FOCL on Nasdaq
EDAP TMS SA
Electromedical and electrotherapeutic apparatus company1
In its 2026 annual report the company says: “EDAP TMS S.A. is a medical technology company focused on the development, manufacturing, marketing, and sale of non-invasive therapeutic ultrasound and energy-based medical devices. Our technologies are primarily used in urology, with a current focus on the treatment of prostate cancer. We are conducting clinical development activities to support potential expanded indications in urology and women’s health.”4 Its shares trade on Nasdaq under the symbol FOCL.1
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Last updated Oct 20, 2026.
Overview
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- TickerFOCL on Nasdaq1
- IndustryElectromedical & Electrotherapeutic Apparatus1
- Business addressParc D'Activites La Poudrette Lamartine, 4 Rue Du Dauphine, 69120 Vaulx En Velin, I0 691202
- Filer categoryNon-accelerated filer, Smaller reporting company2
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EDAP TMS S.A. (“EDAP,” the “Company,” “we,” “us,” or “our”) is a medical technology company focused on the development, manufacturing, marketing, and sale of non-invasive therapeutic ultrasound and energy-based medical devices.4 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from. Figures are in EUR, the currency the company reports in.
Key numbers, fiscal 2025
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Manufactured Product, Other brought in 69% of the revenue EDAP TMS SA broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2024 | 2025 |
|---|---|---|
| Manufactured Product, Other | $47.7M | $48.9M |
| Spare parts and services | $13.5M | $11.3M |
| RPP's and leases | $8.2M | $10.3M |
Business segments
High Intensity Focused Ultrasound (HIFU) brought in 53% of the revenue EDAP TMS SA broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2024 | 2025 |
|---|---|---|
| High Intensity Focused Ultrasound (HIFU) | $25.8M | $37.4M |
| Distribution (DISTRIB) Division | $33.9M | $25.7M |
| Lithotripsy (ESWL) | $9.7M | $7.5M |
Regions
United States brought in 40% of the revenue EDAP TMS SA broke down this way in fiscal 2025.
Regions by year
| Regions | 2024 | 2025 |
|---|---|---|
| United States | $19.7M | $28.5M |
| Asia | $20.6M | $19.6M |
| Other Geographical Areas | $16.9M | $17.8M |
| France | $12.2M | $4.6M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue57¢40.5M EUR
- Research and development14¢9.7M EUR
- Other costs28¢19.9M EUR
- Income tax1¢438.0K EUR
Out of 70.5M EUR in revenue.5 The company lost money this year.
Financial statements
Every line of the income statement as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Total revenues | $70.5M | $69.4M |
| Total cost of sales | -$40.5M | -$40.7M |
| Gross profit | $30.0M | $28.7M |
| Research and development expenses | -$9.7M | -$8.4M |
| Selling and marketing expenses | -$27.3M | -$27.4M |
| General and administrative expenses | -$17.7M | -$15.2M |
| Income (loss) from operations | -$24.7M | -$22.2M |
| Financial (expense) income, net | -$3.1M | $606.0K |
| Foreign currency exchange gain (loss), net | -$1.0M | $1.3M |
| Loss before taxes | -$28.8M | -$20.3M |
| Income tax expense | -$438.0K | -$313.0K |
| Loss | -$29.2M | -$20.6M |
| Basic loss per share | -$0.78 | -$0.55 |
| Diluted loss per share | -$0.78 | -$0.55 |
| Basic Weighted average shares outstanding (in shares) | 37.4M shares | 37.3M shares |
| Diluted Weighted average shares outstanding (in shares) | 37.4M shares | 37.3M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 3 fiscal years (annual) or 3 quarters (quarterly), latest first.5
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $20.5M | $31.0M | |
| Current portion of net trade accounts and notes receivable | $21.3M | $19.3M | |
| Other receivables | $1.3M | $1.8M | |
| Inventories | $12.8M | $19.2M | |
| Other assets, current portion | $1.3M | $1.3M | |
| Total current assets | $57.2M | $72.6M | |
| Property and equipment, net | $10.4M | $8.1M | |
| Operating lease right-of-use assets | $3.1M | $2.7M | |
| Intangible assets, net | $1.8M | $1.1M | |
| Goodwill | $2.8M | $2.5M | |
| Deposits and other non-current assets | $2.1M | $1.6M | |
| Deferred tax assets | $1.1M | $865.0K | |
| Net Trade accounts and notes receivable, non-current | $546.0K | ||
| Total assets | $79.0M | $89.4M | |
| Trade accounts and notes payable | $11.8M | $13.1M | |
| Deferred revenues, current portion | $7.1M | $6.9M | |
| Social security and other payroll withholdings taxes | $2.1M | $2.3M | |
| Employee absences compensation | $1.2M | $1.0M | |
| Income taxes payable | $193.0K | -$8.0K | |
| Other accrued liabilities | $5.4M | $5.7M | |
| Short-term borrowings | $6.0M | $6.5M | |
| Current obligations under finance leases | $182.0K | $175.0K | |
| Current portion of operating lease obligations | $1.1M | $1.0M | |
| Current portion of long-term debt | $2.1M | $2.5M | |
| Total current liabilities | $37.1M | $39.3M | |
| Deferred revenues, non-current | $966.0K | $372.0K | |
| Obligations under finance leases | $355.0K | $364.0K | |
| Operating lease obligations, non-current | $2.1M | $1.6M | |
| Long-term debt, non-current | $15.9M | $2.2M | |
| Other long-term liabilities | $3.1M | $3.0M | |
| Total liabilities | $59.6M | $46.9M | |
| Common stock at 0.13, or $0.15 at closing rate par value; 37,751,519 shares authorized and issued and 37,481,986 shares outstanding at December 31, 2025 0.13 or $0.14 at closing rate par value 37,661,619 shares authorized and issued and 37,392,086 shares outstanding at December 31, 2024 | $6.1M | $6.1M | |
| Additional paid-in capital | $151.3M | $148.8M | |
| Accumulated deficit | -$128.6M | -$99.4M | |
| Cumulative other comprehensive loss | -$8.3M | -$12.0M | |
| Treasury stock, at cost 269,533 shares at December 31, 2025 and 269,533 shares at December 31, 2024 | -$1.0M | -$1.0M | |
| Total shareholders' equity | $19.4M | $42.5M | $62.9M |
| Total liabilities and shareholders' equity | $79.0M | $89.4M | |
| Common stock, par value | 0.13 EUR | 0.13 EUR | |
| Common Stock, Shares Authorized | 37.8M shares | 37.7M shares | |
| Common stock, shares issued | 37.8M shares | 37.7M shares | |
| Commons stock, shares outstanding | 37.5M shares | 37.4M shares | |
| Treasury stock | 269.5K shares | 269.5K shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Cash and cash equivalents | $20.5M | $31.0M | |
| Current portion of net trade accounts and notes receivable | $21.3M | $19.3M | |
| Other receivables | $1.3M | $1.8M | |
| Inventories | $12.8M | $19.2M | |
| Other assets, current portion | $1.3M | $1.3M | |
| Total current assets | $57.2M | $72.6M | |
| Property and equipment, net | $10.4M | $8.1M | |
| Operating lease right-of-use assets | $3.1M | $2.7M | |
| Intangible assets, net | $1.8M | $1.1M | |
| Goodwill | $2.8M | $2.5M | |
| Deposits and other non-current assets | $2.1M | $1.6M | |
| Deferred tax assets | $1.1M | $865.0K | |
| Net Trade accounts and notes receivable, non-current | $546.0K | ||
| Total assets | $79.0M | $89.4M | |
| Trade accounts and notes payable | $11.8M | $13.1M | |
| Deferred revenues, current portion | $7.1M | $6.9M | |
| Social security and other payroll withholdings taxes | $2.1M | $2.3M | |
| Employee absences compensation | $1.2M | $1.0M | |
| Income taxes payable | $193.0K | -$8.0K | |
| Other accrued liabilities | $5.4M | $5.7M | |
| Short-term borrowings | $6.0M | $6.5M | |
| Current obligations under finance leases | $182.0K | $175.0K | |
| Current portion of operating lease obligations | $1.1M | $1.0M | |
| Current portion of long-term debt | $2.1M | $2.5M | |
| Total current liabilities | $37.1M | $39.3M | |
| Deferred revenues, non-current | $966.0K | $372.0K | |
| Obligations under finance leases | $355.0K | $364.0K | |
| Operating lease obligations, non-current | $2.1M | $1.6M | |
| Long-term debt, non-current | $15.9M | $2.2M | |
| Other long-term liabilities | $3.1M | $3.0M | |
| Total liabilities | $59.6M | $46.9M | |
| Common stock at 0.13, or $0.15 at closing rate par value; 37,751,519 shares authorized and issued and 37,481,986 shares outstanding at December 31, 2025 0.13 or $0.14 at closing rate par value 37,661,619 shares authorized and issued and 37,392,086 shares outstanding at December 31, 2024 | $6.1M | $6.1M | |
| Additional paid-in capital | $151.3M | $148.8M | |
| Accumulated deficit | -$128.6M | -$99.4M | |
| Cumulative other comprehensive loss | -$8.3M | -$12.0M | |
| Treasury stock, at cost 269,533 shares at December 31, 2025 and 269,533 shares at December 31, 2024 | -$1.0M | -$1.0M | |
| Total shareholders' equity | $19.4M | $42.5M | $62.9M |
| Total liabilities and shareholders' equity | $79.0M | $89.4M | |
| Common stock, par value | 0.13 EUR | 0.13 EUR | |
| Common Stock, Shares Authorized | 37.8M shares | 37.7M shares | |
| Common stock, shares issued | 37.8M shares | 37.7M shares | |
| Commons stock, shares outstanding | 37.5M shares | 37.4M shares | |
| Treasury stock | 269.5K shares | 269.5K shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 2 fiscal years, latest first.5
| Period ending | 2025-12-31 | 2024-12-31 |
|---|---|---|
| Net loss | -$29.2M | -$20.6M |
| Depreciation and amortization | $3.4M | $2.8M |
| Share based compensation | $2.6M | $3.6M |
| Change in allowances for doubtful accounts & slow-moving inventories | $919.0K | $1.0M |
| Change in Fair Value on EIB Warrants and Loan amortization | $2.9M | |
| Change in long-term provisions | -$140.0K | $187.0K |
| Net capital loss on disposals of assets | $529.0K | $558.0K |
| Deferred tax expense (benefit) | -$231.0K | -$105.0K |
| Operating cash flow before changes in working capital | -$19.3M | -$12.6M |
| Decrease (Increase) in trade accounts and notes and other receivables | -$567.0K | -$150.0K |
| Decrease (Increase) in inventories | $6.8M | -$4.4M |
| Decrease (Increase) in other assets | $72.0K | -$620.0K |
| (Decrease) Increase in trade accounts and notes payable | -$3.0M | $1.3M |
| (Decrease) Increase in accrued expenses, other current liabilities | -$462.0K | $1.7M |
| Net change in operating assets and liabilities | $2.9M | -$2.1M |
| Net cash generated by (used in) operating activities | -$16.4M | -$14.7M |
| Additions to capitalized assets produced by the Company | -$3.7M | -$2.8M |
| Acquisitions of property and equipment | -$1.2M | -$1.4M |
| Acquisitions of intangible assets | -$832.0K | -$249.0K |
| Decrease (Increase) of other financial assets | $0 | |
| Decrease (Increase) in deposits and guarantees | $43.0K | -$21.0K |
| Net cash generated by (used in) investing activities | -$5.7M | -$4.5M |
| Proceeds from stock-option exercise | $125.0K | |
| Proceeds from long term borrowings, net of financing costs | $12.4M | $2.8M |
| Repayment of long term borrowings | -$2.7M | -$1.7M |
| Repayment of obligations under financing leases | -$205.0K | -$251.0K |
| Increase (decrease) in bank overdrafts and short-term borrowings | -$883.0K | $4.0M |
| Net cash generated by (used in) financing activities | $8.6M | $5.0M |
| Net effect of exchange rate changes on cash and cash equivalents | $3.0M | -$2.9M |
| Net increase (decrease) in cash and cash equivalents | -$10.5M | -$17.0M |
No quarter-by-quarter statement was filed.
Corporate structure
EDAP TMS SA sits at the top of its group. 4 entities, 3 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of EDAP TMS SA
- Soleus Private Equity Fund II, L.P. Filed SC 13G/A on EDAP TMS SA, latest Nov 14, 2024
- Soleus Capital Master Fund, L.P. Filed SC 13G/A on EDAP TMS SA, latest Feb 2, 2024 (4 filings since Feb 10, 2022)
- Morgan Stanley Filed SC 13G/A on EDAP TMS SA, latest Feb 9, 2023 (2 filings since Feb 10, 2022)
- EDAP TMS SA
- EDAP Technomed Co. Ltd. Subsidiary · Japan
- EDAP TMS France S.A.S. Subsidiary · France
- EDAP TMS Switzerland Subsidiary · Switzerland
Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What EDAP TMS SA reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $23.9M5 Dec 31, 2025 | $18.5M5 Dec 31, 2024 | +29.0% |
| Accumulated depreciation | $14.0M5 Dec 31, 2025 | $10.9M5 Dec 31, 2024 | +28.0% |
| Property and equipment, net | $9.9M5 Dec 31, 2025 | $7.6M5 Dec 31, 2024 | +30.6% |
| Finance-lease assets | $512.0K5 Dec 31, 2025 | $516.0K5 Dec 31, 2024 | −0.8% |
| Operating-lease assets (leased space) | $3.1M5 Dec 31, 2025 | $2.7M5 Dec 31, 2024 | +17.3% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $20.5M5 Dec 31, 2025 | $31.0M5 Dec 31, 2024 | −34.0% |
| Marketable securities, current | $05 Dec 31, 2025 |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $2.8M5 Dec 31, 2025 | $2.5M5 Dec 31, 2024 | +13.1% |
| Intangible assets, net (excluding goodwill) | $1.8M5 Dec 31, 2025 | $1.1M5 Dec 31, 2024 | +59.4% |
| Finite-lived intangibles, gross | $4.6M5 Dec 31, 2025 | $3.4M5 Dec 31, 2024 | +36.4% |
| Accumulated amortization | $2.8M5 Dec 31, 2025 | $2.3M5 Dec 31, 2024 | +25.0% |
| Finite-lived intangibles, net | $1.8M5 Dec 31, 2025 | $1.1M5 Dec 31, 2024 | +59.4% |
Inventory
| Item | Latest | A year before | Change |
|---|---|---|---|
| Inventory, total | $12.8M5 Dec 31, 2025 | $19.2M5 Dec 31, 2024 | −33.2% |
| Work in process | $1.5M5 Dec 31, 2025 | $1.1M5 Dec 31, 2024 | +43.2% |
Properties, in its own words
We maintain our principal manufacturing and administrative facility in Vaulx-en-Velin, near Lyon, France. We lease approximately 4,150 square meters of office and manufacturing space at this location pursuant to a renewable commercial lease agreement that originally became effective on July 1, 2015. The lease was renewed in November 2024 for a nine-year term effective July 1, 2025. The lease permits termination at the end of the third and sixth years of the renewed term. This facility serves as our primary site for the manufacturing of our medical device systems and related consumables, as well as certain administrative functions. We believe the terms of this lease reflect current market conditions.
In addition, we lease office and/or warehouse facilities in Kuala Lumpur, Malaysia; Flensburg, Germany; Wollerau, Switzerland; Austin, Texas and Los Altos, California, United States; Seoul, South Korea; and Fukuoka, Osaka, Sapporo and Tokyo, Japan. These facilities support our sales, service, distribution and administrative operations in their respective regions.
The rest of Item 2
We believe that our existing facilities are suitable and adequate for our current operations and that appropriate additional or substitute space will be available on commercially reasonable terms as needed. We are not aware of any environmental conditions relating to our leased properties that would materially adversely affect our business or the utilization of such facilities.
Item 2 of the 10-K filed Mar 25, 2026.4
Leadership
Who has led EDAP TMS SA, and when. Pick a name to see everywhere that person has worked.
- Chief executive officerRyan Rhodes Jan 14, 2026 to now10
- Chief financial officerKenneth S. Mobeck Jan 13, 2026 to now11
Board members and other officers (10)
- Gen Counsel & Corp SecretarySanket Shah Jan 9, 2026 to now12
- Chief Accounting OfficerFrancois Mattieu Dietsch Jan 13, 2026 to now13
- SVP, Marketing & Product Mgmt.Steven Annen Jan 14, 2026 to now14
- Board memberFran Schulz Jan 9, 2026 to now15
- Board memberGlendon E. French Iii. Jan 9, 2026 to now16
- Board memberJoshua Levine Jan 9, 2026 to now17
- Board memberLance Willsey Jan 14, 2026 to now18
- Board memberRyan Rhodes Jan 14, 2026 to now10
- Board memberDavid R. Horn Feb 13, 2026 to now19
- General counselSanket Shah Aug 17, 2026 to now20
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- EDAP TMS France S.A.S. France3
- EDAP TMS GmbH Germany3
- EDAP TMS Switzerland Switzerland3
- EDAP Technomed Co. Ltd. Japan3
- EDAP Technomed Sdn Bhd Malaysia3
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Timeline
- Aug 19, 20268-K Other events21
- Aug 14, 20268-K Entered a material agreement22
- Aug 13, 20268-K Results of operations23
- Aug 11, 20268-K Results of operations; Regulation FD disclosure; Other events24
- Jun 26, 20268-K Bylaws or fiscal year changed; Shareholder vote25
- Jun 1, 20268-K Regulation FD disclosure26
- May 29, 20268-K Other events27
- May 7, 20268-K Results of operations28
- Apr 2, 20268-K New debt or obligation; Unregistered sale of shares29
- Mar 25, 20268-K Results of operations30
- Mar 18, 20268-K Regulation FD disclosure31
- Feb 12, 20268-K Executive or director change; Regulation FD disclosure32
- Jan 14, 2026New chief executive Ryan Rhodes becomes CEO10
Calendar
Coming up
- Nov 5, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.15) a share, on Nov 6, 2025.33
When it reported results
- Aug 13, 2026Reported quarterly or annual results23
- Aug 11, 2026Reported quarterly or annual results24
- May 7, 2026Reported quarterly or annual results28
- Mar 25, 2026Reported quarterly or annual results30
- Jan 12, 2026Reported quarterly or annual results34
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
126 filings to the SEC since October 2021: 5 annual reports, 2 quarterly reports, 13 major events, 25 insider forms, 7 large holders, 74 other. The latest 20:
- Sep 15, 2026S-8 EDGAR
- Aug 20, 20263 EDGAR
- Aug 19, 20268-K EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 17, 20264 EDGAR
- Aug 14, 202610-Q EDGAR
- Aug 14, 20268-K EDGAR
- Aug 13, 20268-K EDGAR
- Aug 12, 2026424B5 EDGAR
- Aug 12, 2026424B5 EDGAR
- Aug 11, 20268-K EDGAR
- Jun 26, 20268-K EDGAR
- Jun 1, 20268-K EDGAR
- May 29, 20268-K EDGAR
The 126 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
9 open-market trades by officers, directors and large owners since October 2021: 9 buys and 0 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Aug 14, 2026 | Horn David R.Director | Buy | 10,000 | $4.75 | $47.5K | Form 4 |
| Aug 14, 2026 | Schulz FranDirector | Buy | 10,000 | $4.75 | $47.5K | Form 4 |
| Aug 14, 2026 | LEVINE JOSHUADirector | Buy | 10,000 | $4.75 | $47.5K | Form 4 |
| Aug 14, 2026 | Mobeck Kenneth S.Chief Financial Officer | Buy | 5,000 | $4.75 | $23.8K | Form 4 |
| Aug 14, 2026 | WILLSEY LANCEDirector | Buy | 50,000 | $4.75 | $237.5K | Form 4 |
| Aug 14, 2026 | Rhodes RyanChief Executive Officer | Buy | 21,000 | $4.75 | $99.8K | Form 4 |
| Aug 14, 2026 | Shah SanketGeneral Counsel & Corp Sec | Buy | 5,000 | $4.75 | $23.8K | Form 4 |
| Aug 14, 2026 | Annen StevenSVP, Marketing & Product Mgmt. | Buy | 5,000 | $4.75 | $23.8K | Form 4 |
| May 11, 2026 | LEVINE JOSHUADirector | Buy | 10,000 | $4.22 | $42.2K | Form 4 |
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- Soleus Private Equity Fund II, L.P.SC 13G/A, 1 filing Nov 14, 202435
- Soleus Capital Master Fund, L.P.SC 13G/A, 4 filings Feb 10, 2022 to Feb 2, 202436
- Morgan StanleySC 13G/A, 2 filings Feb 10, 2022 to Feb 9, 202337
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Ryan Rhodes | $673.1K | $1.7M38 | |
| 2025 | Kenneth S. Mobeck | $460.0K | $1.0M38 | |
| 2025 | Steven Annen | $336.2K | $713.4K38 | |
| 2024 | Chief Executive Officer | $673.1K | $1.3M38 | |
| 2024 | Chief Financial Officer | $460.0K | $1.1M38 | |
| 2024 | Executive Vice PresidentMarketing and Product Management | $327.8K | $423.1K38 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 37. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| Soleus Capital Management, L.P. | 7,309,254 | $37.9M | 1.3% | No change |
| Morgan Stanley | 3,336,872 | $17.3M | 0.0% | −8,408 |
| Rock Springs Capital Management LP | 1,386,000 | $7.2M | 0.4% | +8,000 |
| Flax Pond Capital, LLC | 1,525,676 | $6.8M | 2.5% | +742,230 |
| Bruce & Co., Inc. | 438,652 | $2.3M | 0.6% | No change |
| Parkman Healthcare Partners LLC | 154,832 | $802.0K | 0.1% | No change |
| Essex Investment Management Co LLC | 146,005 | $756.3K | 0.1% | New |
| Cahill Financial Advisors Inc | 134,960 | $699.1K | 0.1% | No change |
| Us Bancorp \de\ | 122,500 | $634.5K | 0.0% | +3,500 |
| UBS Group AG | 118,395 | $613.3K | 0.0% | −51,235 |
| Sage Mountain Advisors LLC | 100,000 | $518.0K | 0.0% | No change |
| Leonteq Securities AG | 94,990 | $492.0K | 0.0% | No change |
| Summit Trail Advisors, LLC | 82,339 | $426.5K | 0.0% | −20,000 |
| Cetera Investment Advisers | 74,012 | $383.4K | 0.0% | No change |
| Commonwealth Equity Services, LLC | 69,160 | $358.2K | 0.0% | No change |
| Citadel Advisors LLC | 66,183 | $342.8K | 0.0% | New |
| Legato Capital Management LLC | 48,269 | $250.0K | 0.0% | New |
| Osaic Holdings, Inc. | 42,700 | $221.2K | 0.0% | No change |
| Schonfeld Strategic Advisors LLC | 41,730 | $216.2K | 0.0% | +15,869 |
| Manatuck Hill Partners, LLC | 27,597 | $143.0K | 0.0% | No change |
| Intrepid Family Office LLC | 25,000 | $129.5K | 0.1% | No change |
| SmartHarvest Portfolios, LLC | 23,933 | $124.0K | 0.0% | +13,813 |
| Sei Investments Co | 23,485 | $121.7K | 0.0% | New |
| Geode Capital Management, LLC | 22,764 | $117.9K | 0.0% | No change |
| Susquehanna International Group, Llp | 22,194 | $115.0K | 0.0% | New |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How EDAP TMS SA is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGAREDAP TMS SA1
- CIK0001041934
- Employer ID (EIN)98-16448444
- Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
- Incorporated inI04
- Fiscal year endsDecember 311
- Industry code (SIC)3845 Electromedical & Electrotherapeutic Apparatus1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business addressParc D'Activites La Poudrette Lamartine, 4 Rue Du Dauphine, 69120 Vaulx En Velin, I0 691201
- Phone336726435081
- Shares outstanding37,527,950 as of Aug 14, 20268
- Public float$61.8M as of Jun 30, 20254
- AuditorKPMG S.A., Lyon, France PCAOB ID 1253; no auditor attestation of internal control over financial reporting4
- On EDGAR sinceFeb 13, 19981
- Filings494 in all: 6-K (261), SC 13G/A (34), 20-F (25), SC 13G (15), 4 (14), 8-K (13), 3 (12), UPLOAD (12)1
All 34 form types
424B3 (11), F-3 (11), 144 (10), 424B5 (10), CORRESP (10), EFFECT (10), S-8 (10), 6-K/A (6), IRANNOTICE (5), 20-F/A (4), 10-Q (2), DEFA14A (2), F-3/A (2), FWP (2), RW (2), 10-K (1), 5 (1), ARS (1), DEF 14A (1), F-6 POS (1), F-6EF (1), PRE 14A (1), REGDEX (1), REGDEX/A (1), S-3 (1), S-3/A (1)
- Latest filingsAnnual report (10-K) Mar 25, 2026
Quarterly report (10-Q) Aug 14, 2026
Proxy statement (DEF 14A) May 14, 2026
Latest 8-K (8-K) Aug 19, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| American Depositary Shares | EDAP | Nasdaq |
From the cover page of the 10-K filed Mar 25, 2026 (Section 12(b) of the Exchange Act).4
Risk factors and legal proceedings
The risks EDAP TMS SA names in Item 1A of its 10-K filed Mar 25, 2026: 47 risks under these headings, as written.4
- Risks Related to our Business, Financial Position and Capital Needs
- Risks Related to our Indebtedness
- Risks Related to our Product Candidates and the Industry in which we Operate
- Risks Related to our Organization and Operations
- Risks Related to Intellectual Property Rights
- Risks Related to Our Status as a French Company
- Risks Related to Ownership of our Ordinary Shares and the ADSs
- General Risk Factors
- Risks Related to Our Business, Financial Position and Capital Needs
- If we are unable to obtain additional financing when needed, our ability to continue as a company could be adversely affected.
- Our future revenue and income growth depends, among other things, on implementing our business strategy, which largely depends on the success of our HIFU technology, and our capacity to scale our operations to manage and sustain our future growth.
- Changes in U.S. trade policy, including the imposition of tariffs and the resulting consequences, may have a material adverse impact on our business and results of operations.
The other 44 risks
- Our operating cash flow is highly dependent on cyclical demand for our products.
- Our results of operations have fluctuated significantly from quarter to quarter in the past and may continue to do so in the future as we experience long and variable product sales cycles, which are long and seasonal and are partly dependent on access to sufficient financing.
- We have incurred substantial debt, which could impair our flexibility and access to capital and adversely affect our financial position, and our business would be adversely affected if we are unable to service our debt obligations and are subject to default.
- Our ability to access future funds under the Credit Facility is subject to conditions that may not be satisfied.
- Exercise of the warrants issued to EIB may dilute the ownership interest of our shareholders or may otherwise depress the market price of our ADSs.
- If we do not successfully optimize our sales, marketing, and potential future distribution channels or do not effectively expand and update our infrastructure, or maintain high product quality and reliability, our operating results may be negatively impacted.
- New device developments and introductions may adversely impact our financial results.
- Potential issues in the adoption and use of AI in our product offerings may result in reputational harm or liability.
- We operate in a highly regulated industry and our future success depends on obtaining and maintaining government regulatory approval of our products, which we may not receive or be able to maintain or which may be delayed for a significant period of time.
- Our clinical trials related to products using HIFU technology may not be successful, and we may not be able to obtain regulatory approvals necessary for commercialization of all of our HIFU products.
- The commercial success of our products depends on whether procedures performed using those products are eligible for reimbursement approved by national health authorities and third-party payers.
- HIFU technology may not be widely adopted by the medical community and may never become a standard of care, and we may be unable to generate sufficient revenue to sustain our business.
- Competition in the markets in which we operate is intense and is expected to increase in the future, and there is a substantial risk our products or service offerings could become obsolete or uncompetitive.
- We may experience revenue disruption due to our strategic shift to focus on HIFU activities and away from legacy non-HIFU activities.
- We face a significant risk of exposure to product liability claims in the event that the use of our products results in personal injury or death and our insurance coverage may be inadequate.
- We depend on a single site to manufacture our products, and any interruption of operations could have a material adverse effect on our business.
- For certain components or services, we depend on a small number of suppliers who, due to events beyond our control may fail to deliver sufficient supplies to us or may increase the cost of items supplied, which would interrupt our production processes or negatively impact our results of operations.
- We utilize distributors for our sales abroad, which subjects us to a number of risks that could harm our business.
- We are a relatively small company with a limited number of products and staff. Sales fluctuations and employee turnover may adversely affect our business.
- The loss of key members of our executive management team could adversely affect our business.
- We may have difficulties in attracting and recruiting highly qualified experts in hardware, software, AI, design and development of high technology devices.
- We are exposed to risks related to cybersecurity threats and incidents.
- The expansion of social media platforms and new technologies present risks and challenges for our business and reputation.
- In prior periods we have identified material weaknesses in our internal control over financial reporting with respect to our U.S. subsidiary. If we experience additional material weaknesses in the future or otherwise fail to maintain an effective system of internal controls, we may not be able to report our financial results accurately or timely. In addition, the trading price of our securities may be adversely affected.
- Our success largely depends on our ability to establish and protect the intellectual property rights related to our medical devices, and any dispute with respect to these rights could be costly and have an uncertain outcome and may prevent or delay our development and commercialization efforts.
- We may encounter disruption in our Intellectual Property protection due to expiring patents and lack of updated filings.
- U.S. laws relating to the patentability of certain inventions in the life sciences and medical technology industry are uncertain and rapidly changing, which may adversely impact our existing patents or our ability to obtain patents in the future.
- We may not be able to protect or enforce our intellectual property rights throughout the world.
- Our use of “open-source” software could negatively affect our ability to sell our products and subject us to possible litigation.
- Risks Related to Being a French Company
- Our French and international operations expose us to additional costs, legal and regulatory risks, which could have a material adverse effect on our business, financial condition and results of operations.
- We sell our products in many parts of the world and, as a result, our business is affected by fluctuations in currency exchange rates.
- Our by-laws and French corporate law contain provisions that may delay or discourage a takeover attempt.
- The rights of shareholders in companies subject to French corporate law differ in material respects from the rights of shareholders of corporations incorporated in the United States.
- French law may limit the amount of dividends we are able to distribute, and we do not intend to pay cash dividends for the foreseeable future.
- We became a U.S. Domestic Issuer and a smaller reporting company on January 1, 2026, which will likely result in significant additional costs and expenses.
- Judgments of U.S. courts, including those predicated on the civil liability provisions of the federal securities laws of the United States, may not be enforceable in French courts.
- Our securities may be affected by volume fluctuations, and may fluctuate significantly in price, causing investors to lose some or all of their investment.
- Holders of ADSs have fewer rights than shareholders and must act through the Depositary to exercise those rights.
- If securities or industry analysts do not publish research, or publish inaccurate or unfavorable research, about our market or business, our ADS price and trading volume could decline.
- Preferential subscription rights may not be available for U.S. persons.
- Our results of operations and financial condition could be adversely affected by the adverse economic changes, political, social and geopolitical developments, financial changes, and the impact of climate change.
- Global potential inflation may have a material adverse effect on our business, results of operations and financial condition.
- We may issue additional securities that may be dilutive to our existing shareholders, in view of funding our new developments and accelerating our business expansion.
- We may in the future be the target of securities class action or other litigation, which could be costly and time consuming to defend.
Legal proceedings
From time to time, we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. We do not have any pending legal proceedings.
The opening of Item 3, Legal Proceedings.4
Sources
The numbers on this page point here. Each one links to the record it came from.
- 1SEC EDGAREDAP TMS SA filings on SEC EDGAR
- 2SEC EDGAREDAP TMS SA filings on SEC EDGAR
- 3
- 4
- 5SEC EDGAREDAP TMS SA 10-K for fiscal 2025
- 6SEC EDGAREDAP TMS SA 10-K for fiscal 2019
- 7SEC EDGAREDAP TMS SA 10-K for fiscal 2020
- 8SEC EDGAREDAP TMS SA 10-Q for fiscal 2025
- 9SEC EDGAREDAP TMS SA 10-Q for fiscal 2026
- 10SEC EDGARRyan Rhodes, Chief executive officer
- 11
- 12
- 13
- 14
- 15SEC EDGARFran Schulz, Board member
- 16SEC EDGARGlendon E. French Iii., Board member
- 17SEC EDGARJoshua Levine, Board member
- 18SEC EDGARLance Willsey, Board member
- 19SEC EDGARDavid R. Horn, Board member
- 20SEC EDGARSanket Shah, General counsel
- 21SEC EDGAROther events
- 22SEC EDGAREntered a material agreement
- 23SEC EDGARResults of operations
- 24
- 25
- 26SEC EDGARRegulation FD disclosure
- 27SEC EDGAROther events
- 28SEC EDGARResults of operations
- 29
- 30SEC EDGARResults of operations
- 31SEC EDGARRegulation FD disclosure
- 32
- 33NasdaqNasdaq calendar
- 34
- 35
- 36
- 37
- 38