Picard Medical, Inc. (PMI) reported a net loss of $27.0 million for the fiscal year ending December 31, 2025, compared to a net loss of $21.1 million in the previous year, marking an increase of 28%. Total revenues for the year were $4.94 million, reflecting a 13% increase from $4.39 million in 2024. This growth was primarily driven by a $1.0 million increase in sales within the United States, although international sales saw a decline. The company's cost of revenues also rose, totaling $5.14 million, which resulted in a gross loss of $204,000, compared to a gross loss of $112,000 in 2024.
In terms of operational developments, PMI has focused on expanding its product offerings and enhancing its manufacturing capabilities. The company is actively developing the Emperor Total Artificial Heart, a next-generation fully implantable device, and has initiated research for the Unicorn driver system, which aims to improve patient mobility and device reliability. As of December 31, 2025, PMI employed 75 individuals, a slight increase from previous years, and has certified over 30 medical centers to implant its SynCardia Total Artificial Heart (TAH), which remains the only FDA-approved total artificial heart in the U.S. and Canada.
Strategically, PMI completed its initial public offering (IPO) on September 2, 2025, raising approximately $19.6 million in gross proceeds. The funds are earmarked for operational support, research and development, and repayment of existing obligations. The company has also entered into a Securities Purchase Agreement to issue senior secured notes, which could provide additional capital for its growth initiatives. However, PMI's financial health remains precarious, as it has incurred significant operating losses since inception and faces substantial doubt about its ability to continue as a going concern without additional financing.
Looking ahead, PMI plans to pursue regulatory approvals for expanded indications of the SynCardia TAH and aims to enhance its market presence in international markets, including China and Europe. The company is also working to improve its manufacturing efficiency and reduce production costs. Despite these efforts, PMI acknowledges the challenges posed by market competition and the need for continued investment in research and development to sustain its growth trajectory. The management's outlook emphasizes the importance of securing additional funding to support ongoing operations and strategic initiatives.
About Picard Medical, Inc.
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