One-glance verdict
Not enough data
Fair value unavailable
Not enough cash-flow history to value this one with our method.
Fundamentals snapshot
Pulse Biosciences, Inc.
PLSE · NCM · Healthcare · Medical Instruments & Supplies
Current price
$57.12
52-week range
$12.56 - $58.94
Market cap
$4.20B
Balance sheet
Healthy
-18.28x Concerning
Net cash $182.83M. Interest coverage shows how many times profit covers the interest bill.
What stands out
1 Reward
1 Risk
1 rewards · 1 risks
- Reward Revenue grew 326.9% last year.
- Risk Return on equity was -60.6% last year — the company lost money on shareholders' equity.
What this company does
Pulse Biosciences, Inc.
Pulse Biosciences sells medical devices that use electricity to treat conditions like skin lesions and heart problems. Their main income comes from selling these advanced medical systems to hospitals and doctors. This matters because it shows they are developing innovative ways to help patients, which could lead to future growth and profitability.
How the company got here
Pulse Biosciences, Inc. wasn't always called that. It started out as Electroblate, Inc. in 2014, with a focus on developing medical devices. The company officially changed its name to Pulse Biosciences, Inc. in December 2015, signaling a shift or expansion in its strategic direction. Headquartered in Miami, Florida, the company has been working to establish itself in the bioelectric medicine space.
What it actually does
Pulse Biosciences develops and offers a technology platform called Nanosecond Pulsed-Field Ablation (nPFA). Think of it like using very short, precise electrical pulses to affect cells. This technology is designed to be used in medical treatments, aiming to be a more targeted and potentially less damaging way to treat certain conditions compared to traditional methods like heat or cold. The company's goal is to apply this bioelectric approach across various medical fields.
nPulse System for Skin Lesions
One of the company's key offerings is the nPulse System, which uses their nPFA technology specifically for treating benign (non-cancerous) skin lesions. This means it's designed for cosmetic or minor medical issues on the skin's surface. The system aims to provide a way to remove or treat these lesions using controlled electrical pulses, offering an alternative to surgical excision or other dermatological treatments. This business line targets dermatologists and other skin care professionals.
nPulse Systems for Soft Tissue and Cardiac Procedures
Pulse Biosciences also has systems designed for more complex medical interventions. The nPulse Vybrance Percutaneous Electrode system is intended for soft tissue ablation, which means precisely removing or destroying unwanted soft tissue during surgery. Additionally, the company has developed the nPulse Cardiac Surgical Clamp and nPulse Cardiac Catheter System. These are specifically for cardiac procedures, aiming to treat conditions like atrial fibrillation (AF) by ablating (destroying) specific heart tissue causing the irregular heartbeat. These systems are used by surgeons and cardiologists in operating rooms and specialized cardiac suites.
nPulse Console
Underpinning these various applications is the nPulse Console. This is a central, software-enabled platform that acts as the control center for the nPFA technology. It's designed to be adaptable to different medical workflows and physician preferences, ensuring that the electrical pulses can be delivered accurately and safely. The console is crucial for the effective operation of all the nPulse delivery systems, integrating the technology into the clinical environment.
What management is betting on now
Management at Pulse Biosciences is focused on advancing its nPulse technology platform across multiple medical applications. Their strategy centers on demonstrating the safety and efficacy of their bioelectric medicine approach, particularly for skin lesions and cardiac conditions. By developing specialized delivery systems like the nPulse System and cardiac devices, they aim to carve out a niche in the medical device market. The success of the nPulse Console as a versatile platform is also key to enabling broader adoption by physicians.
Price history
How the share price has moved
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Earnings history
Last 8 quarters — what happened
Click any quarter to read the call summary and what the numbers say.
FY2024 Q4
$-9.20M
FY2025 Q1
$-13.57M
FY2025 Q2
$-12.91M
FY2025 Q3
$-13.10M
FY2025 Q4
$-14.86M
FY2026 Q1
$-14.63M
FY2026 Q2
$-18.80M
FY2026 Q3
$-15.41M
Revenue
$395.00K
Net income
$-23.05M
Diluted EPS
—
Operating cash flow
$-15.27M
Free cash flow
$-15.41M
Fetching…
Sources
Revenue
$434.00K
Net income
$-24.66M
Diluted EPS
—
Operating cash flow
$-18.71M
Free cash flow
$-18.80M
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Sources
Revenue
$401.00K
Net income
$-18.58M
Diluted EPS
—
Operating cash flow
$-14.60M
Free cash flow
$-14.63M
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Sources
Revenue
$264.00K
Net income
$-17.43M
Diluted EPS
—
Operating cash flow
$-14.76M
Free cash flow
$-14.86M
Fetching…
Sources
Revenue
$86.00K
Net income
$-19.39M
Diluted EPS
—
Operating cash flow
$-13.04M
Free cash flow
$-13.10M
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Sources
Revenue
$0.00
Net income
$-19.17M
Diluted EPS
—
Operating cash flow
$-12.81M
Free cash flow
$-12.91M
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Sources
Revenue
$0.00
Net income
$-16.80M
Diluted EPS
—
Operating cash flow
$-13.52M
Free cash flow
$-13.57M
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Sources
Revenue
$0.00
Net income
$-19.39M
Diluted EPS
—
Operating cash flow
$-9.14M
Free cash flow
$-9.20M
Fetching…
Sources
Is it cheap or expensive?
Fair value — vs current price $57.12
We couldn't calculate a fair value right now.
Is it drowning in debt?
Healthy
Net cash $182.8M - more cash than debt. Interest coverage -18.3x.
Net debt
$-182.83M
Interest coverage
-18.28x
Pulse Biosciences, Inc.'s profit covers its interest bill about 0.0 times over. which is weaker than most peers shown here and 3 peers sit below 1x, which is the danger zone where profit does not fully cover the interest bill.
Healthy
Worse cushion
Baseline
Better cushion
PLSE
BASELINE
Pulse Biosciences, Inc.
Total debt $6.36M Interest coverage -18.28x This is the baseline the peer rows are being compared against.
Total debt $96.83M Interest coverage -1.61x Neither company has much profit cushion over interest right now.
Total debt $5.17M Interest coverage -47.35x Neither company has much profit cushion over interest right now.
Total debt $35.76M Interest coverage -1.64x Neither company has much profit cushion over interest right now.
What you should know
The case for and against PLSE
1 Reward
1 Risk
Rewards
-
Revenue grew 326.9% last year.
Risks
-
Return on equity was -60.6% last year — the company lost money on shareholders' equity.
The numbers
All the key metrics, grouped by purpose
Tap any ? icon to learn what it means.
Valuation
How expensive the stock looks
P/E (TTM)
—
Forward P/E
-49.35x
P/B
22.81x
P/S
2,812.24x
EV/EBITDA
-47.33x
PEG ratio
—
Profitability
How much profit each dollar creates
Gross margin
26.8%
Operating margin
-6,149.9%
Net margin
0.0%
ROE
-60.6%
ROA
-35.3%
Health
Liquidity and balance-sheet strength
Debt / equity
0.03x
Current ratio
14.35x
Quick ratio
14.16x
Total debt
$6.36M
Total cash
$189.19M
Growth
How the business has been compounding
Revenue TTM
$1.49M
Revenue 5Y CAGR
-29.5%
EPS TTM
-1.21
EPS 5Y CAGR
—
Cash flow
How much cash the business throws off
Operating CF TTM
$-63.33M
Free CF TTM
$-54.44M
FCF margin
-3,643.7%
Dividend
Shareholder payout
Yield
0.0%
Payout ratio
—
Last ex-div date
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