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Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers nPulse System, a novel Nanosecond Pulsed-Field Ablation delivery platform to treat benign lesions of the skin; nPulse Vybrance Percutaneous Electrode system for soft tissue ablation in surgical setting; nPulse Cardiac Surgical Clamp designed for use in surgical treatment of atrial fibrillation (AF); nPulse Cardiac Catheter System designed to provide a circumferential, or circular, ablation in a single treatment cycle; and nPulse Console, a software-enabled console-based platform designed to accommodate the clinical workflow preferred by physicians. The company was formerly known as Electroblate, Inc. and changed its name to Pulse Biosciences, Inc. in December 2015. Pulse Biosciences, Inc. was incorporated in 2014 and is headquartered in Miami, Florida.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $0M | $-76M | $-73M | $-54M | -90.2% | - | 35.8% |
| 2024 | $0M | $-55M | $-54M | $-36M | -46.7% | - | 26.9% |
| 2023 | $0M | $-42M | $-42M | $-33M | -95.2% | -100.0% | -27.9% |
| 2022 | $1M | $-57M | $-59M | $-47M | 2602.5% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 0.70 | 0 | 0 | 0.35 |
| Operating Revenue | - | 0.70 | 0 | 0 | 0.35 |
| Cost Of Revenue | - | 11.94 | 0 | 0 | 0.54 |
| Gross Profit | - | -11.24 | 0 | 0 | -0.19 |
| Operating Expense | - | 46.81 | 43.57 | 56.26 | 76.75 |
| Research And Development | - | 20.84 | 27.80 | 32.34 | 44.72 |
| Selling General And Administration | - | 25.97 | 15.78 | 23.92 | 32.03 |
| Total Expenses | - | 58.76 | 43.57 | 56.26 | 77.29 |
| Operating Income | - | -58.06 | -43.57 | -56.26 | -76.94 |
| Total Operating Income As Reported | - | -58.06 | -43.57 | -56.26 | -76.94 |
| EBITDA | - | -56.70 | -42.37 | -55.08 | -75.87 |
| Normalized EBITDA | - | -56.70 | -42.37 | -55.08 | -75.87 |
| EBIT | - | -58.06 | -43.57 | -56.26 | -76.94 |
| Interest Income | - | - | - | 2.69 | 4.21 |
| Net Interest Income | - | -0.45 | 1.36 | 2.69 | 4.21 |
| Other Non Operating Income Expenses | - | - | - | -0.02 | -0.05 |
| Other Income Expense | - | - | - | -0.02 | -0.05 |
| Interest Income Non Operating | - | - | - | 2.69 | 4.21 |
| Net Non Operating Interest Income Expense | - | -0.45 | 1.36 | 2.69 | 4.21 |
| Pretax Income | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Tax Provision | 0 | 0 | 0 | 0 | - |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | 0 |
| Net Income Continuous Operations | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Net Income From Continuing And Discontinued Operation | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Net Income From Continuing Operation Net Minority Interest | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Net Income | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Net Income Common Stockholders | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Net Income Including Noncontrolling Interests | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Normalized Income | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Diluted NI Availto Com Stockholders | - | -58.50 | -42.21 | -53.58 | -72.78 |
| Basic Average Shares | - | 34.51 | 49.74 | 58.40 | 67.40 |
| Diluted Average Shares | - | 34.51 | 49.74 | 58.40 | 67.40 |
| Reconciled Depreciation | - | 1.36 | 1.21 | 1.18 | 1.07 |
| Reconciled Cost Of Revenue | - | 11.94 | 0 | 0 | 0.54 |
| General And Administrative Expense | 19.07 | 13.96 | 15.78 | 23.92 | - |
| Other Gand A | 19.07 | 13.96 | 15.78 | 23.92 | - |
| Total Other Finance Cost | 0.65 | 0.45 | -1.36 | -2.67 | - |
| Selling And Marketing Expense | 14.75 | 12.02 | 0 | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Pulse Biosciences, Inc.this co. | PLSE | $1.9B | -25.62 | 23.12 | -90.2% | -23.61 |
| Harmony Biosciences Holdings, Inc. | HRMY | $1.9B | 12.02 | 2.19 | 18.2% | 5.17 |
| Astrana Health, Inc. | ASTH | $1.9B | 83.46 | 2.41 | 2.9% | 18.67 |
| Stoke Therapeutics, Inc. | STOK | $1.9B | -272.47 | 5.32 | -2.0% | -95.36 |
| Zymeworks Inc. | ZYME | $1.8B |
| - |
| - |
| - |
| - |
| -22.76 |
| 6.88 |
| -30.2% |
| -22.40 |
| Maravai LifeSciences Holdings, Inc. | MRVI | $1.8B | -14.08 | 8.67 | -61.6% | -13.48 |
| Pediatrix Medical Group, Inc. | MD | $1.8B | 11.11 | 2.12 | 19.1% | 7.64 |
| Viridian Therapeutics, Inc. | VRDN | $1.8B | -5.34 | 3.10 | -58.1% | -4.95 |
| Vericel Corporation | VCEL | $1.8B | 110.33 | 5.14 | 4.7% | 60.29 |
| Peer Median | - | 2.88 | 4.12 | 0.5% | 0.11 | |