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what it is
It sells medical tech that uses nanosecond electrical pulses to clear targeted cells while leaving nearby tissue alone.
how it gets paid
Last year Pulse Biosciences made $350K in revenue. CellFX System sales was the main engine at $180K, or 51% of sales.
what just happened
Revenue came in at $86K in the latest quarter while losses stayed wide.
At a glance
B+ balance sheet — decent shape, but not bulletproof
65/100 earnings predictability — reasonably predictable
-$0.92 fy2024 eps est
$2B fy2026 rev est
n/a operating margin
xvary composite: 61/100 — average
What they do
It sells medical tech that uses nanosecond electrical pulses to clear targeted cells while leaving nearby tissue alone.
Patented NPS tech is the edge. A heating device can damage nearby tissue. This one is built to spare adjacent noncellular tissue, and that matters when your doctor is choosing tools. The company has 75 employees and $6M of long-term debt, so this is still a tiny, focused bet.
How they make money
$350K
annual revenue
CellFX System sales
$180K
Single-use applicators
$90K
Clinical collaboration revenue
$50K
Support and other revenue
$30K
The products that matter
cardiac ablation platform
nPulse system
$350K revenue · lead commercial asset
this is the whole commercial story right now: a system aimed at a roughly $2B atrial fibrillation market with just $350K in early revenue to prove demand.
binary setup
core pulse technology
Nano-pulse Stimulation
patent-backed · not yet proven at scale
the investment case depends on this platform producing enough clinical and commercial traction to turn a patent story into a revenue story. right now, the revenue proof is still $350K.
platform risk
Key numbers
$1B
market cap
You are paying about $1B for a business that brought in $350K last year. The gap is the trade.
$350K
annual revenue
That is the real revenue base from EDGAR. It tells you how early this story still is.
$6M
long-term debt
Debt is small at $6M. That lowers balance-sheet stress, but it does not fix the tiny sales base.
1.4
beta
A beta of 1.4 means the stock moves more than the market. Your chart will feel the news faster than the business does.
Financial health
B+
strength
- balance sheet grade B+ — solid but not elite
- risk rank 4 — safer than 20% of stocks
- price stability 5 / 100
- long-term debt $6M (0% of capital)
B+ — functional but not a standout on the balance sheet.
Total return vs. market
Return history isn't available for PLSE right now.
source: institutional data · return history unavailable
What just happened
missed estimates
Revenue came in at $86K in the latest quarter while losses stayed wide.
EDGAR shows $86K of quarterly revenue and EPS of -$0.82. The business is still in the early commercialization stage, so the report mattered more for cash burn than for growth.
$86K
revenue
-$0.82
eps
n/a
n/a
the number that mattered
The $86K revenue print mattered because it shows the company is still selling at a very small scale.
source: company earnings report, 2026
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What could go wrong
the biggest risk here is commercial adoption of nPulse. with just $350K in revenue, every other risk — dilution, leadership turnover, even volatility — flows from whether hospitals and physicians actually adopt the system.
high
commercial adoption stays slow
the current proof point is just $350K in revenue. that is not enough to prove repeatable demand in a hospital market known for slow adoption cycles.
if sales do not inflect, the ~$1B valuation has very little fundamental support underneath it.
high
equity dilution is now an active funding tool
on feb. 19, 2026, the company put in place an agreement to sell up to $150M of stock at market prices.
$150M is roughly 15% of a ~$1B market cap. that can fund the story, but it can also dilute your ownership materially.
med
commercial leadership instability
the chief commercial officer resigned on feb. 27, 2026, during the stage when execution matters more than presentations.
for a company with one lead product and tiny revenue, management turnover can slow launch momentum quickly.
med
the stock trades like a binary outcome
beta is 1.4 and price stability is 5/100. the market is telling you this name reacts more like a catalyst trade than a mature medtech company.
even good news can come with violent swings, and bad news can hit harder when expectations are already high.
a business with $350K in revenue, a ~$1B market cap, and up to $150M of stock sale capacity leaves you with very little room for a slow launch.
source: institutional data · regulatory filings · risk analysis
Pay attention to
commercial proof
revenue needs to move beyond $350K
this is the cleanest scoreboard on the page. if nPulse is working commercially, the revenue line should stop looking like a rounding error.
earnings
next earnings report
expected may 14, 2026. you want launch commentary, physician adoption detail, and any update on how quickly commercialization is scaling.
funding
use of the $150M equity facility
the agreement exists now. the question is how quickly management taps it and how much dilution shows up before revenue does.
execution
commercial leadership rebuild
the chief commercial officer resignation matters because this company does not have layers of operating depth. one key hire can change launch quality fast.
Analyst rankings
earnings predictability
65 / 100
earnings are only moderately predictable because the business is still early and losses dominate the model. in human-speak, analysts have a range, not a clean line of sight.
risk profile
4 / 5
risk rank 4 means this sits on the riskier end of the stock universe. that fits a company with $350K in revenue and a ~$1B valuation.
source: institutional data
Institutional activity
institutional ownership data for PLSE is being compiled.
source: institutional data
Price targets
3-5 year target range
n/a
n/a
$14
current price
n/a
target midpoint · n/a from current
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