Pulse Biosciences (NASDAQ:PLSE) Issues Quarterly Earnings Results

Key Points

• Q3 results missed expectations: Pulse Biosciences reported a $0.32 per-share loss versus $0.31 expected, and revenue of about $400,000, down 54.1% year over year and below estimates.
• Clinical programs advanced: Enrollment in the NANOPULSE-AF pivotal study finished three months early, while preliminary thyroid study results showed nodule volume fell by more than 50% in 86% of patients treated.
• Funding supports development, but costs are set to rise: The company ended the quarter with $189.2 million in cash and securities, which management estimates provides roughly two years of runway; quarterly non-GAAP expenses are expected to increase 15%–25% as clinical and launch preparations continue.

Pulse Biosciences (NASDAQ:PLSE - Get Free Report) released its quarterly earnings data on Thursday. The company reported ($0.32) earnings per share for the quarter, missing analysts' consensus estimates of ($0.31) by ($0.01), Zacks reports. The company had revenue of $0.40 million for the quarter, compared to analysts' expectations of $0.52 million. Pulse Biosciences had a negative net margin of 6,755.78% and a negative return on equity of 94.42%. The business's revenue for the quarter was down 54.1% compared to the same quarter last year. During the same period last year, the company posted ($0.29) EPS.

Here are the key takeaways from Pulse Biosciences' conference call:

• Pulse completed enrollment in its NANOPULSE-AF pivotal study with 169 evaluable patients, three months ahead of its original schedule. Patients are now in follow-up, with blended six- and 12-month results expected in Q3 2027.
• Preliminary PRECISE-BTN results showed that a single Vybrance treatment reduced thyroid nodule volume by more than 50% in 86% of patients, with a 78% average improvement in quality-of-life scores at six months and no serious adverse events reported. Further follow-up is due in 2027 and will support a planned 510(k) submission.
• The company ended the quarter with $189.2 million in cash and marketable securities, which management says provides roughly two years of runway; about $64 million of ATM capacity remains. It plans to use capital for clinical programs and manufacturing and commercial-launch preparation.
• Q3 revenue was just $395,000, while GAAP net loss widened to $23.1 million from $19.4 million a year earlier. Management expects quarterly non-GAAP costs and expenses to rise 15%–25% above the roughly $20 million average in Q2 and Q3 as clinical and pre-commercial investment increases.
• Pulse is preparing manufacturing capacity and market-launch plans for its nPulse catheter, targeting launch readiness beginning in early 2028 and remaining open to a partnership or other launch structure. However, strategic discussions have not produced a disclosed deal, and management said partners are waiting for further clinical and regulatory evidence.

Pulse Biosciences Stock Up 0.4%

Shares of NASDAQ:PLSE traded up $0.22 during trading hours on Friday, hitting $53.29. 428,197 shares of the company's stock traded hands, compared to its average volume of 373,557. The business has a fifty day moving average price of $51.55 and a 200-day moving average price of $32.28. Pulse Biosciences has a 1 year low of $12.56 and a 1 year high of $58.90.

Trending Headlines about Pulse Biosciences

Here are the key news stories impacting Pulse Biosciences this week:

• Positive Sentiment: Six-month interim results from the PRECISE-BTN study of Pulse’s nano-pulsed field ablation treatment for thyroid nodules were described as positive. The update adds clinical evidence for the technology. Article: Pulse Biosciences’ NsPFA Treatment Shows Positive Six-Month Thyroid Study Results Article: Six-Month PRECISE-BTN Study Results
• Positive Sentiment: Canaccord Genuity raised its price target from $58 to $74 and maintained a Buy rating; Needham also reiterated Buy and raised its target from $58 to $64. These higher targets reflect improved analyst expectations. Canaccord Genuity recommendations Needham recommendations
• Positive Sentiment: The company said it completed enrollment in its U.S. pivotal IDE study in six months, three months ahead of schedule—progress toward advancing its technology. Business updates and Q3 results
• Negative Sentiment: Pulse plans a 15%–25% increase in quarterly non-GAAP expenses as it works toward a Q4 2027 CE Mark target. The added spending could weigh on cash use and future losses. Expense outlook and CE Mark target
• Negative Sentiment: Q3 revenue was $400,000, below the approximately $521,000 estimate and down 54.1% year over year. The $0.32 per-share loss was also slightly wider than the $0.31 consensus loss, underscoring the company’s limited current revenue base. Q3 results coverage

Analyst Ratings Changes

PLSE has been the topic of several research analyst reports. Weiss Ratings reiterated a "sell (d-)" rating on shares of Pulse Biosciences in a research report on Thursday, October 15th. Oppenheimer upped their price objective on Pulse Biosciences from $35.00 to $60.00 and gave the company an "outperform" rating in a research report on Tuesday, October 13th. Canaccord Genuity Group lifted their price objective on Pulse Biosciences from $58.00 to $74.00 and gave the company a "buy" rating in a research report on Friday. Mizuho set a $65.00 price objective on shares of Pulse Biosciences in a report on Friday. Finally, Freedom Capital upgraded Pulse Biosciences to a "strong-buy" rating in a report on Wednesday, September 9th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $66.60.

Insider Transactions at Pulse Biosciences

In other Pulse Biosciences news, COO Liane Teplitsky bought 1,036 shares of the firm's stock in a transaction dated Wednesday, August 26th. The stock was acquired at an average cost of $48.23 per share, for a total transaction of $49,966.28. Following the completion of the transaction, the chief operating officer owned 1,036 shares in the company, valued at $49,966.28. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In the last three months, insiders acquired 4,095 shares of company stock worth $199,931. 74.00% of the stock is owned by insiders.

About Pulse Biosciences

Pulse Biosciences, Inc NASDAQ: PLSE is a medical technology company developing bioelectric therapies based on its Nano-Pulse Stimulation (NPS) technology. The technology uses short, high-voltage electrical pulses to create temporary openings in cell membranes, with the goal of selectively affecting targeted cells while limiting thermal damage to surrounding tissue.

The company's principal product is the CellFX System, a device designed to deliver NPS treatments for certain dermatologic conditions.

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