Pulse Biosciences Reports Q2 2025 Earnings, Outlines Percutaneous Electrode Revenue and IDE Milestones

Pulse Biosciences has outlined initial revenue and IDE milestones for its percutaneous electrode, while expanding its nsPFA clinical programs. The company is focusing on three market development programs and has seen clinical and commercial progress with the nsPFA technology. The percutaneous electrode is a key part of Pulse Biosciences' business strategy, with the goal of improving patient outcomes and increasing revenue. The company is optimistic about its prospects and is expected to continue making progress in the coming months.

Pulse Biosciences Inc. (PLSE) has reported a quarterly adjusted loss of 20 cents per share for the quarter ended June 30, 2025. This figure was a beat of the lone analyst forecast for a loss of 26 cents per share [1]. The company reported zero revenue, which aligned with analyst expectations. The GAAP net loss for the quarter was $19.2 million, and the non-GAAP net loss was $13.7 million.

Despite the loss, the company has shown significant progress in its clinical and commercial programs. Pulse Biosciences' President and CEO, Paul Arthur LaViolette, highlighted the expansion of pilot utilization of the percutaneous electrodes for soft tissue ablation, specifically in benign thyroid disease. The company has also submitted its nsPFA 360 catheter IDE to treat atrial fibrillation, and two IDEs are under FDA review for the surgical clamp [2].

The company has treated over 140 patients with the percutaneous electrode in the pilot program, with procedure and site volumes continuing to grow. LaViolette emphasized the transition to ambulatory surgery centers or operating rooms as preferred care settings based on provider feedback. A multicenter prospective clinical study is set to begin in Q3 2025, with five sites identified and contracted for additional data collection.

LaViolette also confirmed active pursuit of a strategic partnership for the 360 catheter in the electrophysiology market. The company is focused on the possibilities of collaborating with a market leader in the electrophysiology space to create value for all stakeholders and will provide updates on partnership progress when appropriate.

The company's CFO, Jon Skinner, reported that total GAAP costs and expenses increased by $8.5 million to $20.3 million compared to the prior year period. The increase was primarily driven by an increase in administrative expenses related to the expanding organization to support the advancement of the nsPFA device clinical trials and commercialization. Cash and cash equivalents at the end of the quarter were $106.3 million, down $12.9 million from Q1 2025. Cash used in operating activities in Q2 2025 was $12.8 million, compared to $13.5 million in Q1 2025.

Management reiterated expectations to generate initial revenue from the percutaneous electrode in the second half of the year. LaViolette noted that this initial revenue recognition will be based on individual contracts with commercial pilot program participants and new customers. Skinner noted that investments in commercial infrastructure and IDE clinical studies are expected to increase quarterly cash use in the upcoming quarters.

The company's stock has fallen by 1.4% this quarter and lost 14.5% so far this year. However, the current average analyst rating on the shares is "strong buy," with no "hold" or "sell" recommendations. The average consensus recommendation for the advanced medical equipment & technology peer group is "buy." Wall Street's median 12-month price target for Pulse Biosciences Inc is $22.00, about 32.4% above its last closing price of $14.88 [1].

References:
[1] https://www.tradingview.com/news/reuters.com,2025:newsml_L8N3U424L:0-pulse-biosciences-inc-reports-results-for-the-quarter-ended-june-30-earnings-summary/
[2] https://seekingalpha.com/news/4484370-pulse-biosciences-outlines-initial-percutaneous-electrode-revenue-and-ide-milestones-while