Pulse Biosciences

PLSE

Medical - Instruments & Supplies · Healthcare

Price

$28.68

+1.30 (+4.75%)

Market Cap

$1.98B

Exchange

NASDAQ

Winston Score

Winston is worried

Weak fundamentals across most pillars.

Share count rising — dilution

+141.0% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 28.0M (2021) → 67.4M (2025)

Pulse Biosciences, Inc. operates as a novel bioelectric medicine company. It offers CellFX System, a tunable, software-enabled, and console-based platform that delivers nano second duration pulses of electrical energy to non-thermally clear targeted cells while sparing adjacent non-cellular tissue to treat a various medical condition by using its Nano-Pulse Stimulation technology. The company was formerly known as Electroblate, Inc. and changed its name to Pulse Biosciences, Inc. in December 201

Winston Score History

Growth Profile

For growth stock investors

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

Revenue data limited

EPS Growth

-4.0% YoY

YoY Growth Rate

Earnings declining

R&D Spend

$45M/ year

↑ Rising (+38% vs prior year)

>1,000% of revenue

709.9x the sector average (18%)

Investing heavily in future products and technology

Insider Activity

81.5%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$68M cash & investments

Quarterly Free Cash Flow

↓ Burn rate worsening

Company generates more cash than it spends — no dilution risk from fundraising

Heavy R&D investment

Pulse Biosciences is putting 12777% of revenue into R&D and that number is rising. That's 709.9x the sector average. And they're generating enough cash to self-fund it.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin

7.7%

Thin — 7.7% gross margin

Operating Margin

-4775.6%

Losing money on operations — -4775.6%

ROCE

-28.2%

Weak — -28.2% return on capital

Negative ROIC means the business is losing money on every dollar invested in it.

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Growth

Sales YoY

N/A

—

Data not available

EPS YoY

N/A

—

Data not available

EPS Consistency

0/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

N/A

—

Data not available

FCF Margin

-5442.2%

Burning cash (-5442.2%)

Free cash flow is negative. They are burning cash, not generating it.

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Stability

Debt / Equity

0.02

Conservative — low debt load (0.02)

Interest Cover

N/A

—

Data not available

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Valuation

P/E Ratio (TTM)

N/M

—

Negative earnings — P/E not meaningful

P/E vs Forward

N/A

not available

Data not available

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Dividends

Not applicable for this business.

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