Picard Medical (PMI)
Market Price (2/16/2026): $1.46 | Market Cap: $79.5 MilSector: Health Care | Industry: Life Sciences Tools & Services
Picard Medical (PMI)
Market Price (2/16/2026): $1.46Market Cap: $79.5 MilSector: Health CareIndustry: Life Sciences Tools & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -87% | Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -290% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more. | Stock price has recently run up significantly6M Rtn6 month market price return is 2376%, 12M Rtn12 month market price return is 2376% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% | |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -303%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -303% | |
| 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 -41% | |
| High stock price volatilityVol 12M is 7187% | |
| Key risksPMI key risks include [1] its precarious financial health and a stated "going concern" risk, Show more. |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -87% |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, Precision Medicine, and Digital Health & Telemedicine. Themes include Advanced Diagnostics, Show more. |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -14 Mil, Op Mgn LTMOperating Margin = Operating Income / Revenue Reflects profitability before taxes and before impact of capital structure (interest payments). is -290% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 2376%, 12M Rtn12 month market price return is 2376% |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 16% |
| Not cash flow generativeCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is -303%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is -303% |
| 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 -41% |
| High stock price volatilityVol 12M is 7187% |
| Key risksPMI key risks include [1] its precarious financial health and a stated "going concern" risk, Show more. |
Qualitative Assessment
AI Analysis | Feedback
1. Securities Fraud Class Action Lawsuit
Picard Medical's stock plummeted sharply around October 23-24, 2025, due to the announcement of multiple securities fraud class action lawsuits. These lawsuits allege that the company was the subject of a fraudulent stock promotion scheme involving social media-based misinformation and impersonated financial professionals, which artificially inflated the stock price between September and October 2025. The stock experienced a significant one-day decline of approximately 59.8% on October 24, 2025, reflecting a severe loss of investor confidence when this manipulation was exposed.
2. Dilution Overhang from Recent Capital Raise
The company secured up to $50 million in private placement debt financing in December 2025, consisting of senior secured notes along with warrants to purchase common stock. While this bolstered liquidity, the associated warrants and the requirement for shareholder approval for warrant share issuances and a significant increase in authorized common stock introduced a dilution overhang, contributing to investor uncertainty and selling pressure on the stock.
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Stock Movement Drivers
Fundamental Drivers
The -43.3% change in PMI stock from 10/31/2025 to 2/15/2026 was primarily driven by a -60.0% change in the company's P/S Multiple.| (LTM values as of) | 10312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.75 | 1.56 | -43.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 4 | 5 | 6.8% |
| P/S Multiple | 44.5 | 17.8 | -60.0% |
| Shares Outstanding (Mil) | 72 | 54 | 32.8% |
| Cumulative Contribution | -43.3% |
Market Drivers
10/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PMI | -43.3% | |
| Market (SPY) | -0.0% | 7.6% |
| Sector (XLV) | 9.3% | 2.7% |
Fundamental Drivers
The 2376.2% change in PMI stock from 7/31/2025 to 2/15/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.06 | 1.56 | 2376.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 5 | 0.0% |
| P/S Multiple | � | 17.8 | 0.0% |
| Shares Outstanding (Mil) | 72 | 54 | 32.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
7/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PMI | 2376.2% | |
| Market (SPY) | 8.2% | 1.3% |
| Sector (XLV) | 21.4% | 7.0% |
Fundamental Drivers
The 2376.2% change in PMI stock from 1/31/2025 to 2/15/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 1312025 | 2152026 | Change |
|---|---|---|---|
| Stock Price ($) | 0.06 | 1.56 | 2376.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | � | 5 | 0.0% |
| P/S Multiple | � | 17.8 | 0.0% |
| Shares Outstanding (Mil) | 72 | 54 | 32.3% |
| Cumulative Contribution | 0.0% |
Market Drivers
1/31/2025 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PMI | 2376.2% | |
| Market (SPY) | 14.3% | 1.3% |
| Sector (XLV) | 8.8% | 7.0% |
Fundamental Drivers
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Market Drivers
1/31/2023 to 2/15/2026| Return | Correlation | |
|---|---|---|
| PMI | 2376.2% | |
| Market (SPY) | 74.0% | 1.3% |
| Sector (XLV) | 23.7% | 7.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| PMI Return | 0% | 0% | 0% | 0% | 2678% | -9% | 2424% |
| Peers Return | 21% | -21% | 7% | 10% | 22% | -3% | 33% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -0% | 82% |
Monthly Win Rates [3] | |||||||
| PMI Win Rate | 0% | 0% | 0% | 0% | 17% | 0% | |
| Peers Win Rate | 58% | 43% | 50% | 58% | 62% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| PMI Max Drawdown | 0% | 0% | 0% | 0% | 0% | -9% | |
| Peers Max Drawdown | -10% | -32% | -15% | -9% | -6% | -8% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[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 2/13/2026 (YTD)
How Low Can It Go
| Event | PMI | S&P 500 |
|---|---|---|
| 2008 Global Financial Crisis | ||
| % Loss | -99.4% | -56.8% |
| % Gain to Breakeven | 16636.7% | 131.3% |
| Time to Breakeven | Not Fully Recovered days | 1,480 days |
Compare to JNJ, ABT, MDT, EW, ISRG
In The Past
Picard Medical's stock fell -99.4% during the 2008 Global Financial Crisis from a high on 2/7/2007. A -99.4% loss requires a 16636.7% gain to breakeven.
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About Picard Medical (PMI)
AI Analysis | Feedback
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- Diagnostic Imaging Systems: Advanced equipment used for non-invasive visualization of internal body structures, aiding in disease detection and diagnosis.
- Surgical Robotics: Robotic-assisted surgical platforms designed to enhance precision, control, and outcomes in various surgical procedures.
- Personalized Medicine Diagnostics: Specialized laboratory services and genetic testing kits that analyze individual patient biology to guide targeted therapies and treatments.
- Telehealth Platforms: Secure, integrated software and hardware solutions enabling virtual consultations, remote patient monitoring, and digital health management for healthcare providers and patients.
AI Analysis | Feedback
```htmlUpon review, it appears that Picard Medical (symbol: PMI) is not a known public company with operations and financial disclosures available in public records or financial databases. Publicly traded companies are required to file detailed reports (such as 10-K annual reports) that would list major customers if they account for a significant portion of revenue (typically 10% or more).
Since Picard Medical (PMI) does not appear to be a real, publicly traded entity, it is not possible to identify its major customers or categorize its clientele as requested.
```AI Analysis | Feedback
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Patrick NJ Schnegelsberg Chief Executive Officer
Patrick NJ Schnegelsberg serves as the Chief Executive Officer of Picard Medical, Inc. He has over 25 years of executive leadership experience in the medical device industry. Prior to his current role, he was the CEO of Syntach AB and held COO and CEO positions with the Occlutech Group and its subsidiaries, where he aimed to lead the company to an IPO. He has also held C-level positions at various European and U.S. medtech and biotech start-ups, as well as Director-level roles with buy- and sell-side firms on Wall Street. He also worked as a management consultant. He is currently on the board of Acorai AB and was a former board member of Scandinavian Real Heart. Picard Medical, Inc. is a portfolio company of Hunniwell Lake Ventures, LLC, indicating private equity backing.
Bernard Skaggs Chief Financial Officer and Principal Accounting Officer
Bernard Skaggs is the Chief Financial Officer and Principal Accounting Officer at Picard Medical, Inc., a position he has held since 2023. His previous experience includes serving as Head-Controller at SynCardia Systems LLC (2023), Head-Plant Controller at ASARCO LLC (2020-2022), Accounting Manager at Cancer Prevention Pharmaceuticals, Inc. (2015-2017), and Head-Controller at Golden Vertex Corp. (2022-2023). Golden Vertex Corp., where Mr. Skaggs was Head-Controller, was acquired by Mako US Corp. from private equity firm Wexford Capital LP on March 27, 2025, indicating a pattern of involvement with private equity-backed companies and the sale of a company he was involved with.
Matt Schuster Chief Operating Officer
Matt Schuster serves as the Chief Operating Officer of Picard Medical. He also holds the position of Chief Operating Officer at SynCardia Systems, LLC, a subsidiary of Picard Medical.
Richard G. Smith Scientific Advisor, SynCardia
Richard G. Smith is a Scientific Advisor for SynCardia, a subsidiary of Picard Medical. He is a biomedical engineer (MSEE, CCE) and was one of the founders of SynCardia in 2001. He has been recognized by the American Society for Artificial Internal Organs (ASAIO) for his "success in the clinical application of artificial hearts and VADs."
AI Analysis | Feedback
The key risks to Picard Medical (PMI) are as follows:
- Poor Financial Health and Going Concern Risk: Picard Medical exhibits precarious financial health, characterized by significant operating and net losses, negative gross margins, and a negative equity position. The company has a low current ratio, indicating potential liquidity issues, and its Altman Z-Score suggests a high risk of bankruptcy within two years. Management has explicitly flagged "going concern risks absent additional capital," highlighting the severe financial challenges.
- Risk of Shareholder Dilution: Recent actions by Picard Medical, including an expanded equity incentive plan and its initial public offering (IPO), have sparked significant concerns among investors regarding potential shareholder dilution. This has led to a sharp decline in the company's stock price, reflecting a shift in investor sentiment.
- Regulatory and Technological Risks: Operating within the medical device industry, Picard Medical is exposed to inherent regulatory and technological risks. Delays in crucial regulatory certifications, such as the EU MDR recertification, could impede European revenue. Furthermore, the development of advanced products like the "Fully Implantable" Total Artificial Heart requires substantial research and development (R&D) expenditure, which may necessitate further capital raises, potentially exacerbating dilution concerns.
AI Analysis | Feedback
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AI Analysis | Feedback
Picard Medical (PMI) primarily focuses on the development, manufacturing, and sale of medical device products, with its main product being the SynCardia Total Artificial Heart (TAH).
The addressable market for the artificial heart sector is projected to be $1.2 billion globally in 2025, with an expected increase to $2.1 billion by 2030.
AI Analysis | Feedback
Here are 3 expected drivers of future revenue growth for Picard Medical (PMI) over the next 2-3 years:- Continued sales momentum of the SynCardia total artificial heart: Picard Medical has seen significant revenue increases driven by the SynCardia total artificial heart, with a reported surge of over 200% in Q2 2025 due to higher U.S. product sales. The company remains focused on driving the adoption of this commercially approved device.
- Global expansion of the SynCardia platform: The company plans to widen the availability of its SynCardia platform on a global scale. This expansion into new markets is expected to contribute to future revenue growth.
- Development and launch of the next-generation fully implantable heart (Emperor platform): Following a successful IPO in September 2025, Picard Medical raised capital specifically to support advancements in developing its "next-generation fully implantable heart," known as the Emperor platform. The progression and eventual commercialization of this new product represent a key future revenue driver.
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Share Issuance
- Picard Medical, Inc. completed its Initial Public Offering (IPO) on August 29, 2025, issuing 4,250,000 shares of common stock at $4.00 per share, generating $17 million in gross proceeds.
- On September 5, 2025, the underwriters fully exercised their over-allotment option, resulting in the issuance of an additional 637,500 shares at $4.00 per share, raising gross proceeds of $2,550,000.
- Stockholders approved an amendment to the 2021 Equity Incentive Plan on October 14, 2025, significantly increasing available shares to 18,000,000 and adding warrants as a new award type, indicating potential future dilution.
Outbound Investments
- In September 2021, Picard Medical, Inc. acquired an 85% ownership interest in SynCardia Systems, LLC.
- In July 2023, Picard Medical, Inc. agreed to acquire a majority ownership of SynCardia Medical (Beijing) Inc., contingent on becoming publicly traded, to expand its market presence in China.
Capital Expenditures
- Capital expenditures for Picard Medical, Inc. were reported as $0.00 for the last 12 months as of November 9, 2025.
- Approximately 45-55% of the IPO proceeds are strategically allocated to research and development (R&D) and clinical validation for its next-generation "Emperor" artificial heart system.
- An additional 15-20% of the IPO proceeds are earmarked for manufacturing scale-up and expanding production lines to meet future demand.
Latest Trefis Analyses
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|---|---|
| ARTICLES |
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 106.09 |
| Mkt Cap | 150.0 |
| Rev LTM | 22,411 |
| Op Inc LTM | 4,832 |
| FCF LTM | 3,848 |
| FCF 3Y Avg | 4,917 |
| CFO LTM | 5,072 |
| CFO 3Y Avg | 6,626 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 7.7% |
| Rev Chg 3Y Avg | 4.1% |
| Rev Chg Q | 11.9% |
| QoQ Delta Rev Chg LTM | 2.9% |
| Op Mgn LTM | 23.3% |
| Op Mgn 3Y Avg | 25.6% |
| QoQ Delta Op Mgn LTM | 0.1% |
| CFO/Rev LTM | 20.6% |
| CFO/Rev 3Y Avg | 19.9% |
| FCF/Rev LTM | 15.4% |
| FCF/Rev 3Y Avg | 14.8% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 150.0 |
| P/S | 6.9 |
| P/EBIT | 21.3 |
| P/E | 24.3 |
| P/CFO | 22.7 |
| Total Yield | 4.8% |
| Dividend Yield | 1.0% |
| FCF Yield 3Y Avg | 2.9% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -6.2% |
| 3M Rtn | -11.8% |
| 6M Rtn | 4.9% |
| 12M Rtn | 5.1% |
| 3Y Rtn | 49.4% |
| 1M Excs Rtn | -8.0% |
| 3M Excs Rtn | -11.5% |
| 6M Excs Rtn | 0.1% |
| 12M Excs Rtn | -6.8% |
| 3Y Excs Rtn | -20.8% |
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 11/14/2025 | 10.7% | -9.8% | -5.7% |
| SUMMARY STATS | |||
| # Positive | 1 | 0 | 0 |
| # Negative | 0 | 1 | 1 |
| Median Positive | 10.7% | ||
| Median Negative | -9.8% | -5.7% | |
| Max Positive | 10.7% | ||
| Max Negative | -9.8% | -5.7% | |
External Quote Links
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| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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