
    Short Long Term Debt6,448,000USD19,976,000USD4,057,000USD620,000USD
    Short Long Term Debt Total6,975,000USD20,927,000USD9,411,000USD1,959,000USD
    Net Receivables623,000USD625,000USD741,000USD3,642,000USD
    Inventory7,303,000USD8,115,000USD6,893,000USD7,326,000USD
    Accounts Payable2,079,000USD5,293,000USD3,083,000USD1,392,000USD
    Property Plant Equipment Net698,000USD1,104,000USD1,314,000USD1,931,000USD
    Property Plant Equipment Gross1,297,000USD1,627,000USD1,773,000USD2,224,000USD
    Accumulated Other Comprehensive Income228,000USD278,000USD293,000USD398,000USD
    Common Stock Shares Outstanding73,710,000shares72,056,144shares72,056,144shares72,056,144shares
    Non Current Assets Total1,822,000USD2,315,000USD2,613,000USD3,317,000USD
    Non Current Liabilities Total64,000USD517,000USD5,714,000USD1,072,000USD
    Net Working Capital2,031,000USD-25,534,000USD-451,000USD9,124,000USD
    Unclassified Current Liabilities-6,448,000USD-19,976,000USD-4,057,000USD—
    Unclassified Equity80,390,000USD5,560,000USD4,674,000USD3,923,000USD
    Cash And Equivalents—96,000USD244,000USD152,000USD
    Long Term Debt—0USD4,282,000USD0USD
    Non Current Liabilities Other——670,000USD—
    Unclassified Non Current Liabilities———1,072,000USD
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow YTD

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ2 20262026-06-30 · USD
    Depreciation91,000USD
    Stock Based Compensation1,545,000USD
    Other Non Cash Items-9,284,000USD
    Change To Account Receivables9,000USD
    Change To Inventory726,000USD
    Change To Liabilities852,000USD
    Change In Working Capital2,224,000USD
    Operating Cash Flow-5,152,000USD
    Capital Expenditures-26,000USD
    Investing Cash Flow-26,000USD
    Net Debt Issuance-32,000USD
    Unclassified Financing Cash Flow-6,244,000USD
    Financing Cash Flow-6,276,000USD
    Effect Of Forex Changes On Cash41,000USD
    Change In Cash-11,413,000USD
    End Cash Flow38,000USD
    SourceDisclosureDeterministicFinal

    Cash flow Quarterly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricQ1 20262026-03-31 · USDQ4 20252025-12-31 · USDQ3 20252025-09-30 · USDQ2 20252025-06-30 · USDQ1 20252025-03-31 · USDQ4 20242024-12-31 · USDQ3 20242024-09-30 · USDQ2 20242024-06-30 · USD
    Net Income-7,616,000USD-4,291,000USD-10,426,000USD-6,724,000USD-5,561,000USD-8,838,000USD-6,206,000USD-4,057,000USD
    Depreciation136,000USD130,000USD127,000USD126,000USD129,000USD126,000USD122,000USD153,000USD
    Stock Based Compensation165,000USD226,000USD204,000USD183,000USD141,000USD226,000USD435,000USD194,000USD
    Other Non Cash Items3,280,000USD1,058,000USD6,867,000USD3,026,000USD2,314,000USD4,567,000USD2,098,000USD124,000USD
    Change To Account Receivables27,000USD259,000USD408,000USD-1,293,000USD506,000USD2,000USD169,000USD158,000USD
    Change To Inventory-321,000USD-531,000USD266,000USD901,000USD-246,000USD266,000USD-648,000USD-573,000USD
    Change In Working Capital235,000USD-1,500,000USD-3,286,000USD848,000USD736,000USD767,000USD943,000USD-273,000USD
    Total Cash From Operating Activities-3,800,000USD-4,377,000USD-6,514,000USD-2,541,000USD-2,241,000USD-3,152,000USD-2,608,000USD-3,859,000USD
    Capital Expenditures-26,000USD0USD0USD0USD0USD0USD0USD0USD
    Free Cash Flow-3,826,000USD-4,377,000USD-6,514,000USD-2,541,000USD-2,241,000USD-3,152,000USD-2,608,000USD-3,859,000USD
    Total Cashflows From Investing Activities-26,000USD——0USD0USD———
    Net Borrowings-7,564,000USD14,505,000USD-7,010,000USD1,293,000USD2,334,000USD3,233,000USD2,528,000USD—
    Total Cash From Financing Activities-7,522,000USD13,017,000USD8,949,000USD2,278,000USD2,834,000USD3,233,000USD2,528,000USD3,532,000USD
    Issuance Of Capital Stock0USD0USD15,959,000USD985,000USD500,000USD0USD0USD0USD
    Change In Cash-11,330,000USD8,638,000USD2,403,000USD-278,000USD592,000USD90,000USD-72,000USD-332,000USD
    Begin Period Cash Flow11,451,000USD2,813,000USD410,000USD688,000USD96,000USD6,000USD78,000USD410,000USD
    End Period Cash Flow121,000USD11,451,000USD2,813,000USD410,000USD688,000USD96,000USD6,000USD78,000USD
    Other Cashflows From Financing Activities-7,522,000USD27,078,000USD8,949,000USD2,278,000USD————
    Unclassified Financing Cash Flow7,564,000USD-28,566,000USD-10,434,000USD-2,778,000USD———3,532,000USD
    Investments——0USD0USD0USD0USD0USD0USD
    Sale Purchase Of Stock——17,444,000USD1,485,000USD500,000USD———
    Other Cashflows From Investing Activities———0USD0USD———
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Cash flow Yearly

    Exact reported values; units shown beside each amount. Missing values are —.
    MetricFY 20252025-12-31 · USDFY 20242024-12-31 · USDFY 20232023-12-31 · USDFY 20222022-12-31 · USD
    Net Income-27,002,000USD-21,055,000USD-15,569,000USD-11,168,000USD
    Depreciation512,000USD543,000USD585,000USD545,000USD
    Stock Based Compensation754,000USD886,000USD133,000USD148,000USD
    Other Non Cash Items13,265,000USD6,789,000USD937,000USD1,678,000USD
    Change To Account Receivables-120,000USD116,000USD253,000USD210,000USD
    Change To Inventory390,000USD-1,330,000USD-446,000USD-1,591,000USD
    Change In Working Capital-3,202,000USD963,000USD3,280,000USD-1,926,000USD
    Total Cash From Operating Activities-15,673,000USD-11,874,000USD-10,634,000USD-10,723,000USD
    Capital Expenditures0USD0USD-7,000USD-29,000USD
    Free Cash Flow-15,673,000USD-11,874,000USD-10,641,000USD-10,752,000USD
    Net Borrowings11,122,000USD11,741,000USD8,190,000USD5,524,000USD
    Total Cash From Financing Activities27,078,000USD11,741,000USD10,840,000USD5,524,000USD
    Issuance Of Capital Stock17,444,000USD0USD2,650,000USD0USD
    Change In Cash11,355,000USD-148,000USD92,000USD-5,102,000USD
    Begin Period Cash Flow96,000USD244,000USD152,000USD5,254,000USD
    End Period Cash Flow11,451,000USD96,000USD244,000USD152,000USD
    Other Cashflows From Financing Activities-1,488,000USD—2,650,000USD0USD
    Investments—0USD-9,000USD-37,000USD
    Total Cashflows From Investing Activities—0USD-9,000USD-37,000USD
    Sale Purchase Of Stock—0USD——
    Other Cashflows From Investing Activities—0USD-2,000USD-8,000USD
    Unclassified Financing Cash Flow——-2,650,000USD—
    SourceLegacy providerLegacyLegacy providerLegacyLegacy providerLegacyLegacy providerLegacy

    Operating metrics

    No operating metrics are currently published for this company.

    Revenue breakdown

    PeriodDimensionBusiness / regionRevenueCurrencySource
    Q1 2026Quarterly · 2026-03-31ProductProduct943,000USD0001437749-26-017342
    Q1 2026Quarterly · 2026-03-31ProductRentals207,000USD0001437749-26-017342
    FY 2025Yearly · 2025-12-31ProductProduct4,746,000USD0001437749-26-010133
    FY 2025Yearly · 2025-12-31ProductRentals194,000USD0001437749-26-010133
    Q3 2025Quarterly · 2025-09-30ProductProduct1,115,000USD0001437749-25-034982
    Q3 2025Quarterly · 2025-09-30ProductRentals72,000USD0001437749-25-034982
    Q1 2025Quarterly · 2025-03-31ProductProduct613,000USD0001437749-26-017342
    Q1 2025Quarterly · 2025-03-31ProductRentals7,000USD0001437749-26-017342
    FY 2024Yearly · 2024-12-31ProductProduct4,254,000USD0001437749-26-010133
    FY 2024Yearly · 2024-12-31ProductRentals137,000USD0001437749-26-010133
    Q3 2024Quarterly · 2024-09-30ProductProduct881,000USD0001437749-25-034982
    Q3 2024Quarterly · 2024-09-30ProductRentals0USD0001437749-25-034982

    Periods follow company fiscal calendars. Quarterly, annual and year-to-date amounts are shown separately. Missing values are not zero. Data may be delayed, incomplete or corrected; follow the disclosure links to verify figures.