After a modest start to the year, IPO activity gained momentum in the second quarter, despite lingering macro headwinds and policy uncertainty. Technology and healthcare companies continue to dominate the IPO scene. Medical device maker Picard Medical, Inc. recently revealed plans to go public.
As per its SEC filing, the company seeks to sell around 4.3 million shares in an initial public offering. On successful completion of the IPO, the stock will trade on the New York Stock Exchange American under the symbol PMI. The estimated offer price is in the range of $3.50 per share to $4.50 per share. The bookrunners are Westpark Capital, Uphorizon, and Sentinel Brokers Company.
The Company
Headquartered in Tucson, Arizona, Picard Medical is primarily engaged in the development of therapeutic devices for cardiovascular diseases. The business is carried out by SynCardia Systems, a medical technology company that manufactures and sells implantable total artificial heart. It is the only total artificial heart that is approved and commercially available in the United States and Canada for use as a bridge-to-transplantation. Picard Medical owns 100% of SynCardia’s membership interests.
At the mid-point of the offer price, the initial public offering is expected to generate net proceeds of around $15.4 million, after deducting underwriting discounts and commissions. The Picard Medical leadership intends to use the proceeds to obtain additional capital to support operations, for market expansion through a joint venture in China, to fund research and development activities, and to build sales & marketing capabilities for the company’s total artificial heart system.
Key Numbers
Currently, the company is developing the working prototype of its next-generation artificial heart technology, Unicorn Driver, into a testable commercial product. For the three months ended March 31, 2025, Picard Medical reported net sales of $0.62 million, compared to $1.98 million in the corresponding period of 2024. The company reported a net loss of $5.56 million or $0.80 per share for the quarter, compared to a loss of $1.95 million or $0.33 per share in the prior-year quarter.