Picard Medical (PMI)
Market Price (5/22/2026): $0.1399 | Market Cap: $10.4 MilSector: Health Care | Industry: Life Sciences Tools & Services
Picard Medical (PMI)
Market Price (5/22/2026): $0.1399Market Cap: $10.4 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 81% Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -93% Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more. | Penny stockMkt Price is 0.1 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -265% Stock price has recently run up significantly12M Rtn12 month market price return is 124% Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -315%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -315% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -283% High stock price volatilityVol 12M is 7188% Key risksPMI key risks include [1] its precarious financial health and a stated "going concern" risk, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 81% |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -93% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more. |
| Penny stockMkt Price is 0.1 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -15 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -265% |
| Stock price has recently run up significantly12M Rtn12 month market price return is 124% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -315%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -315% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -283% |
| High stock price volatilityVol 12M is 7188% |
| Key risksPMI key risks include [1] its precarious financial health and a stated "going concern" risk, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Lingering Impact of Securities Fraud Allegations. Picard Medical has been subject to a class-action lawsuit alleging a fraudulent stock promotion scheme between September 2, 2025, and October 31, 2025. This scheme involved social media misinformation and insiders allegedly dumping shares through offshore accounts during an artificial price inflation campaign that saw the stock reach a peak of $13.68. The stock plummeted approximately 70% on October 23, 2025, following this alleged manipulation. The ongoing legal proceedings, with a lead plaintiff deadline of April 13, 2026, continued to weigh heavily on investor confidence and the stock's valuation during the specified period.
2. Significant Dilutive Stock and Warrant Offering. On May 5, 2026, Picard Medical priced a public offering of 16,666,667 shares of common stock and warrants at $0.30 per share, aiming to raise approximately $5 million in gross proceeds. Concurrently, the company agreed to exchange existing warrants to purchase up to 7,009,346 shares at an exercise price of $2.675 per share for new warrants to purchase up to 10,000,000 shares at a reduced exercise price of $0.35 per share. This offering, significantly below the prior closing price of $0.4736 on April 29, 2026, and a 52-week high of $13.68, indicates substantial dilution for existing shareholders and likely contributed to the stock's sharp decline in value.
Show more
Stock Movement Drivers
Fundamental Drivers
The -91.9% change in PMI stock from 1/31/2026 to 5/21/2026 was primarily driven by a -90.4% change in the company's P/S Multiple.| (LTM values as of) | 1312026 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 1.75 | 0.14 | -91.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5 | 5 | 14.7% |
| P/S Multiple | 20.0 | 1.9 | -90.4% |
| Shares Outstanding (Mil) | 54 | 74 | -26.8% |
| Cumulative Contribution | -91.9% |
Market Drivers
1/31/2026 to 5/21/2026| Return | Correlation | |
|---|---|---|
| PMI | -91.9% | |
| Market (SPY) | 7.6% | 12.1% |
| Sector (XLV) | -3.9% | 1.7% |
Fundamental Drivers
The -94.9% change in PMI stock from 10/31/2025 to 5/21/2026 was primarily driven by a -95.7% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.75 | 0.14 | -94.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 5 | 22.6% |
| P/S Multiple | 44.5 | 1.9 | -95.7% |
| Shares Outstanding (Mil) | 72 | 74 | -2.8% |
| Cumulative Contribution | -94.9% |
Market Drivers
10/31/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| PMI | -94.9% | |
| Market (SPY) | 9.5% | 6.3% |
| Sector (XLV) | 3.6% | 1.4% |
Fundamental Drivers
The 123.8% change in PMI stock from 4/30/2025 to 5/21/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 4302025 | 5212026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.06 | 0.14 | 123.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 5 | 0.0% |
| P/S Multiple | � | 1.9 | 0.0% |
| Shares Outstanding (Mil) | 72 | 74 | -3.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
4/30/2025 to 5/21/2026| Return | Correlation | |
|---|---|---|
| PMI | 123.8% | |
| Market (SPY) | 35.5% | 2.9% |
| Sector (XLV) | 7.3% | 4.7% |
Fundamental Drivers
nullnull
Market Drivers
4/30/2023 to 5/21/2026| Return | Correlation | |
|---|---|---|
| PMI | 123.8% | |
| Market (SPY) | 85.6% | 2.9% |
| Sector (XLV) | 16.6% | 4.7% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PMI Return | 0% | 0% | 0% | 0% | 2678% | -91% | 144% |
| Peers Return | 21% | -21% | 7% | 10% | 22% | -12% | 21% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 9% | 98% |
Monthly Win Rates [3] | |||||||
| PMI Win Rate | 0% | 0% | 0% | 0% | 17% | 0% | |
| Peers Win Rate | 58% | 43% | 50% | 58% | 62% | 24% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 60% | |
Max Drawdowns [4] | |||||||
| PMI Max Drawdown | 0% | 0% | 0% | 0% | -87% | -93% | |
| Peers Max Drawdown | -17% | -34% | -25% | -18% | -16% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: JNJ, ABT, MDT, EW, ISRG.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 5/21/2026 (YTD)
How Low Can It Go
| Event | PMI | S&P 500 |
|---|---|---|
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -82.4% | -17.9% |
| % Gain to Breakeven | 469.4% | 21.8% |
| Time to Breakeven | 5120 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -55.9% | -15.4% |
| % Gain to Breakeven | 126.7% | 18.2% |
| Time to Breakeven | 5543 days | 125 days |
In The Past
Picard Medical's stock fell -6.2% during the 2013 Taper Tantrum. Such a loss loss requires a 6.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | PMI | S&P 500 |
|---|---|---|
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -82.4% | -17.9% |
| % Gain to Breakeven | 469.4% | 21.8% |
| Time to Breakeven | 5120 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -55.9% | -15.4% |
| % Gain to Breakeven | 126.7% | 18.2% |
| Time to Breakeven | 5543 days | 125 days |
In The Past
Picard Medical's stock fell -6.2% during the 2013 Taper Tantrum. Such a loss loss requires a 6.7% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Picard Medical (PMI)
AI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
nullAI Analysis | Feedback
Patrick NJ Schnegelsberg Chief Executive Officer
Patrick NJ Schnegelsberg, 61, has served as Chief Executive Officer of Picard Medical, Inc. (PMI) and its wholly owned subsidiary SynCardia Systems LLC since July 5, 2023. He has over 25 years of executive leadership experience in the medical device industry. Before joining PMI, he was CEO of Syntach AB from December 2022 to July 2023 and held COO and CEO roles with the Occlutech Group and its subsidiaries from 2012 to 2021. Mr. Schnegelsberg has also held C-level positions with several European and U.S. medtech and biotech start-ups. He previously held director-level roles on Wall Street, conducted research at MIT, and is a graduate of Harvard Medical School and Clark University. He currently serves on the board of Acorai AB and is a former board member of Scandinavian Real Heart. In December 2025, he was elected to the Board of Directors of the Arizona Bioindustry Association (AZBio).
Bernard Skaggs Chief Financial Officer
Bernard Skaggs was appointed Chief Financial Officer of Picard Medical, Inc. (PMI) and SynCardia in November 2023. He brings over 30 years of experience in finance and accounting to the role. His career includes serving as Controller at Golden Vertex Corporation, Plant Controller at Asarco LLC, Controller Consultant at Experis, Plant Controller at Embraer Aero Seating Technologies, Accounting Manager at Cancer Prevention Pharmaceuticals, and various positions at Deloitte. Mr. Skaggs holds a BA from the University of Arizona, an MAcc from the University of Phoenix, and an MBA from Thunderbird. He is also a U.S. Army veteran.
Matthew Schuster Chief Operating Officer
Matthew Schuster serves as the Chief Operating Officer of Picard Medical, Inc.
AI Analysis | Feedback
The key risks for Picard Medical (symbol: PMI) are primarily centered around ongoing legal issues, financial instability, and product-specific challenges in the highly regulated medical device market.
- Securities Fraud and Stock Manipulation Lawsuit: Picard Medical is currently facing multiple class-action lawsuits alleging a fraudulent stock promotion scheme. These lawsuits claim that the company was involved in social media-based misinformation, the use of impersonated financial professionals, and that insiders or affiliates utilized offshore accounts to facilitate coordinated share dumping during a price inflation campaign. This alleged scheme led to a significant crash in Picard Medical's stock price.
- Financial Distress and Shareholder Dilution: The company exhibits signs of significant financial instability, including a falling stock price, declining annual total revenue, and increasing net losses from 2023 to 2024. Furthermore, Picard Medical has a negative price-to-book ratio, indicating that its liabilities exceed its assets. Investor confidence has been further eroded by concerns over potential shareholder dilution following an expanded equity incentive plan.
- High Reliance on a Single Product and Regulatory Environment: Picard Medical's business is heavily concentrated on the development, manufacturing, and commercialization of its implantable Total Artificial Heart (TAH), particularly the SynCardia TAH. While the SynCardia TAH is FDA and Health Canada approved, the company's significant reliance on this single core product exposes it to considerable risks should there be adverse developments related to its performance, regulatory changes, or increased competition within the highly specialized medical device industry.
AI Analysis | Feedback
nullAI Analysis | Feedback
Picard Medical (PMI) operates primarily in the Total Artificial Heart (TAH) market, manufacturing and commercializing the SynCardia TAH, an implantable system designed to assume the full function of a failed human heart in patients with advanced heart failure, serving as a bridge to heart transplantation.
The global addressable market for Total Artificial Hearts was valued at approximately USD 52.6 million in 2024 and is projected to grow to USD 223 million by 2032, exhibiting a Compound Annual Growth Rate (CAGR) of 23.5% during the forecast period. Another estimate places the global market at USD 132.68 million in 2025, with a projected increase to USD 435.85 million by 2032, growing at a CAGR of 18.5%. SynCardia, a subsidiary of Picard Medical, holds a near-total market share for commercially available, FDA-approved Total Artificial Hearts used as a bridge-to-transplantation.
AI Analysis | Feedback
Here are 3-5 expected drivers of future revenue growth for Picard Medical (symbol: PMI) over the next 2-3 years:
- Increased Sales and Rental Income of the SynCardia Total Artificial Heart (TAH): Picard Medical has reported strong sales growth for its SynCardia TAH, which is currently the only commercially available total artificial heart approved in the U.S. and Canada. The company's recent earnings reports highlight a significant increase in revenues, driven by both product sales and rental income, indicating continued growth from its flagship product.
- Global Market Expansion of the SynCardia Platform: The company's strategy includes efforts to expand the availability and access of its SynCardia platform in international markets. This global expansion aims to enhance Picard Medical's competitive positioning in the medical devices industry.
- Development and Commercialization of the Next-Generation Artificial Heart Platform (Emperor): Picard Medical is actively investing in and progressing with its next-generation, fully implantable total artificial heart platform, known as "Emperor." The capital raised from its recent initial public offering (IPO) is specifically intended to advance the development and eventual commercialization of this new product, which is a key future growth driver.
AI Analysis | Feedback
Capital Allocation Decisions (2021-2025) for Picard Medical (PMI)
Share Issuance
- Picard Medical completed its Initial Public Offering (IPO) on August 29, 2025, raising $17 million in gross proceeds from the sale of 4,250,000 shares at $4.00 per share.
- Underwriters fully exercised their over-allotment option on September 5, 2025, resulting in the issuance of an additional 637,500 shares at $4.00 per share, generating $2.55 million in gross proceeds.
- In October 2025, stockholders approved an amendment to the 2021 Equity Incentive Plan, increasing the total shares available under the plan to 18,000,000 and adding warrants as an award type for future potential issuance.
Inbound Investments
- In September 2021, Hunniwell, through its majority-held investment vehicle Picard Medical, Inc., purchased 85% of the ownership interest in SynCardia Systems, LLC.
- Picard Medical entered into a definitive agreement in December 2025 for a private placement financing of up to $50.0 million in senior secured notes due 2028, along with warrants to purchase common stock, with an initial issuance of $15 million.
Outbound Investments
- In July 2023, Picard Medical, Inc. agreed to acquire a majority ownership of SynCardia Medical (Beijing) Inc., a company responsible for the registration, sale, and distribution of the SynCardia Total Artificial Heart (TAH) in China, contingent on Picard Medical becoming publicly traded.
Capital Expenditures
- While no specific dollar values for capital expenditures were publicly detailed, research and development is identified as an area requiring high capital expenditure for the company.
Latest Trefis Analyses
| Title | |
|---|---|
| ARTICLES |
Trade Ideas
Select ideas related to PMI.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 04302026 | GEHC | GE HealthCare Technologies | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | IQV | IQVIA | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | UHS | Universal Health Services | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ABT | Abbott Laboratories | Dip Buy | DB | P/E OPMDip Buy with Low PE and High MarginBuying dips for companies with tame PE and meaningfully high operating margin | 0.0% | 0.0% | 0.0% |
| 04302026 | ZBIO | Zenas BioPharma | Insider | Insider Buys 45DStrong Insider BuyingCompanies with multiple insider buys in the last 45 days | 0.0% | 0.0% | 0.0% |
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 85.48 |
| Mkt Cap | 126.6 |
| Rev LTM | 23,033 |
| Op Inc LTM | 4,917 |
| FCF LTM | 4,122 |
| FCF 3Y Avg | 3,497 |
| CFO LTM | 5,323 |
| CFO 3Y Avg | 4,808 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 11.0% |
| Rev Chg 3Y Avg | 4.9% |
| Rev Chg Q | 13.3% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Inc Chg LTM | 12.4% |
| Op Inc Chg 3Y Avg | 5.3% |
| Op Mgn LTM | 22.7% |
| Op Mgn 3Y Avg | 22.0% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 21.3% |
| CFO/Rev 3Y Avg | 20.4% |
| FCF/Rev LTM | 16.8% |
| FCF/Rev 3Y Avg | 15.2% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 126.6 |
| P/S | 4.6 |
| P/Op Inc | 20.7 |
| P/EBIT | 19.6 |
| P/E | 25.4 |
| P/CFO | 20.3 |
| Total Yield | 4.1% |
| Dividend Yield | 1.1% |
| FCF Yield 3Y Avg | 2.3% |
| D/E | 0.2 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -3.6% |
| 3M Rtn | -15.6% |
| 6M Rtn | -20.2% |
| 12M Rtn | 2.4% |
| 3Y Rtn | 18.2% |
| 1M Excs Rtn | -9.5% |
| 3M Excs Rtn | -23.5% |
| 6M Excs Rtn | -32.9% |
| 12M Excs Rtn | -25.2% |
| 3Y Excs Rtn | -61.0% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 3/25/2026 | 3.0% | 5.1% | -14.8% |
| 11/14/2025 | 10.7% | -9.8% | -5.7% |
| SUMMARY STATS | |||
| # Positive | 2 | 1 | 0 |
| # Negative | 0 | 1 | 2 |
| Median Positive | 6.8% | 5.1% | |
| Median Negative | -9.8% | -10.3% | |
| Max Positive | 10.7% | 5.1% | |
| Max Negative | -9.8% | -14.8% | |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.