| Metric | Value ($ M) | Q1 FY25 |
|---|---|---|
| Revenue | 1.15 | 85.5% |
| Total Income | 1.15 | 85.5% |
| Expenditure | 5.66 | 46.3% |
| PBT | -7.62 | 37.8% |
| Net Profit | -7.62 | 37.0% |
| OPM | — | |
| NPM | — | |
| EPS | -0.10 | 87.5% |
Picard Medical Reports Q1 2026 Revenue Up 85% to $1.2 Million
22 May 2026 · 22 May, 1:53 am
Summary
Picard Medical, Inc. reported an 85% increase in revenue to $1.2 million for the first quarter of 2026. The company saw improvements in gross profit, reaching $0.3 million with a 24% gross margin, a significant turnaround from the negative 58% margin in Q1 2025. During the quarter, Picard Medical focused on reducing debt, repaying approximately $7.4 million of a senior secured note in cash and settling an additional $2.1 million through equity issuance. The company is also advancing the development of the Emperor Total Artificial Heart, targeting a 2028 clinical study launch.
Key Highlights
- 1
Revenue grew by 85% to $1.2 million for the first quarter of 2026, compared to $0.6 million in the first quarter of 2025.
- 2
Product revenue increased by 54% to $0.9 million in the first quarter of 2026.
- 3
Freedom Driver rental revenue grew to $0.2 million from $7,000 in the prior year period.
- 4
Gross profit improved to $0.3 million, reflecting a gross margin of 24%, compared to a gross loss of $0.4 million and a negative 58% margin in Q1 2025.
- 5
The company repaid approximately $7.4 million of a senior secured note due 2028 in cash during the quarter.
- 6
An additional $2.1 million of principal of the Senior Secured Note was settled through the issuance of 1.4 million shares of the Company’s common stock.
- 7
The remaining Senior Secured Note balance was substantially reduced to approximately $1.3 million through a combination of cash payments, equity settlements, and a cashless transaction.
Management Comments
Patrick NJ Schnegelsberg
We continue to make progress across both our commercial and strategic priorities. During and the quarter, we improved gross margin performance, reduced outstanding debt obligations, strengthened our capital structure, and continued advancing development of the Emperor Total Artificial Heart alongside expansion of our SynCardia commercial activities. The quarter was highlighted by year-over-year revenue growth, a return to positive gross profit, and strengthening the Company’s balance sheet through significant debt reduction, while the Company continued to invest in research and development, manufacturing, and clinical support initiatives across its Total Artificial Heart platform.
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