Pulse Biosciences, Inc. is an innovative firm specializing in bioelectric medicine. Their primary offering is the CellFX System, a sophisticated, console-based platform ...
Pulse Biosciences, Inc. is a publicly traded medical technology company listed on the Nasdaq Capital Market under the symbol PLSE. The company develops bioelectric medicine technologies intended to address unmet clinical needs and improve patient outcomes. It was incorporated in 2014 under the name Electroblate, Inc. and changed its name ...Pulse Biosciences, Inc. is a publicly traded medical technology company listed on the Nasdaq Capital Market under the symbol PLSE. The company develops bioelectric medicine technologies intended to address unmet clinical needs and improve patient outcomes. It was incorporated in 2014 under the name Electroblate, Inc. and changed its name to Pulse Biosciences, Inc. in December 2015. The company has been associated with Hayward, California, while supplied corporate records also identify a Miami, Florida address. Its business is categorized within the healthcare and medical instruments and supplies sector.
The company’s central innovation is Nanosecond Pulsed Field Ablation technology, commonly described in company materials as Nano-Pulse Stimulation. The technology delivers extremely brief, high-voltage electrical pulses, measured in nanoseconds, to targeted tissue. Unlike conventional thermal ablation methods that destroy tissue primarily through heat, Pulse Biosciences’ approach is designed to create effects at the cellular level while limiting thermal injury to adjacent non-cellular structures. This selectivity is intended to support applications in dermatology, oncology, cardiology, and other medical specialties.
The CellFX System is the company’s primary platform. It consists of a console-based system controlled through software and used with procedure-specific instruments or treatment accessories. The platform’s potential value proposition is based on precision, repeatability, tissue selectivity, and the possibility of treating lesions or other targets while preserving surrounding tissue. Future commercial growth depends on obtaining and expanding regulatory clearances, generating clinical evidence, training physicians, securing reimbursement where applicable, and establishing distribution and service infrastructure.
Pulse Biosciences has also described itself as the inventor and sole proprietor of its nanosecond pulsed field ablation technology. Its competitive position therefore depends heavily on intellectual property, engineering expertise, clinical data, physician adoption, regulatory execution, and the ability to translate a platform technology into multiple approved indications. The company is led by CEO and Co-Chairman Paul Arthur LaViolette, an executive with extensive experience in medical technology, operating leadership, and investment.
Financially, the supplied trailing-twelve-month data portray a development-stage or commercialization-stage company with limited revenue relative to its market valuation. Reported revenue per share was approximately $0.017, while net income per share was approximately negative $1.157 and free cash flow per share was approximately negative $1.098. The company reported substantial research and development and selling, general, and administrative expenses relative to revenue, reflecting the cost of clinical development, regulatory work, product engineering, manufacturing preparation, commercialization, and corporate operations. The supplied data showed a current ratio of approximately 9.6 and a debt-to-equity ratio of approximately 0.07, indicating significant short-term liquidity and relatively modest leverage at the referenced period. However, negative operating cash flow and continuing losses mean the company may require additional financing, equity issuance, strategic capital, or successful revenue growth to fund operations over time.
The company’s bill of materials and cost structure are not fully disclosed in the supplied information. Likely cost categories include console hardware, disposable treatment devices, specialized electrical components, software and firmware development, manufacturing quality systems, clinical studies, regulatory compliance, physician education, sales, service, and warranty support. Future performance will depend on whether Pulse Biosciences can scale production, control per-procedure costs, achieve attractive recurring revenue from consumables, expand clinical indications, and demonstrate that its technology provides sufficient clinical and economic benefits to drive adoption.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$350000
—
+8.2%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$-72.8M
-35.8%
-32.7%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
-360.0%
—
+379.9%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
-21982.6%
—
-21.9%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
-20794.6%
—
-22.6%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$-54.4M
-49.3%
-28.5%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
-15553.4%
—
-18.7%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
9.3%
+20.5%
-36.9%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
10.53x
-11.4%
+32.6%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator: Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Pulse Biosciences Q2 2026 earnings call. [Operator Instructions] It is now my pleasure to turn the call over to Philip Taylor, Investor Relations. Please go ahead.
Philip Taylor: Thank you, operator. Before we begin, I'd like to inform you that comments and responses to your questions during today's call reflect management's views as of today, August 6, 2026, only, and will include forward-looking statements and opinion statements, including predictions, estimates, plans, expectations, and other similar information. Actual results may differ materially from those expressed or implied as a result of certain risks and uncertainties. These risks and uncertainties are more fully described in our press release issued today and in our filings with the U.S. Securities and Exchange Commission. Our SEC filings can be found on our website or on the SEC's website. Investors are cautioned not to place undue reliance on forward-looking statements. We disclaim any obligation to update or revise these forward-looking statements. We will also discuss certain non-GAAP financial measures, disclosures regarding these non-GAAP financial measures, including reconciliations with the most comparable GAAP measures, can be found in the press release. Please note that this conference call will be available for audio replay on our website at pulsebiosciences.com in the News and Events section on our Investor Relations page. With that, I would now like to turn the call over to Co-Chair of the Board and Chief Executive Officer, Paul LaViolette.
Paul LaViolette: Thank you, Trip, and good afternoon, and thank you everyone for joining us today to discuss the results of our very active second quarter of 2026. I would like to begin with a discussion of the amazing and novel technology that sits at the core of everything we do at Pulse Biosciences, our proprietary nanosecond pulsed field ablation, or nsPFA technology. By delivering electric pulses in only billionths of a second durations paired with high energy, we are able to treat tissue non-thermally and with exceptional effectiveness. This translates into tangible and measurable advantages across a range of different diseases and tissues in the human body. nsPFA produces targeted energy, non-thermal ablations, durable lesions, quicker ablation times, and faster procedure times, all complementing the natural body function of regulated cell death. This mechanism is uniquely stimulated by nsPFA and is unmatched by existing ablation energies, including all prior art and the broad category of microsecond PFA alternatives. Underpinning the platform are a uniquely experienced technology development team, which has produced the highly novel nsPFA system and a deep patent estate of more than 250 issued patents worldwide. Together, this team, a number of whom have worked together for …
