Picard Medical, Inc.

Picard Medical, Inc. announced the availability of its pre-recorded presentation for the 2026 Annual Meeting of Stockholders, scheduled for July 17, 2026. The presentation highlighted significant business progress, including an 85% year-over-year revenue increase and a 28% improved gross margin from year-end 2025. The company also provided updates on its next-generation Emperor platform, with plans for an Investigational Device Exemption submission in 2028 and clinical studies in 2029. Stockholders are encouraged to review proxy materials for proposals to be voted on at the meeting.

Picard Medical announced the availability of its pre-recorded presentation for the 2026 Annual Meeting of Stockholders. The presentation highlights strong first-quarter financial performance, including an 85% year-over-year revenue increase and an improved gross margin of 28%. The company also provided updates on manufacturing optimization and significant progress on its next-generation Emperor platform, aiming for a fully implantable total artificial heart. Stockholders will vote on director elections, capital structure amendments, and auditor ratification at the July 17 meeting.

Picard Medical, Inc. has filed a definitive proxy statement for its Annual Meeting of Stockholders on July 17, 2026. Key proposals include approving a reverse stock split at a ratio between 1-for-15 and 1-for-50, aimed at regaining compliance with NYSE American listing standards. Additionally, stockholders will vote on designating a new Class B common stock, with each share entitled to 20 votes. Other agenda items include the election of directors, advisory votes on executive compensation, and auditor ratification.

Picard Medical, Inc. announced the appointment of Dr. Joe Xiao to its Board of Directors, effective June 23, 2026. Dr. Xiao will serve on the Audit, Compensation, and Nominating and Corporate Governance Committees, with his term expiring at the 2026 annual stockholders meeting. He will receive compensation according to the company's standard policy for non-employee directors and has entered into a standard indemnification agreement.

Picard Medical, Inc. announced a leadership transition, with Patrick NJ Schnegelsberg stepping down as Chief Executive Officer and Board member, effective June 18, 2026. The company stated his departure was not due to any disagreement. Richard Fang, Ph.D., the Executive Chairman of the Board, has been appointed Interim Chief Executive Officer while the Board searches for a permanent replacement. Dr. Fang will continue in his role as Chairman and brings extensive experience in the medical device industry.

Picard Medical, Inc. announced a leadership transition with Patrick NJ Schnegelsberg stepping down as Chief Executive Officer and Board member, effective June 18, 2026. His departure was stated not to be due to any disagreement. The Board appointed Richard Fang, Ph.D., the current Chairman, as Interim Chief Executive Officer, effective the same date. Dr. Fang, who previously served as CEO from September 2021 to July 2023, will continue in his role as Chairman and will receive an annual salary of $400,000 as Interim CEO.

Picard Medical, Inc. announced the successful completion of an acute in vivo implant study series for its next-generation Emperor Total Artificial Heart (TAH) Platform. The study, conducted at the University of Arizona and Banner University Medical Center, demonstrated stable full circulatory support and physiologic autoregulatory behavior in a large animal model, with no device-related intraoperative failures. This milestone advances the development of a fully implantable artificial heart system, aiming to enhance patient mobility and quality of life by building on the SynCardia TAH's established architecture.

Picard Medical, Inc. announced the termination of Bernard Skaggs as Chief Financial Officer, effective June 1, 2026. Concurrently, the Board of Directors appointed Georgina Smith, 54, as the Company's Chief Accounting Officer, effective the same date. Ms. Smith brings extensive experience, having served as Controller of SynCardia Systems, a company subsidiary, and held various financial leadership roles at Rain Bird Corporation and Tucson Electric Power. She is a Certified Public Accountant with an MBA and BS in Accounting from the University of Arizona.

Picard Medical, Inc. issued a letter to shareholders from its Chairman, Richard Fang, highlighting a transformational 2025 and a strong start to 2026. The company reported 2025 total revenue of $4.9 million and Q1 2026 revenue growth of 85% to $1.2 million, with gross profit turning positive. Significant progress was made in debt reduction and capital structure simplification, though auditors included a going-concern qualification. The letter also detailed advancements in the next-generation Emperor Total Artificial Heart and efforts to expand indications for the existing SynCardia TAH, while addressing NYSE American listing compliance concerns.

Picard Medical reported a transformational 2025 with total revenue up 12.5% to $4.9 million, followed by a strong start to 2026 with Q1 revenue growing 85% to $1.2 million and gross profit turning positive at a 24% margin. The company made significant progress in debt reduction and capital structure simplification, while also advancing its next-generation Emperor Total Artificial Heart, with animal testing successfully completed. However, Picard Medical received a notice from NYSE American regarding stockholders' equity requirements and is preparing a compliance plan, alongside an auditor's going-concern qualification for 2025.