Overview

• US bioelectric medicine firm's Q1 revenue was $0.4 mln, reflecting early-stage product sales

• Q1 GAAP net loss widened to $18.6 mln, driven by higher clinical program investment

• Company advanced key clinical trials and added new leadership to support pivotal study execution

Outlook

• Company expects NANOPULSE-AF pivotal trial enrollment to complete in early-Q4 2026

• Pulse Biosciences expects NANOCLAMP-AF surgical AF ablation trial enrollment to finish by mid-2027

• Company expects papillary thyroid microcarcinoma study enrollment to complete by year-end 2026

Result Drivers

• CLINICAL PROGRAM INVESTMENT - Higher Q1 costs and net loss were primarily driven by increased investment in clinical programs

• EARLY-STAGE SALES - Q1 revenue of $0.4 mln reflected initial sales of nPulse Vybrance capital and disposables

• STRATEGIC FOCUS ON ELECTROPHYSIOLOGY - Company prioritized nPulse Cardiac Catheter System based on positive clinical data and commenced pivotal U.S. trial enrollment

Company press release: ID:nBw5rnfHha

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income		-$18.58 mln
Q1 Income from Operations		-$19.15 mln

Analyst Coverage

• The current average analyst rating on the shares is "strong buy" and the breakdown of recommendations is 2 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"

• 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 $30.00, about 44% above its May 1 closing price of $20.83

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