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Medical devices & instruments · Healthcare · Fiscal year ends Dec 31
Pulse Biosciences reported revenue of $350,000 in the fiscal year ended Dec 2025. Operating income was −$77M, an operating margin of −21982.6%, and net income was −$73M. Operating cash flow of −$54M less capital expenditure of $315,000 left free cash flow of −$54M.
Ranks among the 45 medical devices & instruments companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 1.4 | 0.7 | 0.0 | 0.0 | 0.4 |
| Cost of revenue | 2.0 | 11.9 | 0.0 | 0.0 | 0.5 |
| Gross profit | −0.6 | −11.2 | 0.0 | 0.0 | −0.2 |
| Research & development | 28.6 | 20.8 | 27.8 | 32.3 | 44.7 |
| Selling, general & admin | – | – | – | 23.9 | 32.0 |
| Operating income | −63.0 | −58.1 | −43.6 | −56.3 | −76.9 |
| Pre-tax income | −63.7 | −58.5 | −42.2 | 53.6 | 72.8 |
| Income tax | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 |
| Net income | −63.7 | −58.5 | −42.2 | −53.6 | −72.8 |
| Diluted EPS | −2.28 | −1.72 | −0.85 | −0.92 | −1.08 |
| Diluted shares | 28.0 | – | – | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 44.4 | 61.1 | 44.4 | 118 | 80.7 |
| Receivables | 0.1 | 0.0 | – | 0.0 | 0.3 |
| Inventory | 5.8 | 0.0 | – | 0.0 | 0.1 |
| Current assets | 45.3 | 62.1 | 45.3 | 119 | 83.4 |
| Net PP&E | 1.5 | 2.0 | 1.5 | 1.2 | 1.1 |
| Goodwill | 2.8 | 2.8 | 2.8 | 2.8 | 2.8 |
| Total assets | 59.2 | 77.9 | 59.2 | 132 | 94.5 |
| Payables | 1.8 | 1.6 | 1.8 | 1.7 | 2.8 |
| Deferred revenue | 0.0 | 0.0 | – | – | – |
| Current liabilities | 6.7 | 6.0 | 6.7 | 10.1 | 7.9 |
| Long-term debt | – | 65.0 | 0.0 | – | – |
| Total liabilities | 14.8 | 80.1 | 14.8 | 17.6 | 13.9 |
| Shareholders' equity | 44.4 | −2.2 | 44.4 | 115 | 80.7 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −54.1 | −47.0 | −33.0 | −36.3 | −54.1 |
| Capital expenditure | 0.4 | 0.4 | 0.1 | 0.1 | 0.3 |
| Free cash flow | −54.5 | −47.4 | −33.2 | −36.5 | −54.4 |
| Depreciation & amortisation | 0.5 | 0.7 | 0.5 | 0.5 | 0.4 |
| Stock-based compensation | 14.6 | 5.2 | 7.2 | 13.6 | 21.5 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −50.6% | −100.0% | – | – |
| Gross margin | −38.8% | −1606.3% | – | – | −54.0% |
| Operating margin | −4443.9% | −8293.9% | – | – | −21982.6% |
| Net margin | −4489.4% | −8357.9% | – | – | −20794.6% |
| Return on equityBlank when equity is negative | −143.5% | – | −95.2% | −46.7% | −90.2% |
| ROCEEBIT ÷ (assets − current liabilities) | −120.2% | −80.8% | −83.1% | −46.0% | −88.8% |
| Free cash flow margin | −3845.8% | −6773.4% | – | – | −15553.4% |
| Cash conversion (CFO ÷ net income) | 0.85x | 0.80x | 0.78x | 0.68x | 0.74x |
| Receivable days | 16 | 0 | – | – | 286 |
| Inventory days | 1080 | 0 | – | – | 92 |
| Payable days | 341 | 48 | – | – | 1881 |
| Debt ÷ equity | – | – | 0.00x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | 3.9 | −44.4 | – | – |
| Current ratio | 6.76x | 10.4x | 6.76x | 11.9x | 10.5x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.