Revenue generation has effectively ceased, with the company reporting zero revenue for multiple periods while sustaining quarterly operating losses that reached $2.3 million in 2026Q1.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Jun'07 | Jun'06 | Jun'05 | Jun'04 | Jun'03 | Jun'02 | Jun'01 | Jun'00 | Jun'99 | Jun'98 | Jun'97 |
|---|
| Sales/Revenue | 0 | 0 | 58K | 477K | 1.35M | 1.01M | 145K | 710K | 625K | 479K | 576K | 517K | 427K | 268K | 62K | 12K | 0 | 1.87M | 1.27M | 643K | 0 | 0 | 0 | 3.76M | 4.08M | 3.96M | 3.87M | 3.99M | 4.2M | 3.8M | 3.4M |
| Revenue Growth % | -100% | -100% | -87.84% | -64.72% | 33.2% | 600% | -79.58% | 13.6% | 30.48% | -16.84% | 11.41% | 21.08% | 59.33% | 332.26% | 416.67% | - | -100% | 47.4% | 97.2% | - | - | - | -100% | -7.82% | 3.06% | 2.35% | -3.06% | -5.05% | 10.53% | 11.76% | 8.01% |
| Cost of Goods Sold | 1.78M | 505K | 4.39M | 7.73M | 8.83M | 640K | 4K | 358K | 517K | 690K | 746K | 1.06M | 2.7M | 3.59M | 0 | 0 | 0 | 380K | 197K | 130K | 0 | 0 | 0 | 860.33K | 1.01M | 971.25K | 952.26K | 898.17K | 1M | 900K | 800K |
| COGS % of Revenue | - | - | 7563.79% | 1619.71% | 653.4% | 63.05% | 2.76% | 50.42% | 82.72% | 144.05% | 129.51% | 205.22% | 633.26% | 1339.18% | - | - | - | 20.33% | 15.54% | 20.22% | - | - | - | 22.89% | 24.69% | 24.55% | 24.63% | 22.52% | 23.81% | 23.68% | 23.53% |
| Gross Profit | -1.78M | -505K | -4.33M | -7.25M | -7.48M | 375K | 141K | 352K | 108K | -211K | -170K | -1.68M | -1.88M | -2.08M | 62K | 12K | 0 | 1.49M | 1.07M | 513K | 0 | 0 | 0 | 2.9M | 3.07M | 2.99M | 2.91M | 3.09M | 3.2M | 2.9M | 2.6M |
| Gross Margin % | - | - | -7463.79% | -1519.71% | -553.4% | 36.95% | 97.24% | 49.58% | 17.28% | -44.05% | -29.51% | -323.98% | -440.75% | -777.24% | 100% | 100% | - | 79.67% | 84.46% | 79.78% | - | - | - | 77.12% | 75.33% | 75.46% | 75.38% | 77.48% | 76.19% | 76.32% | 76.47% |
| Gross Profit Growth % | - | 88.33% | 40.28% | 3.11% | -2095.2% | 165.96% | -59.94% | 225.93% | 151.18% | -24.12% | 89.85% | 11% | 9.65% | -3459.68% | 416.67% | - | -100% | 39.03% | 108.77% | - | - | - | -100% | -5.63% | 2.88% | 2.47% | -5.7% | -3.44% | 10.34% | 11.54% | 7.44% |
| Operating Expenses | 6.03M | 7.77M | 3.67M | 4.39M | 4.42M | 13.01M | 15.67M | 14.56M | 14.21M | 12.19M | 7.44M | 198K | 196K | 259K | 401K | 630K | 583K | 6.59M | 6.7M | 825K | 79.8K | 92.8K | 101.48K | 3.68M | 3.58M | 4.14M | 4.93M | 5.01M | 4.4M | 4.1M | 3.3M |
| OpEx % of Revenue | - | - | 6331.03% | 921.38% | 326.85% | 1281.28% | 10806.9% | 2051.41% | 2273.6% | 2545.72% | 1291.32% | 38.3% | 45.9% | 96.64% | 646.77% | 5250% | - | 352.65% | 528.63% | 128.3% | - | - | - | 97.87% | 87.67% | 104.57% | 127.57% | 125.75% | 104.76% | 107.89% | 97.06% |
| Selling, General & Admin | 2.18M | 3.32M | 0 | 0 | 0 | 5.09M | 5.86M | 6M | 5.76M | 6.39M | 4.11M | 198K | 196K | 259K | 401K | 630K | 583K | 5.59M | 3.91M | 610K | 79.8K | 98.18K | 101.48K | 3.59M | 3.58M | 4.14M | 4.93M | 4.9M | 4.3M | 4M | 3.2M |
| SG&A % of Revenue | - | - | - | - | - | 501.18% | 4042.07% | 845.49% | 921.12% | 1335.07% | 713.19% | 38.3% | 45.9% | 96.64% | 646.77% | 5250% | - | 298.98% | 308.68% | 94.87% | - | - | - | 95.58% | 87.67% | 104.57% | 127.57% | 122.87% | 102.38% | 105.26% | 94.12% |
| Research & Development | 4.66M | 4.96M | 4.39M | 7.73M | 8.83M | 8.56M | 9.81M | 8.56M | 8.45M | 5.8M | 3.33M | 1.52M | 1.52M | 2.22M | 0 | 0 | 0 | 1M | 1.33M | 215K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | 7563.79% | 1619.71% | 653.4% | 843.15% | 6764.83% | 1205.92% | 1352.48% | 1210.65% | 578.13% | 293.62% | 356.67% | 827.99% | - | - | - | 53.67% | 105.05% | 33.44% | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -809K | -505K | -715K | -3.33M | -4.42M | -640K | 0 | 0 | -3K | 2K | -2K | -1.52M | -1.52M | -2.22M | 0 | 0 | 0 | 0 | 1.46M | 0 | 0 | -5.37K | 0 | 85.72K | 0 | 0 | 0 | 115.44K | 100K | 100K | 100K |
| Operating Income | -7.82M | -8.28M | -8M | -11.64M | -11.9M | -12.63M | -15.53M | -14.21M | -14.1M | -12.4M | -7.61M | 319K | 231K | 9K | -339K | -618K | -583K | -5.1M | -5.63M | -312K | -79.8K | -92.8K | -101K | -780K | -504K | -1.15M | -2.02M | -1.93M | -1.2M | -1.1M | -700K |
| Operating Margin % | - | - | -13794.83% | -2441.09% | -880.25% | -1244.34% | -10709.66% | -2001.83% | -2256.32% | -2589.77% | -1320.83% | 61.7% | 54.1% | 3.36% | -546.77% | -5150% | - | -272.98% | -444.16% | -48.52% | - | - | - | -20.75% | -12.36% | -29.14% | -52.2% | -48.29% | -28.57% | -28.95% | -20.59% |
| Operating Income Growth % | - | -3.46% | 31.29% | 2.16% | 5.77% | 18.67% | -9.26% | -0.79% | -13.68% | -63.05% | -2484.95% | 38.1% | 2466.67% | 102.65% | 45.15% | -6% | 88.57% | 9.41% | -1705.13% | -290.97% | 14.01% | 8.11% | 87.05% | -54.76% | 56.29% | 42.86% | -4.78% | -60.5% | -9.09% | -57.14% | -439.43% |
| EBITDA | -7.4M | -7.77M | -7.93M | -11.56M | -11.82M | -12.57M | -14.96M | -13.66M | -14.01M | -12.33M | -7.57M | 366K | 278K | 109K | -339K | -607K | 384K | -3.9M | -5.07M | -251K | -79.8K | -92.8K | -101K | -708.92K | -419.07K | -1.05M | -1.91M | -1.81M | -1.1M | -1M | -600K |
| EBITDA Margin % | - | - | -13679.31% | -2423.48% | -874.19% | -1238.42% | -10319.31% | -1924.23% | -2242.24% | -2573.49% | -1314.06% | 70.79% | 65.11% | 40.67% | -546.77% | -5058.33% | - | -208.4% | -399.92% | -39.04% | - | - | - | -18.86% | -10.28% | -26.56% | -49.41% | -45.4% | -26.19% | -26.32% | -17.65% |
| EBITDA Growth % | 10.88% | 2.03% | 31.37% | 2.19% | 5.97% | 15.99% | -9.52% | 2.51% | -13.69% | -62.86% | -2168.03% | 31.65% | 155.05% | 132.15% | 44.15% | -258.07% | 109.86% | 23.19% | -1920.32% | -214.53% | 14.01% | 8.11% | 85.75% | -69.17% | 60.13% | 44.97% | -5.5% | -64.6% | -10% | -66.67% | -334.4% |
| D&A (Non-Cash Add-back) | 421K | 505K | 67K | 84K | 82K | 60K | 566K | 551K | 88K | 78K | 39K | 47K | 47K | 100K | 0 | 11K | 967K | 1.21M | 561K | 61K | 0 | 0 | 0 | 71.08K | 84.93K | 101.83K | 107.91K | 115.44K | 100K | 100K | 100K |
| EBIT | -7.81M | -8.28M | -8M | -11.64M | -11.9M | -12.63M | -15M | -14.6M | -13.99M | -12.31M | -8.57M | 319K | 234K | 19K | -339K | -618K | -556K | -5.08M | -4.17M | -279K | -279K | -92.8K | -99.79K | -263K | -504K | -1.15M | -2.02M | -1.93M | -1.2M | -1.1M | -700K |
| Net Interest Income | 0 | 0 | 0 | 0 | -6K | 9K | 18K | -25K | 118K | 95K | -1.74M | 3K | 3K | 10K | 8K | -14K | 0 | 0 | -20K | 33K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 9K | 21K | 87K | 118K | 95K | 0 | 3K | 3K | 10K | 8K | 11K | 0 | 0 | 28K | 33K | 4.36K | 5.37K | 1.7K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 6K | 0 | 3K | 112K | 0 | 0 | 1.74M | 0 | 0 | 0 | 0 | 25K | 27K | 24K | 48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 43K | 50K | 55K | 73K | -6K | 7K | 525K | -496K | 115K | 97K | -2.7M | 3K | 3K | 10K | 8K | -14K | 27K | 24K | -168K | 33K | -199.2K | 0 | 0 | 679.9K | 24.23K | 24.23K | 56.84K | 56.84K | 625.51K | 500K | 0 |
| Pretax Income | -7.78M | -8.23M | -7.95M | -11.57M | -11.91M | -12.62M | -15M | -14.71M | -13.99M | -12.31M | -10.31M | 322K | 234K | 19K | -331K | -632K | -556K | -5.08M | -5.65M | -279K | 0 | 0 | 0 | -723K | -480K | -1.23M | -1.96M | -1.54M | -1.3M | -700K | 0 |
| Pretax Margin % | - | - | -13700% | -2425.79% | -880.7% | -1243.65% | -10347.59% | -2071.69% | -2237.92% | -2569.52% | -1789.93% | 62.28% | 54.8% | 7.09% | -533.87% | -5266.67% | - | -271.7% | -445.74% | -43.39% | - | - | - | -19.23% | -11.77% | -31.01% | -50.72% | -38.72% | -30.95% | -18.42% | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -115K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -48K | 3.1M | 0 | -4.36K | 92.8K | 710.86K | -28.24K | 0 | 149.87K | 0 | -763K | 200K | -1.1M | -100K |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.82% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0.95% | -54.88% | 0% | - | - | - | 3.91% | 0% | -12.21% | 0% | 49.42% | -15.38% | 157.14% | - |
| Net Income | -7.78M | -8.23M | -7.95M | -11.57M | -11.91M | -12.62M | -15M | -14.71M | -13.99M | -12.31M | -10.31M | 322K | 234K | 19K | 305K | 9.66M | -11.51M | -5.08M | -5.8M | -287K | -75.44K | -92.8K | -812K | -723K | -480K | -1.23M | -2.18M | -1.54M | -1.3M | -600K | -600K |
| Net Margin % | - | - | -13700% | -2425.79% | -880.7% | -1243.45% | -10347.59% | -2071.69% | -2237.92% | -2569.52% | -1789.93% | 62.28% | 54.8% | 7.09% | 491.94% | 80516.67% | - | -271.7% | -457.41% | -44.63% | - | - | - | -19.23% | -11.77% | -31.01% | -56.36% | -38.72% | -30.95% | -15.79% | -17.65% |
| Net Income Growth % | 7.34% | -3.55% | 31.33% | 2.82% | 5.66% | 15.88% | -2.01% | -5.16% | -13.64% | -19.38% | -3301.86% | 37.61% | 1131.58% | -93.77% | -96.84% | 183.95% | -126.64% | 12.45% | -1920.91% | -280.41% | 18.71% | 88.57% | -12.31% | -50.63% | 60.88% | 43.69% | -41.13% | -18.77% | -116.67% | 0% | -542.48% |
| Net Income (Continuing) | -7.78M | -8.23M | -7.95M | -11.57M | -11.91M | -12.62M | -15M | -14.71M | -13.99M | -12.31M | -10.31M | 322K | 234K | 19K | -331K | -632K | -556K | -5.08M | -5.65M | -279K | -279K | -92.8K | -99.79K | -209K | -480K | -1.23M | -1.96M | -1.54M | -1.3M | -600K | -600K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.72 | -1.23 | -2.90 | -8.19 | -10.05 | -11.19 | -22.20 | -39.15 | -48.80 | -43.50 | -166.33 | 27.86 | 20.50 | 0.13 | 28.61 | 64.80 | -1079.54 | -528.72 | -742.35 | -34.84 | -8.21 | -10.10 | -98.42 | -92.38 | -61.30 | -156.15 | -275.16 | -3293.43 | -3087.89 | -1459.85 | -1463.41 |
| EPS Growth % | 65.44% | 57.59% | 64.59% | 18.51% | 10.19% | 49.59% | 43.3% | 19.77% | -12.18% | 73.85% | -697.02% | 35.9% | 15669.23% | -99.55% | -55.85% | 106% | -104.18% | 28.78% | -2030.74% | -324.36% | 18.71% | 89.74% | -6.54% | -50.7% | 60.74% | 43.25% | 91.65% | -6.66% | -111.52% | 0.24% | -6751.86% |
| EPS (Basic) | - | -1.23 | -2.90 | -8.19 | -10.05 | -11.19 | -22.20 | -39.15 | -48.80 | -43.50 | -166.33 | 27.86 | 20.50 | 0.13 | 28.61 | 64.80 | -1079.54 | -528.72 | -742.35 | -34.84 | -8.21 | -10.10 | -98.42 | -92.38 | -61.30 | -156.91 | -275.16 | -3293.43 | -3087.89 | -1459.85 | -1463.41 |
| Diluted Shares Outstanding | 10.81M | 6.67M | 2.74M | 1.41M | 1.18M | 1.13M | 674.58K | 376.29K | 284.28K | 282.67K | 61.99K | 11.56K | 11.41K | 10.66K | 10.66K | 10.66K | 10.66K | 9.6K | 7.81K | 8.24K | 9.19K | 9.19K | 8.25K | 7.82K | 7.82K | 7.86K | 7.92K | 6.51K | 6.35K | 6.17K | 5.28K |
| Basic Shares Outstanding | 10.81M | 6.67M | 2.74M | 1.41M | 1.18M | 1.13M | 674.58K | 376.29K | 284.28K | 282.67K | 61.99K | 11.56K | 11.41K | 10.66K | 10.66K | 10.66K | 10.66K | 9.6K | 7.81K | 8.24K | 9.19K | 9.19K | 8.25K | 7.82K | 7.82K | 7.82K | 7.92K | 6.51K | 6.18K | 6.17K | 5.11K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and insolvency risk
As indicated by the most recent quarterly financial filings, BioCardia has reported zero revenue for several consecutive periods, marking a complete cessation of commercial or grant-based inflows that previously provided even nominal offsets to the company's significant and ongoing operational expenditures throughout the clinical development cycle.
The total absence of top-line growth suggests that the company's historical reliance on device sales to third-party researchers has stalled. This trend implies that the firm is currently operating without any commercial validation, placing the entire burden of financial sustainability on external capital markets.
Based on reported figures, BioCardia maintains a rigid cost structure where research and development expenses consistently exceed $1 million per quarter, reflecting the mandatory capital intensity required to sustain late-stage clinical trials despite the absence of any meaningful revenue to offset these recurring operational burdens.
The company's inability to scale down R&D spending during periods of zero revenue highlights the high fixed-cost nature of its clinical-stage business model. Investors should monitor whether these expenditures are yielding tangible progress in trial enrollment, as the current burn rate appears disconnected from any near-term commercialization potential.
According to the provided income statement data, the company exhibits no operating leverage, as operating losses have remained consistently elevated between $1.5 million and $2.7 million per quarter, demonstrating that the firm lacks the scale to achieve any meaningful efficiency in its current clinical-stage cost structure.
The lack of a positive gross profit margin indicates that the company is effectively subsidizing its own operations through equity dilution rather than operational performance. This suggests that the business model is currently incapable of self-funding, necessitating a fundamental shift in strategy to achieve any semblance of operating leverage.
While some market participants may view the Helix delivery system as a standalone asset, the financial data suggests that the company's $2.5 million cash position creates a precarious environment where the risk of insolvency may materialize before the clinical value of the platform can be realized.
Short-term liquidity constraints appear to be the primary driver of the company's current valuation, potentially forcing management into highly dilutive financing rounds. This reality suggests that even if the underlying technology possesses intrinsic value, the current financial trajectory may prevent shareholders from capturing that upside.
Quick answers to the most common questions about buying BCDA stock.
For fiscal year 2025, BioCardia, Inc. (BCDA) reported total revenue of $0.0M. This represents a 100.0% decline compared to $3.4M in 1996.
BioCardia, Inc. (BCDA) reported a net loss of $8.2M for the fiscal year ending 2025.