TUCSON, Ariz., March 25, 2026 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE:PMI) (the "Company"), parent company of SynCardia Systems LLC, maker of the world's first total artificial heart approved by both the U.S. FDA and Health Canada, today reported financial results for the year ended December 31, 2025. The year reflected a transformational period for the Company highlighted by revenue growth, improved operating performance, and a strengthened balance sheet following the successful completion of the Company public listing and related capital raises.

Key Financial Highlights

Revenue of $4.9 million, an increase of 12.5 percent compared to 2024

Product revenue of $4.7 million representing 96 percent of total revenue

Gross margin was (4.1 percent) compared to (2.6 percent) in 2024

Operating loss was $(13.3) million compared to $(13.7) million in 2024

Net loss was $(27.0) million compared to $(21.1) million in 2024

Cash, cash equivalents and restricted cash of $11.5 million at year end compared to $0.1 million (December 31, 2024)

$17.4 million net proceeds raised from equity financings and $9.7 million net proceeds from debt financing during 2025

Conversion of convertible debt and elimination of derivative liabilities

Management Commentary

"2025 was a transformational year for Picard Medical, marked by our public listing, balance sheet restructuring, and revenue growth," said Patrick NJ Schnegelsberg, Chief Executive Officer of Picard Medical. "We strengthened our financial position while continuing to expand adoption of the SynCardia Total Artificial Heart. We will provide additional operational updates during our business update call on Wednesday, March 25, 2026, at 4:30 p.m. EDT."

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