Perkins Capital Management Inc.

In its 13F for Q3 2025 (holdings as of September 30, 2025, filed October 31, 2025), Perkins Capital Management Inc. reported 83 stock positions worth $113.5 million. Its top holding was Natera (NTRA) at 6.4% of the portfolio, followed by Eli Lilly (LLY, 6.1%) and Mdxhealth (MDXH, 5.7%). Compared with Q2 2025, it opened 5 new positions, sold out of 5, added to 13 and reduced 43. The biggest buy was Skywater Technology (SKYT, shares +86%) and the biggest sale Exagen (XGN, shares −91%).

Most Recent 13F
Q2 2026
Location
WAYZATA, MN
CIK
0000884300
Portfolio Value
$113.5M (Q3 2025)
SEC Filing
0000884300-25-000006 ↗ filed Oct 31, 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 Q2 2025 Q3 2025: $113.5M $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 · $113.5M

NTRA Natera Inc. 6.36% 44,850 $7.2M Reduce -2.0%
LLY Eli Lilly & Co. 6.11% 9,090 $6.9M Reduce -4.5%
MDXH Mdxhealth 5.75% 1,402,608 $6.5M Reduce -1.2%
MSFT Microsoft Corp. 5.59% 12,245 $6.3M Reduce -0.3%
IDXX Idexx Laboratories Inc. 5.46% 9,700 $6.2M No change
AXGN Axogen Inc. 3.71% 236,051 $4.2M Reduce -1.1%
SKYT Skywater Technology Inc. 2.80% 170,050 $3.2M Add +86.4%
AMD Advanced Micro Devices 2.62% 18,404 $3.0M Reduce -4.7%
ABT Abbott Laboratories 2.54% 21,559 $2.9M Reduce -0.8%
MGNI Magnite Inc. 2.52% 131,275 $2.9M Reduce -2.9%
VCYT Veracyte Inc. 2.41% 79,683 $2.7M Reduce -2.8%
LMAT Lemaitre Vascular Inc. 2.35% 30,461 $2.7M Reduce -0.8%
BLZE Backblaze Inc. Class A 2.29% 280,025 $2.6M Reduce -1.9%
ATEC Alphatec Holdings Inc. 2.22% 173,317 $2.5M Reduce -3.6%
APPS Digital Turbine Inc. 2.18% 386,100 $2.5M Reduce -1.7%
BKSY Blacksky Technology Inc. 2.11% 118,750 $2.4M Reduce -2.3%
INUV Inuvo Inc. 2.08% 670,972 $2.4M Reduce -3.5%
OOMA Ooma Inc. 1.98% 187,470 $2.2M Reduce -1.8%
CYRX Cryoport Inc. 1.73% 207,280 $2.0M Add +21.9%
BFLY Butterfly Network Inc. 1.57% 924,280 $1.8M Add +213.0%
INGN Inogen Inc. 1.46% 202,800 $1.7M Add +37.0%
PSNL Personalis Inc. 1.45% 252,500 $1.6M No change
ONDS Ondas Inc. filed as ONDAS HLDGS INC 1.39% 204,723 $1.6M Reduce -72.5%
CIEN Ciena Corp. 1.21% 9,400 $1.4M Reduce -2.6%
ABBV Abbvie Inc. 1.19% 5,842 $1.4M Reduce -0.8%
NEUROONE MED TECHNOLOGIES CO 1.15% 1,468,000 $1.3M Reduce -2.1%
TELA Tela Bio Inc. 1.10% 833,928 $1.2M Reduce -4.8%
QUIK Quicklogic Corp. 1.09% 204,956 $1.2M Add +1.0%
USIO Usio Inc. 1.07% 858,193 $1.2M Reduce -13.5%
AAPL Apple Inc. 1.04% 4,650 $1.2M No change
PERI Perion Network Ltd. 1.04% 122,950 $1.2M Reduce -4.5%
ZETA Zeta Global Holdings Corp. Class A 1.01% 57,500 $1.1M New
LUCD Lucid Diagnostics Inc. 1.00% 1,127,000 $1.1M New
CXDO Crexendo Inc. 0.97% 168,850 $1.1M Reduce -1.0%
NEO Neogenomics Inc. 0.93% 136,850 $1.1M Reduce -18.5%
ELUT Elutia Inc. 0.89% 1,131,499 $1.0M Reduce -1.9%
PFE Pfizer Inc. 0.88% 39,009 $994K Reduce -3.6%
ATRC Atricure Inc. 0.86% 27,750 $978K Reduce -4.7%
GILD Gilead Sciences Inc. 0.81% 8,266 $918K Reduce -0.8%
T AT&T Inc. 0.71% 28,342 $800K Reduce -6.6%
ANIP Ani Pharmaceuticals Inc. 0.68% 8,441 $773K No change
OPRX Optimizerx Corp. 0.68% 37,596 $771K Reduce -3.8%
CDXS Codexis Inc. 0.66% 307,700 $751K Reduce -1.4%
LFVN Lifevantage Corp. 0.65% 75,508 $735K No change
MRK Merck & Co. Inc. 0.65% 8,750 $734K No change
HAIN Hain Celestial Group Inc. 0.62% 446,213 $705K Add +256.4%
CSTL Castle Biosciences Inc. 0.56% 28,145 $641K Add +0.5%
USB US Bancorp 0.55% 12,900 $623K Reduce -1.1%
DAWN Day One Biopharmaceuticals I 0.51% 82,250 $580K New
VTRS Viatris Inc. 0.50% 57,695 $571K Add +1.4%
NXPI NXP Semiconductors NV 0.46% 2,300 $524K No change
VZ Verizon Communications Inc. 0.46% 11,808 $519K No change
COP Conocophillips 0.44% 5,250 $497K No change
GIS General Mills Inc. 0.39% 8,775 $442K Reduce -1.4%
TGT Target Corp. 0.39% 4,900 $440K No change
INTC Intel Corp. 0.39% 13,050 $438K Reduce -11.2%
DYAI Dyadic International Inc. 0.36% 348,050 $411K Add +627.4%
BDSX Biodesix Inc. 0.35% 52,633 $397K Reduce -0.7%
CELC Celcuity Inc. 0.34% 7,900 $390K Reduce -32.5%
VCEL Vericel Corp. 0.34% 12,250 $386K Reduce -53.1%
BMY Bristol-Myers Squibb Co. 0.34% 8,430 $380K Reduce -19.2%
DGII Digi International Inc. 0.33% 10,333 $377K No change
FAST Fastenal Co. 0.32% 7,500 $368K No change
DCI Donaldson Co. Inc. 0.32% 4,400 $360K No change
PLUS Eplus Inc. 0.31% 5,000 $355K No change
BLFS Biolife Solutions Inc. 0.28% 12,500 $319K No change
BP BP PLC-Spons ADR 0.28% 9,200 $317K No change
JNJ Johnson & Johnson 0.26% 1,600 $297K No change
COST Costco Wholesale Corp. 0.20% 250 $231K No change
DGX Quest Diagnostics Inc. 0.20% 1,200 $229K No change
XGN Exagen Inc. 0.19% 20,075 $221K Reduce -91.3%
VELO VELO3D Inc. 0.19% 70,000 $215K New
ASUR Asure Software Inc. 0.18% 25,000 $205K No change
TCMD Tactile Systems Technology I 0.17% 14,066 $195K Add +25.6%
APYX Apyx Medical Corp. 0.15% 81,000 $173K Reduce -64.3%
CVRX CVRX Inc. 0.14% 19,750 $159K Add +20.8%
AIRG Airgain Inc. 0.14% 36,500 $158K No change
ARAY Accuray Inc. 0.10% 70,800 $118K Add +1.1%
RMTI Rockwell Medical Inc. 0.08% 71,922 $86K No change
PBYI Puma Biotechnology Inc. 0.06% 12,200 $65K New
FPAYQ Flexshopper Inc. 0.05% 90,550 $58K Reduce -51.2%
IRIX Iridex Corp. 0.04% 41,300 $47K Reduce -12.7%
LUNG Pulmonx Corp. 0.03% 21,000 $34K Add +110.0%

Portfolio Sells Q2 2025 → Q3 2025

XGN Exagen Inc. Reduce -91.3% 0.19% −1.43
ELUT Elutia Inc. Reduce -1.9% 0.89% −1.41
NTRA Natera Inc. Reduce -2.0% 6.36% −1.41
LLY Eli Lilly & Co. Reduce -4.5% 6.11% −1.35
INUV Inuvo Inc. Reduce -3.5% 2.08% −1.14
VCEL Vericel Corp. Reduce -53.1% 0.34% −0.78
MGNI Magnite Inc. Reduce -2.9% 2.52% −0.76
TELA Tela Bio Inc. Reduce -4.8% 1.10% −0.61
MSFT Microsoft Corp. Reduce -0.3% 5.59% −0.55
OOMA Ooma Inc. Reduce -1.8% 1.98% −0.49
USIO Usio Inc. Reduce -13.5% 1.07% −0.45
ABT Abbott Laboratories Reduce -0.8% 2.54% −0.43
BKSY Blacksky Technology Inc. Reduce -2.3% 2.11% −0.41
SERA Sera Prognostics Inc. Class A Sold out 0.00% −0.36
APYX Apyx Medical Corp. Reduce -64.3% 0.15% −0.36
NEO Neogenomics Inc. Reduce -18.5% 0.93% −0.30
PERI Perion Network Ltd. Reduce -4.5% 1.04% −0.27
LMAT Lemaitre Vascular Inc. Reduce -0.8% 2.35% −0.22
BAX Baxter International Inc. Sold out 0.00% −0.21
T AT&T Inc. Reduce -6.6% 0.71% −0.18
FPAYQ Flexshopper Inc. Reduce -51.2% 0.05% −0.17
APPS Digital Turbine Inc. Reduce -1.7% 2.18% −0.15
BMY Bristol-Myers Squibb Co. Reduce -19.2% 0.34% −0.15
MYO Myomo Inc. Sold out 0.00% −0.13
AMD Advanced Micro Devices Reduce -4.7% 2.62% −0.13
GILD Gilead Sciences Inc. Reduce -0.8% 0.81% −0.12
PFE Pfizer Inc. Reduce -3.6% 0.88% −0.11
CDXS Codexis Inc. Reduce -1.4% 0.66% −0.10
ATRC Atricure Inc. Reduce -4.7% 0.86% −0.10
CXDO Crexendo Inc. Reduce -1.0% 0.97% −0.07
GIS General Mills Inc. Reduce -1.4% 0.39% −0.07
SCPH Scpharmaceuticals Inc. Sold out 0.00% −0.05
USB US Bancorp Reduce -1.1% 0.55% −0.04
ONDS Ondas Inc. Reduce -72.5% 1.39% −0.04
SENS Senseonics Holdings Inc. Sold out 0.00% −0.04
IRIX Iridex Corp. Reduce -12.7% 0.04% −0.00
BDSX Biodesix Inc. Reduce -0.7% 0.35% +0.05
INTC Intel Corp. Reduce -11.2% 0.39% +0.05
ABBV Abbvie Inc. Reduce -0.8% 1.19% +0.09
NEUROONE MED TECHNOLOGIES CO Reduce -2.1% 1.15% +0.13
OPRX Optimizerx Corp. Reduce -3.8% 0.68% +0.15
VCYT Veracyte Inc. Reduce -2.8% 2.41% +0.18
CELC Celcuity Inc. Reduce -32.5% 0.34% +0.19
CIEN Ciena Corp. Reduce -2.6% 1.21% +0.42
BLZE Backblaze Inc. Class A Reduce -1.9% 2.29% +0.71
AXGN Axogen Inc. Reduce -1.1% 3.71% +1.11
ATEC Alphatec Holdings Inc. Reduce -3.6% 2.22% +2.17
MDXH Mdxhealth Reduce -1.2% 5.75% +2.59

Portfolio Buys Q2 2025 → Q3 2025

SKYT Skywater Technology Inc. Add +86.4% 2.80% +1.89
ZETA Zeta Global Holdings Corp. Class A New 1.01% +1.01
LUCD Lucid Diagnostics Inc. New 1.00% +1.00
BFLY Butterfly Network Inc. Add +213.0% 1.57% +0.98
DAWN Day One Biopharmaceuticals I New 0.51% +0.51
CYRX Cryoport Inc. Add +21.9% 1.73% +0.46
HAIN Hain Celestial Group Inc. Add +256.4% 0.62% +0.43
INGN Inogen Inc. Add +37.0% 1.46% +0.41
DYAI Dyadic International Inc. Add +627.4% 0.36% +0.31
VELO VELO3D Inc. New 0.19% +0.19
TCMD Tactile Systems Technology I Add +25.6% 0.17% +0.06
PBYI Puma Biotechnology Inc. New 0.06% +0.06
CVRX CVRX Inc. Add +20.8% 0.14% +0.04
ARAY Accuray Inc. Add +1.1% 0.10% +0.01
LUNG Pulmonx Corp. Add +110.0% 0.03% +0.00
VTRS Viatris Inc. Add +1.4% 0.50% −0.01
CSTL Castle Biosciences Inc. Add +0.5% 0.56% −0.01
QUIK Quicklogic Corp. Add +1.0% 1.09% −0.16

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