Positron Corporation

What they do

Positron co-develops, manufactures, and sells PET and PET-CT imaging systems, primarily for cardiac imaging. Its portfolio includes the Attrius PET system and the NeuSight PET-CT (3D), with the Affinity PET-CT (4D) in development. The company also provides training, remote diagnostics, and maintenance services. It holds exclusive North American distribution rights for certain Neusoft-related products.

Revenue drivers

• Attrius PET system — Established product deployed in clinical settings, supporting the company's presence in nuclear cardiology; contributes to product sales.
• NeuSight PET-CT (3D) — Distributed under exclusive North American rights, with FDA 510(k) clearance; part of the co-developed product line.
• Affinity PET-CT (4D) — Next-generation system in preparation for commercial introduction, expected to serve cardiology, oncology, and neurology; not yet generating revenue.
• Service and support — Clinical and technical support services including training and maintenance, associated with installed systems.

Recent performance

For the year ended December 31, 2025, revenue was $461,452, a decline from $587,500 in 2024, and net loss widened to $10.6 million from $2.4 million. Diluted EPS was -$0.34 in 2025 versus -$0.09 in 2024. Operating cash flow was -$4.7 million in 2025. Quarterly revenue remained around $111,000-$120,000 in 2025 and 2026. As of June 30, 2026, total assets were $1.7 million, total liabilities $2.4 million, and shareholder equity was negative $660,847.

Strategy

Management plans to introduce the Affinity PET-CT 4D system, amending the existing FDA 510(k) clearance, and expand into oncology and neurology. The company intends to leverage its partnership with Neusoft for manufacturing and distribution. Its focus is on operational efficiency, cost-effective deployment, and flexible financing to increase adoption. The company also aims to improve operational execution and expand its market presence.

Risks

• History of losses — The company has not sold products in quantities sufficient to be profitable, with significant net losses in 2024 and 2025.
• Going concern — Management does not expect sufficient revenues or positive cash flows to meet obligations, raising substantial doubt about the ability to continue.
• Dependence on regulatory clearance — The Affinity PET-CT system requires FDA approval through a 510(k) amendment; failure to obtain clearance could hinder commercialization.
• Dependence on supplier partnership — The company relies on its agreement with Neusoft Medical Systems for product development and manufacturing; any disruption could affect operations.

Outlook

Management expects to continue developing the Affinity PET-CT for commercial introduction, subject to regulatory approval. The company plans to pursue the growing PET-CT market in cardiology and expand into oncology and neurology. However, the near-term outlook is constrained by limited cash and the need for additional financing to fund operations.