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PLSE logoPulse Biosciences, Inc.(PLSE)Earnings, Financials & Key Ratios

PLSE•NASDAQ
Price updated Jun 19, 2026
SectorHealthcareIndustryMedical InstrumentsSub-IndustrySurgical and interventional devices
AboutPulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a tunable, software-enabled, and console-based platform that delivers nano second duration pulses of electrical energy to non-thermally clear targeted cells while sparing adjacent non-cellular tissue to treat a various medical condition by using its Nano-Pulse Stimulation technology. 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 Hayward, California.Show more
  • Revenue$350K
  • EBITDA-$76M-37.7%
  • Net Income-$73M-35.8%
  • EPS (Diluted)-1.08-17.4%
  • Gross Margin-360%
  • EBITDA Margin-21676.57%
  • Operating Margin-21982.57%
  • Net Margin-20794.57%
  • ROE-74.45%-10.6%

PLSE Key Insights

Pulse Biosciences, Inc. (PLSE) fundamental analysis — strengths, weaknesses & financial health based on data analysis

✓Strengths

  • ✓Company is almost debt free
  • ✓Momentum leader: RS Rating 87 (top 13%)

✗Weaknesses

  • ✗Weak Piotroski F-Score: 3/9
  • ✗Negative free cash flow
  • ✗Shares diluted 15.4% in last year
  • ✗Expensive at 21.4x book value
  • ✗Low asset turnover indicates capital-intensive operations

* These insights are generated automatically based on available financial data. Please conduct your own research before making investment decisions.

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PLSE Price & Volume

Pulse Biosciences, Inc. (PLSE) stock price & volume — 10-year historical chart

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PLSE Growth Metrics

Pulse Biosciences, Inc. (PLSE) revenue, earnings & EPS growth — 3, 5 & 10-year CAGR

Revenue CAGR

10 Years-
5 Years-
3 Years-20.63%
TTM-

Profit CAGR

10 Years-
5 Years-
3 Years-
TTM-23.78%

EPS CAGR

10 Years-
5 Years-
3 Years-
TTM-10.1%

Return on Capital

10 Years-88.26%
5 Years-92.97%
3 Years-69.17%
Last Year-73.07%

PLSE Recent Earnings

Pulse Biosciences, Inc. (PLSE) EPS & revenue vs analyst estimates — last 4 quarters

Full history →
●Beat EPS 10/12 qtrs (91%)●Beat Revenue 2/12 qtrs (67%)
Q2 2026Latest
May 4, 2026
Metric
Actual
Est
EPS
$0.27+15.6%
$0.32
Rev
$400,000+60.0%
$250,000
Q1 2026
Feb 19, 2026
Metric
Actual
Est
EPS
$0.26+1.9%
$0.27
Rev
$264,000+76.0%
$150,000
Q4 2025
Nov 5, 2025
Metric
Actual
Est
EPS
$0.29+6.5%
$0.31
Rev
$86,000-61.8%
$225,000
Q3 2025
Aug 12, 2025
Metric
Actual
Est
EPS
$0.28-7.7%
$0.26
Rev
—
$500,000
QuarterDateEPS (Act vs Est)Revenue (Act vs Est)
Q2 2026LatestMay 4, 2026
$0.27vs $0.32+15.6%
$400,000vs $250,000+60.0%
Q1 2026Feb 19, 2026
$0.26vs $0.27+1.9%
$264,000vs $150,000+76.0%
Q4 2025Nov 5, 2025
$0.29vs $0.31+6.5%
$86,000vs $225,000-61.8%
Q3 2025Aug 12, 2025
$0.28vs $0.26-7.7%
—vs $500,000
Based on last 12 quarters of dataView full earnings history →

PLSE Peer Comparison

Pulse Biosciences, Inc. (PLSE) competitors in Surgical and interventional devices — business model, growth, and fundamentals comparison

Select Columns
Stock Universe
Valuation
Growth
Profitability
Financial Health
Dividends & Buybacks
Price Performance
Technical
Fundamentals ($)
Sector-Specific
Institutional Holdings
CompanyMarket CapStock PriceP/E Ratio (TTM)Revenue Growth 1YNet MarginReturn on Equity (ROE)FCF YieldDebt / Equity
INVA logoINVAInnoviva, Inc.Direct Competitor1.66B22.496.8218.52%118.91%47.59%0.23
NVCR logoNVCRNovoCure LimitedDirect Competitor1.62B14.28-11.708.28%-25.66%-50.82%0.85
ATEC logoATECAlphatec Holdings, Inc.Direct Competitor1.33B8.81-9.1824.95%-21.07%-443.09%17.21
ANAB logoANABAnaptysBio, Inc.Product Competitor2.48B57.51-125.02157.01%-11.53%-24.49%0.38
INMD logoINMDInMode Ltd.Product Competitor849.01M13.409.37-6.16%23.27%13.28%0.02
MDT logoMDTMedtronic plcSupply Chain101.86B79.3421.983.62%13%9.49%0.59
BSX logoBSXBoston Scientific CorporationSupply Chain67.31B45.2923.3519.87%14.4%12.4%0.51
ABT logoABTAbbott LaboratoriesSupply Chain153.68B88.3811.574.59%31.88%27.26%0.32

Compare PLSE vs Peers

Pulse Biosciences, Inc. (PLSE) vs competitors — business, growth, and fundamentals comparison against the closest industry rivals.

Closest Rival

vs INVA

Most directly comparable listed peer for PLSE.

Scale Benchmark

vs ABT

Larger-name benchmark to compare PLSE against a more recognizable public peer.

Peer Set

Compare Top 5

vs INVA, NVCR, ATEC, ANAB

PLSE Income Statement

Pulse Biosciences, Inc. (PLSE) annual income statement — 10-year revenue, gross profit & net income history

10Y historyFree accessUpdated daily
MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Sales/Revenue
00001.42M700K00350K751K
Revenue Growth %
------50.63%-100%---
Cost of Goods Sold
665K665K666K1.09M1.97M11.94M1.21M01.61M1.44M
COGS % of Revenue
----138.79%1706.29%--460%-
Gross Profit
-665K▲ 0%
-665K▲ 0.0%
-666K▼ 0.2%
-1.09M▼ 64.4%
-550K▲ 49.8%
-11.24M▼ 1944.4%
-1.21M▲ 89.3%
0▲ 100.0%
-1.26M▲ 0%
-684K▲ 0%
Gross Margin %
-----38.79%-1606.29%---360%-91.08%
Gross Profit Growth %
0%0%-0.15%-64.41%49.77%-1944.36%89.27%100%--
Operating Expenses
25.81M37.96M47.95M48.87M62.46M46.81M42.37M56.26M75.68M77.36M
OpEx % of Revenue
----4405.08%6687.57%--21622.57%-
Selling, General & Admin
15.5M20.05M22.33M22.86M33.82M25.97M15.78M23.92M32.03M30.63M
SG&A % of Revenue
----2385.33%3710.57%--9151.14%-
Research & Development
9.65M17.25M24.96M26.44M28.64M20.84M27.8M32.34M44.72M47M
R&D % of Revenue
----2019.75%2977%--12777.43%-
Other Operating Expenses
665K-28K666K-430K00-1.21M0-1.07M-267K
Operating Income
-25.81M▲ 0%
-37.96M▼ 47.1%
-47.95M▼ 26.3%
-49.97M▼ 4.2%
-63.01M▼ 26.1%
-58.06M▲ 7.9%
-43.57M▲ 24.9%
-56.26M▼ 29.1%
-76.94M▼ 36.8%
-78.05M▲ 0%
Operating Margin %
-----4443.86%-8293.86%---21982.57%-10392.14%
Operating Income Growth %
-169.29%-47.06%-26.32%-4.19%-26.12%7.87%24.95%-29.11%-36.76%-
EBITDA
-24.81M-36.65M-46.79M-48.87M-61.87M-56.7M-42.37M-55.08M-75.87M-76.69M
EBITDA Margin %
-----4363.05%-8100.29%---21676.57%-10212.25%
EBITDA Growth %
-181.1%-47.72%-27.67%-4.44%-26.6%8.35%25.28%-30%-37.74%-22.66%
D&A (Non-Cash Add-back)
1M1.31M1.16M1.09M1.15M1.35M1.21M1.18M1.07M782K
EBIT
-25.57M-37.55M-47.95M-49.85M-63.01M-58.06M-43.57M-56.26M-72.78M-74.57M
Net Interest Income
00983K114K001.36M2.67M4.21M3.55M
Interest Income
247K446K983K114K002.46M2.67M4.21M3.55M
Interest Expense
0000001.1M000
Other Income/Expense
247K418K983K114K-646K-448K1.36M2.67M4.16M3.48M
Pretax Income
-25.57M▲ 0%
-37.55M▼ 46.8%
-46.97M▼ 25.1%
-49.85M▼ 6.1%
-63.66M▼ 27.7%
-58.51M▲ 8.1%
-42.21M▲ 27.9%
-53.59M▼ 26.9%
-72.78M▼ 35.8%
-74.57M▲ 0%
Pretax Margin %
-----4489.42%-8357.86%---20794.57%-9929.03%
Income Tax
0-28K00000000
Effective Tax Rate %
0%0.07%0%0%0%0%0%0%0%0%
Net Income
-25.57M▲ 0%
-37.55M▼ 46.8%
-45.99M▼ 22.5%
-49.74M▼ 8.2%
-63.66M▼ 28.0%
-58.51M▲ 8.1%
-42.21M▲ 27.9%
-53.59M▼ 26.9%
-72.78M▼ 35.8%
-74.57M▲ 0%
Net Margin %
-----4489.42%-8357.86%---20794.57%-9929.03%
Net Income Growth %
-168.62%-46.85%-22.49%-8.15%-27.99%8.1%27.85%-26.95%-35.82%-23.78%
Net Income (Continuing)
-25.57M-37.55M-46.97M-49.85M-63.66M-58.51M-42.21M-53.59M-72.78M-74.57M
Discontinued Operations
0000000000
Minority Interest
0000000000
EPS (Diluted)
-1.73▲ 0%
-2.20▼ 27.2%
-2.22▼ 0.9%
-2.14▲ 3.6%
-2.28▼ 6.5%
-1.72▲ 24.6%
-0.88▲ 48.8%
-0.92▼ 4.5%
-1.08▼ 17.4%
-1.10▲ 0%
EPS Growth %
-101.16%-27.17%-0.91%3.6%-6.54%24.56%48.84%-4.55%-17.39%-10.1%
EPS (Basic)
-1.73-2.20-2.22-2.14-2.28-1.72-0.88-0.92-1.08-
Diluted Shares Outstanding
14.75M17.08M20.75M23.25M27.96M33.94M48.04M58.4M67.4M67.79M
Basic Shares Outstanding
14.75M17.08M20.75M23.25M27.96M33.94M48.04M58.4M67.4M67.79M
Dividend Payout Ratio
----------

PLSE Balance Sheet

Pulse Biosciences, Inc. (PLSE) balance sheet — assets, liabilities & shareholders' equity

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Total Current Assets
38.48M60.36M26.4M22.34M36.63M62.15M45.33M119.45M83.42M71.13M
Cash & Short-Term Investments
38.07M59.58M25.4M20.48M28.61M61.14M44.37M118.04M80.73M68.32M
Cash Only
3.39M51.1M6.9M12.46M28.61M61.14M44.37M118.04M80.73M68.32M
Short-Term Investments
34.68M8.48M18.5M8.01M000000
Accounts Receivable
000061K000274K157K
Days Sales Outstanding
----15.7---285.7454.19
Inventory
00005.82M000136K206K
Days Inventory Outstanding
----1.08K---30.8328.61
Other Current Assets
000001.01M963K1.41M2.28M2.45M
Total Non-Current Assets
11.34M10.28M15.51M18.95M17.62M15.73M13.83M13.01M12.69M10.49M
Property, Plant & Equipment
2.57M2.17M7.68M11.92M11.25M10.02M8.78M8.32M7.06M6.72M
Fixed Asset Turnover
----0.13x0.07x--0.05x0.10x
Goodwill
2.79M2.79M2.79M2.79M2.79M2.79M2.79M2.79M2.79M2.79M
Intangible Assets
5.88M5.21M4.55M3.88M3.22M2.55M1.89M1.22M575K408K
Long-Term Investments
0000-3.25M-2.73M1.89M000
Other Non-Current Assets
101K101K494K365K365K365K-1.52M677K691K575K
Total Assets
49.82M▲ 0%
70.64M▲ 41.8%
41.91M▼ 40.7%
41.29M▼ 1.5%
54.25M▲ 31.4%
77.88M▲ 43.6%
59.15M▼ 24.0%
132.46M▲ 123.9%
96.11M▼ 27.4%
81.62M▲ 0%
Asset Turnover
----0.03x0.01x--0.00x0.01x
Asset Growth %
89.33%41.79%-40.66%-1.48%31.38%43.55%-24.04%123.92%-27.44%148.09%
Total Current Liabilities
2.21M3.11M4.46M7.58M8.52M5.98M6.71M10.05M7.92M9.8M
Accounts Payable
782K1.27M1.96M1.72M2.9M1.57M1.84M1.67M2.78M2.76M
Days Payables Outstanding
429.22698.171.08K572.33538.648.07555.21-629.57715.88
Short-Term Debt
0000436K917K001.57M1.63M
Deferred Revenue (Current)
000016K00000
Other Current Liabilities
397K415K234K3.32M1.46M50K3.2M1.2M1.6M5.41M
Current Ratio
17.39x19.42x5.92x2.95x4.30x10.39x6.76x11.88x10.53x7.26x
Quick Ratio
17.39x19.42x5.92x2.95x3.62x10.39x6.76x11.88x10.51x7.24x
Cash Conversion Cycle
----557.27----312.99-633.08
Total Non-Current Liabilities
1.61M1.2M6.72M10.81M10.04M74.14M8.09M7.54M7.54M5.53M
Long-Term Debt
0000065M0000
Capital Lease Obligations
006.72M10.81M10.04M9.14M8.09M7.54M5.96M24.64M
Deferred Tax Liabilities
000000001.57M1.57M
Other Non-Current Liabilities
1.61M1.2M00000000
Total Liabilities
3.83M4.31M11.18M18.4M18.56M80.13M14.79M17.6M15.46M15.32M
Total Debt
006.72M11.36M11.25M75.96M9.14M8.9M7.53M7.16M
Net Debt
-3.39M-51.1M-180K-1.11M-17.36M14.82M-35.22M-109.14M-73.2M-61.16M
Debt / Equity
--0.22x0.50x0.32x-0.21x0.08x0.09x0.11x
Debt / EBITDA
----------0.09x
Net Debt / EBITDA
---------0.80x
Interest Coverage
-------39.61x---
Total Equity
45.99M▲ 0%
66.33M▲ 44.2%
30.74M▼ 53.7%
22.89M▼ 25.5%
35.69M▲ 55.9%
-2.25M▼ 106.3%
44.36M▲ 2073.3%
114.86M▲ 158.9%
80.66M▼ 29.8%
66.3M▲ 0%
Equity Growth %
81.81%44.22%-53.66%-25.52%55.89%-106.3%2073.31%158.93%-29.78%230.76%
Book Value per Share
3.123.881.480.981.28-0.070.921.971.200.98
Total Shareholders' Equity
45.99M66.33M30.74M22.89M35.69M-2.25M44.36M114.86M80.66M66.3M
Common Stock
84.22M142.05M21K25K29K37K55K66K68K68K
Retained Earnings
-38.17M-75.72M-122.69M-172.54M-236.2M-294.7M-336.92M-390.5M-463.28M-481.86M
Treasury Stock
0000000000
Accumulated OCI
-51K-1K4K-1K000000
Minority Interest
0000000000

PLSE Cash Flow Statement

Pulse Biosciences, Inc. (PLSE) cash flow — operating, investing & free cash flow history

MetricDec'17Dec'18Dec'19Dec'20Dec'21Dec'22Dec'23Dec'24Dec'25TTM
Cash from Operations
-11.09M-23.9M-34.19M-35.37M-54.1M-47.01M-33.04M-36.34M-54.12M-55.2M
Operating CF Margin %
-----3815.02%-6716.14%---15463.43%-
Operating CF Growth %
-37.71%-115.53%-43.06%-3.45%-52.97%13.1%29.72%-9.99%-48.92%-166.35%
Net Income
-25.57M-37.55M-46.97M-49.85M-63.66M-58.51M-42.21M-53.59M-72.78M-74.57M
Depreciation & Amortization
1M1.31M1.16M1.09M1.15M1.35M1.21M1.18M1.07M1.04M
Stock-Based Compensation
10.93M12.34M11.29M10.07M14.6M5.19M7.18M13.59M21.46M17.69M
Deferred Taxes
26K28K00000000
Other Non-Cash Items
2.12M-112K-521K116K13K8.66M13K6K1.15M1.8M
Working Capital Changes
408K113K860K3.2M-6.2M-3.72M768K2.47M-5.02M-1.16M
Change in Receivables
0000-61K20K109K48K-274K-212K
Change in Inventory
0000-5.82M-2.65M00-136K-176K
Change in Payables
517K490K646K-266K1.16M-1.3M263K-201K1.13M272K
Cash from Investing
-23M26.12M-10.1M10.04M7.56M-401K-121K-125K-335K-323K
Capital Expenditures
-2.55M-276K-608K-441K-437K-401K-121K-125K-315K-303K
CapEx % of Revenue
----30.82%57.29%--90%40.35%
Acquisitions
000-10.48M000000
Investments
----------
Other Investing
-20.45M26.39M010.48M0000-20K-20K
Cash from Financing
35.38M45.5M82K30.89M62.69M79.94M16.39M110.14M17.15M4.56M
Debt Issued (Net)
0000407K65M0000
Equity Issued (Net)
34.84M44.79M695K29.43M-232K14.86M16.39M59.65M17.15M4.91M
Dividends Paid
0000000000
Share Repurchases
0000000000
Other Financing
539K710K-613K1.45M62.51M75K-6K50.49M0-352K
Net Change in Cash
1.3M▲ 0%
47.72M▲ 3579.0%
-44.2M▼ 192.6%
5.56M▲ 112.6%
16.15M▲ 190.3%
32.52M▲ 101.4%
-16.77M▼ 151.6%
73.67M▲ 539.2%
-37.3M▼ 150.6%
-50.96M▲ 0%
Free Cash Flow
-13.64M▲ 0%
-24.17M▼ 77.2%
-34.79M▼ 43.9%
-35.81M▼ 2.9%
-54.53M▼ 52.3%
-47.41M▲ 13.1%
-33.16M▲ 30.1%
-36.47M▼ 10.0%
-54.44M▼ 49.3%
-55.5M▲ 0%
FCF Margin %
-----3845.84%-6773.43%---15553.43%-7390.01%
FCF Growth %
-68.06%-77.24%-43.94%-2.91%-52.3%13.06%30.06%-9.97%-49.27%-37.89%
FCF per Share
-0.92-1.42-1.68-1.54-1.95-1.40-0.69-0.62-0.81-0.82
FCF Conversion (FCF/Net Income)
0.43x0.64x0.74x0.71x0.85x0.80x0.78x0.68x0.74x0.74x
Interest Paid
0000000000
Taxes Paid
0000000000

PLSE Key Ratios

Pulse Biosciences, Inc. (PLSE) financial ratios — P/E, ROE, debt and 30+ core market and balance-sheet ratios

Metric201720182019202020212022202320242025TTM
Return on Equity (ROE)
-71.72%-66.85%-94.75%-185.48%-217.33%-349.89%-200.47%-67.31%-74.45%-86.67%
Return on Invested Capital (ROIC)
-58.83%-98.45%-157.1%-143.18%-235.64%-281.87%-301.08%-567.83%-876.1%-962.01%
Gross Margin
-----38.79%-1606.29%---360%-91.08%
Net Margin
-----4489.42%-8357.86%---20794.57%-9929.03%
Debt / Equity
--0.22x0.50x0.32x-0.21x0.08x0.09x0.11x
Interest Coverage
-------39.61x---
FCF Conversion
0.43x0.64x0.74x0.71x0.85x0.80x0.78x0.68x0.74x0.74x
Revenue Growth
------50.63%-100%---
Related:PLSE Dividend History·PLSE Revenue History·PLSE Price History·PLSE P/E History·PLSE Financial Ratios·PLSE Institutional Holders

PLSE SEC Filings & Documents

Pulse Biosciences, Inc. (PLSE) SEC filings — annual & quarterly reports (10-K, 10-Q)

8-K Announcements

6
Material company update

May 6, 2026·SEC

Material company update

May 4, 2026·SEC

Material company update

Apr 27, 2026·SEC

10-K Annual Reports

2
FY 2026

Feb 19, 2026·SEC

FY 2025

Mar 31, 2025·SEC

10-Q Quarterly Reports

6
FY 2026

May 14, 2026·SEC

FY 2025

Nov 5, 2025·SEC

FY 2025

Aug 12, 2025·SEC

PLSE Frequently Asked Questions

Pulse Biosciences, Inc. (PLSE) stock FAQ — growth, dividends, profitability & financials explained

Growth & Financials

Pulse Biosciences, Inc. (PLSE) reported $0.8M in revenue for fiscal year 2025.

Pulse Biosciences, Inc. (PLSE) grew revenue by 0.0% over the past year. Growth has been modest.

Pulse Biosciences, Inc. (PLSE) reported a net loss of $74.6M for fiscal year 2025.

Dividend & Returns

Pulse Biosciences, Inc. (PLSE) has a return on equity (ROE) of -74.4%. Negative ROE indicates the company is unprofitable.

Pulse Biosciences, Inc. (PLSE) had negative free cash flow of $55.5M in fiscal year 2025, likely due to heavy capital investments.

What if you invested $1,000 in PLSE back in 2014?

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