Pulse Biosciences, Inc — Earnings Quality Grade F
PLSE · Healthcare
Major red flags
Screening Summary
Management Signals
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
Insufficient data
Insufficient data
Insufficient data
Expense Quality
Insufficient data
Insufficient data
SG&A/Gross Profit = -16946.6%, excellent (<30%)
Gross margin swung +1552.3pp (-1606.3% → -54.0%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.1B)
Accruals ratio = -19.7%. Low accruals
Cash $0.1B covers debt $0.0B
Balance Sheet Health
Goodwill+Intangibles $0.0B = 4% of equity. Manageable
Debt/EBITDA = -0.1x. Healthy
Insufficient data
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
Goodwill+Intangibles change -16% YoY. Normal
Manipulation Score
Calculation error: float division by zero
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Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25