SynCardia's Artificial Heart Maker Picard Medical Announces Plans for $12 Million IPO

Picard Medical, the owner and operator of implant manufacturer SynCardia, has revealed its intention to go public with a $12 million initial public offering (IPO). The company, which produces the only FDA-approved total artificial heart, aims to list on the New York Stock Exchange under the ticker symbol PMI.

SynCardia's Artificial Heart Technology

SynCardia's device, based on the original Jarvik artificial heart line, replaces both ventricles of a failing heart and circulates blood using externally powered pneumatic drivers. Designed as a bridge for patients awaiting heart transplants, the technology has been implanted in over 2,100 patients across 27 countries since its FDA approval in 2004.

Future Development Plans

Picard Medical has outlined ambitious plans for the future of its artificial heart technology:

1. The company is developing a fully implantable device, named Emperor, which could serve as an alternative to transplantation without requiring external hardware. This next-generation internal driver system is currently in the prototype phase, with animal studies scheduled for the first half of this year.

2. Picard and SynCardia aim to expand the indications for their current system to include candidates with end-stage heart failure who are determining their eligibility for a transplant procedure. This expansion would encompass long-term use of the device for two years or more.

Financial Outlook and Previous SPAC Attempt

Picard Medical reported revenues of approximately $4.4 million for the 2024 calendar year. This IPO announcement comes after a previous attempt to enter the public market through a Nasdaq SPAC deal in April 2023, which would have valued the company at $480 million. However, that plan was abandoned about a year later.

As the artificial heart maker embarks on this new journey towards public listing, industry observers will be closely watching to see how investors respond to this unique medtech opportunity in the cardiovascular space.