Perkins Capital Management Inc.

In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 4, 2026), Perkins Capital Management Inc. reported 91 stock positions worth $125.9 million. Its top holding was Natera (NTRA) at 8.1% of the portfolio, followed by Eli Lilly (LLY, 7.7%) and Axogen (AXGN, 5.9%). Compared with Q3 2025, it opened 9 new positions, sold out of 1, added to 16 and reduced 49. The biggest buy was a new position in Owlet (OWLT) and the biggest sale Mdxhealth (MDXH, shares −2%).

Most Recent 13F
Q2 2026
Location
WAYZATA, MN
CIK
0000884300
Portfolio Value
$125.9M (Q4 2025)
SEC Filing
0000884300-26-000001 ↗ filed Feb 4, 2026

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 Q3 2025 Q4 2025: $125.9M $125.9M Q4 2025 Q1 2026: $106.7M Q1 2026 Q2 2026: $133.0M Q2 2026

Holdings 91 stocks · $125.9M
NTRA Natera Inc. 8.10% 44,550 $10.2M Reduce -0.7%
LLY Eli Lilly & Co. 7.65% 8,965 $9.6M Reduce -1.4%
AXGN Axogen Inc. 5.93% 228,334 $7.5M Reduce -3.3%
IDXX Idexx Laboratories Inc. 5.21% 9,700 $6.6M No change
MSFT Microsoft Corp. 4.69% 12,215 $5.9M Reduce -0.2%
MDXH Mdxhealth 3.91% 1,378,941 $4.9M Reduce -1.7%
AMD Advanced Micro Devices 3.00% 17,654 $3.8M Reduce -4.1%
ATEC Alphatec Holdings Inc. 2.87% 171,747 $3.6M Reduce -0.9%
BFLY Butterfly Network Inc. 2.79% 923,780 $3.5M Reduce -0.1%
VCYT Veracyte Inc. 2.52% 75,433 $3.2M Reduce -5.3%
ABT Abbott Laboratories 2.13% 21,409 $2.7M Reduce -0.7%
SKYT Skywater Technology Inc. 1.93% 133,650 $2.4M Reduce -21.4%
LMAT Lemaitre Vascular Inc. 1.86% 28,900 $2.3M Reduce -5.1%
OOMA Ooma Inc. 1.70% 182,250 $2.1M Reduce -2.8%
ONDS Ondas Inc. filed as ONDAS HLDGS INC 1.57% 202,533 $2.0M Reduce -1.1%
MGNI Magnite Inc. 1.57% 121,775 $2.0M Reduce -7.2%
CYRX Cryoport Inc. 1.55% 203,997 $2.0M Reduce -1.6%
PSNL Personalis Inc. 1.51% 239,000 $1.9M Reduce -5.3%
APPS Digital Turbine Inc. 1.45% 366,100 $1.8M Reduce -5.2%
NEO Neogenomics Inc. 1.32% 141,850 $1.7M Add +3.6%
QUIK Quicklogic Corp. 1.32% 275,706 $1.7M Add +34.5%
OWLT Owlet Inc. 1.31% 102,105 $1.7M New
TELA Tela Bio Inc. 1.31% 1,397,418 $1.6M Add +67.6%
CIEN Ciena Corp. 1.17% 6,300 $1.5M Reduce -33.0%
INGN Inogen Inc. 1.16% 217,650 $1.5M Add +7.3%
INUV Inuvo Inc. 1.15% 585,291 $1.5M Reduce -12.8%
ABBV Abbvie Inc. 1.06% 5,842 $1.3M No change
PERI Perion Network Ltd. 1.05% 138,375 $1.3M Add +12.6%
BLZE Backblaze Inc. Class A 1.03% 278,775 $1.3M Reduce -0.5%
AAPL Apple Inc. 1.00% 4,650 $1.3M No change
CXDO Crexendo Inc. 1.00% 194,850 $1.3M Add +15.4%
NEOG Neogen Corp. 0.99% 179,250 $1.3M New
LUCD Lucid Diagnostics Inc. 0.97% 1,126,000 $1.2M Reduce -0.1%
VELO VELO3D Inc. 0.95% 87,000 $1.2M Add +24.3%
ZETA Zeta Global Holdings Corp. Class A 0.91% 56,500 $1.1M Reduce -1.7%
NEUROONE MED TECHNOLOGIES CO 0.89% 1,473,000 $1.1M Add +0.3%
CSTL Castle Biosciences Inc. 0.87% 28,045 $1.1M Reduce -0.4%
ATRC Atricure Inc. 0.86% 27,450 $1.1M Reduce -1.1%
GILD Gilead Sciences Inc. 0.81% 8,266 $1.0M No change
USIO Usio Inc. 0.76% 705,932 $960K Reduce -17.7%
PFE Pfizer Inc. 0.74% 37,309 $929K Reduce -4.4%
MRK Merck & Co. Inc. 0.73% 8,750 $921K No change
PROF Profound Medical Corp. 0.71% 114,280 $899K New
CDXS Codexis Inc. 0.69% 529,500 $863K Add +72.1%
VERI Veritone Inc. 0.65% 175,600 $817K New
DAWN Day One Biopharmaceuticals I 0.62% 84,000 $783K Add +2.1%
VTRS Viatris Inc. 0.57% 57,895 $721K Add +0.3%
USB US Bancorp 0.53% 12,550 $670K Reduce -2.7%
ANIP Ani Pharmaceuticals Inc. 0.53% 8,441 $666K No change
CELC Celcuity Inc. 0.51% 6,400 $638K Reduce -19.0%
CPSH CPS Technologies Corp. 0.50% 202,085 $624K New
T AT&T Inc. 0.44% 22,492 $559K Reduce -20.6%
ELUT Elutia Inc. 0.43% 780,594 $541K Reduce -31.0%
BKSY Blacksky Technology Inc. 0.43% 28,750 $539K Reduce -75.8%
NXPI NXP Semiconductors NV 0.40% 2,300 $499K No change
COP Conocophillips 0.39% 5,250 $491K No change
GIS General Mills Inc. 0.38% 10,425 $485K Add +18.8%
TGT Target Corp. 0.38% 4,900 $479K No change
LFVN Lifevantage Corp. 0.37% 75,458 $465K Reduce -0.1%
INTC Intel Corp. 0.37% 12,500 $461K Reduce -4.2%
BMY Bristol-Myers Squibb Co. 0.36% 8,430 $455K No change
VZ Verizon Communications Inc. 0.35% 10,958 $446K Reduce -7.2%
PLUS Eplus Inc. 0.35% 5,000 $439K No change
BLNE Beeline Holdings Inc. 0.33% 245,000 $421K New
DCI Donaldson Co. Inc. 0.31% 4,400 $390K No change
VCEL Vericel Corp. 0.31% 10,700 $385K Reduce -12.7%
JNJ Johnson & Johnson 0.26% 1,600 $331K No change
DYAI Dyadic International Inc. 0.26% 344,411 $324K Reduce -1.1%
BP BP PLC-Spons ADR 0.25% 9,200 $320K No change
DGII Digi International Inc. 0.25% 7,333 $317K Reduce -29.0%
BDSX Biodesix Inc. 0.24% 44,783 $305K Reduce -14.9%
BLFS Biolife Solutions Inc. 0.24% 12,500 $302K No change
APYX Apyx Medical Corp. 0.24% 85,000 $298K Add +4.9%
FAST Fastenal Co. 0.23% 7,250 $291K Reduce -3.3%
ELWT Elauwit Connection Inc. 0.22% 55,500 $281K New
ASUR Asure Software Inc. 0.18% 23,500 $221K Reduce -6.0%
COST Costco Wholesale Corp. 0.17% 250 $216K No change
OPRX Optimizerx Corp. 0.17% 17,408 $213K Reduce -53.7%
TCMD Tactile Systems Technology I 0.16% 7,066 $205K Reduce -49.8%
XOM Exxon Mobil Corp. 0.16% 1,694 $204K New
HAIN Hain Celestial Group Inc. 0.15% 174,650 $187K Reduce -60.9%
CVRX CVRX Inc. 0.09% 16,150 $115K Reduce -18.2%
XGN Exagen Inc. 0.09% 18,575 $113K Reduce -7.5%
LUNG Pulmonx Corp. 0.09% 49,000 $108K Add +133.3%
AIRG Airgain Inc. 0.07% 22,000 $89K Reduce -39.7%
PBYI Puma Biotechnology Inc. 0.06% 12,500 $74K Add +2.5%
ARAY Accuray Inc. 0.06% 86,500 $71K Add +22.2%
RMTI Rockwell Medical Inc. 0.04% 67,871 $57K Reduce -5.6%
SOPH Sophia Genetics SA 0.04% 10,500 $49K New
IRIX Iridex Corp. 0.04% 41,300 $47K No change
FPAYQ Flexshopper Inc. 0.00% 77,000 $7 Reduce -15.0%

Portfolio Sells Q3 2025 → Q4 2025
MDXH Mdxhealth Reduce -1.7% 3.91% −1.84
BKSY Blacksky Technology Inc. Reduce -75.8% 0.43% −1.68
BLZE Backblaze Inc. Class A Reduce -0.5% 1.03% −1.26
MGNI Magnite Inc. Reduce -7.2% 1.57% −0.95
INUV Inuvo Inc. Reduce -12.8% 1.15% −0.92
MSFT Microsoft Corp. Reduce -0.2% 4.69% −0.90
SKYT Skywater Technology Inc. Reduce -21.4% 1.93% −0.87
APPS Digital Turbine Inc. Reduce -5.2% 1.45% −0.72
OPRX Optimizerx Corp. Reduce -53.7% 0.17% −0.51
LMAT Lemaitre Vascular Inc. Reduce -5.1% 1.86% −0.49
HAIN Hain Celestial Group Inc. Reduce -60.9% 0.15% −0.47
ELUT Elutia Inc. Reduce -31.0% 0.43% −0.46
ABT Abbott Laboratories Reduce -0.7% 2.13% −0.42
USIO Usio Inc. Reduce -17.7% 0.76% −0.31
OOMA Ooma Inc. Reduce -2.8% 1.70% −0.28
LFVN Lifevantage Corp. Reduce -0.1% 0.37% −0.28
T AT&T Inc. Reduce -20.6% 0.44% −0.26
DGX Quest Diagnostics Inc. Sold out 0.00% −0.20
CYRX Cryoport Inc. Reduce -1.6% 1.55% −0.18
PFE Pfizer Inc. Reduce -4.4% 0.74% −0.14
BDSX Biodesix Inc. Reduce -14.9% 0.24% −0.11
DYAI Dyadic International Inc. Reduce -1.1% 0.26% −0.10
XGN Exagen Inc. Reduce -7.5% 0.09% −0.10
VZ Verizon Communications Inc. Reduce -7.2% 0.35% −0.10
ZETA Zeta Global Holdings Corp. Class A Reduce -1.7% 0.91% −0.09
FAST Fastenal Co. Reduce -3.3% 0.23% −0.09
DGII Digi International Inc. Reduce -29.0% 0.25% −0.08
AIRG Airgain Inc. Reduce -39.7% 0.07% −0.07
FPAYQ Flexshopper Inc. Reduce -15.0% 0.00% −0.05
CVRX CVRX Inc. Reduce -18.2% 0.09% −0.05
CIEN Ciena Corp. Reduce -33.0% 1.17% −0.04
VCEL Vericel Corp. Reduce -12.7% 0.31% −0.03
RMTI Rockwell Medical Inc. Reduce -5.6% 0.04% −0.03
LUCD Lucid Diagnostics Inc. Reduce -0.1% 0.97% −0.03
INTC Intel Corp. Reduce -4.2% 0.37% −0.02
USB US Bancorp Reduce -2.7% 0.53% −0.02
TCMD Tactile Systems Technology I Reduce -49.8% 0.16% −0.01
ASUR Asure Software Inc. Reduce -6.0% 0.18% −0.00
ATRC Atricure Inc. Reduce -1.1% 0.86% +0.00
PSNL Personalis Inc. Reduce -5.3% 1.51% +0.06
VCYT Veracyte Inc. Reduce -5.3% 2.52% +0.11
CELC Celcuity Inc. Reduce -19.0% 0.51% +0.16
ONDS Ondas Inc. Reduce -1.1% 1.57% +0.18
CSTL Castle Biosciences Inc. Reduce -0.4% 0.87% +0.30
AMD Advanced Micro Devices Reduce -4.1% 3.00% +0.38
ATEC Alphatec Holdings Inc. Reduce -0.9% 2.87% +0.65
BFLY Butterfly Network Inc. Reduce -0.1% 2.79% +1.22
LLY Eli Lilly & Co. Reduce -1.4% 7.65% +1.54
NTRA Natera Inc. Reduce -0.7% 8.10% +1.74
AXGN Axogen Inc. Reduce -3.3% 5.93% +2.22

Portfolio Buys Q3 2025 → Q4 2025
OWLT Owlet Inc. New 1.31% +1.31
NEOG Neogen Corp. New 0.99% +0.99
VELO VELO3D Inc. Add +24.3% 0.95% +0.76
PROF Profound Medical Corp. New 0.71% +0.71
VERI Veritone Inc. New 0.65% +0.65
CPSH CPS Technologies Corp. New 0.50% +0.50
NEO Neogenomics Inc. Add +3.6% 1.32% +0.39
BLNE Beeline Holdings Inc. New 0.33% +0.33
ELWT Elauwit Connection Inc. New 0.22% +0.22
QUIK Quicklogic Corp. Add +34.5% 1.32% +0.22
TELA Tela Bio Inc. Add +67.6% 1.31% +0.21
XOM Exxon Mobil Corp. New 0.16% +0.16
DAWN Day One Biopharmaceuticals I Add +2.1% 0.62% +0.11
APYX Apyx Medical Corp. Add +4.9% 0.24% +0.08
VTRS Viatris Inc. Add +0.3% 0.57% +0.07
LUNG Pulmonx Corp. Add +133.3% 0.09% +0.06
SOPH Sophia Genetics SA New 0.04% +0.04
CXDO Crexendo Inc. Add +15.4% 1.00% +0.03
CDXS Codexis Inc. Add +72.1% 0.69% +0.02
PERI Perion Network Ltd. Add +12.6% 1.05% +0.01
PBYI Puma Biotechnology Inc. Add +2.5% 0.06% +0.00
GIS General Mills Inc. Add +18.8% 0.38% −0.01
ARAY Accuray Inc. Add +22.2% 0.06% −0.05
NEUROONE MED TECHNOLOGIES CO Add +0.3% 0.89% −0.26
INGN Inogen Inc. Add +7.3% 1.16% −0.30

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