Open Equity
PLSM·

Pulsenmore: Israeli Remote Ultrasound — Ouma Health Partnership + 200% Prior Surge = Momentum Play

NeutralHealthcare / Medical DevicesNano CapPublished July 13, 2026
View Our Thesis ↓

PLSM — 6 Month Price History

Daily OHLC

Executive Summary

Pulsenmore (PLSM) gained +75% on continued momentum from the June 24 Ouma Health partnership that already sent the stock up 200%+. The company makes portable home ultrasound devices that connect to smartphones for remote clinical consultation.

Revenue of $40.02M (314% YoY growth) with 84.2% gross margin — impressive top-line growth and high margins typical of medical devices. The Ouma Health partnership integrates Pulsenmore's technology into a virtual maternity care platform, expanding U.S. market access.

But $45.87M in annual OpEx generates a ($13M) operating loss. The stock has surged 200%+ then another 75% in three weeks — the valuation has moved far ahead of fundamentals ($40M revenue, nano cap). Israeli governance risk applies.

Neutral. Real technology with real growth, but overextended after two massive pumps.

Business Model & Revenue

Pulsenmore Ltd. (NASDAQ: PLSM) manufactures portable home ultrasound devices (Pulsenmore ES, FC) that connect to smartphones for remote clinical consultation. Omer, Israel. FY2025 Revenue: $40.02M (314% growth), Gross Margin: 84.2%.

Financial Highlights

MetricFY2025FY2024FY2023FY2022
Revenue$40.02M$9.66M$6.19M$10.81M
Gross Profit$33.68M$3.58M$2.20M$5.12M
Gross Margin84.2%37.1%35.5%47.4%
SG&A$28.52M$5.66M$26.39M$21.71M
R&D$17.35M$2M+——
Operating Loss($12M) est.———

Revenue surged 314% and gross margin expanded to 84%. $30M in other revenue (likely GE Healthcare partnership).

Competitive Landscape

Home ultrasound is a niche market. Philips, GE Healthcare, and Butterfly Network (BFLY) compete in portable ultrasound. Pulsenmore differentiates with smartphone connectivity and focus on prenatal home use.

Catalysts

  1. "Ouma Health partnership revenue realization."

  2. "Additional U.S. partnerships or distribution agreements."

  3. "Insurance reimbursement for remote prenatal ultrasound."

Key Risks

  • Stock surged 200%+ on June 24, then +75% today. Overextended in three weeks.
  • ($13M) operating loss on $40M revenue. High OpEx relative to revenue.
  • Israeli company with limited governance oversight for U.S. shareholders.
  • Ouma Health partnership terms not disclosed. Revenue impact uncertain.
  • Nano cap with limited analyst coverage and liquidity.
  • Home ultrasound is a niche — insurance reimbursement and physician adoption uncertain.

Our Thesis

Pulsenmore's home ultrasound technology is genuinely innovative — enabling remote prenatal monitoring via a smartphone-connected device. The Ouma Health partnership validates the commercial model and expands distribution. Revenue growth of 314% YoY to $40M with 84% gross margins shows the product is gaining traction.

But the stock has already surged 200%+ (June 24) and then another 75% today. At this valuation, the market is pricing in massive U.S. market penetration that hasn't happened yet. Pulsenmore is still early in U.S. commercialization with a single partnership announced.

The company is Israeli with limited governance oversight for U.S. shareholders. Operating losses of $13M on $40M revenue indicate the company is investing heavily in growth.

Neutral. The technology is real but the stock is overextended.

Disclaimer: This report is for informational purposes only and does not constitute financial advice. Small-cap, micro-cap, and nano-cap stocks carry significant risk including limited liquidity and higher volatility. Always do your own due diligence before making investment decisions.

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