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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% | - | - |
| 2024 | $0M | $-55M | $-54M | $-36M | -46.7% | - | - |
| 2023 | $0M | $-42M | $-42M | $-33M | -95.2% | -100.0% | - |
| 2022 | $1M | $-57M | $-59M | $-47M | 2602.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total 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 |
| Operating Income | -58.06 | -43.57 | -56.26 | -76.94 |
| EBITDA | -56.70 | -42.37 | -55.08 | -75.87 |
| EBIT | -58.06 | -43.57 | -56.26 | -76.94 |
| Pretax Income | -58.51 | -42.21 | -53.59 | -72.78 |
| Tax Provision | 0 | 0 | 0 | 0 |
| Net Income | -58.51 | -42.21 | -53.59 | -72.78 |
| Net Income Common Stockholders | -58.51 | -42.21 | -53.59 | -72.78 |
| Total Expenses | 58.76 | 43.57 | 56.26 | 77.29 |
| Interest Income | 0 | 0 | 2.69 | 4.21 |
| Research And Development | 20.84 | 27.80 | 32.34 | 44.72 |
| Selling General And Administration | 25.97 | 15.78 | 23.92 | 32.03 |
| Normalized EBITDA | -56.70 | -42.37 | -55.08 | -75.87 |
| Normalized Income | -58.51 | -42.21 | -53.59 | -72.78 |
| Basic EPS | -1.69 | -0.85 | -0.92 | 0 |
| Diluted EPS | -1.69 | -0.85 | -0.92 | 0 |
| Tax Effect Of Unusual Items | 0 | 0 | 0 | 0 |
| Tax Rate For Calcs | 0 | 0 | 0 | 0 |
| Net Income From Continuing Operation Net Minority Interest | -58.51 | -42.21 | -53.59 | -72.78 |
| Reconciled Depreciation | 1.35 | 1.21 | 1.18 | 1.07 |
| Reconciled Cost Of Revenue | 11.94 | 0 | 0 | 0.54 |
| Net Interest Income | -0.45 | 1.36 | 2.69 | 4.21 |
| Net Income From Continuing And Discontinued Operation | -58.51 | -42.21 | -53.59 | -72.78 |
| Total Operating Income As Reported | -58.06 | -43.57 | -56.26 | -76.94 |
| Diluted Average Shares | 34.51 | 49.74 | 58.40 | 0 |
| Basic Average Shares | 34.51 | 49.74 | 58.40 | 0 |
| Diluted NI Availto Com Stockholders | -58.51 | -42.21 | -53.59 | -72.78 |
| Net Income Including Noncontrolling Interests | -58.51 | -42.21 | -53.59 | -72.78 |
| Net Income Continuous Operations | -58.51 | -42.21 | -53.59 | -72.78 |
| Other Income Expense | 0 | 0 | -0.02 | -0.05 |
| Other Non Operating Income Expenses | 0 | 0 | -0.02 | -0.05 |
| Net Non Operating Interest Income Expense | -0.45 | 1.36 | 2.69 | 4.21 |
| Total Other Finance Cost | 0.45 | -1.36 | -2.67 | 0 |
| Interest Income Non Operating | 0 | 0 | 2.69 | 4.21 |
| Selling And Marketing Expense | 12.02 | 0 | 0 | 0 |
| General And Administrative Expense | 13.96 | 15.78 | 23.92 | 0 |
| Other Gand A | 13.96 | 15.78 | 23.92 | 0 |
| Operating Revenue | 0.70 | 0 | 0 | 0.35 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Pulse Biosciences, Inc.this co. | PLSE | $1.4B | - | 17.00 | -90.2% | -17.15 |
| AtriCure, Inc. | ATRC | $1.4B | - | 2.77 | 0.0% | 114.65 |
| Biohaven Ltd. | BHVN | $1.4B | - | 23.47 | -1418.8% | -1.93 |
| NovoCure Limited | NVCR | $1.4B | - | 3.94 | -40.0% | -8.57 |
| Ardent Health, Inc. | ARDT | $1.4B | 10.03 |
| 1.07 |
| 8.1% |
| 7.02 |
| Viridian Therapeutics, Inc. | VRDN | $1.4B | - | 2.30 | -47.4% | -1.84 |
| MBX Biosciences, Inc. | MBX | $1.4B | - | 3.48 | -23.6% | -10.08 |
| Clover Health Investments, Corp. | CLOV | $1.4B | - | 4.34 | -27.7% | -14.49 |
| Wave Life Sciences Ltd. | WVE | $1.4B | - | 2.55 | -39.4% | -4.28 |
| Peer Median | - | 10.03 | 3.12 | -33.6% | -3.10 | |