Pulsenmore Ltd. Annual Report: A Performance Summary

This guide helps you understand Pulsenmore’s performance over the past year. Use this as a "cheat sheet" to decide if this company fits your investment goals.

1. What does this company do?

Pulsenmore is an Israeli medical tech company bringing ultrasound technology into the home. Instead of traveling to a clinic, expectant mothers use these devices to perform scans and share results with doctors remotely.

They offer two main products: the Pulsenmore ES, a handheld fetal monitor that connects to a smartphone, and the Pulsenmore FC, a version for clinical settings. A third product, the MC, is in development to expand into broader telehealth. Their business model combines hardware sales with recurring revenue from the digital platform connecting patients to doctors.

2. Recent business changes

On December 28, 2025, the company completed a "1-for-8" reverse stock split. You now own fewer shares, but each represents a larger slice of the company. This move helped meet the Nasdaq’s $1.00 minimum price requirement. They began trading under the ticker "PULM" in January 2026 to improve liquidity and attract a broader range of investors.

3. Financial health: Still in the "building" phase

Pulsenmore is not yet profitable. Like many young tech companies, they spend more than they earn to fund research and growth.

Annual losses are shrinking:

• 2025: 15.9 million NIS (~$5.0 million)
• 2024: 36.7 million NIS (~$11.5 million)
• 2023: 58.6 million NIS (~$18.4 million)

By the end of 2025, they held about 42 million NIS ($13.2 million) in cash. They rely on selling shares and government grants to operate. Because they expect to lose money for several more years while scaling, they will likely need to raise more capital within 18 months. This could involve issuing more shares, which would dilute your ownership percentage, or taking on debt, which adds interest costs.

4. Major wins and risks

The company partners with industry leaders like GE Healthcare to distribute products, which helps them avoid the high cost of building a global sales team from scratch.

However, consider these risks:

• Customer Concentration: Clalit Health Services provides about 70% of their revenue. A change in this relationship would significantly impact their cash flow.
• Geopolitical Stability: Being based in Israel, regional instability could disrupt supply chains or daily operations.
• Regulatory & Tech Hurdles: They must maintain strict FDA and CE approvals. Their AI-driven tools also face ongoing scrutiny regarding data privacy and medical liability.
• Limited Scale: With annual revenue under 25 million NIS, the company has not yet reached the volume needed to cover their high research and development costs.

5. Future outlook

The company is focused on aggressive growth. They are targeting U.S. and European markets and expanding their technology into heart and lung monitoring. To evaluate their progress, watch whether they successfully transition from a pilot program with Clalit to high-volume sales through their GE Healthcare partnership. Keep a close eye on their revenue growth and their "burn rate"—how fast they spend their cash—to determine if they can reach profitability before needing to raise more money from investors.

Investor Tip: Before investing, ask yourself: "Am I comfortable with a company that is still in its early growth phase and relies heavily on a single major client?" If you are looking for immediate dividends or steady profits, this may be a high-risk play. If you believe in the future of home-based telehealth and the potential of their GE partnership, this company may fit your long-term growth strategy.