Micro-cap artificial heart maker Picard triples in two sessions on 2Q revenue beat

Shares of Picard Medical, a micro-cap maker of artificial hearts, tripled over the trading sessions on Monday and Tuesday to an all-time high. The company reported second-quarter revenue that doubled up Wall Street’s forecast.

Picard Medical shares jumped 86% on the NYSE American on Tuesday after gaining 60% on Monday. Over the two sessions, the stock was up a total of 198% to $9.55 per share, its highest level since the company went public.

Picard Medical’s second-quarter revenue came in around two times Wall Street’s expectations, providing the main catalyst for the rally, Investing.com notes. Revenue for April-June increased 39% year over year to $3 million, versus the Wall Street consensus of $1.55 million. The net loss for the same period narrowed 16% to $5.7 million.

Despite that, the overall financial picture was more mixed: the company reported a loss of $3.05 per share, wider than Wall Street’s forecast of $1.50 per share, Investing.com points out.

SynCardia, a Picard Medical subsidiary founded in 2001, manufactures and sells the only commercially available total artificial heart approved in the U.S. and Canada. The device is intended for patients awaiting a donor heart and comes with a portable compressor and batteries carried in a bag, allowing patients to leave the hospital, walk, and exercise.

The FDA approved the first version in 2004. Since then, more than 2,100 implants have been performed. The company is now developing its next-generation Emperor artificial heart.

Picard Medical completed an IPO in September 2025, selling 4.25 million shares at $4 apiece for gross proceeds of around $17 million before underwriting discounts and estimated offering expenses.

The stock plunged around 60% in October. The company subsequently issued a statement saying it was unaware of any undisclosed material change in its operations or financial condition that would account for the volatility.

The headwinds did not end there. Picard Medical’s auditors included a going-concern qualification in its 2025 financial statements, while the NYSE American warned in May that the company was not complying with its shareholders’ equity requirements, which put its listing at risk.

In a letter to investors the same month, Picard Medical’s chair said the firm planned to address these difficulties by improving the gross margin and operational efficiency and seeking to remove the “imminent death” language from the indications for use of its artificial heart, which could expand the population eligible for treatment. Against this backdrop, the stock sank to multi-month lows.

A month later, in June, Picard Medical announced a leadership transition. In late July, it announced a 1-for-50 reverse stock split to support compliance with the exchange's listing rules and said it had accepted a plan to regain compliance.

Only one Wall Street analyst, at H.C. Wainwright, covers the stock, according to MarketWatch data. H.C. Wainwright has a “hold” rating on Picard Medical without a target price.