Pulsenmore (NASDAQ: PLSM) 2025 revenue soars on GE deal as net loss halves
Rhea-AI Filing Summary
Pulsenmore Ltd. reported full-year 2025 revenue of $12.5 million, up 374% from 2024, driven mainly by a $9.6 million one-time revenue from a settlement with GE Precision Healthcare that also canceled 15,000-unit orders and ended a component agreement. Excluding this, underlying revenues were far smaller.
The company’s net loss narrowed to $5 million from $10 million, as gross profit rose to $10.5 million and gross margin expanded to about 84% from 37%, despite higher operating expenses of $14.4 million tied to U.S. infrastructure, partnerships, and operations. Pulsenmore ended 2025 with $21.7 million in total liquid assets, including $7 million in cash and cash equivalents. Strategically, it secured FDA clearance for remote-use prenatal ultrasound in the U.S., obtained MDR CE certification in Europe for its early-screening product, and launched initial U.S. commercial programs integrating its home-use ultrasound into clinical workflows.
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Insights
Results show one-time-driven revenue spike, improved loss, and key regulatory wins.
Pulsenmore’s 2025 revenue rose to $12.5 million, but most came from a one-time $9.6 million GE settlement. Core revenues remain modest, so the headline 374% growth over 2024 does not yet reflect a scaled recurring business.
Net loss improved to $5 million from $10 million as gross margin expanded to about 84%, helped by the settlement, while operating expenses increased to $14.4 million due to U.S. build-out and commercialization efforts. Total liquid assets of $21.7 million provide some funding cushion as the company invests.
Strategically, FDA clearance for remote-use prenatal ultrasound in the U.S. and MDR CE certification in Europe create regulatory foundations in major markets. Initial U.S. commercial programs integrating home-use ultrasound into clinical workflows are early but important steps; subsequent filings may clarify how quickly recurring revenues follow these milestones.
Key Figures
Key Terms
FDA clearance regulatory
Medical Device Regulation (MDR) Conformité Européenne (CE) Certification regulatory
Settlement Agreement financial
De Novo authorization regulatory
contract liabilities financial
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16
Under the Securities Exchange Act of 1934
For the Month of March 2026
001-43033
(Commission File Number)
PULSENMORE LTD.
(Exact name of Registrant as specified in its charter)
8 Omarim St.
Omer 8496500, Israel
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
On March 30, 2026, Pulsenmore Ltd. issued a press release entitled “Pulsenmore Announces Full Year 2025 Financial Results and Webcast”. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.
EXHIBIT INDEX
Exhibit
|
Description | |
| 99.1 | Press Release, dated March 30, 2026. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Pulsenmore Ltd. | ||
| Date: March 30, 2026 | By: | /s/ Eran Hirsh |
| Eran Hirsh | ||
| Chief Financial Officer | ||
Exhibit 99.1
Pulsenmore Announces Full Year 2025 Financial Results and Webcast
Management to Host Conference Call and Webcast today at 8:30am ET to Discuss Results and Provide Business Update
OMER, Israel, March 30, 2026 /PRNewswire/ – Pulsenmore Ltd. (NASDAQ, TASE: PLSM), a pioneer in home ultrasound technology, today announced financial results for the full year ended December 31, 2025.
Full-Year 2025 Financial Highlights
| ● | Full year revenue of $12.5 million, representing a 374% increase compared to 2024, including a one-time revenue contribution of $9.6 million related to the GE settlement discussed below. | |
| ● | Net loss improved significantly to $5 million, compared to $10 million in 2024. | |
| ● | $21.7 million in total liquid assets (including $7 million in cash and cash equivalents) as of December 31, 2025. | |
| ● | Recognized approximately $9.6 million in one-time revenue in connection with a settlement agreement with GE Precision Healthcare LLC (GEHC), which resolved all outstanding disputes between the parties and concluded all related proceedings. Approximately $2.2 million was recognized as revenue from the cancellation of orders placed by GEHC for 15,000 units pursuant to the Settlement Agreement and the termination of the Component Agreement. |
Operational Highlights
| ● | Regulatory milestone – U.S.: Secured FDA clearance for remote-use prenatal ultrasound in the United States, establishing the regulatory foundation for entry into the world’s largest prenatal diagnostics market. | |
| ● | Regulatory milestone – Europe: Received Medical Device Regulation (MDR) Conformité Européenne (CE) Certification for the Pulsenmore Early-Screening (ES) pregnancy product, authorizing commercial distribution across the European Union for single-fetus pregnancies starting at 14 weeks of gestation. | |
| ● | Commercial milestone: Initial U.S. commercial programs validating Pulsenmore ES home-use ultrasound integration with clinical workflows ahead of broader rollout. |
“2025 was a transformative year for Pulsenmore as we advanced from regulatory achievement to commercial execution,” said Dr. Elazar Sonnenschein, CEO and Founder of Pulsenmore. “Following our FDA De Novo authorization and Nasdaq listing, we focused on scaling our U.S. infrastructure, expanding clinical partnerships, and strengthening our operational capabilities to support long-term growth.
We are seeing encouraging validation from providers and health systems who recognize the value of remote, clinician-directed ultrasound as part of modern prenatal care. As we enter 2026, our focus remains on accelerating commercial momentum, increasing utilization, strengthening recurring revenue streams while maintaining disciplined investment. We believe the progress achieved in 2025 positions Pulsenmore to execute on a significant market opportunity in remote prenatal diagnostics.”
Financial Highlights for Full Year Ended December 31, 2025
Revenues for the year ended December 31, 2025 were $12.5 million, compared to approximately $2.6 million for the year ended December 31, 2024. Revenues were primarily contributed by a $9.6 million one-time payment related to the GE settlement.
Cost of Revenues was $2.0 million for the year ended December 31, 2025, compared to $1.7 million for the year ended December 31, 2024. The increase primarily reflects higher revenues from both core operations and the one-time settlement, partially offset by improved operational efficiency.
Gross Profit was $10.5 million for the year ended December 31, 2025, compared to gross profit of $0.98 million for the year ended December 31, 2024, reflecting a gross margin of approximately 84% in 2025, up from 37% in 2024.
Operating expenses were $14.4 million for the year ended December 31, 2025, compared to $12.6 million for the year ended December 31, 2024. The increase was primarily driven by investments in scaling U.S. infrastructure, expanding clinical partnerships, and strengthening operational capabilities.
Net loss was $5 million for the year ended December 31, 2025, compared to $10 million for the year ended December 31, 2024, representing a 50% improvement year-over-year.
Total liquid assets as of December 31, 2025 was approximately $21.7 million.
Webcast Details
Pulsenmore will host a webcast to review the full year 2025 results today on March 30th at 8:30 am Eastern Time / 3:30 p.m. Israel Time.
Webcast: https://teams.microsoft.com/meet/3845461353556?p=fcIpXc4mErwEAqo3Ir
Replay: The meeting will be recorded, and the recording will be made available following the meeting on the Company’s Investor Relations website at: https://pulsenmore.com/investor_relations
A copy of Pulsenmore’s annual report on Form 20-F for the year ended December 31, 2025 has been filed with the U.S. Securities and Exchange Commission at https://www.sec.gov/ and posted on Pulsenmore’s investor relations website at https://pulsenmore.com/investor_relations/. Pulsenmore will deliver a hard copy of its annual report, including its complete audited consolidated financial statements, free of charge, to its shareholders upon request at msegal@ms-ir.com.
About Pulsenmore
Pulsenmore Ltd. is dedicated to revolutionizing maternal health through the development of home-use ultrasound technology that connect mothers and healthcare providers remotely. By leveraging advanced imaging and telemedicine, Pulsenmore makes prenatal care patient-centric, expanding access and improving continuity of care. For more information, visit www.pulsenmore.com
This press release contains forward-looking statements. In particular, statements using words such as “may,” “seek,” “will,” “consider,” “likely,” “assume,” “estimate,” “expect,” “anticipate,” “intend,” “believe,” “contemplate,” “do not believe,” “aim,” “goal,” “due,” “predict,” “plan,” “project,” “continue,” “potential,” “positioned,” “guidance,” “objective,” “outlook,” “trends,” “future,” “could,” “would,” “should,” “target,” “on track” or their negatives or variations, and similar terminology and words of similar import, generally involve future or forward-looking statements. Such forward-looking statements include, but are not limited to, statements relating to Pulsenmore’s continued commercial momentum, clinician adoption expansion, strengthening its presence in the U.S. market following its Nasdaq listing and FDA De Novo authorization, accelerating commercial momentum, increasing utilization, strengthening recurring revenue streams while maintaining disciplined investment and its belief that the progress achieved in 2025 positions it to execute on a significant market opportunity in remote prenatal diagnostics. Forward-looking statements reflect Pulsenmore’s current views, plans, or expectations with respect to future events or financial performance. They are inherently subject to significant business, economic, competitive, and other risks, uncertainties, and contingencies. Forward-looking statements are based on Pulsenmore’s current expectations and are subject to inherent uncertainties, risks and assumptions that are difficult to predict, including, but not limited to, the following: the Company’s lack of operating history; the Company’s current and future capital requirements and the Company’s belief that its existing cash will be sufficient to fund its operations for more than one year from the date that the financial statements are issued; the Company’s ability to manufacture, market and sell its products and to generate revenues; the Company’s ability to maintain its relationships with key partners and grow relationships with new partners; the Company’s ability to maintain or protect the validity of its U.S. and other patents and other intellectual property; the Company’s ability to launch and penetrate markets in new locations and new market segments; the Company’s ability to retain key executive members and hire additional personnel; the Company’s ability to maintain and expand intellectual property rights; interpretations of current laws and the passages of future laws; the Company’s ability to achieve greater regulatory compliance needed in existing and new markets; the Company’s ability to achieve key performance milestones in its planned operational testing; the Company’s ability to establish adequate sales, marketing and distribution channels; security, political and economic instability in the Middle East that could harm its business; and acceptance of the Company’s business model by investors. Further, certain forward-looking statements are based on assumptions as to future events that may not prove to be accurate. For a more detailed description of the risks and uncertainties affecting the Company, reference is made to the Company’s reports filed from time to time with the SEC, including, but not limited to, the risks, uncertainties and other factors included in the Company’s Annual Report on Form 20-F for the fiscal year ended December 31, 2025 and in subsequent filings with the SEC. The inclusion of forward-looking statements in this or any other communication should not be considered as a representation by Pulsenmore or any other person that current plans or expectations will be achieved. Forward-looking statements speak only as of the date on which they are made, and Pulsenmore undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments, or otherwise, except as otherwise required by law.
Investor Contact:
Miri Segal-Scharia
MS-IR LLC
msegal@ms-ir.com
PULSENMORE LTD.
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| December 31, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
NIS in thousands | USD
in thousands | |||||||||||
| Assets | ||||||||||||
| CURRENT ASSETS | ||||||||||||
| Cash and cash equivalents | 41,170 | 21,604 | 6,773 | |||||||||
| Short-term bank deposits | 62,853 | 47,531 | 14,900 | |||||||||
| Restricted deposits | 140 | 140 | 44 | |||||||||
| Trade receivables | 3,909 | 4,144 | 1,300 | |||||||||
| Other receivables | 1,237 | 1,391 | 436 | |||||||||
| Inventory – current portion | 23,092 | 6,593 | 2,067 | |||||||||
| Total current assets | 132,401 | 81,403 | 25,520 | |||||||||
| NON-CURRENT ASSETS | ||||||||||||
| Inventory – non-current portion | - | 13,337 | 4,181 | |||||||||
| Right-of-use assets | 1,780 | 1,285 | 403 | |||||||||
| Property and equipment, net | 7,645 | 5,822 | 1,825 | |||||||||
| Total non-current assets | 9,425 | 20,444 | 6,409 | |||||||||
| Total assets | 141,826 | 101,847 | 31,929 | |||||||||
| Liabilities and equity | ||||||||||||
| CURRENT LIABILITIES | ||||||||||||
| Trade payables | 2,359 | 1,980 | 621 | |||||||||
| Other payables and accruals | 3,780 | 4,407 | 1,382 | |||||||||
| Contract liabilities | 5,133 | 938 | 294 | |||||||||
| Share-based compensation liability | 1,458 | 276 | 87 | |||||||||
| Current maturities of liability for royalties
to the Israel Innovation Authority | 532 | 1,705 | 534 | |||||||||
| Current maturities of lease liabilities | 999 | 1,023 | 321 | |||||||||
| Total current liabilities | 14,261 | 10,329 | 3,239 | |||||||||
| NON-CURRENT LIABILITIES | ||||||||||||
| Contract liabilities | 22,897 | - | - | |||||||||
| Share-based compensation liability, net of
current maturities | 164 | - | - | |||||||||
| Liability for royalties to the Israel Innovation
Authority, net of current maturities | 6,497 | 7,886 | 2,472 | |||||||||
| Lease liabilities, net of current maturities | 1,120 | 542 | 170 | |||||||||
| Total non-current liabilities | 30,678 | 8,428 | 2,642 | |||||||||
| Total liabilities | 44,939 | 18,757 | 5,881 | |||||||||
| EQUITY | ||||||||||||
| Ordinary shares | 2 | 2 | 1 | |||||||||
| Share premium | 253,205 | 256,137 | 80,294 | |||||||||
| Capital reserve | 10,968 | 10,092 | 3,164 | |||||||||
| Accumulated deficit | (167,288 | ) | (183,141 | ) | (57,411 | ) | ||||||
| Total equity | 96,887 | 83,090 | 26,048 | |||||||||
| Total liabilities and equity | 141,826 | 101,847 | 31,929 | |||||||||
All share and per share amounts have been retroactively adjusted to reflect a 1-for-8 reverse share split as discussed in Note 1(b)
The accompanying notes are an integral part of the consolidated financial statements.
PULSENMORE LTD.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
| December 31, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
NIS in thousands | USD
in thousands | |||||||||||
| Revenues | 9,661 | 9,484 | 2,973 | |||||||||
| Revenues from settlement
agreement with GEHC (*) | - | 30,540 | 9,574 | |||||||||
| Total revenues | 9,661 | 40,024 | 12,547 | |||||||||
| Cost of revenues | 6,084 | 6,342 | 1,988 | |||||||||
| Gross profit | 3,577 | 33,682 | 10,559 | |||||||||
| Research and development expenses, net | 20,130 | 17,350 | 5,439 | |||||||||
| Sales and marketing expenses | 10,318 | 11,815 | 3,704 | |||||||||
| General and administrative expenses | 15,344 | 16,681 | 5,230 | |||||||||
| Operating loss | 42,215 | 12,164 | 3,814 | |||||||||
| Financial expenses | 540 | 7,225 | 2,265 | |||||||||
| Financial income | (5,963 | ) | (3,537 | ) | (1,109 | ) | ||||||
| Financial expenses (income), net | (5,423 | ) | 3,688 | 1,156 | ||||||||
| Loss before income tax | 36,792 | 15,852 | 4,970 | |||||||||
| Provision (benefit) for income tax | (56 | ) | 1 | ** | ||||||||
| Net loss and comprehensive loss | 36,736 | 15,853 | 4,970 | |||||||||
| Loss per ordinary share
– basic and diluted | 5.76 | 2.46 | 0.77 | |||||||||
* Including an amount of NIS 7.1 million (approximately $2.2 million) was recognized as revenues from the (1) cancellation of orders placed by GEHC to the Company for 15,000 units Pursuant to the Settlement Agreement and (2) due to the termination of the Component Agreement.
** Less than $1 thousand