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Medical device company developing Nano-Pulse Stimulation technology for non-thermal tissue ablation in dermatology and oncology.
Medical device company developing Nano-Pulse Stimulation technology for non-thermal tissue ablation in dermatology and oncology.
Sells very little: the dermatology system, CellFX, was a small commercial effort, and effort has since been redirected toward cardiac ablation devices. Spending is funded by investors and loans, with chairman and major shareholder Robert Duggan the main backer.
Moat: narrow (IP / patents). Patented Nano-Pulse Stimulation technology offers a non-thermal ablation approach distinct from laser/RF competitors.
Headquarters: Hayward, California · Founded: 2014 · Employees: 116
Size Pulse Biosciences (PLSE) is a United States Health Care company (Medical Specialties) with a market value of $3.87B, the 1369th largest of 3,117 United States companies the cockpit tracks. Shares closed at $53.29 on 6 Nov 2026.
Performance Over six months the shares gained 179.3%, against +3.3% for the median peer and -1.1% for the United States market (cap-weighted) — 2nd highest of 21 in its peer set.
Growth The operating margin is -7,007.8% (peer median 11.3%).
Valuation It trades at 37.92× book value against a peer median of 2.50× (most expensive of 21).
Price implies The share price implies a return on equity of about 386.7%; Pulse Biosciences delivers -78.5%, so the price asks more than the business earns today.
Next results Next results expected around 1 Apr 2027 (exchange calendar; dates can move).
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|
| Revenue | $1.19M | $350,000 | $0 | $0 | $700,000 |
| Revenue growth | — | — | — | -100% | — |
| Gross profit | -$512,000 | -$1.26M | -$1.18M | -$1.21M | -$12.6M |
| EBITDA | -$82.0M | -$75.9M | -$53.2M | -$42.4M | -$56.7M |
| Net income | -$80.1M | -$72.8M | -$53.6M | -$42.2M | -$58.5M |
| Free cash flow | -$61.4M | -$54.4M | -$36.5M | -$33.2M | -$47.4M |
| Capital expenditure | $290,000 | $335,000 | $125,000 | $121,000 | $401,000 |
| Total debt | $6.77M | $7.53M | $8.90M | $9.14M | $76.0M |
The default views of Competitor Analysis ▸ Charts, drawn from the same data. Open them in the cockpit to change the axes, pin companies and read every value.
| Company | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE |
|---|---|---|---|---|---|---|
| Pulse Biosciences PLSE | $3.87B | +179% | n/a | -78% | 37.92× | 386.7% |
| InMode INMD | $767M | -5% | -7% | 12% | 1.22× | 17.4% |
| Boston Scientific BSX | $62.0B | -21% | +9% | 14% | 2.42× | 14.8% |
| Medtronic MDT | $130B | +35% | +10% | 11% | 2.59× | 15.4% |
Peer set: Industry: the same industry and sector in any market, nearest in size. This is the same default set the interactive Competitor Analysis opens with.
| Measure | PLSE | Peer median | Rank in peer set |
|---|---|---|---|
| 1-month return | +6.6% | +9.8% | 9th lowest of 21 |
| 6-month return | +179.3% | +3.3% | 2nd highest of 21 |
| Return on equity | -78.5% | 7.9% | lowest of 21 |
| Price / book | 37.92× | 2.50× | most expensive of 21 |
| ROE the price implies | 386.7% | 14.8% | most demanding of 21 |
| ROE delivered | -78.5% | 7.5% | lowest of 20 |
| Company | Market | Market cap | 6M return | Revenue growth | ROE | Price / book | Implied ROE | Delivered ROE |
|---|---|---|---|---|---|---|---|---|
| Pulse Biosciences PLSE | United States | $3.87B | +179% | n/a | -78% | 37.92× | 386.7% | -78.5% |
| Envista NVST | United States | $4.04B | +4% | +12% | 3% | 1.31× | 11.6% | 3.1% |
| Tecan TECN.SW | Switzerland | $4.05B | +91% | -4% | -10% | 2.84× | 14.7% | -9.7% |
| Stevanato STVN | United States | $3.70B | -26% | +12% | 9% | 2.05× | 15.0% | 9.3% |
| SCHOTT Pharma AG & Co. KGaA 1SXP.DE | Germany | $3.67B | +31% | +4% | 15% | 3.29× | 17.9% | 14.7% |
| Fielmann FIE.DE | Germany | $4.12B | +3% | +3% | 21% | 3.34× | 13.2% | 20.6% |
| CareDx CDNA | United States | $4.13B | +260% | +39% | 33% | 8.82× | 130.0% | 33.0% |
| Shandong Weigao Blood Purification Products 603014.SS | China | $3.63B | -3% | +4% | 7% | 2.23× | 7.0% | 7.5% |
| Andon Health 002432.SZ | China | $3.60B | -29% | -30% | 25% | 0.88× | 3.3% | 24.7% |
| iRay Technology 688301.SS | China | $3.54B | -8% | +58% | 11% | 2.94× | 31.5% | 10.7% |
| Jiangsu Yuyue Medical Equipment & Supply 002223.SZ | China | $4.26B | -1% | -1% | 9% | 2.19× | 10.3% | 8.7% |
| Carl Zeiss Meditec AFX.DE | Germany | $3.51B | +40% | 0% | 5% | 1.46× | 14.2% | 4.5% |
| Integer ITGR | United States | $4.30B | +44% | 0% | 6% | 2.49× | 15.1% | 6.0% |
| ICU Medical ICUI | United States | $4.30B | +36% | -9% | 1% | 2.00× | 15.6% | 1.4% |
| Ambu A/S AMBU-B.CO | Denmark | $3.42B | +40% | +5% | 8% | 3.79× | 16.6% | 8.4% |
| Lepu Medical Technology (Beijing) 300003.SZ | China | $3.42B | -12% | -1% | 4% | 1.42× | 10.7% | 4.1% |
| MGI Tech 688114.SS | China | $3.42B | +9% | +2% | -4% | 3.26× | 24.0% | -3.9% |
| Intco Medical Technology 300677.SZ | China | $4.40B | -20% | +33% | 2% | 1.62× | 8.9% | 1.6% |
| Autobio Diagnostics 603658.SS | China | $3.41B | +19% | +3% | 12% | 2.52× | 11.4% | 11.9% |
| Ottobock SE & Co. KGaA OBCK.DE | Germany | $3.36B | -25% | +5% | 29% | 7.58× | 40.4% | n/a |
| Zhende Medical 603301.SS | China | $3.33B | -8% | +8% | 5% | 3.89× | 25.9% | 5.2% |