PicardMedical (PMI.US) raised $17 million in its IPO, with a $320 million valuation supported by dual certifications in the US and Canada for its artificial heart technology.

Arizona-based medical device company Picard Medical (PMI.US) officially disclosed the terms of its initial public offering (IPO) on Monday, planning to issue 4.3 million shares of common stock at a price range of $3.50 to $4.50 per share, with an expected fundraising size of $17 million. If calculated at the mid-point of the offering range, the company's fully diluted valuation will reach $320 million. The IPO application has been submitted to the U.S. stock exchange, with "PMI" proposed as the stock trading code. As the only global supplier of implantable total artificial hearts that are certified by both the U.S. FDA and the Canadian Health Department, Picard Medical conducts its core business under the SynCardia brand. Its developed SynCardia TAH (Total Artificial Heart) is designed for patients with biventricular heart failure as a transitional treatment before heart transplantation, with over 2,100 implant surgeries completed in 27 countries worldwide. This Innovative Medical Management device completely replaces the pumping function of the native heart, allowing end-stage heart failure patients to gain valuable transplant waiting time. Financial data shows that in the past twelve months up to March 31, 2025, the company achieved revenues of $3 million. It is worth noting that Picard Medical's history dates back to 1985, and this IPO marks the official entry of this medical technology company with nearly forty years of industry experience into the capital market. The transaction is jointly managed by WestPark Capital, Uphorizon, and Sentinel Brokers, who will coordinate the stock issue and pricing work. The proceeds from this fundraising will mainly be used to advance product pipeline expansion, strengthen market access capabilities, and support future clinical trials. With the continuous growth in the number of global heart failure patients, SynCardia TAH, as the only commercially approved total artificial heart, is expected to further demonstrate its market dominance advantage with the help of capital.