Pulse Biosciences (NASDAQ:PLSE) Announces Earnings Results, Misses Estimates By $0.07 EPS

Key Points

• Pulse Biosciences missed quarterly estimates: It reported a loss of $0.36 per share versus the expected $0.29 loss, while revenue of $0.43 million fell short of the $0.53 million consensus.
• Clinical progress remains a key positive: Enrollment in the pivotal NANOPULSE-AF study is ahead of schedule and expected to finish in early October, while European feasibility data showed strong freedom-from-AF results and a 1.7% serious adverse-event rate.
• Finances improved but losses widened: The company ended the quarter with $101.6 million in cash after $57.5 million in ATM proceeds, extending its runway, though Q2 operating expenses rose to $25.7 million and net loss reached $24.7 million.

Pulse Biosciences (NASDAQ:PLSE - Get Free Report) posted its quarterly earnings results on Thursday. The company reported ($0.36) EPS for the quarter, missing analysts' consensus estimates of ($0.29) by ($0.07), FiscalAI reports. The business had revenue of $0.43 million for the quarter, compared to the consensus estimate of $0.53 million. Pulse Biosciences had a negative return on equity of 100.22% and a negative net margin of 6,755.78%.

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

• nPulse AF catheter enrollment is ahead of schedule: The pivotal NANOPULSE-AF study surpassed the halfway point with more than 82 evaluable patients, and enrollment is now expected to finish in early October, despite expanding the target from 145 to 164 patients.
• Early clinical and workflow feedback remains highly favorable, with physicians reporting five to seven cases per day and ablation times as short as five to eight minutes. Management believes the resulting throughput and hospital economics could support significant adoption, though pivotal outcomes remain pending.
• European feasibility data for the cardiac catheter showed 96% freedom from AF at one year by 24-hour Holter monitoring, 90% freedom from recurrent AF, flutter, or tachycardia by Kaplan-Meier analysis, and a 1.7% serious adverse event rate across 177 patients. The company remains on track to submit for a CE mark in the second half of 2026 and potentially receive approval around mid-2027.
• Pulse strengthened its balance sheet through $57.5 million of net ATM proceeds, ending Q2 with $101.6 million in cash and extending its runway through key clinical and regulatory milestones. It also established a new $75 million ATM facility and received $1.8 million from warrant exercises.
• Spending and losses increased as the company accelerated clinical and product development, with Q2 GAAP operating expenses rising to $25.7 million and GAAP net loss reaching $24.7 million. Operating cash use rose to $18.7 million, while management expects quarterly non-GAAP expenses to remain near current levels.

Pulse Biosciences Price Performance

NASDAQ PLSE traded up $4.17 on Friday, reaching $42.41. The stock had a trading volume of 734,091 shares, compared to its average volume of 361,024. The company has a market cap of $2.94 billion, a P/E ratio of -35.94 and a beta of 1.61. The firm has a fifty day moving average of $29.01 and a two-hundred day moving average of $23.64. Pulse Biosciences has a 1-year low of $12.56 and a 1-year high of $45.90.

Insider Transactions at Pulse Biosciences

In other Pulse Biosciences news, Director Robert W. Duggan purchased 660,233 shares of the stock in a transaction that occurred on Monday, May 11th. The shares were acquired at an average cost of $19.69 per share, with a total value of $12,999,987.77. Following the completion of the transaction, the director owned 48,211,433 shares in the company, valued at $949,283,115.77. The trade was a 1.39% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Paul A. Laviolette acquired 15,000 shares of the business's stock in a transaction on Monday, May 11th. The stock was acquired at an average cost of $19.69 per share, with a total value of $295,350.00. Following the acquisition, the chief executive officer directly owned 15,000 shares in the company, valued at approximately $295,350. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. 74.00% of the stock is currently owned by company insiders.

Institutional Trading of Pulse Biosciences

A number of institutional investors have recently modified their holdings of PLSE. Jane Street Group LLC bought a new position in shares of Pulse Biosciences in the first quarter worth $323,000. Creative Planning increased its holdings in Pulse Biosciences by 26.3% in the 2nd quarter. Creative Planning now owns 18,971 shares of the company's stock valued at $286,000 after buying an additional 3,951 shares during the period. Legal & General Group Plc raised its position in shares of Pulse Biosciences by 57.7% in the 2nd quarter. Legal & General Group Plc now owns 22,415 shares of the company's stock valued at $338,000 after buying an additional 8,197 shares in the last quarter. Norges Bank bought a new stake in shares of Pulse Biosciences during the 2nd quarter worth approximately $302,000. Finally, The Manufacturers Life Insurance Company bought a new stake in shares of Pulse Biosciences during the 2nd quarter worth approximately $158,000. 76.95% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several equities research analysts have issued reports on PLSE shares. Oppenheimer reaffirmed an "outperform" rating on shares of Pulse Biosciences in a report on Tuesday, July 28th. Wall Street Zen lowered shares of Pulse Biosciences from a "hold" rating to a "sell" rating in a research report on Saturday. Weiss Ratings restated a "sell (d-)" rating on shares of Pulse Biosciences in a research note on Friday, July 17th. Finally, Canaccord Genuity Group initiated coverage on shares of Pulse Biosciences in a report on Thursday, June 4th. They set a "buy" rating and a $32.00 target price for the company. Three equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus target price of $32.33.

About Pulse Biosciences

Pulse Biosciences, Inc is a clinical-stage bioelectric medicine company that develops and commercializes medical devices based on its proprietary Tissue NanoPoration (TNP) platform. The company’s core technology, NanoPulse Stimulation (NPS), delivers ultrashort, high-voltage electric pulses to targeted tissue, triggering cellular responses without the thermal damage associated with traditional energy-based devices. Pulse Biosciences focuses on applications in dermatology and aesthetic medicine, where controlled ablation of unwanted lesions is critical.

The company’s flagship product, the CellFX® System, is designed to treat a range of benign and malignant skin lesions, including seborrheic keratosis, non-melanoma skin cancers, and various epidermal and dermal lesions.

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