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Picard Medical (PMI) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 19, 2026 · Picard Medical (PMI) Q2 2026 earnings results →
Q2 2026 Revenue up 39% year over year to $3.0M · 192¢ of every $1 of revenue lost · operating margin -156.7%
Picard Medical made $3.0M in Q2 2026 (+39% Y/Y): Product $2.9M, Rentals $19K. Operating margin -156.7%, net loss $5.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 19, 2026.
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What changed this quarter
Revenue was $3.0M in Q2 2026, up 39% year over year and up 157% from the previous quarter. Product was the largest line at 99% of revenue. Product added $804K year over year (up 38%), 98% of the total change.
Gross margin was 20.9%. Operating costs exceeded revenue by $4.6M, an operating margin of -156.7%. The fastest-growing cost line was Research & development (+85%). The quarter ended with a net loss of $5.7M, narrower than the previous quarter's $7.6M loss.
Operating cash flow was −$1.4M. Non-cash charges added back $45K of depreciation and amortization and $1.4M of share-based compensation. Working capital and other items added $2.9M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 19, 2026 | $3.0M | +39% | -156.7% | −$5.7M | −$1.4M |
| Q1 2026 | 10-Q | May 15, 2026 | $1.1M | +86% | -392.3% | −$7.6M | −$3.8M |
| Q4 2025 | 10-K | Mar 30, 2026 | $1.0M | +21% | -297.6% | −$4.3M | −$4.4M |
| Q3 2025 | 10-Q | Nov 14, 2025 | $1.2M | +35% | -293.8% | −$10.4M | −$6.5M |
| Q2 2025 | 10-Q | Sep 12, 2025 | $2.1M | +207% | -165.2% | −$6.7M | −$2.5M |
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About Picard Medical
Picard Medical, Inc. ("PMI") was incorporated in the state of Delaware on April 8, 2021. Unless the context requires otherwise, in this Annual Report, the terms "we," "us," "our," the "Company," "Picard," the "Registrant," and similar references refer to the combined operations of PMI and its consolidated subsidiaries and affiliates, including SynCardia Systems, LLC ("SynCardia"). PMI functions as a holding company and owns 100% of the membership interests of SynCardia. Business operations are carried out by and through SynCardia, and accordingly most of the information in this Annual Report pertains to SynCardia's business. SynCardia is a medical technology company that manufactures and sells the only U.S. Food and Drug Administration ("FDA") and Health Canada approved Total Artificial Heart ("TAH"), which fully replaces the function of a failing human heart.
In its own words, from its 10-K, filed Mar 30, 2026.
Picard Medical against its Surgical & Medical Instruments & Apparatus peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +39% against the peers' median +5%. Operating margin: -156.7% against the peers' median 13.3%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| PMI Picard Medical | Q2 2026 | $3.0M | +39% | -156.7% |
| MDLN Medline | Q3 2026 | $7.9B | +10% | 6.4% |
| MMM 3M | Q3 2026 | $6.6B | +1% | 23.7% |
| SYK Stryker | Q3 2026 | $6.5B | +8% | 15.9% |
| BSX Boston Scientific | Q3 2026 | $5.1B | +1% | 16.1% |
| BDX Becton Dickinson | Q3 FY26 | $5.0B | +5% | 13.3% |
| BAX Baxter International | Q3 2026 | $3.0B | +5% | 7.6% |
| SOLV Solventum | Q3 2026 | $1.9B | -7% | 3.5% |
| RMD ResMed | Q1 FY27 | $1.4B | +6% | 32.0% |
Source: Picard Medical 10-Q on SEC EDGAR · CIK 2030617 · Surgical & Medical Instruments & Apparatus
More on PMI
History
Every quarter: Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results