-Revenue Increases 39% and Net Loss Decreases 16%-
Year-to-Date Revenue Increases 50%, with ~$0.9 Million in Gross Profit
TUCSON, Ariz., Aug. 19, 2026 (GLOBE NEWSWIRE) -- Picard Medical, Inc. (NYSE American: PMI) (“Picard Medical” or the “Company”), parent company of SynCardia Systems, LLC (“SynCardia”), maker of the world’s first and only total artificial heart approved by both the U.S. FDA and Health Canada, today reported financial results for the second quarter ended June 30, 2026.
“We are encouraged by the progress reflected in our second-quarter results,” said Richard Fang, Interim Chief Executive Officer of Picard Medical. “Revenue growth and the improvement in gross profitability reflect progress in our core business. We are also advancing the development of our next-generation Emperor Total Artificial Heart platform and continuing to strengthen our operations. We are focused on continuing that progress, working to strengthen the Company’s financial position and investing thoughtfully in opportunities that can support long-term growth.”
Three Months Ended June 30, 2026 Financial Highlights
- Revenue increased 39% to ~$3.0 million, compared with ~$2.1 million for the three months ended June 30, 2025. The increase was driven by an increase in U.S. sales of ~$0.8 million.
- Gross profit was ~$0.6 million, compared with a gross loss of ~$0.1 million in the prior-year period, representing a gross margin of ~20.9% compared with a gross margin of ~(6.0)% in the prior-year period.
- Net loss decreased 16% to ~$5.7 million, compared with a net loss of ~$6.7 million in the prior-year period.
Six Months Ended June 30, 2026 Financial Highlights
- Revenue increased 50% to ~$4.1 million, compared with ~$2.7 million for the six months ended June 30, 2025. The increase was primarily driven by higher U.S. product sales, partially offset by lower European sales.
- Gross profit was ~$0.9 million, compared with a gross loss of ~$0.5 million in the prior-year period, representing a gross margin of ~21.7% compared with a gross margin of ~(17.7)% in the prior-year period.
- Net loss was ~$13.3 million, compared with a net loss of ~$12.3 million in the prior-year period. The increase primarily reflects higher research and development and selling, general and administrative expenses, partially offset by lower total other expenses.
Business and Strategic Highlights
SynCardia: U.S. sales continued to drive growth in the Company’s core business during the first half of 2026. The Company continues to focus on supporting customer requirements and strengthening commercial execution.
Emperor Total Artificial Heart: The Company continued preclinical development of its next-generation artificial heart platform during the quarter, including the successful completion of a series of acute in vivo implant studies evaluating the latest iteration of the Emperor Total Artificial Heart (“Emperor TAH”). The Company also presented new in vivo Emperor data at the 2026 Annual Conference of the American Society for Artificial Internal Organs (“ASAIO 2026”).
Following quarter-end, the Company publicly presented the integrated architecture of the Emperor TAH platform for the first time at the 48th Annual International Conference of the IEEE Engineering in Medicine and Biology Society (IEEE EMBC 2026). The presentation provided the biomedical engineering community with a detailed view of the Emperor TAH platform and its electromechanical drive architecture. The Company believes the presented architecture has the potential to serve as a platform for a first-of-a-kind fully implantable total artificial heart.
Clinical Research: The Company also presented new clinical outcomes research involving patients supported with the SynCardia Total Artificial Heart at ASAIO 2026.
Manufacturing: The Company continued initiatives focused on improving manufacturing efficiency, quality control and supply-chain resilience to support the SynCardia business and future growth.
Corporate and Financial Update
NYSE American accepted the Company’s compliance plan in July 2026, providing additional time for the Company to regain compliance with applicable listing standards.
Following stockholder approval at the Annual Meeting, the Company completed a 1-for-50 reverse stock split effective July 31, 2026, as part of its efforts to support continued compliance with NYSE American listing standards.
The Company continues to evaluate additional financing opportunities to support ongoing operations and future growth. Management remains focused on sales, improving operating performance and strengthening the Company’s financial position.
Looking Ahead
Picard Medical remains focused on growing its business, improving operating and financial performance, advancing next-generation technology and using capital thoughtfully.
“We recognize the work that remains ahead of us,” Fang said. “Our focus is on disciplined execution and building on the progress we are seeing across the business while continuing to advance our long-term technology and commercial objectives.”
About Picard Medical and SynCardia
Picard Medical, Inc. is the parent company of SynCardia Systems, LLC (“SynCardia”), the Tucson, Arizona–based leader with the only commercially available total artificial heart technology for patients with end-stage heart failure. SynCardia develops, manufactures, and commercializes the SynCardia Total Artificial Heart (“STAH”), an implantable system that assumes the full functions of a failing or failed human heart. It is the first artificial heart approved by both the FDA and Health Canada, and it remains the only commercially available artificial heart in the United States and Canada. With more than 2,100 implants performed at hospitals across 27 countries, the STAH is the most widely used and extensively studied artificial heart in the world. For additional information about Picard Medical, please visit www.picardmedical.com or review the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”) at www.sec.gov.
Forward-Looking Statements
This press release includes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 that are based on management’s current expectations, assumptions and beliefs that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements can often be identified by words such as “continue,” “remain,” “advance,” “focus,” “potential,” “believe” and similar expressions, and variations or negatives of these words. These statements include, but are not limited to, statements regarding the Company's focus on strengthening its financial position and investing in opportunities to support long-term growth; the continued advancement of preclinical development of the Emperor TAH platform, including the potential for the Emperor platform's architecture to serve as a platform for a first-of-a-kind fully implantable total artificial heart; initiatives to improve manufacturing efficiency, quality control and supply-chain resilience; the Company's evaluation of additional financing opportunities to support ongoing operations and future growth; the Company's focus on growing its business and improving operating and financial performance; the Company's ability to implement its compliance plan and regain compliance with NYSE American listing standards within the time provided. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. Additional information about the Company, including risk factors that may affect the Company’s business, financial condition, and results of operations, is contained in the Company’s filings with the SEC, including the Company’s Annual Report on Form 10-K and Quarterly Reports on Form 10-Q, which are available free of charge on the SEC’s website at http://www.sec.gov and on the Company’s investor relations website at https://picardmedical.com/.
Contact:
Investors
Picard Medical, Inc./SynCardia Systems, LLC
Brittany Lanza