PLSEPULSE BIOSCIENCES, INC.
Surgical & Medical Instruments & Apparatus
- Revenue
- $350K
- Operating margin
- -21982.6%
- EBITDA
- −$77M
- 37% YoY
- Market cap
- $3.7B
- Employees
- 116
- $3K revenue each
- Net debt / EBITDA
- —
- AI in 10-K
- 2.3
- mentions per 10K words
Takeover score 3 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$424K medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCYes61× of revenueOver 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo2% of assetsOver 40% of assets
- Shareholder dissentNo100% lowest supportAny vote under 80% support
Buyer economics 2 of 4
- Low revenue per employeeYes$3K · 2nd pctBottom quartile of its SIC industry
- Quiet on AINo2.3 per 10K words · 60th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$3.7B market capMarket cap $500M–$5B
Catalysts 0 of 2
- Active 13DNo0 filingsActive-intent 13D in 18 months
- Net insider sellingNo$11M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Revenue | $1M | $700K | $0 | $0 | $350K | |
| Operating income | −$63M | −$58M | −$44M | −$56M | −$77M | 37% |
| Net income | −$64M | −$59M | −$42M | −$54M | −$73M | 36% |
| Operating cash flow | −$54M | −$47M | −$33M | −$36M | −$54M | 49% |
| Capex | $437K | $401K | $121K | $125K | $315K | 152% |
| Stock-based comp | $15M | $5M | $7M | $14M | $21M | 58% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| May 13, 2026 | DUGGAN ROBERT W | SCHEDULE 13D/A | 71.9% | Passive |
| Dec 19, 2024 | DUGGAN ROBERT W | SCHEDULE 13D/A | 73.1% | Passive |
| Jul 8, 2024 | DUGGAN ROBERT W | SC 13D/A | 72.9% | Passive |
| Dec 15, 2023 | DUGGAN ROBERT W | SC 13D/A | 68.8% | Passive |
| Dec 4, 2023 | DUGGAN ROBERT W | SC 13D/A | 67.8% | Passive |
| May 11, 2023 | DUGGAN ROBERT W | SC 13D/A | 68.7% | Passive |
| Jun 13, 2022 | DUGGAN ROBERT W | SC 13D/A | 62.1% | Passive |
| Jul 2, 2021 | DUGGAN ROBERT W | SC 13D/A | 51.2% | Passive |
| May 11, 2021 | DUGGAN ROBERT W | SC 13D/A | 45.6% | Passive |
| Jun 17, 2020 | DUGGAN ROBERT W | SC 13D/A | 47.2% | Passive |
Insider trading
- Open-market buys, 12 mo
- $13M · 6
- Open-market sells, 12 mo
- $3M · 7
- Net
- $11M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | — | — | 58 | — |
| FY2024 | — | — | 73 | — |
| FY2023 | — | — | 51 | — |
| FY2022 | $424K | −$194K | 12 | — |