Picard Medical, Inc. (PMI), the parent company of SynCardia Systems, LLC, the maker of the world's first and only commercially approved Total Artificial Heart or TAH, reported financial results for the first quarter ended March 31, 2026, reflecting a wider net loss despite 85% revenue growth compared to the prior year.
Meanwhile, the firm is preparing plans to regain compliance with the NYSE in response to the notice it received earlier this month.
Following the news, PMI is currently down 5.07% at $0.14.
Company Profile
SynCardia develops, manufactures, and commercialises 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.
First Quarter Results
For the first quarter, the net loss widened to $7.62 million from $5.56 million in the prior year.
However, on a per-share basis, the net loss narrowed to $0.10 per share from $0.80 per share.
Revenue grew 85% to $1.15 million from $0.62 million in the prior year.
NYSE Non-Compliance Status
Meanwhile, last week, the firm received notifications from the NYSE American regarding non-compliance. The non-compliance determinations were based on a reported stockholders' deficit of approximately $1.4 million as of March 31, 2026, and losses in two of the three most recent fiscal years.
The company has until June 7, 2026, to submit a compliance plan outlining steps to regain compliance by November 8, 2027.
PMI has traded between $0.128 and $13.68 over the last year. The stock closed Wednesday's trade at $0.14.
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