Picard Medical Reports Full Year 2025 Financial Results

Core Viewpoint - Picard Medical, Inc. experienced a transformational year in 2025, marked by revenue growth, improved operating performance, and a strengthened balance sheet following its public listing and capital raises [1][3]. Financial Results - Total revenue for 2025 was $4.94 million, an increase of 12.5% from $4.39 million in 2024 [4][8]. - Product revenue accounted for $4.75 million, while rental revenue was $0.19 million, driven by the adoption of the SynCardia Total Artificial Heart [4]. - Gross loss was $(0.2) million, with a gross margin of (4.1%), compared to a gross loss of $(0.1) million and a margin of (2.6%) in 2024 [5][8]. - Operating expenses were $13.1 million, a decrease from $13.6 million in 2024, with R&D expenses at $3.0 million and SG&A expenses at $10.0 million [6][8]. - Operating loss was $(13.3) million, slightly improved from $(13.7) million in 2024 [7][8]. - Net loss for the year was $(27.0) million, compared to $(21.1) million in 2024 [9][8]. Liquidity and Capital Resources - Cash, cash equivalents, and restricted cash totaled $11.5 million as of December 31, 2025, a significant increase from $0.1 million at the end of 2024 [10]. - Net cash used in operating activities was $(15.7) million, while net cash provided by financing activities was $27.1 million [10]. Outlook - The company plans to continue investing in commercialization, manufacturing scale, and product development, indicating that additional capital will be required to support operations and execute its business plan [11]. About Picard Medical and SynCardia - Picard Medical, Inc. is the parent company of SynCardia Systems, LLC, which leads in total artificial heart technology for patients with end-stage heart failure. The SynCardia Total Artificial Heart is the first artificial heart approved by both the FDA and Health Canada, with over 2,100 implants performed globally [12].