PMI

Company Overview — What Does Picard Medical, Inc. Do?

We are a holding company that owns 100% of the membership interests of SynCardia Systems, LLC (“SynCardia”). Our business is carried out by SynCardia, and thus most of the information set forth in this prospectus relates to the business of SynCardia. SynCardia is a medical technology company that manufactures and sells the only U.S. Food and Drug Administration (“FDA”), and Health Canada approved implantable total artificial heart (the “SynCardia TAH”). To date, over 2,100 SynCardia TAHs have been implanted in patients in 27 countries and the SynCardia TAH is an established bridge to heart transplantation for patients with biventricular failure in the U.S., and around the world. Our future vision is to develop the world’s first fully implantable SynCardia TAH as an alternative to heart transplantation for patients with biventricular heart failure in the U.S. and around the world. For near term new product developments, we are committed to innovating our current driver technology, to expand the current indication for use of the SynCardia TAH from Bridge to Transplantation (“BTT”), to Bridge to Candidacy (“BTC”), and for long-term use of two years or more. BTT products are intended to support patients with end-stage heart failure who are already listed or deemed eligible for a heart transplant. The BTT indication includes patients who are transplant candidates but need mechanical circulatory support (“MCS”) due to declining health or to stabilize them while waiting for donor heart. BTC products support patients while determining their eligibility for transplantation. This is typically for patients who need more time for medical optimization, evaluation, or stabilization before a final determination of transplant candidacy. The duration of support typically is longer than BTT if patients need extensive rehabilitation or additional workup to resolve contraindications to becoming transplant eligible. The BTC indication includes patients who are not immediately transplant-eligible due to reversible contraindications (e.g., organ dysfunction, infection, or need for psychosocial assessment) but may become transplant eligible after receiving MCS. The Long-term use indication includes patients who are ineligible for a heart transplant and need long-term heart replacements for 2 years or more. Finally, we plan to expand our product sales into more international markets. The currently available, FDA and Health Canada-approved, SynCardia TAH System consists of an implant (including left and right artificial ventricles), external pneumatic drivers to power the implant, and drivelines that connect the driver to the implant. The implantation procedure follows routine surgical techniques used by cardiothoracic surgeons performing heart transplants. The drivers powering the SynCardia TAH are available for in-hospital use (Companion 2) and or in-hospital and in-home use (“Freedom Driver”) and generate true pulsatile flow using a redundant pneumatic pump assembly. The core of our approved technology is our heart ventricles with blood contacting surfaces that already have over 2,100 implants’ worth of clinical experience. We intend to augment our heart ventricles to include an internal driver system to achieve a fully implantable TAH system that does not require use of an external pneumatic driver as our current product does. Our next generation, the fully implantable Emperor Total Artificial Heart (“Emperor”) is expected to be designed to provide pulsatile flow without requiring external pneumatic drivers. Emperor design prototypes are currently undergoing non-clinical bench testing. We plan to conduct acute animal studies using selected Emperor design prototypes during the first half of 2025. Depending on the outcomes of these and other non-clinical testing, we may be able to seek FDA approval for Emperor in 2028. The SynCardia TAH remains the only approved total artificial heart in the United States and Canada for the BTT indication. Carmat SA, a French company, recently obtained the CE mark for its Aeson TAH device in Europe. Beyond the SynCardia TAH and the Aeson device, there are no other artificial hearts approved for commercial use in any market. BiVACOR, Inc. began early-stage human clinical testing in July 2024 for its BiVACOR total artificial heart. While, to date, there are no head-to-head trials to compare total artificial hearts to each other, we believe that based on our technology, intellectual property, know-how, and extensive human clinical experience, we have significant advantages over other companies developing other TAH products. Cardiologists in the United States and Europe have also been exploring the simultaneous use of two left ventricular assist devices (“LVADs”) simultaneously to provide fully implanted biventricular assistance to patients. More specifically, cardiologists have combined two Abbott HeartMate 3 LVADs, and - once combined - have referred to the assembly as “HeartMate 6” or as “total artificial heart replacement”. This practice is not currently approved by the FDA or has been the subject of a trial to evaluate efficacy and safety. Cardiologists are also using LVADs and other temporary MCS, including extracorporeal membrane oxygenation (“ECMO”), or axial flow percutaneous left ventricular assist devices to bridge patients with biventricular heart failure to transplantation. Temporary MCS support the function of the left or right ventricle only, should not be used for more than two weeks, are for hospital use only (patients cannot be discharged), and are implanted using minimally invasive techniques. LVADs are approved for long term use, they are intended to support the function of the left ventricle only. Like the SynCardia TAH, LVADs are implanted using surgical techniques. The SynCardia TAH, in contrast, replaces both the left and right ventricles, patients can be discharged, and is implanted using surgical techniques(1),(2). We believe that, based on our technology, intellectual property, and extensive human clinical experience, we have significant advantages over other companies developing comparable other TAH products. The core of our approved technology is our heart ventricles, which we intend to augment with an internal driver system to achieve a fully implantable heart for which the blood-contacting surface already have over 2,100 implants’ worth of clinical experience. We intend to augment our products to include an internal driver system to achieve a fully implantable TAH system that does not require use of an external pneumatic driver as our current product does. (1) Lim HS, Ranasinghe A, Quinn D, Chue C, Mascaro J. Outcomes of temporary mechanical circulatory support in cardiogenic shock due to end-stage heart failure. J Intensive Care Soc. 2022 May;23(2):170-176. (2) Carrier M, Moriguchi J, Shah KB, Anyanwu AC, Mahr C, Skipper E, Cossette M, Noly PE. Outcomes after heart transplantation and total artificial heart implantation: A multicenter study. J Heart Lung Transplant. 2021 Mar;40(3):220-228. Our offices are located in Tucson, AZ. Picard Medical, Inc. (PMI) is classified as a micro-cap stock in the Healthcare sector, specifically within the Medical Equipment industry. The company is led by CEO Patrick NJ Schnegelsberg and employs approximately 75 people, headquartered in TUCSON, Arizona. With a market capitalization of $79M, PMI is one of the notable companies in the Healthcare sector.

Picard Medical, Inc. (PMI) Stock Rating — Avoid (April 2026)

As of April 2026, Picard Medical, Inc. receives a Avoid rating with a composite score of 25.0/100 and 1 out of 5 stars from the Blank Capital Research quantitative model.PMI ranks #4,108 out of 4,446 stocks in our coverage universe. Within the Healthcare sector, Picard Medical, Inc. ranks #723 of 838 stocks, placing it in the lower half of its Healthcare peers. The rating is generated by a multi-factor model that weighs quality (30%), momentum (25%), value (15%), investment (10%), stability (10%), and short interest (10%).

PMI Stock Price and 52-Week Range

Picard Medical, Inc. (PMI) currently trades at $1.00. The stock gained $0.01 (0.7%) in the most recent trading session. The 52-week high for PMI is $13.68, which means the stock is currently trading -92.7% from its annual peak. The 52-week low is $0.96, putting the stock 3.9% above its annual trough. Recent trading volume was 0 shares, suggesting relatively thin trading activity.

Is PMI Overvalued or Undervalued? — Valuation Analysis

Picard Medical, Inc. (PMI) carries a value factor score of 19/100 in the Blank Capital model, signaling premium valuation that prices in significant future growth. The price-to-book ratio stands at 20.63x, versus the sector average of 2.75x. The price-to-sales ratio is 3.96x, compared to 1.66x for the average Healthcare stock.

At current multiples, Picard Medical, Inc. trades at a premium to most Healthcare peers. This elevated valuation may be justified if the company can sustain above-average growth rates and profitability, but it also creates downside risk if earnings disappoint expectations.

Picard Medical, Inc. Profitability — ROE, Margins, and Quality Score

Picard Medical, Inc. (PMI) earns a quality factor score of 19/100, signaling below-average profitability metrics relative to the broader market. The return on equity (ROE) is -2850.6%, compared to the Healthcare sector average of -43.5%, which is below typical expectations for high-quality companies. Return on assets (ROA) comes in at -479.0% versus the sector average of -33.1%.

On a margin basis, Picard Medical, Inc. reports gross margins of -4.1%, compared to 71.5% for the sector. The operating margin is -268.4% (sector: -66.1%). Net profit margin stands at -546.6%, versus -58.7% for the average Healthcare stock. Revenue growth is running at 34.7% on a trailing basis, compared to 10.6% for the sector. Profitability is below benchmark levels, which may reflect industry headwinds, elevated reinvestment, or structural challenges.

PMI Debt, Balance Sheet, and Financial Health

Picard Medical, Inc. has a debt-to-equity ratio of 495.0%, compared to the Healthcare sector average of 32.0%. This elevated leverage warrants close monitoring, as it increases the company's sensitivity to rising interest rates and economic downturns. The current ratio is 1.11x, suggesting adequate working capital coverage. Total debt on the balance sheet is $0. Cash and equivalents stand at $3M.

PMI has a beta of 0.37, meaning it is less volatile than the S&P 500, making it a relatively defensive holding. The stability factor score for Picard Medical, Inc. is 29/100, suggesting elevated price swings that may be unsuitable for conservative portfolios.

Picard Medical, Inc. Revenue and Earnings History — Quarterly Trend

In TTM 2026, Picard Medical, Inc. reported revenue of $5M and earnings per share (EPS) of $-0.75. Net income for the quarter was $-27M. Gross margin was -4.1%. Operating income came in at $-13M.

In FY 2025, Picard Medical, Inc. reported revenue of $5M and earnings per share (EPS) of $-0.75. Net income for the quarter was $-27M. Gross margin was -4.1%. Operating income came in at $-13M.

In Q3 2025, Picard Medical, Inc. reported revenue of $1M and earnings per share (EPS) of $-0.19. Net income for the quarter was $-10M. Gross margin was -10.9%. Operating income came in at $-3M.

In Q2 2025, Picard Medical, Inc. reported revenue of $2M and earnings per share (EPS) of $-0.85. Net income for the quarter was $-7M. Gross margin was -6.0%. Operating income came in at $-4M.

Over the past 4 quarters, Picard Medical, Inc. has demonstrated a growth trajectory, with revenue expanding from $2M to $5M. Investors analyzing PMI stock should weigh these quarterly trends alongside the valuation and quality metrics discussed above.

PMI Dividend Yield and Income Analysis

Picard Medical, Inc. (PMI) does not currently pay a dividend. This is common among smaller companies in the Medical Equipment industry that prefer to reinvest cash flows into business expansion rather than returning capital to shareholders. Income-focused investors looking for Healthcare dividend stocks may want to explore other Healthcare stocks or use the stock screener to filter by dividend yield.

PMI Momentum and Technical Analysis Profile

Picard Medical, Inc. (PMI) has a momentum factor score of 17/100, signaling weak relative price performance. Stocks with low momentum scores have historically tended to continue underperforming in the near term. The investment factor score is 25/100, which measures capital allocation efficiency and asset growth patterns. The short interest score of 68/100 reflects moderate short selling activity.

PMI vs Competitors — Healthcare Sector Ranking and Peer Comparison

Within the Healthcare sector, Picard Medical, Inc. (PMI) ranks #723 out of 838 stocks based on the Blank Capital composite score. This places PMI in the lower half of all Healthcare stocks in our coverage universe. Key competitors and sector peers include ASTRAZENECA PLC (AZN) with a score of 61.4/100, Sol-Gel Technologies Ltd. (SLGL) with a score of 56.6/100, VIEMED HEALTHCARE, INC. (VMD) with a score of 53.4/100, Innoviva, Inc. (INVA) with a score of 52.7/100, and JOHNSON & JOHNSON (JNJ) with a score of 51.7/100.

Comparing PMI against the S&P 500 benchmark is also instructive for understanding relative performance. Investors can view the full PMI vs S&P 500 (SPY) comparison to assess how Picard Medical, Inc. stacks up against the broader market across all factor dimensions.

PMI Next Earnings Date

No upcoming earnings date has been announced for Picard Medical, Inc. (PMI) at this time. Check the earnings calendar for the latest scheduling updates across all stocks in our coverage universe.

Should You Buy PMI? — Investment Thesis Summary

The quantitative profile for Picard Medical, Inc. suggests caution. The quality score of 19/100 flags below-average profitability. The value score of 19/100 indicates premium valuation. Momentum is weak at 17/100, a headwind for near-term performance. High volatility (stability score 29/100) increases portfolio risk.

In summary, Picard Medical, Inc. (PMI) earns a Avoid rating with a composite score of 25.0/100 as of April 2026. The rating is derived from the Blank Capital Research methodology, which combines six factor dimensions into a single quantitative ranking. Investors should consider these quantitative signals alongside their own fundamental research, risk tolerance, and investment time horizon before making buy or sell decisions on PMI stock.

Related Resources for PMI Investors

Explore more research and tools: PMI vs S&P 500 comparison, top Healthcare stocks, stock screener, our methodology, quality factor explained, value factor explained, momentum factor explained. Compare PMI head-to-head with peers: PMI vs AZN, PMI vs SLGL, PMI vs VMD.