Picard Medical, Inc. (PMI), Wednesday announced preliminary revenues for the first quarter, reporting 79.9 percent surge to $1.1 million from last year's $0.6 million, reflecting higher utilization of the SynCardia Total Artificial Heart and increased driver rental income.
Additionally, the company also implemented pricing adjustments for its driver rental program during the quarter, contributing to higher recurring revenue.
"Our preliminary revenue growth reflects progress across our commercial and operational initiatives, as well as increased utilization of our total artificial heart as a bridge to transplant," said CEO Patrick NJ Schnegelsberg.
In the pre-market hours, PMI is trading at $0.8899, up 3.94 percent on the New York Stock Exchange American.
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