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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.

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Upon 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.

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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."

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The key risks to Picard Medical (PMI) are as follows:

1. 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.
2. 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.
3. 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.

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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.

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• 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.