Perkins Capital Management Inc.

In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 7, 2025), Perkins Capital Management Inc. reported 82 stock positions worth $94.8 million. Its top holding was Eli Lilly (LLY) at 8.5% of the portfolio, followed by Natera (NTRA, 7.4%) and Axogen (AXGN, 4.9%). Compared with Q4 2024, it opened 5 new positions, sold out of 4, added to 12 and reduced 38. The biggest buy was a new position in Butterfly Network (BFLY) and the biggest sale Inuvo (INUV, shares −1%).

Most Recent 13F
Q2 2026
Location
WAYZATA, MN
CIK
0000884300
Portfolio Value
$94.8M (Q1 2025)
SEC Filing
0000884300-25-000002 ↗ filed May 7, 2025

Holdings Value

0$50.0M$100.0M$150.0M Q1 2024: $119.9M Q1 2024 Q2 2024: $106.1M Q2 2024 Q3 2024: $106.6M Q3 2024 Q4 2024: $112.7M Q4 2024 Q1 2025: $94.8M $94.8M Q1 2025 Q2 2025: $99.5M Q2 2025 Q3 2025: $113.5M Q3 2025 Q4 2025: $125.9M Q4 2025 Q1 2026: $106.7M Q1 2026 Q2 2026: $133.0M Q2 2026

Holdings 82 stocks · $94.8M

LLY Eli Lilly & Co. 8.53% 9,795 $8.1M Reduce -1.2%
NTRA Natera Inc. 7.43% 49,825 $7.0M Reduce -1.7%
AXGN Axogen Inc. 4.95% 253,534 $4.7M Reduce -2.9%
MSFT Microsoft Corp. 4.90% 12,385 $4.6M Reduce -0.2%
IDXX Idexx Laboratories Inc. 4.30% 9,700 $4.1M No change
ABT Abbott Laboratories 3.12% 22,330 $3.0M No change
ELUT Elutia Inc. 3.03% 1,136,377 $2.9M Add +32.1%
LMAT Lemaitre Vascular Inc. 2.87% 32,386 $2.7M Reduce -0.8%
VCYT Veracyte Inc. 2.71% 86,550 $2.6M Reduce -4.0%
OOMA Ooma Inc. 2.64% 191,179 $2.5M Add +0.4%
INUV Inuvo Inc. 2.63% 7,015,317 $2.5M Reduce -1.0%
AMD Advanced Micro Devices 2.25% 20,804 $2.1M No change
CTLP Cantaloupe Inc. 1.95% 234,600 $1.8M Reduce -0.7%
ATEC Alphatec Holdings Inc. 1.93% 180,517 $1.8M Reduce -0.6%
NEO Neogenomics Inc. 1.80% 179,550 $1.7M Add +0.3%
MDXH Mdxhealth 1.77% 1,181,475 $1.7M Add +20.1%
MGNI Magnite Inc. 1.75% 145,125 $1.7M Add +0.9%
XGN Exagen Inc. 1.60% 422,971 $1.5M Reduce -0.2%
USIO Usio Inc. 1.53% 995,693 $1.5M No change
BLZE Backblaze Inc. Class A 1.45% 285,525 $1.4M Add +0.1%
ABBV Abbvie Inc. 1.38% 6,230 $1.3M Reduce -1.2%
VCEL Vericel Corp. 1.25% 26,600 $1.2M Reduce -3.8%
GILD Gilead Sciences Inc. 1.22% 10,333 $1.2M Reduce -4.6%
TELA Tela Bio Inc. 1.17% 910,615 $1.1M Add +0.3%
LFVN Lifevantage Corp. 1.16% 75,508 $1.1M Reduce -0.5%
APPS Digital Turbine Inc. 1.11% 387,600 $1.1M No change
QUIK Quicklogic Corp. 1.09% 202,956 $1.0M No change
PFE Pfizer Inc. 1.09% 40,834 $1.0M Reduce -1.8%
AAPL Apple Inc. 1.09% 4,650 $1.0M No change
CYRX Cryoport Inc. 1.02% 159,300 $969K Reduce -0.1%
ATRC Atricure Inc. 1.02% 29,900 $965K Reduce -1.5%
MRK Merck & Co. Inc. 0.99% 10,500 $942K No change
BKSY Blacksky Technology Inc. 0.99% 121,500 $939K No change
PSNL Personalis Inc. 0.95% 257,307 $903K No change
T AT&T Inc. 0.94% 31,592 $893K Reduce -3.5%
CDXS Codexis Inc. 0.90% 318,800 $858K Add +69.3%
CIEN Ciena Corp. 0.90% 14,150 $855K No change
CXDO Crexendo Inc. 0.88% 170,600 $831K Add +241.2%
VFF Village Farms International 0.84% 1,318,500 $798K Add +21.1%
BMY Bristol-Myers Squibb Co. 0.82% 12,730 $776K Reduce -3.7%
SKYT Skywater Technology Inc. 0.78% 104,250 $739K Reduce -0.5%
GIS General Mills Inc. 0.72% 11,450 $685K Reduce -33.9%
COP Conocophillips 0.72% 6,500 $683K Reduce -5.1%
CSTL Castle Biosciences Inc. 0.72% 33,965 $680K Reduce -0.6%
FAST Fastenal Co. 0.70% 8,600 $667K No change
BDSX Biodesix Inc. 0.70% 1,059,711 $663K Reduce -0.1%
BFLY Butterfly Network Inc. 0.66% 275,000 $627K New
ANIP Ani Pharmaceuticals Inc. 0.60% 8,441 $565K No change
TGT Target Corp. 0.59% 5,400 $564K No change
HAIN Hain Celestial Group Inc. 0.59% 135,213 $561K No change
USB US Bancorp 0.59% 13,250 $559K Reduce -1.9%
VZ Verizon Communications Inc. 0.56% 11,808 $536K No change
SERA Sera Prognostics Inc. Class A 0.55% 150,000 $522K New
VTRS Viatris Inc. 0.55% 59,878 $522K No change
DCI Donaldson Co. Inc. 0.49% 6,900 $463K Reduce -5.5%
PERI Perion Network Ltd. 0.48% 55,450 $451K No change
NXPI NXP Semiconductors NV 0.46% 2,300 $437K No change
OPRX Optimizerx Corp. 0.40% 43,596 $378K Reduce -58.8%
BAX Baxter International Inc. 0.39% 10,800 $370K Reduce -6.5%
MYO Myomo Inc. 0.38% 75,000 $361K No change
INTC Intel Corp. 0.35% 14,700 $334K Reduce -10.6%
TCMD Tactile Systems Technology I 0.33% 23,700 $313K Reduce -62.0%
BP BP PLC-Spons ADR 0.33% 9,200 $311K No change
BLFS Biolife Solutions Inc. 0.33% 13,500 $308K No change
PLUS Eplus Inc. 0.32% 5,000 $305K Reduce -16.7%
DGII Digi International Inc. 0.30% 10,333 $288K Reduce -82.7%
APYX Apyx Medical Corp. 0.30% 205,500 $282K Reduce -1.0%
JNJ Johnson & Johnson 0.28% 1,600 $265K No change
ASUR Asure Software Inc. 0.25% 25,000 $239K No change
FPAYQ Flexshopper Inc. 0.25% 185,550 $238K No change
COST Costco Wholesale Corp. 0.25% 250 $236K No change
DGX Quest Diagnostics Inc. 0.21% 1,200 $203K New
XOM Exxon Mobil Corp. 0.21% 1,694 $201K New
AIRG Airgain Inc. 0.13% 36,500 $123K Reduce -77.4%
ARAY Accuray Inc. 0.12% 65,500 $117K Reduce -3.7%
CELC Celcuity Inc. 0.12% 11,350 $115K New
RMTI Rockwell Medical Inc. 0.09% 71,922 $81K Reduce -2.8%
DYAI Dyadic International Inc. 0.07% 47,850 $65K No change
IRIX Iridex Corp. 0.05% 47,300 $47K Add +4.4%
SCPH Scpharmaceuticals Inc. 0.05% 17,200 $45K Add +41.0%
SENS Senseonics Holdings Inc. 0.05% 66,000 $43K Reduce -21.4%
STRM Streamline Health Solutions 0.04% 12,743 $36K Reduce -4.0%

Portfolio Sells Q4 2024 → Q1 2025

INUV Inuvo Inc. Reduce -1.0% 2.63% −1.44
DGII Digi International Inc. Reduce -82.7% 0.30% −1.29
AIRG Airgain Inc. Reduce -77.4% 0.13% −0.88
BDSX Biodesix Inc. Reduce -0.1% 0.70% −0.74
TCMD Tactile Systems Technology I Reduce -62.0% 0.33% −0.62
SKYT Skywater Technology Inc. Reduce -0.5% 0.78% −0.50
VCYT Veracyte Inc. Reduce -4.0% 2.71% −0.46
NOTVQ Inotiv Inc. Sold out 0.00% −0.44
GIS General Mills Inc. Reduce -33.9% 0.72% −0.26
PESI Perma-Fix Environmental SVCS Sold out 0.00% −0.25
SHOP Shopify Inc. Class A Sold out 0.00% −0.19
VCEL Vericel Corp. Reduce -3.8% 1.25% −0.10
CSTL Castle Biosciences Inc. Reduce -0.6% 0.72% −0.09
CYRX Cryoport Inc. Reduce -0.1% 1.02% −0.08
PLUS Eplus Inc. Reduce -16.7% 0.32% −0.07
OPRX Optimizerx Corp. Reduce -58.8% 0.40% −0.06
RMTI Rockwell Medical Inc. Reduce -2.8% 0.09% −0.05
CTLP Cantaloupe Inc. Reduce -0.7% 1.95% −0.05
LFVN Lifevantage Corp. Reduce -0.5% 1.16% −0.02
STRM Streamline Health Solutions Reduce -4.0% 0.04% −0.01
AKTSQ Akoustis Technologies Inc. Sold out 0.00% −0.00
ARAY Accuray Inc. Reduce -3.7% 0.12% +0.00
APYX Apyx Medical Corp. Reduce -1.0% 0.30% +0.01
SENS Senseonics Holdings Inc. Reduce -21.4% 0.05% +0.01
USB US Bancorp Reduce -1.9% 0.59% +0.02
DCI Donaldson Co. Inc. Reduce -5.5% 0.49% +0.05
INTC Intel Corp. Reduce -10.6% 0.35% +0.06
XGN Exagen Inc. Reduce -0.2% 1.60% +0.06
BAX Baxter International Inc. Reduce -6.5% 0.39% +0.06
PFE Pfizer Inc. Reduce -1.8% 1.09% +0.11
COP Conocophillips Reduce -5.1% 0.72% +0.12
BMY Bristol-Myers Squibb Co. Reduce -3.7% 0.82% +0.16
ATRC Atricure Inc. Reduce -1.5% 1.02% +0.19
LMAT Lemaitre Vascular Inc. Reduce -0.8% 2.87% +0.20
MSFT Microsoft Corp. Reduce -0.2% 4.90% +0.26
T AT&T Inc. Reduce -3.5% 0.94% +0.28
NTRA Natera Inc. Reduce -1.7% 7.43% +0.31
GILD Gilead Sciences Inc. Reduce -4.6% 1.22% +0.33
ABBV Abbvie Inc. Reduce -1.2% 1.38% +0.38
ATEC Alphatec Holdings Inc. Reduce -0.6% 1.93% +0.45
AXGN Axogen Inc. Reduce -2.9% 4.95% +1.13
LLY Eli Lilly & Co. Reduce -1.2% 8.53% +1.74

Portfolio Buys Q4 2024 → Q1 2025

BFLY Butterfly Network Inc. New 0.66% +0.66
CXDO Crexendo Inc. Add +241.2% 0.88% +0.64
SERA Sera Prognostics Inc. Class A New 0.55% +0.55
OOMA Ooma Inc. Add +0.4% 2.64% +0.26
DGX Quest Diagnostics Inc. New 0.21% +0.21
XOM Exxon Mobil Corp. New 0.21% +0.21
ELUT Elutia Inc. Add +32.1% 3.03% +0.18
CELC Celcuity Inc. New 0.12% +0.12
CDXS Codexis Inc. Add +69.3% 0.90% +0.11
VFF Village Farms International Add +21.1% 0.84% +0.10
SCPH Scpharmaceuticals Inc. Add +41.0% 0.05% +0.01
IRIX Iridex Corp. Add +4.4% 0.05% −0.02
BLZE Backblaze Inc. Class A Add +0.1% 1.45% −0.07
MGNI Magnite Inc. Add +0.9% 1.75% −0.29
MDXH Mdxhealth Add +20.1% 1.77% −0.30
NEO Neogenomics Inc. Add +0.3% 1.80% −0.82
TELA Tela Bio Inc. Add +0.3% 1.17% −1.26

All Filings

QuarterPositions13F Reported ValueTop Holdings
Q2 2026 79$133.0MNTRA, LLY, AMD, BFLY, AXGN
Q1 2026 86$106.7MNTRA, LLY, AXGN, IDXX, MSFT
Q4 2025 91$125.9MNTRA, LLY, AXGN, IDXX, MSFT
Q3 2025 83$113.5MNTRA, LLY, MDXH, MSFT, IDXX
Q2 2025 83$99.5MNTRA, LLY, MSFT, IDXX, MGNI
Q1 2025 82$94.8MLLY, NTRA, AXGN, MSFT, IDXX
Q4 2024 81$112.7MNTRA, LLY, MSFT, INUV, AXGN
Q3 2024 84$106.6MLLY, NTRA, MSFT, IDXX, AXGN
Q2 2024 88$106.1MLLY, MSFT, NTRA, IDXX, ELUT
Q1 2024 90$119.9MLLY, MSFT, AUGX, IDXX, NTRA