EDAP
EDAP
Edap Tms S.a.Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $13.88M ▼ | $10.9M ▼ | $-5.01M ▲ | -36.13% ▼ | $-0.13 ▲ | $-4.22M ▲ |
| Q2-2025 | $16.04M ▲ | $12.59M ▲ | $-5.6M ▲ | -34.91% ▲ | $-0.15 ▲ | $-5.13M ▲ |
| Q1-2025 | $13.56M ▼ | $11.69M ▼ | $-7.07M ▼ | -52.18% ▼ | $-0.19 ▼ | $-5.35M ▼ |
| Q4-2024 | $20.32M ▲ | $12.84M ▲ | $-1.94M ▲ | -9.55% ▲ | $-0.05 ▲ | $-3.1M ▲ |
| Q3-2024 | $13.1M | $10.99M | $-6.4M | -48.85% | $-0.17 | $-5.35M |
What's going well?
The company managed to reduce its losses even as sales dropped, showing some cost control. Gross margins held steady, and interest expense remains low.
What's concerning?
Revenue is falling fast, and the company is still losing money every quarter. Without a turnaround in sales, ongoing losses could become a bigger problem.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $10.57M ▼ | $61.46M ▼ | $38.14M ▼ | $23.32M ▼ |
| Q2-2025 | $16.27M ▼ | $68.34M ▼ | $40.52M ▲ | $27.82M ▼ |
| Q1-2025 | $22.82M ▼ | $74.98M ▼ | $40.52M ▼ | $34.46M ▼ |
| Q4-2024 | $29.84M ▲ | $86.06M ▲ | $45.17M ▲ | $40.9M ▼ |
| Q3-2024 | $25.48M | $79.04M | $36.4M | $42.64M |
What's financially strong about this company?
EDAP has more current assets than current liabilities and paid down some debt this quarter. Asset quality is solid, with most assets in cash, receivables, and equipment.
What are the financial risks or weaknesses?
Cash fell 35% and deferred revenue disappeared, which could mean less upfront business and tighter liquidity. Equity also dropped, and most debt is due soon.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▼ | $0 | $0 ▲ |
| Q2-2025 | $-6.35M ▲ | $-4.66M ▲ | $-1.6M ▼ | $60.94K ▲ | $0 ▲ | $-6.26M ▲ |
| Q1-2025 | $-7.45M ▼ | $-5.34M ▼ | $-1.3M ▼ | $-1.25M ▼ | $-30.9M ▼ | $-6.64M ▼ |
| Q4-2024 | $-2.07M ▲ | $0 ▲ | $0 ▲ | $0 ▼ | $30.9M ▲ | $0 ▲ |
| Q3-2024 | $-6.4M | $-4.86M | $-979K | $614K | $-30.21M | $-5.84M |
What's strong about this company's cash flow?
There is a slight improvement in working capital impact, and no new debt or dilution. However, strengths are limited based on available data.
What are the cash flow concerns?
EDAP is burning real cash, with last quarter showing a $6.26 million free cash outflow and no evidence of improvement. Missing cash flow and balance data this quarter raises red flags about transparency and sustainability.
Revenue by Products
| Product | Q4-2016 | Q2-2018 | Q4-2018 | Q1-2020 |
|---|---|---|---|---|
Licenses and Others | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Product and Service Other | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
HIFU Treatments and Devices Leased | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Parts and Services | $0 ▲ | $0 ▲ | $10.00M ▲ | $0 ▼ |
Product | $0 ▲ | $10.00M ▲ | $30.00M ▲ | $0 ▼ |
High Intensity Focused Ultrasound HIFU | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Urology Devices and Services UDS | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Revenue by Geography
| Region | Q1-2020 |
|---|---|
Asia | $20.00M ▲ |
FRANCE | $10.00M ▲ |
Other Geographical Areas | $10.00M ▲ |
UNITED STATES | $10.00M ▲ |
Q3 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Edap Tms S.a.'s financial evolution and strategic trajectory over the past five years.
EDAP combines strong revenue growth with a differentiated technology platform in a promising, minimally invasive area of medical treatment. It has historically maintained solid liquidity, carries manageable debt, and benefits from a deep innovation pipeline and growing clinical validation. Its integrated diagnostic and therapeutic solution in prostate cancer, together with expansion plans into additional indications, gives it a clear strategic focus and potential for meaningful long-term market impact.
The main concerns center on financial sustainability and execution. Profitability has deteriorated, cash burn is persistent, and the balance sheet, while still adequate, is weakening. Retained losses continue to accumulate, debt reliance is rising, and free cash flow is materially negative. On the strategic side, EDAP must overcome adoption, reimbursement, and competitive hurdles in a conservative and crowded healthcare landscape, while ensuring its clinical trials and regulatory processes deliver the outcomes needed to support broader use.
Looking ahead, EDAP appears to be in a high-risk, high-potential phase. Its technology, pipeline, and growing revenue base suggest meaningful upside if it can translate innovation and clinical evidence into wider market adoption and eventually restore profitability and positive cash flow. Conversely, if revenue growth slows or key clinical and regulatory milestones disappoint, the current cost structure and cash burn could become more problematic. The trajectory of margins, cash generation, and uptake of new indications over the next few years will likely be decisive for its long-term trajectory.
About Edap Tms S.a.
https://www.edap-tms.comEDAP TMS S.A., together with its subsidiaries, develops, produces, markets, distributes, and maintains a portfolio of minimally invasive medical devices for the treatment of urological diseases in Asia, France, the United States, and internationally.
Income Statement
| Period | Revenue | Operating Expense | Net Income | Net Profit Margin | Earnings Per Share | EBITDA |
|---|---|---|---|---|---|---|
| Q3-2025 | $13.88M ▼ | $10.9M ▼ | $-5.01M ▲ | -36.13% ▼ | $-0.13 ▲ | $-4.22M ▲ |
| Q2-2025 | $16.04M ▲ | $12.59M ▲ | $-5.6M ▲ | -34.91% ▲ | $-0.15 ▲ | $-5.13M ▲ |
| Q1-2025 | $13.56M ▼ | $11.69M ▼ | $-7.07M ▼ | -52.18% ▼ | $-0.19 ▼ | $-5.35M ▼ |
| Q4-2024 | $20.32M ▲ | $12.84M ▲ | $-1.94M ▲ | -9.55% ▲ | $-0.05 ▲ | $-3.1M ▲ |
| Q3-2024 | $13.1M | $10.99M | $-6.4M | -48.85% | $-0.17 | $-5.35M |
What's going well?
The company managed to reduce its losses even as sales dropped, showing some cost control. Gross margins held steady, and interest expense remains low.
What's concerning?
Revenue is falling fast, and the company is still losing money every quarter. Without a turnaround in sales, ongoing losses could become a bigger problem.
Balance Statement
| Period | Cash & Short-term | Total Assets | Total Liabilities | Total Equity |
|---|---|---|---|---|
| Q3-2025 | $10.57M ▼ | $61.46M ▼ | $38.14M ▼ | $23.32M ▼ |
| Q2-2025 | $16.27M ▼ | $68.34M ▼ | $40.52M ▲ | $27.82M ▼ |
| Q1-2025 | $22.82M ▼ | $74.98M ▼ | $40.52M ▼ | $34.46M ▼ |
| Q4-2024 | $29.84M ▲ | $86.06M ▲ | $45.17M ▲ | $40.9M ▼ |
| Q3-2024 | $25.48M | $79.04M | $36.4M | $42.64M |
What's financially strong about this company?
EDAP has more current assets than current liabilities and paid down some debt this quarter. Asset quality is solid, with most assets in cash, receivables, and equipment.
What are the financial risks or weaknesses?
Cash fell 35% and deferred revenue disappeared, which could mean less upfront business and tighter liquidity. Equity also dropped, and most debt is due soon.
Cash Flow Statement
| Period | Net Income | Cash From Operations | Cash From Investing | Cash From Financing | Net Change | Free Cash Flow |
|---|---|---|---|---|---|---|
| Q3-2025 | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▼ | $0 | $0 ▲ |
| Q2-2025 | $-6.35M ▲ | $-4.66M ▲ | $-1.6M ▼ | $60.94K ▲ | $0 ▲ | $-6.26M ▲ |
| Q1-2025 | $-7.45M ▼ | $-5.34M ▼ | $-1.3M ▼ | $-1.25M ▼ | $-30.9M ▼ | $-6.64M ▼ |
| Q4-2024 | $-2.07M ▲ | $0 ▲ | $0 ▲ | $0 ▼ | $30.9M ▲ | $0 ▲ |
| Q3-2024 | $-6.4M | $-4.86M | $-979K | $614K | $-30.21M | $-5.84M |
What's strong about this company's cash flow?
There is a slight improvement in working capital impact, and no new debt or dilution. However, strengths are limited based on available data.
What are the cash flow concerns?
EDAP is burning real cash, with last quarter showing a $6.26 million free cash outflow and no evidence of improvement. Missing cash flow and balance data this quarter raises red flags about transparency and sustainability.
Revenue by Products
| Product | Q4-2016 | Q2-2018 | Q4-2018 | Q1-2020 |
|---|---|---|---|---|
Licenses and Others | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Product and Service Other | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
HIFU Treatments and Devices Leased | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Parts and Services | $0 ▲ | $0 ▲ | $10.00M ▲ | $0 ▼ |
Product | $0 ▲ | $10.00M ▲ | $30.00M ▲ | $0 ▼ |
High Intensity Focused Ultrasound HIFU | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Urology Devices and Services UDS | $0 ▲ | $0 ▲ | $0 ▲ | $0 ▲ |
Revenue by Geography
| Region | Q1-2020 |
|---|---|
Asia | $20.00M ▲ |
FRANCE | $10.00M ▲ |
Other Geographical Areas | $10.00M ▲ |
UNITED STATES | $10.00M ▲ |
Q3 2025 Earnings Call Summary
Read Call Summary5-Year Trend Analysis
A comprehensive look at Edap Tms S.a.'s financial evolution and strategic trajectory over the past five years.
EDAP combines strong revenue growth with a differentiated technology platform in a promising, minimally invasive area of medical treatment. It has historically maintained solid liquidity, carries manageable debt, and benefits from a deep innovation pipeline and growing clinical validation. Its integrated diagnostic and therapeutic solution in prostate cancer, together with expansion plans into additional indications, gives it a clear strategic focus and potential for meaningful long-term market impact.
The main concerns center on financial sustainability and execution. Profitability has deteriorated, cash burn is persistent, and the balance sheet, while still adequate, is weakening. Retained losses continue to accumulate, debt reliance is rising, and free cash flow is materially negative. On the strategic side, EDAP must overcome adoption, reimbursement, and competitive hurdles in a conservative and crowded healthcare landscape, while ensuring its clinical trials and regulatory processes deliver the outcomes needed to support broader use.
Looking ahead, EDAP appears to be in a high-risk, high-potential phase. Its technology, pipeline, and growing revenue base suggest meaningful upside if it can translate innovation and clinical evidence into wider market adoption and eventually restore profitability and positive cash flow. Conversely, if revenue growth slows or key clinical and regulatory milestones disappoint, the current cost structure and cash burn could become more problematic. The trajectory of margins, cash generation, and uptake of new indications over the next few years will likely be decisive for its long-term trajectory.

CEO
Ryan Rhodes
Compensation Summary
(Year )
Upcoming Earnings
Ratings Snapshot
Rating : C-
Most Recent Analyst Grades
Grade Summary
Showing Top 3 of 3
Price Target
Institutional Ownership
SOLEUS CAPITAL MANAGEMENT, L.P.
Shares:7.31M
Value:$31.94M
MORGAN STANLEY
Shares:3.36M
Value:$14.69M
ROCK SPRINGS CAPITAL MANAGEMENT LP
Shares:1.29M
Value:$5.62M
Summary
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