Picard Medical Q2 Revenue Doubles, Beats Expectations; Shares Jump 27% Monday

Picard Medical Inc. shares rose on Monday, as the artificial heart maker's second-quarter revenue nearly doubled, beating Wall Street expectations and helping investors look past a wider-than-expected per-share loss.

Picard Medical Revenue Up 39%

Picard Medical reported a quarterly loss of $3.05 per share. This came in below the analyst estimate of a $1.50 per-share loss.

Revenue rose 39% year-over-year to $2.95 million. The result surpassed the analyst expectation of $1.55 million.

Gross profit improved to approximately $600,000, compared with a gross loss of about $100,000 a year ago. Gross margin reached 20.9%, versus a negative 6% in the prior-year period.

The company's net loss narrowed 16% to approximately $5.7 million, compared with $6.7 million in the prior year.

Artificial Heart Project Progress

The company continues preclinical development of its next-generation Emperor total artificial heart. During the quarter, the company completed acute implantation studies and presented new data at industry conferences.

Interim CEO Richard Fang said the company remains focused on improving its financial position while investing in long-term growth.

The company also continues to evaluate financing opportunities to support operations. In July, NYSE American accepted its compliance plan, giving the company more time to meet listing standards.

The company completed a 1-for-50 reverse stock split on July 31.

Picard Medical Stock Performance

PMI stock performance: As of Monday's data release, Picard Medical shares were up 27.10% to $4.070.