Pulse Biosciences, Inc. (NASDAQ:PLSE) disclosed today that major stockholder and Co-Chairman Robert W. Duggan is considering substantial market purchases of the company's common stock. According to company filings, Duggan has been authorized to acquire up to 500,000 shares of Pulse Biosciences common stock until December 10, 2024.
This move by Duggan, who is already a controlling shareholder, signals his potential increased investment in the medical device company, which specializes in surgical and medical instruments. The company, headquartered in Hayward, California, operates under the name "08 Industrial Applications and Services" and is incorporated in Delaware.
The company's management and President and CEO Burke T. Barrett, who also serves as the Principal Executive and Principal Financial (NASDAQ:PFG) Officer, have signed off on the SEC filing, confirming the accuracy of the reported information. This announcement is based on a press release statement and provides an update on significant corporate developments that could influence investor decisions.
In other recent news, Pulse Biosciences revealed promising preliminary results from a feasibility study on its Nanosecond Pulsed Field Ablation (nano-PFA) technology. The study showed that the technology successfully reduces the volume of benign thyroid nodules and provides symptomatic relief. The company's technology, which has received FDA 510(k) clearance for soft tissue ablation, is also being explored for the treatment of atrial fibrillation and other conditions.
In financial developments, despite a GAAP net loss of $12.7 million for Q3 2024, Pulse Biosciences raised $60 million through a rights offering and ended the quarter with $79 million in cash and cash equivalents. The company also treated its first Atrial Fibrillation patients in Europe using the nano-PFA Cardiac Surgical System, which has received U.S. FDA breakthrough device designation.
InvestingPro Insights
Pulse Biosciences' recent disclosure about potential insider buying aligns with several key insights from InvestingPro. The company's stock has shown remarkable performance, with a 147.39% total return over the past year and a 58.18% return in the last six months. This strong momentum is reflected in an InvestingPro Tip highlighting the "high return over the last year."
Despite the positive stock performance, InvestingPro data reveals that Pulse Biosciences is not currently profitable, with a negative EBITDA of -$47.33 million in the last twelve months. However, an InvestingPro Tip suggests that "analysts predict the company will be profitable this year," which could explain Robert W. Duggan's interest in increasing his stake.
The company's financial health shows mixed signals. While it "operates with a moderate level of debt" and "liquid assets exceed short term obligations," according to InvestingPro Tips, the company also "suffers from weak gross profit margins." This combination of factors may contribute to the stock's volatility, as another tip points out that "stock price movements are quite volatile."
For investors seeking a more comprehensive analysis, InvestingPro offers 11 additional tips for Pulse Biosciences, providing a deeper understanding of the company's financial position and market performance.
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