Company Overview
Picard Medical, Inc. operates within the healthcare sector, specifically focusing on the medical devices industry through its subsidiaries that design, manufacture, produce, supply, market, and sell specialized medical device products. The company's core offering includes the SynCardia TAH, an artificial heart engineered to function as a replacement for a failed human heart in patients requiring such support. In terms of scale, Picard Medical, Inc. holds a market capitalization of $67.86M and employs approximately 75 individuals to support its operations. The company reported total revenue of $4.77M over the trailing twelve-month period, which indicates a small-cap status relative to the broader healthcare market. This combination of a $67.86M market cap and $4.77M in annual revenue suggests the company is a niche player with limited market dominance but a focused operational scope. The relatively low employee count of 75 further contextualizes the company's position as a specialized entity rather than a large-scale industrial manufacturer.
Financial Health
The company's financial performance is characterized by a trailing twelve-month revenue of $4.77M, contrasted sharply by a net income of $-32,220,000 and an EBITDA of $-13,661,000. The significant gap between the $4.77M revenue and the $-32,220,000 net income reveals a highly leveraged cost structure where expenses, likely driven by R&D or regulatory compliance in the medical device sector, vastly exceed total sales generation. Free cash flow stands at $-10,742,875, indicating that the company is currently burning cash and lacks immediate financial flexibility to fund operations without external capital injections. Profitability metrics are deeply negative, with a gross margin of -10.0%, an operating margin of -293.8%, and a profit margin of 0.0%, all of which indicate that the company is not generating profit at either the production or operational level. The balance sheet shows $2.81M in cash against $616,000 in debt, yet the debt-to-equity ratio of 7.73 suggests a highly leveraged position where equity is being used to service a debt load far exceeding current liquid assets. Short-term liquidity appears manageable given a current ratio of 2.16, which indicates the company holds more than twice the current assets necessary to cover its current liabilities. Return on Equity is listed as N/A due to the lack of positive net income, while the Return on Assets is -67.3%, revealing that management is effectively destroying value on the asset base rather than generating returns.
Valuation Assessment
Trailing P/E and forward P/E ratios are both listed as N/A, a status that implies the market cannot value the stock based on earnings multiples because the company is currently unprofitable with negative net income. Despite the absence of earnings-based multiples, the price-to-book ratio stands at 8.53, indicating that the market values the company at a significant premium of 8.53 times its net book value. The price-to-sales ratio is 14.24, and the EV/EBITDA is -4.81; these alternative metrics suggest that valuation is driven entirely by revenue generation and asset base rather than earnings power or cash flow generation. The stock has traded between a 52-week low of $0.92 and a 52-week high of $13.68, and the current price sits at a level that reflects high volatility within this compressed historical range. The beta is listed as N/A, meaning that standard volatility metrics relative to the broader market cannot be calculated to assess price sensitivity.
Growth & Income
Revenue growth over the past year is 34.7%, while earnings growth is N/A, indicating that while top-line sales are expanding rapidly, profitability has not yet materialized to match this revenue trajectory. As a non-dividend payer, the company does not distribute a dividend yield or a payout ratio, meaning the firm retains all earnings to reinvest into growth initiatives rather than returning capital to shareholders. The combination of negative earnings growth and a lack of dividend payments defines a growth-at-any-cost profile typical of early-stage medical device companies seeking product approval or market penetration. Overall, the growth and income profile is defined by aggressive revenue expansion of 34.7% YoY coupled with a complete absence of current earnings generation or dividend income.