Picard Medical, which makes and sells implantable total artificial hearts under the brand SynCardia, announced terms for its IPO on Monday.
The Tucson, AZ-based company plans to raise $17 million by offering 4.3 million shares at a price range of $3.50 to $4.50. At the midpoint of the proposed range, Picard Medical would command a fully diluted market value of $320 million.
Through SynCardia, the company manufactures and sells the only FDA and Health Canada approved implantable total artificial heart (the SynCardia TAH). The SynCardia TAH is an established bridge to heart transplantation for patients with biventricular failure, and to date, over 2,100 SynCardia TAHs have been implanted in patients spanning 27 countries.
Picard Medical was founded in 1985 and booked $3 million in revenue for the 12 months ended March 31, 2025. It plans to list on the NYSE American under the symbol PMI. WestPark Capital, Uphorizon, and Sentinel Brokers are the joint bookrunners on the deal.
