Picard Reports Third Quarter 2025 Financial Results

Core Insights - Picard Medical, Inc. successfully completed its initial public offering (IPO) on September 2, 2025, raising approximately $19.5 million in gross proceeds, which will be used to strengthen its balance sheet and accelerate research and development [4][7]. Financial Performance - Third quarter revenue reached $1.19 million, a 35% increase from the same period in 2024, driven by higher U.S. product sales and increased driver rentals [5]. - The cost of revenue declined by 15% year-over-year, resulting in a gross loss reduction of 81% to $0.13 million [5]. - Operating expenses decreased by 11% to $3.36 million, leading to a narrowed operating loss of $3.36 million compared to $3.77 million in Q3 2024 [6]. - For the nine-month period ending September 30, 2025, revenue totaled $3.93 million, an 11% increase from 2024, while the operating loss remained consistent at $10.3 million [7]. Strategic Developments - The company secured additional patent protection for its SynCardia Total Artificial Heart (STAH), reinforcing its commitment to life-saving technology [3]. - Two independent directors, Sam Van and George Ye, were appointed to the board to provide leadership and guidance as the company transitions to a public entity [3][7]. - A new patent (U.S. Patent No. 12,383,722 B2) was granted for the next-generation fully implantable SynCardia Total Artificial Heart, expanding the company's intellectual property portfolio [7]. Market Position - Picard Medical, through its subsidiary SynCardia, is the only company with commercially available total artificial heart technology for patients with end-stage heart failure, with over 2,100 implants performed globally [10].