Perkins Capital Management Inc.

In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 7, 2025), Perkins Capital Management Inc. reported 83 stock positions worth $99.5 million. Its top holding was Natera (NTRA) at 7.8% of the portfolio, followed by Eli Lilly (LLY, 7.5%) and Microsoft (MSFT, 6.1%). Compared with Q1 2025, it opened 5 new positions, sold out of 4, added to 10 and reduced 44. The biggest buy was a new position in Ondas (ONDS) and the biggest sale Axogen (AXGN, shares −6%).

Most Recent 13F
Q2 2026
Location
WAYZATA, MN
CIK
0000884300
Portfolio Value
$99.5M (Q2 2025)
SEC Filing
0000884300-25-000004 ↗ filed Aug 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 Q1 2025 Q2 2025: $99.5M $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 83 stocks · $99.5M
NTRA Natera Inc. 7.77% 45,750 $7.7M Reduce -8.2%
LLY Eli Lilly & Co. 7.46% 9,520 $7.4M Reduce -2.8%
MSFT Microsoft Corp. 6.14% 12,285 $6.1M Reduce -0.8%
IDXX Idexx Laboratories Inc. 5.23% 9,700 $5.2M No change
MGNI Magnite Inc. 3.28% 135,125 $3.3M Reduce -6.9%
INUV Inuvo Inc. 3.22% 695,315 $3.2M Reduce -0.9%
MDXH Mdxhealth 3.16% 1,420,025 $3.1M Add +20.2%
ABT Abbott Laboratories 2.97% 21,743 $3.0M Reduce -2.6%
AMD Advanced Micro Devices 2.75% 19,304 $2.7M Reduce -7.2%
AXGN Axogen Inc. 2.60% 238,734 $2.6M Reduce -5.8%
LMAT Lemaitre Vascular Inc. 2.56% 30,711 $2.6M Reduce -5.2%
BKSY Blacksky Technology Inc. 2.51% 121,500 $2.5M No change
OOMA Ooma Inc. 2.47% 190,804 $2.5M Reduce -0.2%
APPS Digital Turbine Inc. 2.33% 392,600 $2.3M Add +1.3%
ELUT Elutia Inc. 2.30% 1,153,977 $2.3M Add +1.6%
VCYT Veracyte Inc. 2.23% 81,950 $2.2M Reduce -5.3%
TELA Tela Bio Inc. 1.71% 875,865 $1.7M Reduce -3.8%
PSNL Personalis Inc. 1.67% 252,500 $1.7M Reduce -1.9%
XGN Exagen Inc. 1.63% 231,858 $1.6M Reduce -45.2%
BLZE Backblaze Inc. Class A 1.58% 285,525 $1.6M No change
USIO Usio Inc. 1.53% 991,693 $1.5M Reduce -0.4%
ONDS Ondas Inc. filed as ONDAS HLDGS INC 1.44% 744,005 $1.4M New
PERI Perion Network Ltd. 1.31% 128,675 $1.3M Add +132.1%
CYRX Cryoport Inc. 1.28% 170,050 $1.3M Add +6.8%
QUIK Quicklogic Corp. 1.26% 202,956 $1.3M No change
NEO Neogenomics Inc. 1.23% 167,950 $1.2M Reduce -6.5%
VCEL Vericel Corp. 1.12% 26,100 $1.1M Reduce -1.9%
ABBV Abbvie Inc. 1.10% 5,892 $1.1M Reduce -5.4%
INGN Inogen Inc. 1.05% 148,050 $1.0M New
CXDO Crexendo Inc. 1.04% 170,600 $1.0M No change
NEUROONE MED TECHNOLOGIES CO 1.02% 1,500,000 $1.0M New
LFVN Lifevantage Corp. 0.99% 75,508 $988K No change
PFE Pfizer Inc. 0.99% 40,459 $981K Reduce -0.9%
AAPL Apple Inc. 0.96% 4,650 $954K No change
ATRC Atricure Inc. 0.96% 29,102 $954K Reduce -2.7%
GILD Gilead Sciences Inc. 0.93% 8,333 $924K Reduce -19.4%
SKYT Skywater Technology Inc. 0.90% 91,250 $898K Reduce -12.5%
T AT&T Inc. 0.88% 30,342 $878K Reduce -4.0%
CIEN Ciena Corp. 0.79% 9,650 $785K Reduce -31.8%
CDXS Codexis Inc. 0.77% 312,000 $761K Reduce -2.1%
MRK Merck & Co. Inc. 0.70% 8,750 $693K Reduce -16.7%
BFLY Butterfly Network Inc. 0.59% 295,260 $591K Add +7.4%
USB US Bancorp 0.59% 13,050 $591K Reduce -1.5%
CSTL Castle Biosciences Inc. 0.57% 27,995 $572K Reduce -17.6%
ANIP Ani Pharmaceuticals Inc. 0.55% 8,441 $551K No change
OPRX Optimizerx Corp. 0.53% 39,096 $528K Reduce -10.3%
VZ Verizon Communications Inc. 0.51% 11,808 $511K No change
APYX Apyx Medical Corp. 0.51% 227,000 $511K Add +10.5%
VTRS Viatris Inc. 0.51% 56,878 $508K Reduce -5.0%
NXPI NXP Semiconductors NV 0.51% 2,300 $503K No change
TGT Target Corp. 0.49% 4,900 $483K Reduce -9.3%
BMY Bristol-Myers Squibb Co. 0.49% 10,430 $483K Reduce -18.1%
COP Conocophillips 0.47% 5,250 $471K Reduce -19.2%
GIS General Mills Inc. 0.46% 8,900 $461K Reduce -22.3%
SERA Sera Prognostics Inc. Class A 0.36% 131,000 $363K Reduce -12.7%
PLUS Eplus Inc. 0.36% 5,000 $361K No change
DGII Digi International Inc. 0.36% 10,333 $360K No change
INTC Intel Corp. 0.33% 14,700 $329K No change
FAST Fastenal Co. 0.32% 7,500 $315K Reduce -56.4%
DCI Donaldson Co. Inc. 0.31% 4,400 $305K Reduce -36.2%
BDSX Biodesix Inc. 0.30% 1,059,711 $299K No change
BP BP PLC-Spons ADR 0.28% 9,200 $275K No change
BLFS Biolife Solutions Inc. 0.27% 12,500 $269K Reduce -7.4%
COST Costco Wholesale Corp. 0.25% 250 $247K No change
JNJ Johnson & Johnson 0.25% 1,600 $244K No change
ASUR Asure Software Inc. 0.25% 25,000 $244K No change
FPAYQ Flexshopper Inc. 0.22% 185,550 $223K No change
DGX Quest Diagnostics Inc. 0.22% 1,200 $216K No change
BAX Baxter International Inc. 0.21% 6,900 $209K Reduce -36.1%
HAIN Hain Celestial Group Inc. 0.19% 125,213 $190K Reduce -7.4%
CELC Celcuity Inc. 0.16% 11,700 $156K Add +3.1%
MYO Myomo Inc. 0.13% 61,400 $133K Reduce -18.1%
TCMD Tactile Systems Technology I 0.11% 11,200 $114K Reduce -52.7%
CVRX CVRX Inc. 0.10% 16,350 $96K New
ARAY Accuray Inc. 0.10% 70,000 $96K Add +6.9%
RMTI Rockwell Medical Inc. 0.06% 71,922 $61K No change
SCPH Scpharmaceuticals Inc. 0.05% 13,500 $51K Reduce -21.5%
ATEC Alphatec Holdings Inc. 0.05% 179,817 $50K Reduce -0.4%
DYAI Dyadic International Inc. 0.05% 47,850 $47K No change
IRIX Iridex Corp. 0.04% 47,300 $42K No change
SENS Senseonics Holdings Inc. 0.04% 80,000 $38K Add +21.2%
LUNG Pulmonx Corp. 0.03% 10,000 $26K New
AIRG Airgain Inc. 0.01% 36,500 $5K No change

Portfolio Sells Q1 2025 → Q2 2025
AXGN Axogen Inc. Reduce -5.8% 2.60% −2.34
CTLP Cantaloupe Inc. Sold out 0.00% −1.95
ATEC Alphatec Holdings Inc. Reduce -0.4% 0.05% −1.88
LLY Eli Lilly & Co. Reduce -2.8% 7.46% −1.07
VFF Village Farms International Sold out 0.00% −0.84
NEO Neogenomics Inc. Reduce -6.5% 1.23% −0.56
VCYT Veracyte Inc. Reduce -5.3% 2.23% −0.48
HAIN Hain Celestial Group Inc. Reduce -7.4% 0.19% −0.40
FAST Fastenal Co. Reduce -56.4% 0.32% −0.39
BMY Bristol-Myers Squibb Co. Reduce -18.1% 0.49% −0.33
LMAT Lemaitre Vascular Inc. Reduce -5.2% 2.56% −0.30
MRK Merck & Co. Inc. Reduce -16.7% 0.70% −0.30
GILD Gilead Sciences Inc. Reduce -19.4% 0.93% −0.29
ABBV Abbvie Inc. Reduce -5.4% 1.10% −0.28
GIS General Mills Inc. Reduce -22.3% 0.46% −0.26
MYO Myomo Inc. Reduce -18.1% 0.13% −0.25
COP Conocophillips Reduce -19.2% 0.47% −0.25
TCMD Tactile Systems Technology I Reduce -52.7% 0.11% −0.22
XOM Exxon Mobil Corp. Sold out 0.00% −0.21
SERA Sera Prognostics Inc. Class A Reduce -12.7% 0.36% −0.19
DCI Donaldson Co. Inc. Reduce -36.2% 0.31% −0.18
BAX Baxter International Inc. Reduce -36.1% 0.21% −0.18
OOMA Ooma Inc. Reduce -0.2% 2.47% −0.16
ABT Abbott Laboratories Reduce -2.6% 2.97% −0.15
CSTL Castle Biosciences Inc. Reduce -17.6% 0.57% −0.14
CDXS Codexis Inc. Reduce -2.1% 0.77% −0.14
VCEL Vericel Corp. Reduce -1.9% 1.12% −0.13
CIEN Ciena Corp. Reduce -31.8% 0.79% −0.11
TGT Target Corp. Reduce -9.3% 0.49% −0.11
PFE Pfizer Inc. Reduce -0.9% 0.99% −0.10
T AT&T Inc. Reduce -4.0% 0.88% −0.06
ATRC Atricure Inc. Reduce -2.7% 0.96% −0.06
BLFS Biolife Solutions Inc. Reduce -7.4% 0.27% −0.05
VTRS Viatris Inc. Reduce -5.0% 0.51% −0.04
STRM Streamline Health Solutions Sold out 0.00% −0.04
USIO Usio Inc. Reduce -0.4% 1.53% −0.01
USB US Bancorp Reduce -1.5% 0.59% +0.00
SCPH Scpharmaceuticals Inc. Reduce -21.5% 0.05% +0.00
XGN Exagen Inc. Reduce -45.2% 1.63% +0.03
SKYT Skywater Technology Inc. Reduce -12.5% 0.90% +0.12
OPRX Optimizerx Corp. Reduce -10.3% 0.53% +0.13
NTRA Natera Inc. Reduce -8.2% 7.77% +0.34
AMD Advanced Micro Devices Reduce -7.2% 2.75% +0.50
TELA Tela Bio Inc. Reduce -3.8% 1.71% +0.54
INUV Inuvo Inc. Reduce -0.9% 3.22% +0.59
PSNL Personalis Inc. Reduce -1.9% 1.67% +0.71
MSFT Microsoft Corp. Reduce -0.8% 6.14% +1.24
MGNI Magnite Inc. Reduce -6.9% 3.28% +1.53

Portfolio Buys Q1 2025 → Q2 2025
ONDS Ondas Inc. New 1.44% +1.44
MDXH Mdxhealth Add +20.2% 3.16% +1.39
APPS Digital Turbine Inc. Add +1.3% 2.33% +1.22
INGN Inogen Inc. New 1.05% +1.05
NEUROONE MED TECHNOLOGIES CO New 1.02% +1.02
PERI Perion Network Ltd. Add +132.1% 1.31% +0.84
CYRX Cryoport Inc. Add +6.8% 1.28% +0.25
APYX Apyx Medical Corp. Add +10.5% 0.51% +0.22
CVRX CVRX Inc. New 0.10% +0.10
CELC Celcuity Inc. Add +3.1% 0.16% +0.04
LUNG Pulmonx Corp. New 0.03% +0.03
SENS Senseonics Holdings Inc. Add +21.2% 0.04% −0.01
ARAY Accuray Inc. Add +6.9% 0.10% −0.03
BFLY Butterfly Network Inc. Add +7.4% 0.59% −0.07
ELUT Elutia Inc. Add +1.6% 2.30% −0.73

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