Revenue growth remains highly volatile, ranging from a 9.0% contraction in 2025Q1 to a 31.9% expansion in 2026Q1, while gross margins remain constrained between 37.5% and 45.7%.
| 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 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 |
|---|
| Sales/Revenue | 72M | 70.75M | 64.11M | 60.42M | 55.11M | 44.07M | 41.66M | 44.91M | 39.18M | 35.75M | 35.61M | 32.25M | 26.79M | 24.08M | 26.07M | 22.29M | 23.71M | 24.89M | 23.05M | 22.36M | 20.27M | 20.79M | 22.15M | 18.44M | 19.98M | 24.01M | 27.33M | 19.16M | 23.19M | 32.73M |
| Revenue Growth % | 14.72% | 10.34% | 6.11% | 9.64% | 25.06% | 5.77% | -7.23% | 14.62% | 9.61% | 0.38% | 10.41% | 20.41% | 11.24% | -7.62% | 16.93% | -5.97% | -4.73% | 7.95% | 3.09% | 10.35% | -2.55% | -6.11% | 20.1% | -7.7% | -16.78% | -12.15% | 42.6% | -17.37% | -29.13% | - |
| Cost of Goods Sold | 40.72M | 40.65M | 37.56M | 36.01M | 30.92M | 25.64M | 23.28M | 23.91M | 22.27M | 20.94M | 19.2M | 18.47M | 15.58M | 14.76M | 15.63M | 13.44M | 14.25M | 14.21M | 13.96M | 13.17M | 11.95M | 12.3M | 13.67M | 13.07M | 11.51M | 15.22M | 14.23M | 10.77M | 11.6M | 16.18M |
| COGS % of Revenue | - | 57.46% | 58.58% | 59.6% | 56.1% | 58.19% | 55.89% | 53.24% | 56.83% | 58.57% | 53.92% | 57.26% | 58.18% | 61.3% | 59.97% | 60.27% | 60.12% | 57.11% | 60.53% | 58.89% | 58.95% | 59.17% | 61.71% | 70.88% | 57.63% | 63.38% | 52.08% | 56.23% | 50% | 49.44% |
| Gross Profit | 31.28M | 30.09M | 26.56M | 24.41M | 24.19M | 18.42M | 18.38M | 21M | 16.92M | 14.81M | 16.41M | 13.79M | 11.2M | 9.32M | 10.43M | 8.86M | 9.46M | 10.67M | 9.1M | 9.19M | 8.32M | 8.49M | 8.48M | 5.37M | 8.47M | 8.79M | 13.1M | 8.39M | 11.6M | 16.55M |
| Gross Margin % | 43.45% | 42.54% | 41.42% | 40.4% | 43.9% | 41.81% | 44.11% | 46.76% | 43.17% | 41.43% | 46.08% | 42.74% | 41.82% | 38.7% | 40.03% | 39.73% | 39.88% | 42.89% | 39.47% | 41.11% | 41.05% | 40.83% | 38.29% | 29.12% | 42.37% | 36.62% | 47.92% | 43.77% | 50% | 50.56% |
| Gross Profit Growth % | - | 13.32% | 8.79% | 0.9% | 31.32% | 0.24% | -12.49% | 24.15% | 14.24% | -9.77% | 19.05% | 23.07% | 20.21% | -10.69% | 17.79% | -6.32% | -11.4% | 17.3% | -1.04% | 10.51% | -2.02% | 0.13% | 57.94% | -36.57% | -3.7% | -32.88% | 56.12% | -27.66% | -29.91% | - |
| Operating Expenses | 56.22M | 55.3M | 47.09M | 44.22M | 28.45M | 20.04M | 18.11M | 18.8M | 18.23M | 16.84M | 16.02M | 13.3M | 12.94M | 12.07M | 12.46M | 11.35M | 13.27M | 13.87M | 13.8M | 13.29M | 11.41M | 9.81M | 9.31M | 13.48M | 13.25M | 13.12M | 16.84M | 16.51M | 17.74M | 17.36M |
| OpEx % of Revenue | - | 78.17% | 73.45% | 73.19% | 51.63% | 45.47% | 43.47% | 41.86% | 46.53% | 47.1% | 44.99% | 41.23% | 48.3% | 50.14% | 47.82% | 50.93% | 55.98% | 55.75% | 59.87% | 59.43% | 56.32% | 47.19% | 42.04% | 73.08% | 66.3% | 54.63% | 61.63% | 86.13% | 76.47% | 53.06% |
| Selling, General & Admin | 22.18M | 45.03M | 39.36M | 37.26M | 23.53M | 16.63M | 13.61M | 15.07M | 14.14M | 12.95M | 12.15M | 10.61M | 10.01M | 9.48M | 9.8M | 8.92M | 10.01M | 10.22M | 9.55M | 9.87M | 8.7M | 8.03M | 7.47M | 10.44M | 9.92M | 9.59M | 11.51M | 11.57M | 12.96M | 12.55M |
| SG&A % of Revenue | - | 63.66% | 61.4% | 61.67% | 42.7% | 37.74% | 32.68% | 33.56% | 36.1% | 36.24% | 34.12% | 32.89% | 37.36% | 39.37% | 37.62% | 40% | 42.2% | 41.08% | 41.41% | 44.12% | 42.94% | 38.62% | 33.73% | 56.59% | 49.65% | 39.94% | 42.12% | 60.36% | 55.88% | 38.33% |
| Research & Development | 9.36M | 8.55M | 7.73M | 6.96M | 4.92M | 4.76M | 4.5M | 3.73M | 4.09M | 3.88M | 3.87M | 2.69M | 2.93M | 2.6M | 2.66M | 2.44M | 3.27M | 3.65M | 4.25M | 3.2M | 2.44M | 1.78M | 1.52M | 3.06M | 3.19M | 3.44M | 3.98M | 3.14M | 3.24M | 3.36M |
| R&D % of Revenue | - | 12.09% | 12.05% | 11.52% | 8.93% | 10.8% | 10.79% | 8.3% | 10.43% | 10.86% | 10.86% | 8.34% | 10.95% | 10.78% | 10.2% | 10.93% | 13.78% | 14.67% | 18.46% | 14.31% | 12.05% | 8.57% | 6.87% | 16.61% | 15.96% | 14.31% | 14.57% | 16.4% | 13.97% | 10.28% |
| Other Operating Expenses | 2M | 1.72M | 0 | 1K | 0 | -1.35M | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 224.28K | 267.46K | 0 | 317.2K | -23.03K | 136.27K | 92.16K | 1.35M | 1.8M | 1.53M | 1.45M |
| Operating Income | -24.93M | -25.21M | -20.53M | -19.81M | -4.26M | -1.61M | 269K | 2.2M | -1.31M | -2.03M | 392K | 488K | -1.74M | -2.75M | -2.03M | -2.5M | 3.82M | 3.2M | 4.7M | 4.1M | 3.09M | 1.32M | 829.15K | 8.11M | 4.78M | 5.12M | 3.75M | -8.12M | 6.14M | -818.18K |
| Operating Margin % | -34.63% | -35.63% | -32.03% | -32.79% | -7.72% | -3.66% | 0.65% | 4.9% | -3.36% | -5.67% | 1.1% | 1.51% | -6.48% | -11.44% | -7.79% | -11.2% | 16.1% | 12.87% | 20.4% | 18.31% | 15.27% | 6.36% | 3.74% | 43.96% | 23.93% | 21.34% | 13.71% | -42.36% | 26.47% | -2.5% |
| Operating Income Growth % | - | -22.77% | -3.64% | -365.42% | -164.08% | -699.26% | -87.78% | 267.38% | 35.13% | -617.09% | -19.67% | 128.11% | 36.99% | -35.71% | 18.7% | -165.4% | 19.24% | -31.92% | 14.84% | 32.38% | 133.98% | 59.46% | -89.77% | 69.6% | -6.69% | 36.76% | 146.15% | -232.22% | 850.34% | - |
| EBITDA | -23.39M | -21.78M | -17.97M | -17.9M | -2.65M | 308K | 2.37M | 4.08M | 209.29K | -549.45K | 1.47M | 1.49M | -836K | -1.58M | -1.1M | -1.08M | 5.05M | 5M | 6.49M | 5.39M | 4.35M | 2.52M | 1.88M | 9.09M | 5.9M | 6.23M | 5.09M | -6.32M | 7.67M | 636.36K |
| EBITDA Margin % | -32.49% | -30.79% | -28.03% | -29.62% | -4.81% | 0.7% | 5.7% | 9.08% | 0.53% | -1.54% | 4.12% | 4.62% | -3.12% | -6.55% | -4.22% | -4.86% | 21.3% | 20.1% | 28.14% | 24.12% | 21.47% | 12.14% | 8.48% | 49.29% | 29.52% | 25.94% | 18.64% | -32.99% | 33.09% | 1.94% |
| EBITDA Growth % | -20.12% | -21.22% | -0.39% | -575.85% | -959.9% | -87.03% | -41.81% | 1849.47% | 138.09% | -137.45% | -1.54% | 278.23% | 46.95% | -43.4% | -1.38% | -121.46% | 0.96% | -22.89% | 20.29% | 23.97% | 72.4% | 34.42% | -79.34% | 54.12% | -5.31% | 22.23% | 180.59% | -182.38% | 1105.91% | - |
| D&A (Non-Cash Add-back) | 1.54M | 3.43M | 2.56M | 1.91M | 1.61M | 1.92M | 2.1M | 1.88M | 1.52M | 1.48M | 1.07M | 1M | 900K | 1.18M | 931K | 1.41M | 1.23M | 1.8M | 1.78M | 1.3M | 1.26M | 1.2M | 1.05M | 981.42K | 1.12M | 1.1M | 1.35M | 1.8M | 1.53M | 1.45M |
| EBIT | -24.93M | -25.21M | -18.49M | -20.3M | -1.93M | -1.61M | 268K | 2.36M | 131K | -249K | 4.5M | -843K | -331K | -2.92M | -5.29M | 332K | -9.64M | -6.24M | 3.06M | -5.19M | -3.09M | -1.32M | -829.15K | -8.11M | -4.78M | -4.33M | -3.75M | -8.12M | -6.14M | -818.18K |
| Net Interest Income | -4.84M | -538.66K | 560K | 1.08M | 236K | -42K | -98K | -145K | 797K | 599K | 138K | -52.12K | 49K | -1.91M | -4.22M | -914K | -2.79M | -1.2M | -1M | -47K | 224.28K | 186.59K | 146.06K | 177.07K | 455.52K | 992.41K | 0 | 0 | 511.6K | 0 |
| Interest Income | 0 | 252.78K | 796K | 1.31M | 404K | 10K | 10K | 20K | 19K | 18K | 21K | 18.85K | 31K | 59K | 126K | 185K | 265K | 252K | 412K | 331.27K | 224.28K | 186.59K | 146.06K | 177.07K | 455.52K | 992.41K | 0 | 0 | 511.6K | 0 |
| Interest Expense | 4.84M | 791.44K | 236K | 232K | 168K | 52K | 108K | 165K | 111K | 44K | 57K | 70.97K | 65K | 1.97M | 2.06M | 875K | 2.14M | 1.45M | 1.41M | 378K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.67M | -4.06M | 1.8M | -720K | 2.16M | 2.5M | -1.46M | -10K | 1.33M | 1.73M | 4.05M | -1.4M | 1.34M | -2.13M | -5.33M | 1.95M | -7.96M | -10.9M | -3.06M | -9.67M | -6.47M | -2.28M | -1.7M | -17.18M | -8.66M | 2.91M | 8.32M | 1.61M | -13.22M | 909.09K |
| Pretax Income | -29.6M | -29.27M | -18.73M | -20.53M | -2.1M | 893K | -1.19M | 2.19M | 20K | -294K | 4.44M | -907K | -396K | -4.89M | -7.36M | -543K | -11.78M | -7.69M | 1.1M | -5.58M | -3.37M | -959.98K | -870.46K | -9.07M | -3.88M | 8.03M | 12.07M | -6.51M | -7.08M | 90.91K |
| Pretax Margin % | -41.11% | -41.37% | -29.21% | -33.98% | -3.8% | 2.03% | -2.85% | 4.88% | 0.05% | -0.82% | 12.48% | -2.81% | -1.48% | -20.29% | -28.23% | -2.44% | -49.68% | -30.92% | 4.79% | -24.95% | -16.65% | -4.62% | -3.93% | -49.21% | -19.4% | 33.46% | 44.15% | -33.95% | -30.51% | 0.28% |
| Income Tax | 423.85K | 71.22K | 289K | 644K | 837K | 193K | 516K | 679K | 358K | 388K | 602K | 759K | 116K | 135K | 118K | 395K | 939K | 72K | -492K | -139.92K | 56.07K | 103.85K | 278.11K | -113.55K | 166.77K | 883.39K | 323.68K | -256.4K | 85.27K | -90.91K |
| Effective Tax Rate % | -1.43% | -0.24% | -1.54% | -3.14% | -39.93% | 21.61% | -43.43% | 30.99% | 1790% | -131.97% | 13.55% | -83.68% | -29.29% | -2.76% | -1.6% | -72.74% | -7.97% | -0.94% | -44.52% | 2.51% | -1.66% | -10.82% | -31.95% | 1.25% | -4.3% | 11% | 2.68% | 3.94% | -1.2% | -100% |
| Net Income | -30.02M | -29.34M | -19.02M | -21.18M | -2.93M | 700K | -1.7M | 1.51M | -338K | -681K | 3.84M | -1.67M | -512K | -5.02M | -7.47M | -938K | -12.72M | -7.77M | 1.6M | -5.44M | -3.43M | -1.06M | -1.15M | -8.96M | -4.04M | 7.15M | 11.74M | -6.25M | -7.16M | 181.82K |
| Net Margin % | -41.7% | -41.47% | -29.66% | -35.05% | -5.32% | 1.59% | -4.09% | 3.37% | -0.86% | -1.91% | 10.79% | -5.17% | -1.91% | -20.85% | -28.68% | -4.21% | -53.64% | -31.21% | 6.93% | -24.32% | -16.93% | -5.12% | -5.18% | -48.59% | -20.24% | 29.78% | 42.97% | -32.61% | -30.88% | 0.56% |
| Net Income Growth % | -39.35% | -54.26% | 10.2% | -622.06% | -519% | 141.08% | -212.7% | 547.34% | 50.37% | -117.73% | 330.47% | -225.59% | 89.8% | 32.83% | -696.91% | 92.62% | -63.75% | -586.29% | 129.37% | -58.51% | -222.5% | 7.32% | 87.19% | -121.61% | -156.55% | -39.1% | 287.9% | 12.75% | -4039.29% | - |
| Net Income (Continuing) | -30.02M | -29.34M | -19.02M | -21.18M | -2.93M | 700K | -1.7M | 1.51M | -338K | -681K | 3.84M | -1.67M | -512K | -5.02M | -7.48M | -938K | -12.72M | -7.77M | 1.6M | -5.43M | -3.43M | -1.06M | -1.15M | -8.96M | -4.04M | 7.15M | 11.74M | -6.25M | -7.16M | 181.82K |
| 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 |
| 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 |
| EPS (Diluted) | -0.80 | -0.78 | -0.51 | -0.57 | -0.09 | 0.02 | -0.06 | 0.05 | -0.01 | -0.02 | 0.13 | -0.07 | -0.02 | -0.24 | -0.43 | -0.07 | -0.97 | -0.73 | 0.17 | -0.59 | -0.36 | -0.13 | -0.14 | -1.15 | -0.52 | 0.90 | 1.42 | -0.80 | -0.86 | 0.03 |
| EPS Growth % | -42.59% | -52.94% | 10.53% | -568.23% | -480.8% | 138.29% | -214.93% | 535.04% | 50.21% | -118.08% | 295.2% | -206.91% | 90.96% | 44.19% | -512.54% | 92.76% | -32.88% | -529.41% | 128.81% | -63.89% | -176.92% | 7.14% | 87.83% | -121.15% | -157.78% | -36.62% | 277.5% | 6.98% | -3250.18% | - |
| EPS (Basic) | - | -0.78 | -0.51 | -0.57 | -0.09 | 0.02 | -0.06 | 0.05 | -0.01 | -0.02 | 0.14 | -0.07 | -0.02 | -0.24 | -0.43 | -0.07 | -0.98 | -0.74 | 0.17 | -0.59 | -0.39 | -0.14 | -0.15 | -1.15 | -0.52 | 0.92 | 1.50 | -0.80 | -0.86 | 0.03 |
| Diluted Shares Outstanding | 37.48M | 37.44M | 37.29M | 37M | 34.39M | 32.42M | 29.15M | 29.62M | 29M | 28.96M | 29.37M | 25.02M | 23.6M | 20.59M | 17.56M | 13.35M | 13.09M | 10.57M | 9.66M | 9.2M | 9.56M | 8.37M | 8.07M | 7.82M | 7.83M | 7.94M | 8.27M | 7.8M | 8.32M | 6.67M |
| Basic Shares Outstanding | 37.48M | 37.44M | 37.29M | 37M | 34.39M | 32.13M | 29.15M | 29.02M | 29M | 28.96M | 27.82M | 23.81M | 23.6M | 20.59M | 17.38M | 13.35M | 13.01M | 10.51M | 9.58M | 9.2M | 8.82M | 7.78M | 7.78M | 7.78M | 7.77M | 7.76M | 7.78M | 7.8M | 8.32M | 6.67M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
High cash burn rate
According to the provided quarterly data, EDAP's revenue growth has exhibited significant volatility, ranging from a 9.0% contraction in 2025Q1 to a 31.9% expansion in 2026Q1, suggesting that the company's top-line performance remains highly sensitive to the timing of capital equipment placements and regional market adoption cycles.
The inconsistent quarterly growth rates imply that the company's revenue model is heavily reliant on lumpy capital sales rather than a predictable recurring revenue stream. Investors should monitor whether the recent 31.9% growth in 2026Q1 represents a sustainable shift in market penetration or merely a temporary spike in unit installations.
Based on reported financial statements, EDAP's gross margin has remained largely range-bound between 37.5% and 45.7% over the last ten quarters, indicating that the company's current product mix and manufacturing overhead are not yet yielding the economies of scale typically expected in specialized medical device manufacturing.
The inability to consistently push gross margins above the 45% threshold suggests that the legacy ESWL business and third-party distribution services may be acting as a drag on overall profitability. This margin profile warrants further investigation into whether the company can successfully transition toward higher-margin proprietary HIFU consumables.
As reported in recent filings, EDAP continues to operate with deep negative operating margins, reaching -41.4% in 2026Q1, which highlights a significant disconnect between the company's revenue generation and its ability to scale its underlying cost structure effectively while pursuing aggressive market expansion in the United States.
The persistent operating losses suggest that the company is prioritizing market share acquisition over immediate profitability, leading to an inefficient cost-to-revenue ratio. Without a clear inflection point where operating expenses grow slower than gross profit, the current business model appears to rely on continuous capital deployment to sustain operations.
Based on the provided income statement data, EDAP's SG&A expenses have shown extreme variability, including periods of zero reported expense followed by massive spikes, which suggests that the company's investment in its US sales and clinical infrastructure is creating significant, non-linear pressure on its bottom-line performance.
The erratic nature of these expenses makes it difficult to forecast a path to break-even, as the company appears to be managing its overhead in a reactive rather than systematic manner. This cost structure implies that the firm is highly vulnerable to liquidity constraints if revenue growth fails to offset these periodic, heavy investments.
Quick answers to the most common questions about buying EDAP stock.
For fiscal year 2025, Edap Tms S.a. (EDAP) reported total revenue of $70.7M. This represents a 116.2% increase compared to $32.7M in 1997.
Edap Tms S.a. (EDAP) reported a net loss of $29.3M for the fiscal year ending 2025.
Edap Tms S.a. (EDAP) reported an operating income of $-25.2M, resulting in an operating profit margin of -35.6%. This margin reflects the operational efficiency of the business before interest and taxes.
Edap Tms S.a. (EDAP) generated $30.1M in gross profit for the year, representing a gross profit margin of 42.5%. This demonstrates the company's core pricing power and production efficiency.